Real Estate Financial Modeling

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Real Estate Financial Modeling Accelerator (Updated July 2025)

Before launching the Accelerator program, Michael and I received countless emails requesting a more structured, step-by-step real estate financial modeling training program. Over the years, we've covered hundreds of real estate modeling…

Watch Me Build, A.CRE 101 - Basic Concepts in Commercial Real Estate, Tutorial, Single Family, Real Estate Financial Modeling

Watch Me Expand the Home Construction Pro Forma

I'm regularly asked to expand my single family home construction pro forma to analyze the construction of more than one home. I've contemplated adding that functionality to the model, but it is such a custom task that no template could really…

Ai1 Tutorials, A.CRE All-in-One (Ai1) Model, Real Estate Financial Modeling

All-in-One (Ai1) Walkthrough #1 – Permanent Debt Tab (Updated Nov 2019)

In an effort to provide greater instruction on how to use our All-in-One Underwriting Tool for Real Estate Development and Acquisition, we've developed a series of walkthrough videos and posts on the methodology behind the various components…

Tutorial, Excel Tips, Real Estate Financial Modeling

Using Conditional Formatting in Real Estate Financial Modeling

Your real estate financial models are only as good as their ability to be used by others. Or in other words, if others can't figure out how to use your model, it isn't worth much! So when building real estate financial model templates, besides…

Acquisition, Standalone, Hotel, Excel Models, Real Estate Financial Modeling

Hotel Acquisition Model – The Basic Model (Updated 10.9.2019)

The initial goal for the original Hotel Acquisition Model was to design a hotel proforma that would enable users to get deep into the weeds of practically every line item in their hotel analysis. Although I am super happy with how that hotel…

Value-Add, Hotel, Excel Models, Excel Tips, Real Estate Financial Modeling, RE Education

Tutorials For The Hotel Valuation Model (Updated 07.23.19)

Welcome to the A.CRE Hotel Valuation Model's Tutorial Page. On this page you will find all the tutorials for the A.CRE Hotel Valuation model in Excel. There is a lot to learn within this model and over time, I'd like to show you both how to…

Excel Add-ins, Tutorial, Excel Models, Excel Tips, Real Estate Financial Modeling

Using the Floating Summary Box in Real Estate Modeling

Over the next few minutes, I'll share a great modeling tip for efficiently visualizing the more salient metrics in your real estate models. Now I should mention, this is a tip I shared a few years ago. But given the complexity of many of the…

A.CRE 101 - Basic Concepts in Commercial Real Estate, Tutorial, Excel Models, Excel Tips, Real Estate Financial Modeling

Using the OFFSET Function in Real Estate Financial Modeling

In a previous post, I showed you how to use the OFFSET function to create dynamic lists in Excel. As you become more comfortable using this function in real estate financial modeling, you'll find that it has almost infinite applications when…

Tutorial, Excel Models, Excel Tips, Real Estate Financial Modeling

Create a Dynamic Real Estate Chart in Excel

Most of the real estate financial models we've shared over the years are dynamic to analysis period. Meaning, we've included an input to adjust the length of the analysis period, and the model will adjust the results accordingly. This is…

Debt, Acquisition, Modules, Excel Models, Real Estate Financial Modeling

3-Tiered Acquisition Debt Module

This is a 3-tiered debt module that will allow the user to add one to three tiers of debt to his or her real estate DCF model. Includes the option to layer in senior debt, secondary debt, and mezzanine debt; calculate interest on either…

Ai1 Tutorials, A.CRE All-in-One (Ai1) Model

Quick Tutorial: Add Line Items to OpSt Sheet in All-in-One

I was recently asked the question whether it's possible to add more other income or operating expense line items to the MF-OpSt or ORI-OpSt worksheets in my All-in-One Model for Underwriting Acquisitions and Development. Short answer is: out…

Excel Models, Real Estate Financial Modeling, Modules, Special Topics, Stochastic Modeling

Excel-Based Restaurant Selection Tool for the Overly Indecisive

We're celebrating some much deserved time off from work, and so what better way to spend the time than to make a completely unnecessary (but fun!) Excel model. I call this the indispensable Excel tool for the overly indecisive, and it's basically…

Hotel, Special Topics, Real Estate Financial Modeling, RE Education

Hotel Proforma Basics – Hotel Cash Flow Projection

Hotels are a unique asset in the commercial real estate world and are underwritten differently as a result. Probably the most obvious difference is the duration of the 'lease term' of the tenant, which is usually daily to weekly. Another major…

Industrial, Retail, Office, Excel Models, Real Estate Financial Modeling, Standalone, Acquisition

Back-of-the-Envelope Office, Retail, Industrial Acquisition Model (Updated 10.1.2018)

I’ve built a new acquisition model that I am excited to share with our readers. This is a back-of-the-envelope (BOE) valuation model that can be used for retail, office, and industrial properties. The goal was to create a sleek and clean look…

Ai1 Tutorials, A.CRE All-in-One (Ai1) Model, Special Topics, Investment Analysis, Real Estate Financial Modeling

Understanding Treatment of Time 0 in the All-in-One Model

I received a very astute question/concern from a user of our All-in-One(Ai1) model in our Ai1 Support Forum late last month. I initially set out to answer the question in writing, but the more I thought about my response, the more I concluded…