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All-in-One (Ai1) Underwriting Model for Real Estate Development and Acquisition (Updated 9.17.17)

As many of you recall, in 2015 I set out to build an Excel alternative to the widely-used (and now discontinued) ARGUS DCF. With career moves and a lot of other A.CRE-related side projects, this undertaking has been slow going. Alas, in 2016…
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3 Tiered Waterfall Module Added to the Condo Development Model

After receiving a few requests, I've finally gotten around to adding an equity waterfall module to the Condominium Development Model. This module allows you to model partnership splits up to three tiers using either equity multiple hurdles or…
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Condominium Development Model

After posting the construction draw module a few weeks back that demonstrates how to calculate the true LTC of a development loan, I decided that since we have yet to publish a condo development model, to build upon that module to create one.…
rendering of a new, two-story, single-family home included in an Excel pro forma
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Single Family Home Construction Pro Forma for Home Builders

I received a request this week to build a model to assess the financial feasibility of building a new single-family home. Given that I wanted to get a model up before the New Year and that I have a number of single-family home building models…
vintage Walgreens on corner of two busy california streets
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Single Tenant NNN Lease Valuation Model

I've been meaning for some time to put together a single tenant net lease (NNN) valuation Excel model for the blog. I had some post-turkey day free time and so I sat down and hammered out a model that I think is pretty cool. The model is…
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Real Estate Development Tracker

One of the many challenges of both analyzing real estate development deals and managing development projects is understanding and tracking the numerous differing but intertwining work streams. The more a development team takes the time…
land being analyzed in a land development pro forma
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Residential Land Development Pro forma

As many of you know, I started my career in residential land development first as a broker and later as a principal. During that time I built my fair share of residential land development Excel pro formas, modeling returns and forecasting cash…
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Real Estate Acquisitions Model - 2.0

I've decided to do a major overhaul of my last acquisitions model for office, industrial, and retail properties. There were a lot of things I wanted to change as well as add to the model and finally had a weekend to do it. This new and improved…
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Watch Me Build a Multifamily Real Estate Model

One way to become a better real estate financial modeling professional, is to watch other professionals model. I know in my career being able to physically see how others tackle different modeling problems has shaped my methods and made me better…