Real Estate Financial Modeling

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real estate financial modeling courses

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Real Estate Financial Modeling Accelerator (Updated September 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…
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Deep Dive: The IRR and XIRR – Fully and Simply Explained

For my next post, I thought I would bring it back to some fundamentals and review the IRR and XIRR return metrics and functions in Excel. These are some of the most commonly used functions and return metrics in commercial real estate and they…
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A.CRE User Insights Survey

We need your help! As Adventures in CRE (A.CRE) has grown and evolved over the years, so have the needs of our readers. The challenge for Michael and I as we contemplate what new content to create, is knowing what resources will be most beneficial…
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All-in-One (Ai1) Walkthrough #10 – Underwriting a Value-Add Office Investment

This walkthrough, our tenth in the series, takes you through the entire process of underwriting a hypothetical office value-add opportunity using the All-in-One (Ai1) Model. This walkthrough comes as a response to a question we recently received…
Spencer Burton with Michael Belasco at the Boardwalk Granite Park, Plano TX
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The Latest Adventures in CRE Initiatives

As has been our habit since starting Adventures in CRE a few years back, we try to keep our readers updated on our progress and direction. Many of you have been with us since the start and we've personally communicated with hundreds of you.…
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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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All-in-One (Ai1) Walkthrough #9 – Print Mode and the IRR Matrix Report

This walkthrough, our ninth in the series, touches on the newly added (beta v0.5.3) 'Print Mode' and IRR Matrix Report in our All-in-One (Ai1) model. Print mode further enhances the printability of the model, while the IRR Matrix Report adds…
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All-in-One (Ai1) Walkthrough #8 – Tenancy Analysis Report for Office, Retail, and Industrial

This walkthrough, our eight in the series, explains how the Tenancy Analysis report for office, retail, and industrial real estate underwriting works in our All-in-One (Ai1) model. The Tenancy Analysis report includes a tenant rollover schedule,…
questions and answers related to the all-in-one model for underwriting real estate investments
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New Support Forum for the All-in-One (Ai1) Underwriting Model

Since releasing the first beta version of the All-in-One Underwriting Model, we've fielded hundreds of emails related to the model. Inquiries range from questions to feature requests to thank yous. We welcome the chance to interact with our…
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All-in-One (Ai1) Walkthrough #7 – Ground Lease Valuation Module

This walkthrough, our seventh in the series, explains how the Ground Lease Valuation Module works and how to implement this tool into your analysis. The All-in-One Model includes two methods to account for a ground lease. The first is to simply…
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All-in-One (Ai1) Walkthrough #6 – Underwriting a Hypothetical Multifamily Acquisition

This walkthrough, our sixth in the series, takes you through the entire process of underwriting an apartment acquisition opportunity using the All-in-One Model's new multifamily module. I've created hypothetical assumptions for this exercise…

A Note About The Limitations of Microsoft Excel in Modeling Real Estate

I think its important to point out that my All-in-One (Ai1) Underwriting Model for Real Estate Development and Acquisition is not a surefire replacement for your non-Excel valuation/underwriting solutions. In fact, it's likely you (or your employer)…
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All-in-One (Ai1) Walkthrough #5 – The Residual Land Value Calculation Module

This walkthrough, our fifth in the series, explains how the Residual Land Value Calculation module works and how to implement this tool into your analysis. You might recall, a few months back we discussed the concept of residual land value…
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All-in-One (Ai1) Walkthrough #4 – The Rate Matrix Module

This walkthrough, our fourth in the series, explains how the Rate Matrix module works and how to implement this tool into your analysis. The rate matrix concept is new to this site, and not commonly used in the industry. Nonetheless, given…
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All-in-One (Ai1) Walkthrough #3 – Modeling a Hypothetical Retail Development Investment

This walkthrough, our third in the series, takes you through the entire process of modeling a simple development investment. I've created hypothetical assumptions for this exercise written out in PDF format (download link below) and then use…

Version Notes: All-in-One Underwriting Model

Version notes for the All-in-One Underwriting Model for Real Estate Development and Acquisition are found here as well as in the 'Version' tab of the Excel model. Download the Model Version 0.3.1 (March 11, 2017) Added version notes…