[Spencer Burton]

6 years, 10 months ago in reply to: Renewal Percentage in MF Module Not Working #2816

Quick follow-up.

I believe I’ve fixed the issue. I had modeled correctly the Free Rent per unit (MF-Calc Column AGI+), which takes into account renewal probability and whether free rent should be taken on 2nd generation leases. However, the Total Free Rent section (MF-Calc Column ALR+) – which is meant to consider the number of leased units, multiple that by the Free Rent per unit, and divide by 12 (assumed typical lease length in months) – had been modeled incorrectly.

One thing to note. Because rental income cash flows are modeled by unit type rather than by individual unit, concessions do not precisely match the rollover schedule. Concessions are, instead, calculated on an annual basis and then divided by 12 for a monthly estimate.

[Spencer Burton]

6 years, 10 months ago in reply to: Renewal Percentage in MF Module Not Working #2814

Thanks for the note and great catch! The ‘Free Rent on 2nd Gen. Leases’ option in column AP of the MF-RR tab is meant to give the user the option to model concession either only during initial lease-up or into perpetuity.

So to answer your question, yes the model is meant to be dynamic in terms of concessions but isn’t working properly. I’ll troubleshoot the bug and include a fix in next weekend’s release.

Appreciate you reaching out!

[Spencer Burton]

6 years, 10 months ago in reply to: Multifamily Module #2958

Correct, the multifamily module is still under construction. I’d expect to have the module functional within the next month or so. I’ve been releasing an update every other weekend and email out the latest version. So watch your email box and I’ll shoot you a copy when the MF module is done.

[Note: the model has since been updated with a multifamily module now included]

[Spencer Burton]

6 years, 10 months ago in reply to: Add Budget Rows #2956

I haven’t added functionality yet to add additional budget rows but plan to do so soon. You can attempt to do so manually, but if you do you will need to both copy all formulas down from an adjacent row plus add a new row in the same place on the SCurve Calc tab. Both the Budget tab and SCurve calc tabs work in conjunction.

[Note: this feature has since been added.]

[Spencer Burton]

6 years, 10 months ago in reply to: Use of Quotation Marks in Formulas #3080

I use the IF(Cell=””,””) logic most often to make my model dynamic to some condition such as analysis period. So for a dynamic hold period, I will typically build my date header such that if a certain period is beyond the user specified analysis period, than the date in that period will return an empty cell (i.e. “”). Then, within the outputs below that period, I’ll first ask, is the date cell empty (i.e. “”)? If so, return an empty cell (i.e. “”), otherwise perform whatever calculation would otherwise be in that cell.

[Spencer Burton]

6 years, 10 months ago in reply to: Sporadic Development Cash Flows #3078

My suggestion would be to detail out the construction draws. A slower method for sure, but then you’ll know the model is properly handling the winter downtime. To do this, change the ‘Forecast Method’ (column D of the Budget tab) to ‘Manual Input’ and then manually enter the draw schedule in the columns to the right. Make sure to unhide the Manual Input columns (columns K:BR).

[Spencer Burton]

6 years, 10 months ago in reply to: Waterfall question #3076

1) The model works for structures from one to four hurdles (inclusive of the preferred return). So a two tier structure is no problem and wouldn’t require any special change. Just set unused tiers (3 and 4) to an unattainable level (e.g. 999%)

2) Equity return contributions are cumulative but you could manually manipulate the model to make it non-cumulative

[Spencer Burton]

6 years, 10 months ago in reply to: Downtime Vacancy/ Loss to Lease #2796

Thanks for pointing this out! The error has been corrected.

[Spencer Burton]

6 years, 10 months ago in reply to: Updates and Pay What You're Able #3070

I try to update the model a few times a month – just depends on my availability and what changes need to be made.

Professional real estate model templates generally cost $300 – $1000 (for example). We developed the site as a resource for young professionals who are learning to model real estate but who, early in their careers, don’t have $300 – $1000 to spend to buy a model to practice on. So we offer the models on a “Pay What You’re Able Basis” to make them available to all.

[Spencer Burton]

6 years, 10 months ago in reply to: Multi-tenant Analysis #3068

Yes, the All-in-One can handle leases like you describe. In fact, that is one of the core aspects of the model. Now keep in mind, it models leases differently (and with less precision) than non-Excel based options (e.g. ARGUS) but it is the most precise of the Excel-based options I’ve seen.

[Spencer Burton]

6 years, 10 months ago in reply to: Construction Draw tab #3066

No problem! And thanks for helping to troubleshoot it. Good to know where the quirks are.

[Spencer Burton]

6 years, 10 months ago in reply to: Construction Draw tab #3062

My guess is that Excel 2007 is the issue. I built the model in a more recent version (Excel 2013 and 2016) and Microsoft has added quite a few new functions since 2007.Perhaps drop-down menus linked to named ranges (like in C8) aren’t compatible with 2007 either.

[Spencer Burton]

6 years, 10 months ago in reply to: Construction Draw tab #3058

Hmmm. That’s really odd! Perhaps a compatibility issue? What version of Excel and what operating system are you using? Another thing to try: mouse into C8, then while holding down the ALT key, press the down arrow. Does the menu appear then?

[Spencer Burton]

6 years, 10 months ago in reply to: Construction Draw tab #3054

There is a drop-down in cell C8 (see attached screenshot). I think the issue may be because of how columns A-C are setup. Columns A-C on the budget tab are frozen in place and so if your cursor has moved the unfrozen columns out to the right, the drop-down menu won’t appear. Just make sure column D appears immediately to the right of column C on your screen and the drop-down menu should appear.

[Spencer Burton]

6 years, 10 months ago in reply to: Construction Draw tab #3050

Not sure why you’re unable to see it but here are the step by step directions:
1) Turn on the development module by entering a value greater than 0 in cell M13 of the Summary tab
2) Go to the Budget tab
3) Open the budget rows by either clicking the ‘Plus’ signs to the left of the Row labels or clicking the box labeled ‘2’ immediately to the left of the ‘A’ column label
4) Once inside the detailed budget rows, change the forecast method in column D of the Budget tab; change the steepness of the S-Curve by changing the S-Curve Rate in column G of the Budget tab