angles-1234447-638x425One 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 at what I do. I remember sitting with a friend, watching him zip back and forth between ARGUS and Excel with the mouse sitting off to the side, and thinking that I wanted to model like that. And as I watched him, I learned a ton. Many of the techniques I use today I learned by watching him.

As I’ve communicated with many of our readers over the past year and a half, I’ve been asked repeatedly to create more substantive how-to videos. And while this site is not meant to replace the more comprehensive real estate financial modeling courses that exist out there (we don’t have the time or energy to really teach this stuff!), I thought I’d build a quick multifamily model and record my screen as I go.

Setting Up The Video

This video is not meant to teach you everything you need to know about real estate financial modeling and Excel.  But if you’re like me and enjoy learning new methods for tackling a modeling problem, I think you’ll find a few tricks here you’ll be able to use.

In the video, I do my best to vocalize the different keystrokes I use and the thought process I follow (Note: a few of the keystrokes require the free WST Macros Excel-addin). I didn’t use the zoom feature when editing the video to allow you to see everything going on. However, this means it is a little hard to see some parts of the recording. So I recommend you watch this video on a larger screen (i.e. not on your iPhone), and make the video full screen.

Below I’ve posted the completed model for you to download and recreate yourself if you’d like. And as always, if you have any questions or comments, please don’t hesitate to reach out.

Download The Model

To make this model accessible to everyone, it is offered on a "Pay What You're Able" basis with no minimum (enter $0 if you'd like) or maximum (your support helps keep the content coming - typical real estate models sell for $100 - $300 each). Just enter a price together with an email address to send the download link to, and then click 'Continue'. If you have any questions about our "Pay What You're Able" program or why we offer our models on this basis, please reach out to either Mike or Spencer.

Note (especially for Gmail users): The model is sent via email and occasionally is blocked by spam filters. If you don't see the email arrive within five minutes, check your spam folder.

Watch Me Build - Tutorial Multifamily Model

  • The completed model from the “Watch Me Build” video tutorial
  • Basic multifamily real estate model to show several risk (DSCR, DY) and return (IRR, EMx, CoC) metrics
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About the Author: Born and raised in the Northwest United States, Spencer Burton has over 15 years of real estate investment and development experience. In his current position, Spencer assesses new acquisition, development, and debt opportunities for a $45bn real estate fund. He resides in Dallas, TX.