What you’ll learn

  • The ability to model complex real estate investment scenarios in Microsoft Excel.
  • A mastery of real estate financial modeling formulas, functions, and processes.
  • The skill set to model development projects, major renovation projects, and complex debt and equity structures.
  • The ability to manipulate data provided by sellers and brokers quickly and easily to arrive at more precise real estate valuations more efficiently.

Introduction

What We Will Cover
How To Take This Course
About The Instructor & This Course
DOWNLOAD ME FIRST!
Disclaimer

 

Advanced Excel Formulas & Functions

Advanced Formulas & Functions – Overview
Naming Cells
Naming Cells Exercise & Solution
Dynamic INDEX(MATCH())
Dynamic INDEX(MATCH()) Exercise & Solution
IF(ISNUMBER(SEARCH()))
IF(ISNUMBER(SEARCH())) Exercise & Solution
&
& Exercise & Solution
Partial COUNTIF
Partial COUNTIF Exercise & Solution
YEARFRAC
YEARFRAC Exercise & Solution
Sort & Filters
Sort & Filters Exercise & Solution
Dynamically Return Unique Values
Consolidated Unit Mix Exercise – Part 1
Consolidated Unit Mix Exercise – Part 2
Consolidated Unit Mix Exercise – Part 3
MOD(ROW())
MOD(ROW()) Exercise & Solution
TRANSPOSE & Array Functions
TRANSPOSE & Array Functions Exercise & Solution

 

Advanced Real Estate Deal Analysis

Advanced Deal Analysis Introduction
Break-Even Occupancy
Break-Even Occupancy Exercise & Solution
Break-Even Occupancy – AVERAGE & MAX
Dual-Metric Data Tables
Dual-Metric Data Tables Exercise & Solution
Best-Base-Weak Case Scenario Analysis
Best-Base-Weak Case Scenario Analysis Exercise & Solution
Dynamic Next Buyer Analysis
Next Buyer Analysis – Implied Cap Rate & Purchase Price
Next Buyer Analysis – Purchase Price & Closing Costs
Next Buyer Analysis – Cash Flow Before Debt Service
Next Buyer Analysis – Sale Proceeds, Costs of Sale, & Net Unlevered Cash Flows
Next Buyer Analysis – Dynamic Unlevered IRR Using OFFSET
Next Buyer Analysis – Unlevered Equity Multiple
IRR Partitioning
IRR Partitioning Exercise – CF Net of Sale Proceeds
IRR Partitioning Exercise – Sale Proceeds
IRR Partitioning Exercise – Partitioning The IRR
Hold-Sell Analysis
Hold-Sell Analysis Exercise – Reversion Year CF
Hold-Sell Analysis Exercise – Unlevered CF & IRR
Hold-Sell Analysis Exercise – Levered Reversion Year CF
Hold-Sell Analysis Exercise – Levered CF & IRR
Hold-Sell Analysis Exercise – Dynamic Optimal Sale Year

 

Advanced Revenue & Expense Modeling

Advanced Revenue & Expense Modeling – Introduction
Lease-Up Modeling
Lease-Up Modeling Exercise – GPR
Lease-Up Modeling Exercise – % of Lease-Up Complete
Lease-Up Modeling Exercise – Dynamic General Vacancy
Lease-Up Modeling Exercise – Operating Expenses
Lease-Up Modeling Exercise – Capital Reserves
Renovation Premium Modeling
Renovation Premium Modeling – % of Renovation Complete
Renovation Premium Modeling – GPR
Renovation Premium Modeling – Varying Vacancy Rates
Renovation Premium Modeling – Straight-Line Renovation Costs
Commercial Lease Roll-Over Modeling
Commercial Lease Roll-Over Modeling – In-Place Lease Rent
Commercial Lease Roll-Over Modeling – New & Renewal Lease Rent
Commercial Lease Roll-Over Modeling – Tenant Improvement Allowances
Commercial Lease Roll-Over Modeling – Leasing Commissions
Varied Annual Growth Rates
Varied Annual Growth Rates Exercise – Market Rent Growth
Varied Annual Growth Rates Exercise – Vacancy

 

Advanced Cash Flow Modeling

Advanced Cash Flow Modeling Introduction
Annual & Quarterly CF Roll-Up
Annual CF Roll-Up Exercise – Part 1
Annual CF Roll-Up Exercise – Part 2
Quarterly CF Roll-Up Exercise
Working Capital Accounts
Working Capital Exercise – Initial Contributions
Working Capital Exercise – Balance & Distributions
Fixed & Variable Expense Modeling
Fixed & Variable Expense Modeling Exercise – Introduction
Fixed & Variable Expense Modeling Exercise – Expense Build-Out
Property Tax Reversion Resets
Property Tax Reversion Resets Exercise – Year 1
Property Tax Reversion Resets Exercise – Years 2-11

 

Advanced Debt & Equity Modeling

Advanced Debt & Equity Modeling – Introduction
Floating-Rate Debt
Floating-Rate Debt – Transposing Index Rates
Floating-Rate Debt – Loan Payments
Refinance Modeling
Refinance Modeling Exercise – Acquisition Loan Month 0
Refinance Modeling Exercise – Acquisition Loan Payments & Payoff
Refinance Modeling Exercise – Refinance Modeling Part 1
Refinance Modeling Exercise – Refinance Modeling Part 2
Good News Money
Good News Money Exercise – Month 0
Good News Money Exercise – Straight-Line TI & LC Costs
Good News Money Exercise – Additional Loan Funding
Good News Money Exercise – Finalization
Construction Loan Modeling
Construction Loan Modeling – Introduction
Construction Loan Modeling – Part 1
Construction Loan Modeling – Part 2
Construction Loan Modeling – Part 3
Construction Loan Modeling – Part 4
Yield Maintenance Modeling
Yield Maintenance Exercise – Outstanding Loan Balance
Yield Maintenance Exercise – Finalization
Advanced Loan Sizing Modeling
Advanced Loan Sizing Exercise

 

Advanced Equity & Waterfall Modeling

Advanced Equity & Waterfall Modeling Introduction
Quarterly & Annual Distribution Modeling
Quarterly & Annual Distribution Modeling – Part 1
Quarterly & Annual Distribution Modeling – Part 2
Quarterly & Annual Distribution Modeling – Part 3
Uneven Waterfall Cash Flow Dates
Uneven Waterfall Cash Flow Dates Exercise
Equity Multiple Waterfall Hurdles
Equity Multiple Waterfall Hurdles Exercise – Part 1
Equity Multiple Waterfall Hurdles Exercise – Part 2
Equity Multiple Waterfall Hurdles Exercise – Part 3

 

Advanced Modeling Case Study

Advanced Case Study File Download
Advanced Case Study – Introduction
Advanced Case Study Model Introduction
Valuation Information
Return Metrics
Cash Flow Timing
Cash Flow Timing Formatting
Revenue Line Item Modeling
Percentage of Renovation Complete & Freezing Panes
Percentage of Renovation Complete – Finalization
Gross Potential Revenue
Vacancy, Other Income, & EGR
Expense Line Items & PM Fees
Operating Expenses
Month 1 Property Taxes
Insurance & NOI
Capital Reserves
Renovation Expenses & CF Before DS
CF Before DS – Timing Triggers
Working Capital Contributions & Ending Balance
Working Capital Ending Balance Finalization
Acquisition & Sale Information
Acquisition Loan & Refinancing Build-Out
Acquisition Loan Proceeds & Loan Fees
Acquisition Principal Payment
Acquisition Interest Payment – Formula Update
Acquisition Interest Payment
Acquisition Loan Payoff
Refinancing Loan Proceeds & Loan Fees – Formula Update
Refinancing Loan Proceeds & Loan Fees
Refinancing Principal Payment
Refinancing Interest Payment
Refinancing Loan Payoff & Levered Net CF
Property Tax Resets – Finalization
Working Capital – Finalization
IRR, Equity Multiple, & MIN CF Value
Valuation Finalization
Advanced Case Study Solution File Download

 

Wrapping Up

How To Use This Information
Where To Go From Here

 

Bonus Lecture

Bonus Lecture – The Next Step

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