Entries by Spencer Burton

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A.CRE Build-to-Rent (BTR) Development Model (Updated Nov 2024)

Build-to-rent (BTR) has become more and more common in CRE and now accounts for a meaningful share of development. In the past, we’ve recommended A.CRE readers use our Apartment Development Model for BTR analysis. However, as we’ve received numerous requests over the few years for a purpose-built BTR model – including an inquiry in a […]

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Industrial Real Estate Development Model (Updated Nov 2024)

Allow me to share my Industrial Development Model in Excel. Over the past few years, I’ve been working to add more specialty real estate models to our library. While our All-in-One model certainly has its place, oftentimes really digging into the underwriting of a deal takes a hyper-focused tool. This model has spawned sister Office […]

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Real Estate Financial Modeling Accelerator (Updated October 2024)

Prior to launching the Accelerator program, Michael and I fielded email after email requesting a more structured real estate financial modeling training program on the site. Over the years, we’ve covered hundreds of real estate modeling topics in our blog, published hours of video, and shared 60+ real estate Excel models in our Library. Nonetheless, no […]

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Learning Real Estate Financial Modeling in Excel (Updated Oct 2024)

We’re often asked by our readers how we learned to be proficient in real estate financial modeling. The question usually arises because the person wants to know how to model real estate in Excel to either land a job in commercial real estate (e.g., private equity, development, acquisition, debt) or to analyze their own deals. […]

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AI Tools for Commercial Real Estate (Fall 2024 Edition)

If you haven’t noticed, we’ve been exploring use cases, training, and tools related to AI in commercial real estate a lot lately! The reason is that Artificial intelligence (AI) is poised to revolutionize the commercial real estate industry by transforming the way acquisitions, development, management, advisory, and marketing teams in the industry operate. AI tools […]

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Watch Me Build a Dynamic Mortgage Amortization Table in Excel (Updated September 2024)

There are a few basic, yet fundamental, real estate modeling skills you must master before anyone will take you seriously as a real estate professional. Building a mortgage amortization schedule is one of them. Virtually every model you create will require this skill – or some variation of what you do when you build an amortization table. […]

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Deep Dive – Land Acquisition and Assemblage (Updated September 2024)

This is a topic I’m all too familiar with. You see, I cut my teeth in real estate largely sourcing and negotiating residential and mixed-use land acquisition opportunities.  I’ve put land deals together both as a fiduciary and as a principal, both in the United States and abroad. In this deep dive on land acquisition […]

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Watch Me Build a Residential Land Development Model (Updated Sept 2024)

Over the years, we’ve created a sizable library of Watch Me Build videos covering Excel models for various real estate investment and property types. However, we’ve yet to create a Watch Me Build involving for-sale product. So this weekend, I thought I’d sit down and record myself building a residential land development model. The exercise […]

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Real Estate Equity Waterfall Model – IRR and Equity Multiple Hurdles (Updated Sept 2024)

Over the years, this real estate equity waterfall with annual periods and IRR or Equity Multiple hurdles has been one of the most popular models in our library of real estate Excel models. It’s been downloaded thousands of times and we’ve received dozens of suggestions for how to improve the model. As a result, we […]

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Using COUNTIFS, SUMIFS, and AVERAGEIFS Excel Functions in Real Estate Underwriting (Updated Aug 2024)

Why use COUNTIFS, SUMIFS, and AVERAGEIFS functions in real estate? When real estate analysts first start their careers, they’re often required to work with large data sets and to transpose property and portfolio information from one format to another in Excel. At first, being unfamiliar with many of Excel’s functions, they manually perform these operations. […]