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…
We've shared a handful of apartment models over the years. Several of those are capable of analyzing apartment acquisitions but none was built for the express purpose of modeling value-add apartment deals. As a result, each has its limitations…
https://www.adventuresincre.com/wp-content/uploads/2023/11/apartment-unit-renovation.webp10241024Spencer Burtonhttps://adventuresincre.com/wp-content/uploads/2022/04/logo-transparent-black-e1649023554691.pngSpencer Burton2025-03-23 07:40:332025-03-23 14:40:56A.CRE Value-Add Apartment Acquisition Model (Updated Mar 2025)
The topic of ground leases has come up several times in the past few weeks. Numerous A.CRE readers have emailed to ask for a purpose-built Ground Lease Valuation Model. And I'm in the process of creating an Advanced Concepts Module for our real…
https://www.adventuresincre.com/wp-content/uploads/2025/03/ground-lease-cbd.jpg7681024Spencer Burtonhttps://adventuresincre.com/wp-content/uploads/2022/04/logo-transparent-black-e1649023554691.pngSpencer Burton2025-03-21 04:08:312025-03-21 07:55:42Ground Lease Valuation Model (Updated Mar 2025)
When building a real estate financial model, managing income and expense growth is rarely as simple as applying a fixed growth rate year over year. In real estate investment analysis, growth assumptions need to be flexible, dynamic, and reflective…
https://www.adventuresincre.com/wp-content/uploads/2025/03/irregular-growth-rates.jpg7681024Spencer Burtonhttps://adventuresincre.com/wp-content/uploads/2022/04/logo-transparent-black-e1649023554691.pngSpencer Burton2025-03-17 09:26:542025-03-17 10:01:47Tutorial on How to Model Irregular Growth Rates in Real Estate
Today, we're thrilled to share with the A.CRE community a new timesaving (and free) Excel tool: the 'Excel 4 CRE' Add-in! Over the past few years, we at A.CRE (together with our new favorite companion, ChatGPT!) have been developing and sharing…
https://www.adventuresincre.com/wp-content/uploads/2023/04/2-1.jpg500500Spencer Burtonhttps://adventuresincre.com/wp-content/uploads/2022/04/logo-transparent-black-e1649023554691.pngSpencer Burton2025-03-03 11:01:362025-03-05 16:19:11Supercharge Excel with the ‘Excel 4 CRE’ Add-In – Now with AI (Updated Mar 2025)
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…
https://www.adventuresincre.com/wp-content/uploads/2024/04/btr-neighborhood-under-construction.webp10241792Spencer Burtonhttps://adventuresincre.com/wp-content/uploads/2022/04/logo-transparent-black-e1649023554691.pngSpencer Burton2025-02-28 06:00:492025-02-28 08:34:00A.CRE Build-to-Rent (BTR) Development Model (Updated Feb 2025)
I'm often asked to share models centered around residential development and home building. This is an area of real estate I'm completely comfortable in, since I spent the first 10 years of my career in new residential development.
Not surprisingly,…
https://www.adventuresincre.com/wp-content/uploads/2021/03/single-family-home-construction.png10241792Spencer Burtonhttps://adventuresincre.com/wp-content/uploads/2022/04/logo-transparent-black-e1649023554691.pngSpencer Burton2025-02-24 15:48:072025-02-24 17:20:10Single Family Home Construction Pro Forma for Home Builders (Updated Feb 2025)
As many of you recall, in 2015 I set out to build an Excel alternative to the widely-used (and now discontinued) ARGUS DCF. With career moves and a lot of other A.CRE-related side projects, this undertaking has been slow going. Alas, in 2016…
https://www.adventuresincre.com/wp-content/uploads/2017/02/clean-desktop.jpeg10801920Spencer Burtonhttps://adventuresincre.com/wp-content/uploads/2022/04/logo-transparent-black-e1649023554691.pngSpencer Burton2025-02-13 16:00:302025-02-13 16:52:29All-in-One (Ai1) Model for Underwriting Development and Acquisitions (Updated Feb 2025)
In this post, I walk you through the A.CRE Mixed Use Development Model for Condo and Retail projects. The model is basically a reworked and expanded version of the Condo Development Model, so if you are familiar with that, this should feel and…
https://www.adventuresincre.com/wp-content/uploads/2020/03/construction-of-a-building-2100681-scaled.jpg1080720Michael Belascohttps://adventuresincre.com/wp-content/uploads/2022/04/logo-transparent-black-e1649023554691.pngMichael Belasco2025-02-04 07:00:472025-02-04 13:58:43Mixed-Use Development Model: Condo and Retail (Updated February 2025)
After posting the construction draw module that demonstrates how to calculate the true LTC of a development loan, I decided that since we have yet to publish a condo development model, to build upon that module to create one.
This condominium…
https://www.adventuresincre.com/wp-content/uploads/2017/03/city-construction-series-1226400-639x853.jpg854639Michael Belascohttps://adventuresincre.com/wp-content/uploads/2022/04/logo-transparent-black-e1649023554691.pngMichael Belasco2025-01-31 06:01:342025-01-31 12:32:43Condominium Development Model (Updated Jan 2025)
Many of you have run into this scenario: you build out a detailed acquisitions model at purchase. Everything looks great—market rents, lease-up timing, exit cap, all in line. The acquisitions team is convinced this is going to be a home run.…
https://www.adventuresincre.com/wp-content/uploads/2025/01/Simple-Actual-Forecast-DCF-Model-1.jpg416938Arturo Paradahttps://adventuresincre.com/wp-content/uploads/2022/04/logo-transparent-black-e1649023554691.pngArturo Parada2025-01-29 13:55:012025-01-30 15:02:18Real Estate Asset Management Model
Before moving to the principal side of the business, I began my career as a self-described real estate investment specialist, largely working as a land broker but dabbling in other areas including the popular "single-family flip" space. In all…
https://www.adventuresincre.com/wp-content/uploads/2021/12/new-england-home-renovated.jpg9601280Spencer Burtonhttps://adventuresincre.com/wp-content/uploads/2022/04/logo-transparent-black-e1649023554691.pngSpencer Burton2025-01-10 17:15:172025-01-10 20:13:14Excel Pro Forma for Flipping Houses (Updated Jan 2025)
Since I started working with A.CRE, I wanted to find a way to easily find the different models, modules, tools, and tutorials the guys have shared from the Library of Excel Real Estate Financial Models. After some time helping out our readers…
https://www.adventuresincre.com/wp-content/uploads/2022/08/pexels-valentin-antonucci-841286-scaled.jpg10801920Alex Lopezhttps://adventuresincre.com/wp-content/uploads/2022/04/logo-transparent-black-e1649023554691.pngAlex Lopez2024-12-31 08:00:522024-12-30 09:16:37A.CRE Real Estate Financial Models Download Guide (Updated December 2024)
A few years back, on a sleepy Saturday afternoon while my kids were busy eating Halloween candy, I decided to create a simple real estate acquisition model in Excel for office, retail, and industrial deals.
Since then, I've made various updates,…
https://www.adventuresincre.com/wp-content/uploads/2018/12/storefront-simple-acquisition-model.jpg1080774Spencer Burtonhttps://adventuresincre.com/wp-content/uploads/2022/04/logo-transparent-black-e1649023554691.pngSpencer Burton2024-12-30 07:17:512024-12-30 08:56:12Simple Acquisition Model for Office, Retail, Industrial Properties (Updated Dec 2024)
A question came up recently in the A.CRE Accelerator's real estate waterfall modeling course regarding how to model GP Catch Up (i.e. Sponsor Catch Up) and LP Clawback provisions. I put together a quick video tutorial in response to that question,…
https://www.adventuresincre.com/wp-content/uploads/2019/03/equity-waterfall-catch-up-clawback.jpg1080720Spencer Burtonhttps://adventuresincre.com/wp-content/uploads/2022/04/logo-transparent-black-e1649023554691.pngSpencer Burton2024-12-12 13:16:192024-12-25 06:27:34Real Estate Equity Waterfall Model with Catch Up and Clawback (Updated Dec 2024)
For several years now, our library of real estate models has been lacking a robust ground-up apartment development model. Sure, our All-in-One (Ai1) model has the capability to model multifamily development deals, but it's more a generalist…
https://www.adventuresincre.com/wp-content/uploads/2023/12/apartment-development-model.png10241792Spencer Burtonhttps://adventuresincre.com/wp-content/uploads/2022/04/logo-transparent-black-e1649023554691.pngSpencer Burton2024-12-10 08:00:312024-12-10 08:28:03A.CRE Apartment Development Model (Updated Dec 2024)
