Real Estate Financial Modeling

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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…
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Real Estate Portfolio Valuation Model (Updated Aug 2022)

I built, and would like to share, a real estate portfolio model for valuing a portfolio of up to 30 properties. This is a "roll-up" model, meaning you will need to model your unlevered (before financing) property-level cash flows in a separate…
Confidentiality Agreement
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Real Estate Confidentiality Agreement

In this article and video, we are going to walk through a real estate Confidentiality Agreement that is suitable for a listing broker to distribute to a potential purchaser of a commercial multi-family property.  We’ll cover who the parties…
a shopping center with robust sales and low occupancy cost
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Tenant Sales and Occupancy Cost in Retail Underwriting (UPDATED JUNE 2022)

When underwriting a retail investment, rollover risk is an incredibly important consideration. You, as a prospective debt or equity investor in the property, need to understand how secure the cash flows you're buying are; or in other words,…
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Publicly Traded Tenant Analysis Tool (Updated May 2022)

In this post and corresponding video, I am going to walk you through a revamped tenant health worksheet that I shared a long time ago on the site. I spent some time giving it a makeover and decided to put together a video walkthrough for it. Publicly…
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Scenario Analysis Tool using the Equity Waterfall Model (UPDATED MAY 2022)

I received a question this morning asking how to use scenario (or sensitivity) analysis with our Real Estate Equity Waterfall Model. I started to answer the question via email, decided to build an Excel file to go along with my answer, and ultimately…
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Physical Occupancy Calculation Model for Real Estate (UPDATED MAY 2022)

As many of you know, I'm in the midst of moving my family from Milwaukee to Dallas, and quite frankly I'm getting sick of eating out and sleeping in hotel rooms. So what better way to unwind from hours of whining kids and tiresome travel, than…
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4-Tier Equity Multiple Waterfall – Download and Watch Me Build (UPDATED APR 2022)

Here is a simple, yet very powerful, 4-tier equity multiple waterfall module. This post contains both a completed version of the module ready to plug into a real estate financial model as well as a 'Watch Me Build' template and companion video…
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Development Draw Schedule – Visually Customize Each Line Item (UPDATED APR 2022)

Working a lot with development draw schedules, I have always been looking for a catch all solution as to how one could easily model all the unique ways cash actually flows over time during the process. The norm for many is to model cash flows…
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Setting Up a New Real Estate Financial Model – Date and Period Headers Plus Formatting (Updated Apr 2022)

We've spent a lot of time here discussing and sharing different real estate models, and we've received a ton of feedback from our readers as a result. In some of that feedback we've received, several people have asked what period and date rows…
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Office Purchase and Sales Agreement

This article outlines specific concerns related to an office commercial real estate purchase and sales agreement. Below, we'll discuss the clauses in the agreement to adjust from a neutral agreement between buyer and seller. You can download…
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Construction Draw Schedule: Accounting For True LTC (Updated Apr 2022)

When lenders provide debt for a development project, they lend based on a Loan-to-Cost ratio (LTC), which is simply the percent of the total budget the lender will agree to lend to the borrower. So, if a project costs $10MM, and a lender loans…
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Convert Monthly Cash Flows to Quarterly and Annual Cash Flows (Updated Mar 2022)

Over the past few years, I've been working to build an ARGUS DCF alternative in Excel - or otherwise known here as the A.CRE All-in-One (Ai1) Model. As I've worked on that model, I've been jotting down modeling techniques I use and think would…
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Tutorials for the A.CRE Apartment Development Model

As promised, I'm following up the release of the A.CRE Apartment Development model with a series of walk-throughs and tutorials to help you better understand the various elements of the model. The tutorials start with the basics - a guide to…
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Pro Forma For Multifamily Renovation (Updated 11.17.2021)

I'm excited to share the Pro Forma for Multifamily Renovation model with all of you. This multifamily renovation model is made to analyze value add apartment acquisition opportunities and has a lot of functionality that is meant to provide you…
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S-Curve Forecasting in Real Estate Development (Updated Sep 2021)

One of the reasons Michael and I blog, is to force ourselves to be continually learning. I built the first version of my real estate waterfall model, because I wanted to better understand the mechanics of modeling an equity waterfall with IRR…