Real Estate Financial Modeling

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Real Estate Financial Modeling Accelerator (Updated Nov 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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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…
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Real Estate Equity Waterfall Model – Monthly Periods (Updated Jul 2021)

When I decided to share my real estate equity waterfall model in Excel, I never imagined it would be as popular as it has. The model has been downloaded thousands times and many of you have written to extend your thanks for sharing. It is gratifying…
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Custom Function to Auto-Populate Latitude and Longitude in Excel (Updated 2021)

When analyzing real estate investments in Excel, it's often necessary to include the latitude and longitude coordinates of the properties we're modeling. To do this, most of us open up Google Maps, or some other mapping tool, and find the…
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Could You Be Exiting Too Early? Don’t Forget to Analyze Your Reinvestment Rate

When attempting to maximize the value of your money invested in real estate, the timing of your exit is key to maximize your return. Exit too early, and you might leave money on the table. Exit too late, and you might have better used that capital…
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Tutorials for A.CRE Value-Add Apartment Acquisition Model

As promised, I'm following up the release of the A.CRE Value-Add Apartment Acquisition 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 -…
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Using Boolean Logic to Model Multiple Generations of Tenant Improvements

Arguably the most powerful, and least appreciated and understood, functionality in Excel is its use of boolean logic. Or in other words, the use of TRUE and FALSE binary logic. This form of logic can be used to dramatically simplify formulas…
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Real Estate Acquisition Due Diligence Checklist

Most of the Excel tools we share on Adventures in CRE are real estate financial models, but occasionally we'll venture into building other CRE-related tools. Over the past several months, I've been working on a real estate acquisition checklist…
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Real Estate Development Due Diligence Checklist

Last year, I shared a Real Estate Acquisition Due Diligence Checklist that was quite popular. Soon after its release, we began getting requests for a similar tool, but for development deals. So allow me to share a Real Estate Development Due…
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Apartment Acquisition Model with Monte Carlo Simulation Module (Updated Jan 2021)

We have a few stochastic modeling tools for real estate on the website, but none as robust as this Apartment Acquisition Model with Monte Carlo Simulation Module. I originally built the model in 2016 by taking my standard apartment acquisition…
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Multifamily (Apartment) Acquisition Model (Updated Dec 2020)

Our library of real estate Excel models has a variety of decent apartment models, including our All-in-One model and our Apartment Development Model - both robust models in their own right. However, if you're looking for a straight multifamily…
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Simple Acquisition Model for Office, Retail, Industrial Properties (Updated Dec 2020)

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…
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Watch Me Build – IRR Partitioning in Excel

In this post, I'd like to show you how to partition the internal rate of return of your real estate investment in Excel. I also throw in a quick equity multiple partition, to highlight how the time value of money affects your returns. I've recorded…
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Real Estate Acquisitions Model #2 for Office, Retail, Industrial (Updated Aug 2020)

I've decided to do a major overhaul of my last acquisitions model for office, industrial, and retail properties. There were a lot of things I wanted to change as well as add to the model and finally had a weekend to do it. This new and improved…
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Multifamily Redevelopment Model (Updated June 2020)

This is an Excel model I originally built from scratch back in 2015 for quickly assessing multifamily redevelopment opportunities. It was designed to work best for scenarios where individual units will be rehabbed over the hold at varying times.…
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Watch Me Build – Capital Stack with Mezzanine Debt

One of the more difficult aspects of modeling a real estate development is figuring out how to handle equity and debt cash flows. This becomes all the more difficult when a second tranche of debt is introduced. In this Watch Me Build video,…