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Business Real Estate Real Estate Investing

The Advanced Real Estate Development Modeling Master Class

A Complete Guide To Building Real Estate Development Pro Forma Models From Scratch For Commercial Real Estate Investing
Rating: 4.9 out of 54.9 (189 ratings)
1,595 students
Created by Justin Kivel
Last updated 4/2021
English
English [Auto]
30-Day Money-Back Guarantee

What you'll learn

  • Learn how to build dynamic, institutional-grade real estate development models from scratch
  • Learn how to create institutional, professionally formatted models to present development pro forma calculations to investors and partners
  • Learn how to build out S-Curve construction models, equity and construction loan draw funding, and dynamic lease-up modeling for new development deals
  • Learn how to build a "circuit breaker" to automatically fix errors in your model quickly and easily

Requirements

  • Access to Microsoft Excel for Mac or PC, Mac Numbers, or Google Sheets
  • A basic understanding of real estate finance terms and calculations is recommended

Description

Want to learn how to build professional, dynamic, institutional-quality commercial real estate development models in Microsoft Excel? This course will take you by the hand and walk you step-by-step through the entire process. This is a project-based course, meaning you'll start with a blank Excel workbook and walk away with a fully-functional, dynamic, eight-tab commercial real estate development model that YOU'VE created - from scratch.

When I was first learning real estate financial modeling, I would download real estate investment models or real estate investment calculators on the internet, only to feel overwhelmed and frustrated by the complex functions and formulas everywhere in the Excel file. And once I felt like I was getting used to one of these things, I still was petrified to touch or change anything because I didn't want to "break" the model. And honestly, even if I understood it and I believed the model was working correctly, I still had no idea if I could even trust the calculations in the first place.

If you've ever felt any of these things, this course will pull back the curtain and uncover the "Black Box" that most real estate financial models appear to be. By the end of this course, you'll be able to build a dynamic, professional-quality real estate development model from scratch, and your first one will be done by the time you finish the last lecture.

This course will teach you how to build a real estate development model the way the largest and most sophisticated private equity real estate firms look at deals. At the end of this course, you will be able to:

  • Build an institutional-quality, dynamic commercial real estate development model from scratch

  • Learn key Excel shortcuts to double your real estate financial modeling speed

  • Modify and customize existing real estate development models to fit your specific investment scenario and needs

  • Confidently model key investment metrics such as the Stabilized Return on Cost, IRR, and Equity Multiple, and calculate these metrics automatically as you change manual input drivers

  • Build a dynamic construction budget (including S-Curve functionality)

  • Build a "circuit-breaker" to automatically fix calculation errors in your model with a couple of clicks

  • Model dynamic lease-up revenue and expenses that change automatically as construction timelines change

  • Build out floating rate construction loan draws, dynamic equity draws, and permanent take-out financing to accurately model any financing structure

  • Build formula "checks" to error-proof your work and feel confident your calculations are correct

This course is perfect for you if:

  • You're a college student or graduate student looking to break into real estate development after graduation, and you're looking to add the key technical skill sets to your arsenal that will put you head and shoulders above the competition and allow you to land a lucrative career opportunity in the field

  • You're a professional in a different field, but looking to become a real real estate developer on the side and want to be able to confidently analyze a ground-up development deal

  • You're an existing real estate professional looking to advance your career, increase your compensation, and break into the real estate development field

  • You've bought rental homes or duplexes, and now you're looking to become a real estate developer and want to feel confident in your ability to analyze new ground-up construction projects

Here's what some of our students have had to say about the class:

★★★★★ "Great course, amazing content made relatively simple, all thanks to Justin. Thank you for making these courses and spreading the knowledge of Real Estate Financial Modeling. Really Grateful."

★★★★★ "Very clear explanations! I like the repetition through the different examples to embed learning. It's also helpful to say which shortcuts you are doing so that this becomes second nature."

★★★★★ "Fantastic course, and just like with Justin's other courses: crammed with great content and hands-on application. No fluff. Just into the materials and the mechanics. This course is rather advanced, but it covers a lot of different techniques, methods, and concepts."

If you have a basic understanding of real estate finance, and you're looking to apply that knowledge to analyze new real estate development opportunities, enroll now and let's get started building this model together today. Looking forward to having you in the course!

Who this course is for:

  • Real estate investors and professionals who want to learn how to create dynamic, institutional-quality real estate development models from scratch
  • Aspiring real estate investment professionals who want to begin a lucrative career in real estate development
  • Single-family home and duplex investors who want to become real estate developers and have the skill set to confidently analyze return projections on ground-up development deals

Course content

12 sections • 156 lectures • 13h 32m total length

  • Preview01:01
  • Preview04:07
  • Preview02:56
  • The Commercial Leases Tab
    01:40
  • The Expenses Tab
    01:19
  • The Monthly Cash Flow Tab
    01:43
  • The Annual Cash Flow Tab
    01:29
  • The Financing Tab
    01:42
  • The Construction Budget Tab
    01:21
  • Model Checks
    01:03
  • Preview02:21
  • Preview04:02
  • Key Terms & Definitions Cheat Sheet
    00:10
  • DISCLAIMER
    01:18

  • How To Take This Course
    02:40
  • Excel Real Estate Financial Modeling Best Practices
    03:09
  • The Development Model Set-Up
    01:21
  • Customizing Font Type & Size
    01:24
  • Dealing With Circular References
    02:24
  • Advanced Excel Options
    01:22

  • Summary Tab Introduction
    10:03
  • Modeling Land Acquisition Information
    07:13
  • Sale Information
    05:21
  • Investor Distribution Frequency
    04:19
  • Modeling Project-Level Fees
    04:39
  • The Lease-Up Information Table
    03:18
  • Summary Details
    06:03
  • Construction Details
    07:10
  • Building Out The Construction Loan Inputs
    05:26
  • Building Out The Permanent Loan Inputs
    11:54
  • The Levered & Unlevered Return Metrics Table
    05:22
  • Modeling Sale Details
    06:14
  • Building Out The Sources Table
    04:57
  • Building Out The Uses Table
    02:49
  • Sensitivity Analysis Build-Out
    03:41
  • Building Dynamic Sensitivity Intervals
    03:49
  • Sensitivity Analysis Formatting
    03:14
  • Building a Dual-Metric Sensitivity Analysis
    03:34
  • The Consolidated Rent Roll Build-Out
    06:29
  • Modeling Weighted Average Lease Term (WALT)
    05:11
  • Check-In
    00:09

  • CRE Lease Modeling Introduction
    09:03
  • Reimbursement Structure Build-Out
    04:35
  • Modeling Binary Excel Functions
    04:44
  • Building Out The Rent Escalation Schedule
    07:37
  • Creating Re-Leasing Assumptions
    08:00
  • Re-Leasing Reimbursement & Re-Leasing Cost Modeling
    06:45
  • Percentage Rent Inputs
    03:58
  • Building Out The Monthly Cash Flow Timeline
    07:56
  • Creating Dynamic Tenant Headers
    02:30
  • Modeling Lease-Up Base Rent
    08:50
  • Building Out Expense Placeholders
    02:48
  • Modeling Lease-Up Reimbursements
    13:57
  • Modeling Percentage Rent
    08:30
  • Lease-Up Free Rent Modeling
    03:47
  • Modeling Re-Leasing Base Rent
    13:45
  • Re-Leasing Free Rent Modeling
    04:53
  • Modeling Re-Leasing Reimbursements
    10:54
  • Up-Front Tenant Improvement Modeling
    06:18
  • Modeling Up-Front Leasing Commissions
    08:36
  • Re-Leasing Tenant Improvement Modeling
    06:39
  • Modeling Re-Leasing Leasing Commissions
    09:03
  • Total Net Suite Cash Flow, Formatting, & CF Codes
    06:48
  • Creating Multiple Tenants
    07:34
  • Modeling Multiple Tenant Cash Flows
    05:02
  • Grouping Cells
    03:41
  • Pro Rata Share & Health Ratio Modeling
    09:35
  • Modeling Dynamic Occupancy - Part 1
    04:41
  • Modeling Dynamic Occupancy - Part 2
    11:08
  • Occupancy Percentages & Table Formatting
    05:16
  • Check-In
    00:16

  • Creating The Stabilized Operating Expense Table
    07:35
  • Other Assumptions & Property Tax Information
    07:27
  • Modeling Annual Credit Loss & Property Tax Growth
    04:05
  • Modeling Annual Property Taxes
    06:15
  • Modeling Monthly Stabilized Operating Expenses - Part 1
    05:17
  • Modeling Monthly Stabilized Operating Expenses - Part 2
    09:31
  • Modeling Monthly Actual Operating Expenses
    04:29
  • Check-In
    00:12

  • Monthly Cash Flow Tab Introduction
    06:00
  • Revenue Modeling
    09:48
  • Modeling Other Income
    03:38
  • Modeling Operating Expenses & NOI
    04:27
  • Modeling TIs, LCs, & Capital Reserves
    08:02
  • Modeling Partnership Expenses & Acquisition Information
    05:28
  • Sale Projection Modeling
    07:57
  • Loan Information & Investor Distributions Build-Out
    04:09
  • Investor Cash Flow Modeling - Introduction
    03:50
  • Modeling Dynamic Monthly, Quarterly, & Annual Distributions
    07:55
  • Operating Shortfalls & Positive Operating Cash Flow
    06:17
  • Formatting Clean-Up & Dynamic SUM Formulas
    05:24
  • Check-In
    00:20

  • Construction Budget Introduction
    03:50
  • Building Out The Hard Costs Table
    06:23
  • MAX & MIN IF Timing
    04:49
  • Checks, Cost Timing, & Construction Timeline Build-Out
    05:17
  • S-Curve & Straight-Line Cash Flow Modeling
    11:14
  • Hard Cost Totals & Checks
    05:06
  • Building Out The Soft Costs Table
    08:43
  • Contingency & Construction Budget Finalization
    07:56
  • Check-In
    00:14

  • Financing Tab Introduction
    05:34
  • Modeling Financing Operating Metrics
    06:27
  • Land, Construction, & Financing Costs
    05:01
  • Modeling Operating Shortfalls & Positive Operating Cash Flow
    06:02
  • Building a "Circuit Breaker"
    05:46
  • Modeling Equity Draws
    09:28
  • Construction Loan Modeling - Introduction
    05:38
  • Modeling Construction Loan Draws
    02:40
  • Forward LIBOR Curves
    05:17
  • Chatham Financial Link
    00:05
  • Modeling The All-In Interest Rate
    05:19
  • Interest Expense, Capitalized Interest, & The Loan Payoff
    06:45
  • LTV & LTC Permanent Loan Sizing
    06:21
  • DSCR & Debt Yield Permanent Loan Sizing
    06:52
  • Permanent Financing Build-Out - Introduction
    03:57
  • Modeling Permanent Loan Payments
    07:45
  • Principal Payment Formula Update
    00:34
  • Fixed vs. Variable Rate Modeling
    04:45
  • Financing Check Finalization
    06:10
  • Check-In
    00:15

  • Model Clean-Up & Annual CF Roll-Up Introduction
    07:37
  • Adding Construction Expenses & Loan Proceeds
    04:40
  • Construction/Permanent Loan Proceeds Formula Update
    00:42
  • Building In Principal & Interest Payments
    06:03
  • Loan Payoff & Loan Fee Modeling
    05:00
  • Modeling Dynamic Property Taxes
    05:47
  • Modeling Property Management Fees & Finalizing Expenses
    06:43
  • Monthly CF Tab Finalization & Annual CF Tab Build-Out
    04:56
  • Building Out The Annual Cash Flows & Totals
    05:41
  • Modeling Levered & Unlevered Cash-on-Cash Returns
    07:56
  • Check-In
    00:15

  • Summary Tab Finalization Introduction
    04:19
  • INDEX & MATCH - Consolidated Rent Roll
    06:17
  • Dynamic Lease-Up Start & End Modeling
    05:56
  • Modeling Stabilized Yield on Cost, DSCR, & Debt Yield
    06:57
  • Modeling Project Costs
    05:38
  • Construction & Permanent Financing
    04:11
  • Modeling Levered & Unlevered Return Metrics
    10:15
  • Modeling Sale Details & Construction Period Uses
    06:01
  • Construction Period Sources
    03:14
  • Total Uses (Life)
    07:19
  • Total Sources (Life)
    11:11
  • Lease-Up Data Build-Out
    09:13
  • Building Out The Lease-Up Chart
    03:20
  • Modeling Development Costs Over Time
    07:28
  • Development Costs Finalization & Chart Creation
    05:15
  • Development Cost Breakdown Data Build-Out & Chart Creation
    07:38
  • Building Out The Error Checks Tab - Part 1
    08:25
  • Building Out The Error Checks Tab - Part 2
    03:18
  • Sensitivity Analysis Modeling
    02:30
  • Model Testing
    05:38
  • Final Model Updates
    00:49
  • Check-In - We're Done!
    00:15

Instructor

Justin Kivel
Real Estate Investing & Financial Modeling
Justin Kivel
  • 4.7 Instructor Rating
  • 14,654 Reviews
  • 39,398 Students
  • 19 Courses

Master real estate financial modeling, advance your career, and earn more money.

If you’re an aspiring real estate investment professional looking to break into the real estate investment field, or a current real estate professional looking to advance your career and increase your compensation, you’re in the right place.

My name is Justin Kivel, and I’m a real estate investment professional with a love for teaching. Throughout my career, I’ve worked on over $1.5 billion of closed acquisitions across multifamily, retail, office, and mixed-use properties. I’ve had the opportunity to work with some of the brightest minds in real estate investing and have spent almost a decade in the industry across private equity, finance, and brokerage roles.

Unfortunately, most of what I know today I had to learn on the job. Although great courses exist on Microsoft Excel and financial modeling, I couldn’t find a resource that was specifically tailored toward real estate investment professionals that would actually walk me through exactly what I needed to know to succeed in the real estate investment industry.

These courses are that resource.

After dozens of phone calls and coffee meetings with college students and aspiring real estate investment professionals, I realized that most people were asking exactly what I was asking when I was in their shoes.

“What skills do I actually need to know to break into the real estate investment industry, or advance in my current real estate investment career?”

These courses were created to teach you those skills.

Our students have gone on to land jobs at some of the top real estate investment, development, and brokerage firms across the globe, including Brookfield Asset Management, Hines, Starwood Capital Group, LaSalle Investment Management, Eastdil Secured, JLL, CBRE, and many more.

Over 35,000 current and aspiring real estate investment professionals have used these courses to help them ace real estate financial modeling interview exams to land their dream jobs, secure consulting gigs with top private equity firms, build (and rebuild) entire financial models from scratch, and confidently analyze their own potential real estate investments.

So whatever that next step in your real estate investment career looks like, these courses are here to help you get there as quickly and efficiently as possible.

Looking forward to seeing you in class!

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