The Real Estate Development Modeling Master Class
4.6 (637 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
3,432 students enrolled

The Real Estate Development Modeling Master Class

The Complete Guide To Building Real Estate Development Pro Forma Models From Scratch For Smarter Real Estate Investing
4.6 (637 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
3,432 students enrolled
Created by Justin Kivel
Last updated 8/2020
English
English [Auto]
Current price: $139.99 Original price: $199.99 Discount: 30% off
5 hours left at this price!
30-Day Money-Back Guarantee
This course includes
  • 8 hours on-demand video
  • 19 articles
  • 12 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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What you'll learn
  • Learn how to build dynamic, institutional-grade real estate development models from scratch
  • 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 create institutional, professionally formatted models to present development pro forma calculations to investors and partners
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 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 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 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)

  • 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:

★★★★★ "I have taken other RE Development courses and they were over-complicated and hard to follow, this course was just the opposite. As with all his other courses, Justin delivers a clear and easy to follow lesson, making him easily the best Real Estate modeling instructor on the internet. I honestly bought this course within 3 minutes of its release, and it was worth every penny.” 

★★★★★ "I've been in CRE valuation, investment sales brokerage, and realty capital for over 30 years, and I've never taken a class with this much detailed content. Justin not only crushes this course, but more importantly pulls back the curtain on how institutional investors view and model their deals. You'd have to work at an institutional PE or CRE firm for years to learn what he is offering here. It's not an easy walk but if one can master this content, you can size and model anything in the CRE universe. Congrats, Justin - job well done!"

★★★★★ "Another flagship course by Justin! First, it's all about the thoroughness of the course design (takes me step-by-step). Second, and more importantly, Justin keeps the communications going with his students. I am experiencing this myself and you could verify this by how many I post in the Q&A section, and how many got answered. I don't get this treatment often."

★★★★★ "Something that I've been looking for for a long time! I feel like I understand how to approach almost any RE modeling going forward."

★★★★★ "I've taken several real estate financial modeling courses to improve my skill level for my job. This is by far the best I have taken. Everything is taught step by step with clear instruction and explanations of formulas."

★★★★★"Another great course taught by Justin, this was filled with many in depth excel modeling techniques to implement when forming a development model. Trying to break into CRE finance/ development can be tough and these skills can really give you an upper hand on the competition. Thanks!!"

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
Expand all 136 lectures 08:13:47
+ Introduction
9 lectures 22:12
The Development Model Outline - Part 2
02:51
The Development Model Outline - Part 3
01:55
The Development Model Outline - Part 4
02:14
How To Take This Course
02:13
About The Instructor & This Course
01:39
Disclaimer
01:18
+ Real Estate Development Fundamentals
3 lectures 11:33
The Six Key Steps To The Development Process
04:03
S-Curve Construction Cost Modeling
02:57
Development Debt & Equity Financing
04:33
+ The Development Pro Forma Modeling Framework
8 lectures 17:30
The Real Estate Pro Forma Assembly Line
01:46
The Building Blocks of a Development Model
03:07
Dynamism In Development Modeling
01:33
Monthly Cash Flows vs. Annual Cash Flows For Development Deals
02:11
Error-Checking & Excel Best Practices
03:04
Development Model Color Coding
02:53
How To Design Your Development Model
02:43
Development Modeling Excel Hot Keys + Shortcuts Cheat Sheet
00:13
+ Part 1 - Building Out The Summary Tab
17 lectures 01:03:18
Gridlines & The Steak Sauce Cell
04:27
Building Out The Property Details Table
06:23
Lease-Up Modeling
02:33
Modeling Land Acquisition Metrics
02:47
Building Out Construction Loan Terms
05:34
Building Out Permanent Financing Terms
07:48
Total Cost Detailing
02:37
Sale Details & Key Return Metrics
03:35
Development Sources & Uses
05:28
Table Formatting
02:35
Downloading Macros (Optional)
00:35
Custom Formatting & The Lease-Up Period Build-Out
05:23
Land Acquisition Information
03:02
Construction Loan Information
02:25
Permanent (Take-Out) Loan Metrics
04:53
Summary Tab (Initial) Finalization
02:57
Check-In - How's It Going?
00:15
+ Part 2 - Building Out The Revenue Tab
12 lectures 01:08:03
Building Out The Unit Mix
08:06
Calculating Weighted Average Rents Using SUMPRODUCT
06:46
Building Out Stabilized Other Income
08:17
Annual Vacancy & Market Rent Growth Assumptions
07:45
Axiometrics & CoStar
00:24
Month & Year Revenue Timing
06:12
Stabilized Rent Growth With Varying Annual Growth Rates
07:48
How To Model A Multifamily Lease-Up
08:49
Calculating Lease-Up Rental Revenue
02:08
Modeling Stabilized Other Income
06:33
Modeling Lease-Up Other Income
04:51
Check-In - Two Tabs Down
00:23
+ Part 3 - Building Out The Expenses Tab
11 lectures 49:33
Building Out Stabilized Expenses
05:23
Modeling Expenses Per Unit & Totals
04:21
Fixed vs. Variable Expense Modeling
03:14
Expense Growth, CapEx Reserves, and PM Fees
02:57
Dynamic Annual Property Tax Growth Rates
04:01
How To Model Dynamic Annual Property Taxes
03:38
Property Tax Reversion Resets & Excel Binary Format Modeling
06:09
Modeling Lease-Up Expense Timing
03:36
Modeling Stabilized Monthly Operating Expenses
07:10
Modeling Variable Monthly Operating Expenses
08:42
Check-In - Tab Three In The Books
00:22
+ Part 4 - Building Out The Construction Budget Tab
13 lectures 50:34
The Hard Cost Build-Out
03:43
Hard Cost Line-Item Build-Out
05:34
Hard Cost Subtotals (MAX & MIN)
03:04
Dynamic Construction Cost Timing
03:33
S-Curve Construction Modeling
02:52
Building Out The S-Curve Formula
05:30
S-Curve Formula Breakdown
03:50
S-Curve Formula - Detail
00:17
Modeling Hard Cost Subtotals
02:15
Construction Cash Flow Error Checks & Conditional Formatting
05:36
Building Out The Soft Cost Schedule
07:23
Construction Contingency Modeling
06:37
Check-In - Construction Budget Tab Complete!
00:19
+ Part 5 - Building Out The Financing Tab
11 lectures 32:38
Debt & Equity Total Funding Checks
03:49
Debt & Equity Financing & EOMONTH
04:29
Modeling Construction Loan Operating Metrics
03:45
Operating Metrics Formatting
02:30
Equity Financing & Funding
02:42
Building Out The Construction Financing Cash Flows
05:26
Permanent (Take-Out) Financing Build-Out
02:23
LIBOR Forward Curve Modeling - Part 1
02:04
LIBOR Forward Curve Modeling - Part 2
04:25
Where To Pull Forward Curves (For Free)
00:50
Check-In - Financing Tab Build-Out
00:15
+ Part 6 - Building Out The Monthly Cash Flows Tab
18 lectures 01:10:57
Dynamic Monthly Cash Flow Timing
03:57
Modeling GPR
04:59
How To Model Physical Vacancy During A Lease-Up
06:23
Monthly Bad Debt, Concessions, & Other Loss
04:08
Modeling Total Other Income & EGR
04:48
Monthly Expense & Management Fee Modeling
03:21
Modeling Net Operating Income
01:58
Dynamic CapEx Reserve Growth
05:18
Modeling Construction Costs & CF Before Debt Service
02:46
Monthly Loan Payments & CF After Debt Service
04:44
Modeling Land Acquisition & Closing Costs
02:47
Dynamic Reversion Modeling
07:42
Setting Up The Loan Information
02:39
Calculating Reference Operating Cash Flows
03:14
Monthly CF Hold Period Totals
04:00
Enabling Iterative Calculation
00:27
Dynamic Property Tax Reversion Resets
07:31
Check-In - You're In The Home Stretch
00:15
+ Part 7 - Debt & Equity Financing Finalization
18 lectures 01:09:12
Modeling Operating Shortfalls & Freezing Panes
04:06
Positive Operating Cash Flow & Naming Cells
02:26
Modeling Development Sources & Uses
04:46
How To Model Dynamic Equity Funding
05:05
How To Model Construction Loan Draws
05:46
Modeling Monthly Floating Interest Rates
03:55
How To Model Capitalized Interest
03:25
Debt & Equity Financing Checks
04:31
Modeling Take-Out Loan Timing
04:16
Take-Out Loan Sizing
05:15
Modeling Total Take-Out Loan Payments
05:52
Modeling Take-Out Principal & Interest Payments
03:06
Modeling The Take-Out Loan Payoff
03:00
Monthly CF Loan Draws & Permanent Loan Funding
01:47
Monthly CF Loan Payoffs & Levered Net Cash Flows
02:13
Modeling The IRR & Equity Multiple
05:20
Check-In - Debt & Equity Tab Complete
00:16