The Real Estate Pro Forma Modeling Master Class
4.7 (938 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.
6,857 students enrolled

The Real Estate Pro Forma Modeling Master Class

The Complete Step-By-Step Guide To Building Dynamic, Institutional-Quality Real Estate Pro Forma Models in Excel
4.7 (938 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.
6,857 students enrolled
Created by Justin Kivel
Last updated 8/2020
English
English [Auto], Polish [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
  • 9 hours on-demand video
  • 2 articles
  • 8 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 pro forma investment models from scratch
  • Learn how to build customizations and triggers to maximize flexibility for any investment scenario
  • Learn how to create institutional, professionally formatted models to present 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 pro forma 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 pro forma 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 pro forma 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 pro forma investment 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 pro forma investment model from scratch

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

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

  • Confidently model key investment metrics such as the XIRR, Equity Multiple, and Cash-on-Cash returns, and calculate these metrics automatically as you change manual input drivers

  • Build a dynamic renovation budget that captures exactly when and how you plan to renovate the property

  • Model renovation premiums and timing for a property renovation

  • Build out dynamic loan schedules and refinancing scenarios to accurately model any financing structure

  • Build formula "checks" to error-proof your work and feel confident your calculations are accurate and can be trusted

This course is perfect for you if:

  • You're a college student or graduate student looking to break into real estate investment 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 buy real estate on the side and want to be able to confidently analyze a deal 

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

  • You've bought rental homes or duplexes, and now you're looking to move into bigger properties and want to feel confident in your ability to analyze deals.

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

★★★★★ "Great Course! I really enjoyed the pace, the content and the explanations. I have worked on complex real estate models before but still learned a lot in this course. Will definitely take another course from Justin. Highly recommended."

★★★★★ "Justin does a great job of explaining how to underwrite a deal with this MBA-level course. Coming from Asset Management I thought I had a solid background into financial modeling, but later realized I was missing many of the advanced skills that are covered in this course. I recommend this course to anyone that wants to sharpen it's skills and move into the acquisition world. Justin is a great teacher and a very responsive one as well. (Usually responds the Q&A section within a day or two). As a bonus, I've sharpened my excel "shortcut" skills to another level! Thank you."

★★★★★ "Justin, Is a very effective instructor. This course is well organized and he lays out the material at just the right pace. His responsiveness to all student questions makes the class feel interactive and shows that he's engaged in this with you. This master class was excellent! He walks you step-by-step through everything, so even if you don't understand certain things you can at least build the muscle memory by doing the steps to build the model and then review the reason behind the steps later, if you need to. I definitely built some neural pathways through this one!"

★★★★★ "The course is very on par with my education in MRED. It covers a great deal of the real estate pro-forma modeling, with great insights and 'checks'. It is a great foundation and practical experience brought to the masses."

★★★★★ "These classes are hands down the most valuable real estate modeling tools available online. The finished models themselves are useful, but the techniques you'll learn will give you the skillset to model any type of scenario you need. I work at a boutique investment and development firm and our principals and investment partners have been extremely impressed by the models I built based on Justin's coursework. I look forward to more classes in the future."

★★★★★ "Great course! Very helpful in both demonstrating the nuts and bolts of constructing an in-depth CRE financial model, and discussing some KPIs important to an institutional investor or lender. The instructor was concise, articulate and very responsive to questions posed in the Q&A section. While the instructor takes you step-by-step, this is still a very technical course. A solid knowledge of finance, plus some background in real estate and light programming will go a long way in helping you understand what's happening while he's explaining. If you're an aspiring developer or looking to do more modeling for work, I highly recommend this course."

If you have a basic understanding of real estate finance, and you're looking to apply that knowledge to analyze new real estate investment 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 pro forma models from scratch
  • Aspiring real estate investment professionals who want to begin a lucrative career in private equity real estate
  • Single-family home and duplex investors who are looking to go bigger with their investment properties and want to have the skill set to confidently analyze return projections on big deals
Course content
Expand all 107 lectures 08:54:05
+ Real Estate Pro Forma Modeling Fundamentals
9 lectures 18:14
Real Estate Pro Forma Modeling Fundamentals
02:12
Pro Forma Components & Dynamic Financial Modeling
02:01
Monthly vs. Annual Cash Flow Modeling
01:33
Error-Checking on Autopilot
03:49
Professional Design Fundamentals
01:28
Gridlines
01:09
Font Changes & Introduction To "Alt" Shortcuts
02:22
Iterative Calculation
01:59
Advanced Excel Settings
01:41
+ Part 1 - Building Out The Summary Dashboard
14 lectures 01:22:20
Summary Tab Setup
04:45
Table Formatting
09:45
Parking Information
04:06
Acquisition Information
05:55
Acquisition Loan Information - Part 1
04:54
Acquisition Loan Information - Part 2
06:50
Refinance Information
07:14
Building Out The Summary Details
06:29
Renovation Detail Build-Out
06:48
Modeling Sale Details - Part 1
04:41
Modeling Sale Details - Part 2
04:04
Building Out The Sources & Uses Table
07:15
Modeling Additional Equity Requirements
04:56
The Key Return Metrics Table
04:38
+ Part 2 - Revenue Modeling
15 lectures 01:22:19
Revenue Tab Setup
02:15
Building Out The In-Place Rent Schedule
04:30
Modeling The In-Place Rent Roll
05:59
Total Units & Weighted Average Rent
07:45
Building Out The Stabilized Rent Schedule
04:29
Modeling Renovation Premiums
04:22
Modeling Other Income
06:27
Dynamic Rent Increase Timing
04:41
Building Out Variable Annual Assumptions
05:50
Physical Vacancy, Bad Debt, & Concessions
04:29
Modeling Market Rent Growth Assumptions
03:38
Building Out Potential Revenue
06:25
In-Place vs. Stabilized Rents
09:53
Modeling Dynamic Rent Increase Timing
06:58
Modeling Weighted Average Potential Rent
04:38
+ Part 3 - Expense Modeling
9 lectures 46:38
Expenses Tab Setup
04:30
Modeling T-12 Operating Expenses
08:15
Modeling Hold Period Operating Expenses
04:07
Building Out Property Tax Information
04:13
Property Tax Information Finalization & Dynamic Drop-Down Menus
05:10
Capital Reserves & Property Management Fees
03:49
Modeling Property Tax Growth Rates
04:53
Building Out The Hold Period Property Taxes Table
03:04
Modeling Dynamic Assessed Value
08:37
+ Part 4 - Construction Modeling
8 lectures 52:29
Construction Budget Tab Setup
06:30
Building Out The Exterior Renovation Budget
04:04
Modeling Construction Costs
04:33
Construction Cost Timing
07:34
Straight-Line Construction Cost Modeling
08:29
Construction Funding Checks
05:33
Building Out The Interior Renovation Budget
06:47
Contingencies & Overall Construction Budget Finalization
08:59
+ Part 5 - Debt Modeling
8 lectures 46:58
Financing Tab Setup
06:04
Acquisition Financing Build-Out
04:05
Modeling Acquisition Principal, Interest, & Total Loan Payments
08:18
Modeling The Acquisition Loan Payoff
06:48
Acquisition Financing Checks
05:19
Refinance Modeling
05:42
Modeling Refinance Principal, Interest, & Total Loan Payments
06:36
Modeling The Refinance Loan Payoff
04:06
+ Part 6 - Building Out The Monthly Cash Flows
18 lectures 01:44:37
Monthly CF Tab Setup
04:50
Monthly CF Timing
04:45
Building Out Net Rental Income
04:16
Dynamic HLOOKUP & MATCH Modeling
07:01
Modeling Bad Debt, Concessions, & Other Loss
04:18
Modeling Other Income
09:40
Operating Expense Build-Out & Freezing Panes
03:53
Modeling Operating Expenses
03:36
PM Fees, Insurance, & Capital Reserves
05:35
Modeling Dynamic Property Tax Resets
10:27
Construction Expenses & CF Before Debt Service
04:35
Dynamic Loan Funding
04:44
Loan Payments, Payoffs, & Fees
05:35
Working Capital
04:51
Modeling Dynamic Working Capital Funding
06:13
Acquisition & Sale Modeling
07:13
Finalizing The Property Tax Reset
03:20
Monthly CF Tab Finalization
09:45
+ Part 7- Building Out The Annual Cash Flows
4 lectures 18:48
Annual CF Tab Setup
04:30
Modeling Annual Cash Flows
06:36
Annual CF Tab Clean-Up & Totals
01:51
Modeling The Cash-on-Cash Return
05:51
+ Part 8 - Model Finalization & Checks
12 lectures 01:00:01
Error Checks & Summary Finalization Introduction
04:03
Building Out The Checks Tab - Part 1
03:40
Building Out The Checks Tab - Part 2
04:49
Finalizing The Expenses Tab
03:08
Going-In Cap Rate, DSCR, & Debt Yield
04:33
Dynamically Calculating Refinance Proceeds
04:32
Refinance DSCR & Debt Yield Modeling
03:02
Summary Details & Return on Cost Modeling
05:22
Modeling Sale Details
06:19
Sources & Uses Finalization
04:22
Modeling The IRR, Equity Multiple, & Cash-on-Cash Return
08:07
How To Use What You've Built
08:04