The Real Estate Pro Forma Modeling Master Class
4.7 (827 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.
6,396 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
Highest Rated
4.7 (825 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.
6,394 students enrolled
Created by Justin Kivel
Last updated 5/2020
English
English [Auto-generated], Indonesian [Auto-generated], 3 more
  • Polish [Auto-generated]
  • Romanian [Auto-generated]
  • Thai [Auto-generated]
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
  • 16 articles
  • 15 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 121 lectures 08:13:39
+ Real Estate Pro Forma Modeling Fundamentals
8 lectures 14:24
Real Estate Pro Forma Modeling 101
03:19
Monthly vs. Annual Cash Flow Modeling
02:09
How To Bulletproof Your Pro Forma
01:13
Excel Financial Modeling Best Practices
01:21
Private Equity Real Estate Color Coding Standards
02:22
Professional Design Fundamentals
03:02
A Quick Course Primer
00:45
Pro Forma Modeling Excel Hot Keys + Shortcuts
00:13
+ Part 1 - Setting Up The Pro Forma
4 lectures 14:31
Saving & Gridlines
02:49
Font & ALT Shortcuts Introduction
03:28
Automatic & Iterative Calculations
03:52
Advanced Excel Settings
04:22
+ Part 2 - Building Out The Investment Summary Dashboard
10 lectures 31:38
Summary Dashboard Overview
02:07
Property Details, Parking, & Acquisition Information
04:25
Renovation, Sale, & Return Metrics
02:31
Debt Modeling & Refinancing
02:07
Sources & Uses, Renovation Details, & Summary
06:45
ALT Shortcuts To Double Your Formatting Speed
04:45
Adding Manual Input Drivers
05:22
Macro Downloads For Faster Modeling (Optional)
00:35
Custom Number Formatting
02:50
Check-In
00:10
+ Part 3 - Revenue Modeling
8 lectures 41:59
Building Out The In-Place Unit Mix - Part I
05:59
Building Out The In-Place Unit Mix - Part II
08:32
Modeling Post-Renovation Rents & Rent Premiums
04:43
Modeling Other Income
05:53
The Four Components of Economic Vacancy
07:52
Growth Modeling - Market Rent & Other Income
02:20
Building Out The Rent Schedule
06:29
Check-In
00:11
+ Part 4 - Expense Modeling
7 lectures 26:22
T-12 Expense Modeling
06:23
Hold Period Expense Modeling
06:21
Expense Growth & CapEx Reserves
02:24
Property Tax Modeling Part I
03:29
Property Tax Modeling Part II
04:40
Property Tax Modeling Part III
02:55
Check-In
00:10
+ Part 5 - Construction Modeling
6 lectures 30:00
Building The Exterior Renovation Budget
07:30
Building The Interior Renovation Budget
06:27
A Quick Note On The Construction Budget
00:57
Renovation Cash Flow Modeling - Part I
08:13
Renovation Cash Flow Modeling - Part II
06:36
Check-In
00:17
+ Part 6 - Debt Modeling
14 lectures 57:58
Acquisition Debt Modeling
02:38
Modeling Dates (EOMONTH)
03:46
Modeling The Monthly Loan Balance
02:55
Major Loan Metric Assumptions
04:04
Loan Payment Modeling & Nested IF Statements
09:43
Modeling Principal & Interest Payments
04:17
Dynamic Loan Payoff Timing
04:15
Modeling Check - Debt
03:28
Refinance Funding
06:39
Refinance Loan Payments
04:30
Refi Principal & Interest Payments
03:22
Modeling The Refinance Payoff
07:36
Finalizing The Refinance Formulas
00:29
Check-In
00:16
+ Part 7 - Monthly Cash Flow Modeling
19 lectures 01:37:18
EOMONTH Modeling For Dynamic Dates
05:49
IFERROR Wrapping & Modeling Renovation Month
06:18
Using HLOOKUP To Build The In-Place Rent Schedule
07:17
Using HLOOKUP To Build The Post-Rehab Rent Schedule
03:51
Using IF(AND()) Statements For Renovation Modeling
05:12
Weighted Average Revenue Modeling
04:35
Using HLOOKUP For Vacancy Modeling
09:48
How To Build Repeatable Formulas to 10X Your Modeling Speed
07:08
EGR & Expense Modeling Part I
03:07
Management Fees & Expense Modeling Part II
04:01
Freezing Panes
02:31
Dynamic Property Tax Modeling - Part I
04:01
Dynamic Loan Funding
06:42
Dynamic Loan Payments & Payoffs
04:46
Dynamic Construction Expenses
01:55
Dynamic Acquisition & Disposition Modeling
07:50
IRR & Equity Multiple Calculations
05:15
Formatting Clean-Up!
06:58
Check-In
00:14
+ Part 8 - Annual Cash Flow Modeling
7 lectures 32:53
EOMONTH & Row/Column Shortcuts For Annual Date Modeling
06:45
The SUMIF Annual Modeling Shortcut
06:25
How To Create Blanks For Post-Sale Years
04:51
Using SUMIF To Capture Specific Years
06:36
How To Build Out The Average Cash-on-Cash Return
06:00
Finalizing The Annual Cash Flows Tab
02:07
Check-In
00:09