Real Estate


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

4.67 (941 reviews)


10 hours


Jun 2021

Last Update
Regular Price

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What you will 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


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!


The Real Estate Development Modeling Master Class
The Real Estate Development Modeling Master Class
The Real Estate Development Modeling Master Class
The Real Estate Development Modeling Master Class




What We Will Cover

The Development Model Outline - Part 1

The Development Model Outline - Part 2

The Development Model Outline - Part 3

The Development Model Outline - Part 4

How To Take This Course

About The Instructor & This Course


Real Estate Development Fundamentals

The Six Key Steps To The Development Process

S-Curve Construction Cost Modeling

Development Debt & Equity Financing

The Development Pro Forma Modeling Framework

The Real Estate Pro Forma Assembly Line

The Building Blocks of a Development Model

Dynamism In Development Modeling

Monthly Cash Flows vs. Annual Cash Flows For Development Deals

Error-Checking & Excel Best Practices

Development Model Color Coding

How To Design Your Development Model

Development Modeling Excel Hot Keys + Shortcuts Cheat Sheet

Part 1 - Building Out The Summary Tab

Gridlines & The Steak Sauce Cell

Building Out The Property Details Table

Lease-Up Modeling

Modeling Land Acquisition Metrics

Building Out Construction Loan Terms

Building Out Permanent Financing Terms

Total Cost Detailing

Sale Details & Key Return Metrics

Development Sources & Uses

Table Formatting

Downloading Macros (Optional)

Custom Formatting & The Lease-Up Period Build-Out

Land Acquisition Information

Construction Loan Information

Permanent (Take-Out) Loan Metrics

Summary Tab (Initial) Finalization

Check-In - How's It Going?

Part 2 - Building Out The Revenue Tab

Building Out The Unit Mix

Calculating Weighted Average Rents Using SUMPRODUCT

Building Out Stabilized Other Income

Annual Vacancy & Market Rent Growth Assumptions

Axiometrics & CoStar

Month & Year Revenue Timing

Stabilized Rent Growth With Varying Annual Growth Rates

How To Model A Multifamily Lease-Up

Calculating Lease-Up Rental Revenue

Modeling Stabilized Other Income

Modeling Lease-Up Other Income

Check-In - Two Tabs Down

Part 3 - Building Out The Expenses Tab

Building Out Stabilized Expenses

Modeling Expenses Per Unit & Totals

Fixed vs. Variable Expense Modeling

Expense Growth, CapEx Reserves, and PM Fees

Dynamic Annual Property Tax Growth Rates

How To Model Dynamic Annual Property Taxes

Property Tax Reversion Resets & Excel Binary Format Modeling

Modeling Lease-Up Expense Timing

Modeling Stabilized Monthly Operating Expenses

Modeling Variable Monthly Operating Expenses

Check-In - Tab Three In The Books

Part 4 - Building Out The Construction Budget Tab

The Hard Cost Build-Out

Hard Cost Line-Item Build-Out

Hard Cost Subtotals (MAX & MIN)

Dynamic Construction Cost Timing

S-Curve Construction Modeling

Building Out The S-Curve Formula

S-Curve Formula Breakdown

S-Curve Formula - Detail

Modeling Hard Cost Subtotals

Construction Cash Flow Error Checks & Conditional Formatting

Building Out The Soft Cost Schedule

Construction Contingency Modeling

Check-In - Construction Budget Tab Complete!

Part 5 - Building Out The Financing Tab

Debt & Equity Total Funding Checks

Debt & Equity Financing & EOMONTH

Modeling Construction Loan Operating Metrics

Operating Metrics Formatting

Equity Financing & Funding

Building Out The Construction Financing Cash Flows

Permanent (Take-Out) Financing Build-Out

LIBOR Forward Curve Modeling - Part 1

LIBOR Forward Curve Modeling - Part 2

Where To Pull Forward Curves (For Free)

Check-In - Financing Tab Build-Out

Part 6 - Building Out The Monthly Cash Flows Tab

Dynamic Monthly Cash Flow Timing

Modeling GPR

How To Model Physical Vacancy During A Lease-Up

Monthly Bad Debt, Concessions, & Other Loss

Modeling Total Other Income & EGR

Monthly Expense & Management Fee Modeling

Modeling Net Operating Income

Dynamic CapEx Reserve Growth

Modeling Construction Costs & CF Before Debt Service

Monthly Loan Payments & CF After Debt Service

Modeling Land Acquisition & Closing Costs

Dynamic Reversion Modeling

Setting Up The Loan Information

Calculating Reference Operating Cash Flows

Monthly CF Hold Period Totals

Enabling Iterative Calculation

Dynamic Property Tax Reversion Resets

Check-In - You're In The Home Stretch

Part 7 - Debt & Equity Financing Finalization

Modeling Operating Shortfalls & Freezing Panes

Positive Operating Cash Flow & Naming Cells

Modeling Development Sources & Uses

How To Model Dynamic Equity Funding

How To Model Construction Loan Draws

Modeling Monthly Floating Interest Rates

How To Model Capitalized Interest

Construction Loan Payoff Modeling

Debt & Equity Financing Checks

Modeling Take-Out Loan Timing

Take-Out Loan Sizing

Modeling Total Take-Out Loan Payments

Modeling Take-Out Principal & Interest Payments

Modeling The Take-Out Loan Payoff

Monthly CF Loan Draws & Permanent Loan Funding

Monthly CF Loan Payoffs & Levered Net Cash Flows

Modeling The IRR & Equity Multiple

Check-In - Debt & Equity Tab Complete

Part 8 - Building Out The Annual CF & Checks Tabs

Annual Cash Flow Timing

Modeling Annual Cash Flows (With One Formula)

The Refinance Check

The Construction Funding Check

The Cash Flow Check

Check-In - The Closer

Part 9 - Summary Tab Finalization

Finalizing The Property Details

DSCR & Debt Yield Modeling (Take-Out Loan)

Modeling Stabilized Return on Cost

Finalizing Sale Details & Return Metrics

Check-In - Done.

Addendum - Model Updates

Model Updates (& Revised Final Model Download)

All Model Inputs

Wrapping Up

How To Use This Information

Where To Go From Here

BONUS LECTURE: Udemy Student Bonus

BONUS LECTURE: Udemy Student Bonus


Daniel30 September 2020

This course really was fantastic just like the rest of Justin's courses. I cannot recommend them enough !

Alice21 September 2020

Great course. Very in-depth detail and well expounded. The step by step made learning so much easier.

Jasmine15 September 2020

Great course. I've been in the industry for 10ish years in various roles. I found this course very informative. The instructor was very thorough and walks you step by step thru each formula. He even teaches you excel keyboard shortcuts throughout the course. Highly recommend this course and his others.

Brian22 August 2020

Audio is great, easy to follow along. Content seems interesting. Have not gotten into the real content yet.

Whitney15 August 2020

I am very happy with this lesson. It's quite easy to understand, explanations are clear, it's taught in bite size information - simply excellent.

Dmitri17 January 2020

Hi Justin, Thank you for your informative and detailed financial modelling courses. I am happy to finish the real estate development master class, and I am looking forward to starting one of your other new courses shortly. Sincerely, Dmitri Staicov

Stefanos17 January 2020

Exactly what I was looking for ! I am really glad I found the RE Financial Modelling course for my enchancement of my Financial Modelling skills.

Joel15 January 2020

Justin lessons are spotless ... clear, crisp, step by step, in detail, divided in little pieces that you can easily visualize and go back to later if you need it. Outstanding Value. Congrats Justin

Brandon5 January 2020

Focus seems to be more on Commercial Real Estate and I'm more interested in Residential Real Estate. Good information, but not entirely applicable for what I was looking for.

Michael16 December 2019

It was a good match. I'm an experienced financial modeler with Private Equity experience and I just wanted to know about this particular asset class. So it was a good match.

Mohammed5 December 2019

Justin is by far the best trainer. He explains things so simply and make it very easy to understand and follow, his pace is really modest and gives us time to work alongside watching the tutorial. Thank you Justin !!

Adrian19 November 2019

Easy to follow. Insightful. Very good explanation of formula construction and it’s function. Resource links also provide insight into thought process behind why the use of specific formulas to generate outputs.

Anthony16 November 2019

The course is work is explained in a clear and concise detail. If you are not a big excel person before starting the course, no worries! The shortcuts to moving around the spreadsheet are repeated throughout as the problems are worked on. This has been a big help for me as I refreshing my skills.

Cori12 November 2019

It was good. I walked away from this feeling really solid on my excel shortcuts and still not solid on the theory. I felt like most of this class was just typing the excel formulas. I feel like this class would have helped me more if the 'why' was talked about more after typing each formula, especially in the financing and CF tabs.

David12 November 2019

I took this class to brush up on my modeling. Full disclosure, I have a Masters in RE Development from one of the best programs in the US, and this course and the detailed explanations that Justin provides, was as good as any University course that I paid thousands of dollars for.


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