4.67 (941 reviews)
☑ 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!
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
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
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
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
How To Use This Information
Where To Go From Here
BONUS LECTURE: Udemy Student Bonus
BONUS LECTURE: Udemy Student Bonus
This course really was fantastic just like the rest of Justin's courses. I cannot recommend them enough !
Great course. Very in-depth detail and well expounded. The step by step made learning so much easier.
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.
Audio is great, easy to follow along. Content seems interesting. Have not gotten into the real content yet.
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.
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
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.
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
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.
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.
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 !!
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.
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.
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.
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.