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The Real Estate Financial Modeling Interview Exam Guide

How To Ace Your Real Estate Financial Modeling Interview Exam For Real Estate Investing Careers

4.78 (472 reviews)

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6.5 hours

Content

Jun 2021

Last Update
Regular Price

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What you will learn

The ability to build a functional, dynamic real estate financial model from scratch

Be fully prepared to ace your real estate financial modeling interview exam questions, regardless of what questions are thrown at you

Stand out from your competition and maximize your compensation by becoming the most desirable job candidate for any role


Description

Want to land a six-figure job in private equity real estate investing?

According to CEL & Associates, Inc., the 2020 median total compensation for an acquisitions associate in retail, office/industrial, and multifamily was $137K, $143K, and $121K, respectively. This course will teach you the core fundamental Excel financial modeling skills necessary to land one of these jobs and succeed in your first commercial real estate investing role.

The opportunity in private equity real estate investing careers is HUGE. Top-tier salaries and bonuses, the ability to invest in big deals, and, unlike investment banking, a work-life balance that will general allow you to keep your friends and family and sleep more than 3 hours per night.

But breaking in isn't easy. In fact, many of these jobs require a real estate financial modeling interview exam to test your knowledge and ability to contribute from day one.

Yup, that's right. Writing "proficient in Microsoft Excel" on your resume won't cut it for these roles. The best firms (the ones you actually want to work for) will likely test your real estate financial modeling chops with a timed exam.

These firms want to know your knowledge and skill sets in five main categories:

  1. Microsoft Excel Formulas & Functions

  2. Real Estate Finance

  3. Commercial Real Estate Lease Modeling

  4. Cash Flow Statement Modeling

  5. ARGUS Export Modeling

This exam is usually the last "gatekeeper" for the most coveted private equity real estate investing analyst and associate jobs at multifamily, retail, office, and industrial investment firms.

This course will teach you how to ace that exam.

This is NOT a beginner course. If you're just starting out in real estate investing and real estate financial modeling, this course likely isn’t for you.

BUT if you have a basic understanding of real estate investing and real estate financial modeling and you're either applying for jobs or preparing for an interview at a real estate investment firm, this course will give you an unfair advantage to land the job you're looking for and stand head and shoulders above your peer group.

I'm not really sure why, but it feels like this information is hidden. While investment banking analysts and other professionals generally know what they're getting into with an interview exam, real estate financial modeling exams generally feel like Pandora's box.

When I was interviewing for jobs, no one could seem to tell me what I had to know.

I honestly didn't even know where to look.

So, after taking multiple of these exams, and actually creating these exams for incoming analysts and associates, I decided to create this resource for anyone looking to break into the real estate private equity field.

You can do this.

You just need to be prepared and KNOW what you're going to be asked ahead of time, and HOW you should answer those questions.

Firms are looking for a THOUGHT PROCESS and MODELING EFFICIENCY - and you're going to learn how to master both of these things in this course.

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

★★★★★ "Unbelievable value for money. It feels like I just accomplished an MBA in Real Estate Finance."

★★★★★ "Justin is a very clear instructor who can explain complex topics and formulas with ease. I have learned a ton from all of his courses and hope to use them to enhance my own career path! I highly recommend this course for anyone who is looking to sharpen their excel / real estate financial modeling skills and break into real estate investing."

★★★★★ "This course greatly helped as a refresher when interviewing for a large institutional Lending position. It also enabled me to be much more efficient in my modeling."

★★★★★ "Justin's classes are very clear and he drills the parts that you need to know continuously. It is also helpful that he continues to say the keyboard shortcuts so that you remember them."

★★★★★ "Awesome. Great way to end your programme of courses. I feel like I've definitely gone from a from scratch beginner to probably at the advance intermediate stage now. Many thanks for all your help in putting all these videos together!"

If you're ready to build your real estate financial modeling arsenal so you can tackle any questions that come your way on interview day, click the enroll button to get immediate access to five institutional-quality real estate private equity interview exams, with in-depth walk-throughs and explanations every step of the way.

See you on the inside.


Screenshots

The Real Estate Financial Modeling Interview Exam Guide
The Real Estate Financial Modeling Interview Exam Guide
The Real Estate Financial Modeling Interview Exam Guide
The Real Estate Financial Modeling Interview Exam Guide

Content

Introduction

Introduction

What We Will Cover

About The Instructor & This Course

DOWNLOAD ME FIRST!

Disclaimer

How To Ace Your Real Estate Financial Modeling Interview Exam - The Five Keys

What Employers Are Looking For - Part 1

What Employers Are Looking For - Part 2

What Employers Are Looking For - Part 3

What Employers Are Looking For - Part 4

What Employers Are Looking For - Part 5

Modeling Best Practices For Interview Day

Exam #1 - The Excel-Focused Assessment

How To Find Values Using HLOOKUP

How To Use VLOOKUP With Dynamic Month Toggles

How To Call Out Cells Automatically Using Conditional Formatting

How To Count Select Cells With COUNTIFS

Creating A Test Using IF Statements

INDEX & MATCH For Dynamic Cell Selection

How To Sum Cash Flows For Only Certain Years

How To Count The Number of Negative Cash Flows

How To Sum All Negative (or Positive) Cash Flows

How To Sum All Cash Flows In A Specific Year

How To Find The Maximum Value in Any Data Array

Dynamic Cash Flow Selection

How To Return Values If Two or More Values Are True

How To Return Values If AT LEAST One Criteria Is True

Modeling Weighted Average Rents

How To Round Values

How To Calculate Rent Differentials (MAX & MIN)

Calculating The Future Value of a Real Estate Investment

Using Goal Seek To Determine Necessary Investment Growth Rates

Simple IRR Calculations

Calculating The XIRR With Uneven Dates

NPV vs. XNPV

Using Goal Seek To Solve For a Target IRR

Using INDIRECT For Dynamic Sum Ranges (ADVANCED)

Creating Data Tables To Sensitize Returns Based On Multiple Criteria

Check-In - How Are You Feeling So Far?

Exam #2 - The Real Estate Finance Exam

Calculating Monthly Debt Service

Calculating Balloon Payments at the End of the Loan Term

Modeling Debt Yield & DSCR

Calculating LTV Based on Cap Rate Valuation

Modeling Loan Sizing Based on DSCR

Calculating The Levered Equity Multiple

Calculating The Levered IRR Using XIRR

Calculating Dynamic Cash-on-Cash Returns in Singular Years

Sensitizing IRR Based on Cap Rate & LTV

Calculating The Going-In Cap Rate

Calculating The Total Monthly Loan Payment

How To Calculate Future NOI WITHOUT Built-In Cash Flows

How To Calculate a Loan Constant

How To Calculate Cash-on-Cash Returns With I/O Loans

Calculating The Break Even Ratio

Calculating The Operating Expense Ratio

Calculating Variable Leasing Commissions

Calculating TI Allowance & Return on Cost

Using Goal Seek To Calculate Minimum Acceptable Base Rent

Check-In - Exam #2 Complete!

Exam #3 - The Commercial Real Estate Lease Modeling Exam

CRE Lease Modeling Exam Introduction

Calculating Lease Rent Growth

Calculating Future Lease-Up TI Amounts

Modeling Future Lease-Up Rent

Calculating Future Lease Dates With Dynamic Downtime

Modeling The Pro Rata Share

NNN & FSG Lease Modeling

Base Year Stop Modeling

Modeling Hybrid Reimbursement Structures

Calculating Leasing Commissions For New Leases

Modeling Renewal Leasing Commissions

Calculating Leasing Commissions Based on Renewal Probability

Calculating Future Base Rent

Calculating Percentage Rent Breakpoints

Calculating Future Percentage Rent Payments (with Inflation)

Check-In - Over The Hump

Exam #4 - The Commercial Real Estate Cash Flow Modeling Exam

CRE Cash Flow Modeling Exam Overview

Modeling Dynamic Cash Flow Dates

Dynamic Monthly GPR Growth

Modeling Vacancy, Expenses, & NOI

Modeling Dynamic Renovation Timing

Modeling Purchase & Sale Metrics

Modeling Loan Proceeds & Origination Fees

Dynamic Principal & Interest Payments

Dynamic Loan Payoff & Levered Net Cash Flow Modeling

Model Clean-Up & Cash Flow Date Collars Using IF Statements

Model Formatting

Modeling Unlevered & Levered IRR

Calculating Going-In Cap Rates Using Annualized Monthly NOI

Modeling The Unlevered & Levered Equity Multiple

Calculating Cash-on-Cash Returns for Specific Years (Dynamically)

Calculating Going-In DSCR & Debt Yield

Modeling Break Even Percentage & The Operating Expense Ratio

How To Use Goal Seek To Value a Property Based on IRR Targets

Check-In - The Home Stretch

Exam #5 - The ARGUS Export Modeling Exam

ARGUS Export Exam Introduction

ARGUS Export Exam Overview

Building Out Dynamic Annual Cash Flow "Roll-Up" Dates

Building Out Dynamic Line Items

How To Build Out Ten Years of Cash Flows in 5 Minutes

Dynamic Purchase & Sale Metric Modeling & Cash Outflow Formatting

Cash Flow Before Debt Service & CF Timing Collars

CUMIPMT & CUMPRINC

Dynamic Loan Payoff Modeling

Cash Flow After Debt Service & Cash Flow Collars - Part 2

How To Format a Model in Less Than 5 Minutes

Going-In Cap Rate, Debt Yield, & DSCR

Unlevered & Levered Equity Multiple - Update

Unlevered & Levered IRR & Equity Multiple Modeling

Average Cash-on-Cash Return Modeling with Variable Hold Periods

Using Cash Flows To Determine Asset Stabilization

Using Cash Flows To Determine Reimbursement Structures

Calculating Value CAGR

Modeling LTV at Exit

Solving For Target IRR - Property Valuation Method

Check-In - DONE.

Wrapping Up

How To Use This Information

What To Do Next

BONUS LECTURE: Udemy Student Bonus

BONUS LECTURE: Udemy Student Bonus


Reviews

A
Alexander1 October 2020

Fantastic course overall. I've taken a few of Justin's courses and you can't go wrong taking any of them, he's a great teacher and really does a great job explaining all topics from beginner to advanced. His courses have helped me land a financial analyst job at a REIT.

L
Leemisa17 September 2020

The course is very practical and allows you to apply immediately in the working environment as well as preparing for the Financial Modelling Interview Exam. All the sections are relevant and overall good explanation of the concepts.

T
Thomas10 September 2020

This course is exactly what I was looking for to use to prepare for my interview coming up early next week. Thanks!

B
Bruno12 May 2020

great speaking skills and so far you're talking about everything that I think I'm supposed to learn in depth (I do have some knowledge already). So I can't wait to complete the course work and go out and get a job!!

L
Lorenzo4 May 2020

Explained pretty well and for beginners rather than intermediate I would say. The only thing I did not like is how you model Debt Service. You do it by using formulas like PMT, PPMT and so on, but in my opinion it is better and especially more helpful to calculate manually rather than using the formula, cause you better understand the logic and how the formula works. Besides deeper understanding, you also are able to eventually manipulate better the formula. anyway, great course, very helpful, perfectly explained and taught, you touch all the topics you might face in an interview, you talk clean nice and with no mistakes 5/5 for sure!

A
Ansy4 January 2020

This is EXACTLY what I was looking for. I have an exam coming up in a few days and wanted to make sure I was on point like a box cutter lol. This is PERFECT!!! I’m buying more courses. I love this.

H
Henry21 December 2019

As expected from this Instructor, this is an amazing course. This WILL open doors if you learn it. The way he teaches is very very concise and high-quality. I recommend this to all my colleagues.

P
Philipp3 November 2019

Extremely helpful and comprehensive coverage of most formulas and model layouts that one needs to understand how to structure a real estate acquisition, lease, and respective KPIs

C
CVGuide11 October 2019

Awesome. Great way to end your programme of courses. I feel like I've definitely gone from a from scratch beginner to probably at the advance intermediate stage now. Many thanks for all your help in putting all these videos together!

J
John30 August 2019

An amazing course that gave me great insight into what it will take to ace the real estate financial modeling interview. I highly recommend his other courses as I have coupled a few together and the modeling work is starting to make sense faster and become more automatic. Great job!

B
Barry27 August 2019

The instructor Justin has found his calling. He takes what can be considered a difficult subject and makes it easy. I have never felt so comfortable with advanced Excel functions as now.

R
Ronak9 August 2019

Fantastic course - it really supplements and solidifies information learnt via the Bootcamp. Great work Justin!

J
Josh7 August 2019

Amazing class for preparing to recruit in REPE and getting you really well trained with the core financial concepts. You'll feel much more confident about recruiting after this class!

P
Peterm16 April 2019

Justin's classes are very clear and he drills the parts that you need to know continuously. It is also helpful that he continues to say the keyboard shortcuts so that you remember them

J
Jake21 March 2019

This course greatly helped as a refresher when interviewing for a large institutional Lending position. It also enabled me to be much more efficient in my modeling


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Udemy ID

9/23/2018

Course created date

10/12/2019

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