Real Estate


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

4.74 (1282 reviews)


9 hours


Jun 2021

Last Update
Regular Price

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What you will 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


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!


The Real Estate Pro Forma Modeling Master Class
The Real Estate Pro Forma Modeling Master Class
The Real Estate Pro Forma Modeling Master Class
The Real Estate Pro Forma Modeling Master Class



Course Overview

A Sneak Peek Into What You'll Build

What We Will Cover

Dynamic Financial Modeling

The Pro Forma Structure - Part I

The Pro Forma Structure - Part II

The Pro Forma Structure - Part III

About The Instructor & What You'll Learn From This Course


Real Estate Pro Forma Modeling Fundamentals

Real Estate Pro Forma Modeling 101

Monthly vs. Annual Cash Flow Modeling

How To Bulletproof Your Pro Forma

Excel Financial Modeling Best Practices

Private Equity Real Estate Color Coding Standards

Professional Design Fundamentals

A Quick Course Primer

Pro Forma Modeling Excel Hot Keys + Shortcuts

Part 1 - Setting Up The Pro Forma

Saving & Gridlines

Font & ALT Shortcuts Introduction

Automatic & Iterative Calculations

Advanced Excel Settings

Part 2 - Building Out The Investment Summary Dashboard

Summary Dashboard Overview

Property Details, Parking, & Acquisition Information

Renovation, Sale, & Return Metrics

Debt Modeling & Refinancing

Sources & Uses, Renovation Details, & Summary

ALT Shortcuts To Double Your Formatting Speed

Adding Manual Input Drivers

Macro Downloads For Faster Modeling (Optional)

Custom Number Formatting


Part 3 - Revenue Modeling

Building Out The In-Place Unit Mix - Part I

Building Out The In-Place Unit Mix - Part II

Modeling Post-Renovation Rents & Rent Premiums

Modeling Other Income

The Four Components of Economic Vacancy

Growth Modeling - Market Rent & Other Income

Building Out The Rent Schedule


Part 4 - Expense Modeling

T-12 Expense Modeling

Hold Period Expense Modeling

Expense Growth & CapEx Reserves

Property Tax Modeling Part I

Property Tax Modeling Part II

Property Tax Modeling Part III


Part 5 - Construction Modeling

Building The Exterior Renovation Budget

Building The Interior Renovation Budget

A Quick Note On Total Renovation Costs

Renovation Cash Flow Modeling - Part I

Renovation Cash Flow Modeling - Part II


Part 6 - Debt Modeling

Acquisition Debt Modeling

Modeling Dates (EOMONTH)

Modeling The Monthly Loan Balance

Major Loan Metric Assumptions

Loan Payment Modeling & Nested IF Statements

Modeling Principal & Interest Payments

Dynamic Loan Payoff Timing

Modeling Check - Debt

Refinance Funding

Refinance Loan Payments

Refi Principal & Interest Payments

Modeling The Refinance Payoff

Finalizing The Refinance Formulas


Part 7 - Monthly Cash Flow Modeling

EOMONTH Modeling For Dynamic Dates

IFERROR Wrapping & Modeling Renovation Month

Using HLOOKUP To Build The In-Place Rent Schedule

Using HLOOKUP To Build The Post-Rehab Rent Schedule

Using IF(AND()) Statements For Renovation Modeling

Weighted Average Revenue Modeling

Using HLOOKUP For Vacancy Modeling

How To Build Repeatable Formulas to 10X Your Modeling Speed

EGR & Expense Modeling Part I

Management Fees & Expense Modeling Part II

Freezing Panes

Dynamic Property Tax Modeling - Part I

Dynamic Loan Funding

Dynamic Loan Payments & Payoffs

Dynamic Construction Expenses

Dynamic Acquisition & Disposition Modeling

IRR & Equity Multiple Calculations

Formatting Clean-Up!


Part 8 - Annual Cash Flow Modeling

EOMONTH & Row/Column Shortcuts For Annual Date Modeling

The SUMIF Annual Modeling Shortcut

How To Create Blanks For Post-Sale Years

Using SUMIF To Capture Specific Years

How To Build Out The Average Cash-on-Cash Return

Finalizing The Annual Cash Flows Tab


Part 9 - Finalizing The Model

Finalizing Property Information Auto-Fill

Parking Information & Purchase Metrics

Cap Rate Calculation Mechanics

Dynamic DSCR & Debt Yield Calculations

Dynamic Refinance Sizing

Dynamic Refinance DSCR & Debt Yield Calculations

Summary & Construction Details

Modeling Return on Cost

Cap Rate Expansion & Value CAGR

Modeling Sources & Uses

Finalizing Return Metrics

Part 9 - Check-In

Part 10 - Modeling Clean-Up & Error Checking

The Stabilized Unit Mix Formula

Hold Period Management Fees & Property Taxes

Dynamic Property Tax Modeling - A Deep Dive

Finalizing The Construction Budget & Debt Tab

Finalizing Monthly & Annual Cash Flows

Building Out The Error Checks Tab

Debt Funding Updates & Checks

Summary Tab Testing

Revenue Tab Testing

Expense Tab Test & Modeling CapEx Reserves

Final Checks & Model Completion

Check-In - You're Done!

Part 11 - Where To Go From Here

Where To Go From Here

Key Takeaways

Wrapping Up

Addendum: Model Finalization

Update: Construction Budget Finalization

BONUS LECTURE: Udemy Student Bonus

BONUS LECTURE: Udemy Student Bonus


Napoleon2 October 2020

I'm halfway through, and this is far and beyond an incredibly stimulating, fun, and practical skill to develop. Justin is incredibly efficient in his explanations and use of keyboard shortcuts. The repetition of the process naturally develops the skill, but Justin never forgets to leave it out in case you may forget. Truly a patient instructor, and I'm grateful that he put out such high quality educational resources! Students and professionals alike should take this course.

Lonnie5 September 2020

I got to tell ya! Justin is brilliant and his teaching ability is through the roof. Charlie Munger who is Warren Buffett business Partner has a famous quote "To get what you want you have to DESERVE what you want, the world is not yet a place for underserving people" Justin Kivel is a guy that definitely DESERVES what he wants and has. Thank you Justin for creating this class!

Lorenzo29 August 2020

Having taken and completed several of these Breaking Into CRE Courses along with being a participant in Real Estate Finance, I can very comfortably say that they have provided me with some of the best education I've received aside from hands on, practical transaction experience. The ability to build these self referencing, comprehensive Pro Formas has significantly enhanced my ability to work and provide value for clients and colleagues.

Joshua24 August 2020

much of what i have learned over the last year from Justin's courses have proven beneficial in my employment and entrepreneurship. I have seen increases in my skills which has resulted in increases in my income from learning and applying the material. Apply what you learn from him!! PRACTICE PRACTICE PRACTICE! Justin's instructions are clear, practical, and easy to follow for the inexperienced. So even if you don't practice (WHICH U SHOULD) you will at least be able to speak about the topics and have very solid foundation of understanding. Thank you for your work Justin!

Andrew27 July 2020

Great course, a lot of useful tips to help your speed and proficiency in excel, material is made easy to understand too

Mark17 February 2020

Probably the best course I've followed on Udemy. Clear instructions, great pace, and useful insights.

Stuart4 February 2020

Overall, I thought it was very good. Perhaps it's because I have an older version on Excel on my Mac, but I had to do a workaround of the property tax reassessment calculation. Because the tax base upon reassessment at valuation is based off the reversionary sales price, and the sales price itself was based on a forward 12 NOI, a circular argument was created. Perhaps the newer versions of Excel can iterate around that, but my version (Excel 2008) could not. I ended up doing a separate calculation to come up with an approximate sale value that the tax could be calculated on.

Jonathan16 December 2019

Incredible courses, great detail, have taken a few of his courses and all have helped me grow my business beyond measures and keep me sharp!

Mark1 December 2019

I am looking to purchase an apartment block and think this model will allow a far more enlightened decision.

Bruno17 November 2019

Great comprehensive build up and in-depth model. Justin demonstrate some very impressive skills & knowledge to guide me in the overall financial analysis of Multifamily RE investment.

Robert11 November 2019

The course is right on point and Justin is a very good instructor, he knows the material and he explains it very well.

Christian31 October 2019

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.

Hugh10 September 2019

As an analyst at a commercial real estate investing firm, this course was incredibly helpful in reinforcing many of the concepts I work with on a daily basis. The technical aspect of this course was challenging but Justin explained it in a way that is easy to digest. Super helpful course!

D.6 September 2019

An Excellent Course on Financial Modeling. A great step by step guide in building your own financial models in an easy and flowing format. The instructor goes into great detail of not only how to build the models but explains why certain things are done. A great resource to come back to time and time again.

James3 September 2019

So far it's been really good. Only lost me once but I think it may have been down to a formating issue. Would suggest putting a text page together at the start that shows all shortcuts that are going to be used because the shortcuts that are used in the latter part of the session are not fresh on your mind and a page that could be printed or snipped would be a helpful reminder. Lots of great information though and I feel that I am getting not only a Pro Forma class but an Excel class as well!


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