4.74 (1282 reviews)
☑ 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!
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 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
Dynamic Property Tax Modeling - Part I
Dynamic Loan Funding
Dynamic Loan Payments & Payoffs
Dynamic Construction Expenses
Dynamic Acquisition & Disposition Modeling
IRR & Equity Multiple Calculations
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
Addendum: Model Finalization
Update: Construction Budget Finalization
BONUS LECTURE: Udemy Student Bonus
BONUS LECTURE: Udemy Student Bonus
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.
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!
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.
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!
Great course, a lot of useful tips to help your speed and proficiency in excel, material is made easy to understand too
Probably the best course I've followed on Udemy. Clear instructions, great pace, and useful insights.
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.
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!
I am looking to purchase an apartment block and think this model will allow a far more enlightened decision.
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.
The course is right on point and Justin is a very good instructor, he knows the material and he explains it very well.
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.
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!
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.
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!