The Real Estate Financial Modeling Interview Exam Guide from Udemy

Want to land a six-figure job in real estate private equity, brokerage, or lending?

According to CEL & Associates, the 2022 median total compensation for an acquisitions associate in retail, office/industrial, and multifamily was $142K, $150K, and $130K, 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 (or next) role in commercial real estate.

The career opportunities in commercial real estate are huge, with top-tier salaries and bonuses, the ability to invest directly in deals, and opportunities to participate in fees and promoted interest as you progress within the industry.

But with that said, breaking into the industry for the first time is not easy, and many firms want to know you have the skills necessary to take on a role before extending an offer.

In today's competitive hiring market, writing "proficient in Microsoft Excel" on your resume won't cut it for these roles, and the best firms (the ones you actually want to work for) will often test your real estate financial modeling abilities in a case study exam format.

This test is usually the last "gatekeeper" for the most coveted private equity, brokerage, and lending analyst and associate roles at multifamily, retail, office, and industrial investment firms, and this course will give you the tools necessary to ace that exam.

Please note that this is not a course for absolute beginners, and if you're brand new to Excel and don't have a core understanding of real estate finance, this course likely isn’t for you.

However, if you have the basics down already and you're applying for jobs and/or preparing for interviews at top real estate investment, brokerage, and lending firms, this course will make sure you have the skills and the confidence necessary to be able to pass a modeling exam with flying colors, and ultimately land the job you're looking for.

If you're ready to jump in, I'd love to see you in the class. And if you're still on the fence, here's what some of our students have had to say after completing this course:

"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 skills to be able to tackle any questions that come your way on interview day, just click the "Buy Now" button to get started, and I'll see you on the inside.

What's inside

Learning objectives

Real estate financial modeling exam strategy, what employers are looking for, and how to succeed on interview day
How to use the most common excel functions and functionalities to analyze real estate data and calculate returns

How to model cash flows from commercial real estate leases (and re-leasing scenarios)
How to solve a real estate financial modeling case study and build a dynamic pro forma model from scratch in excel

Real estate financial modeling exam strategy, what employers are looking for, and how to succeed on interview day
How to use the most common excel functions and functionalities to analyze real estate data and calculate returns
How to model cash flows from commercial real estate leases (and re-leasing scenarios)
How to solve a real estate financial modeling case study and build a dynamic pro forma model from scratch in excel

Syllabus

Students will be introduced to the course in this section.

Welcome!

Who This Course Is For

About The Instructor & Student Successes

Download Me First

Disclaimer

Students will learn what employers are testing for in a real estate financial modeling Excel interview exam in this section.

What To Expect on Interview Day

What Employers Are Looking For - Part 1

What Employers Are Looking For - Part 2

What Employers Are Looking For - Part 3

Exam Strategy

The Case Study Format

Students will complete an Excel-based modeling assessment in this section of the course.

HLOOKUP

VLOOKUP

INDEX(MATCH())

Conditional Formatting

COUNTIFS

IF Statements

SUMIF

COUNTIF & SUMIF

AVERAGEIF & MAX

HLOOKUP & INDEX(MATCH())

SUMIFS

AND & YEARFRAC

SUMPRODUCT

ROUND, MAX, & MIN

RATE & PMT

XIRR & XNPV

Sensitivity Analysis

Students will complete a commercial real estate finance modeling assessment in Excel in this section of the course.

Debt Service

Balloon Payments

Loan Constant, Debt Yield, & DSCR

LTV & Loan Sizing

Profit & Equity Multiple

IRR & Cash-on-Cash

Cap Rates, Debt Service, & Future Value

Balloon Payments & I/O Periods

Future Value & Cash-on-Cash Returns

Break-Even Occupancy & Operating Expense Ratio

Calculating Leasing Commissions

Return on Cost & Incremental Value

Students will complete a commercial real estate cash flow modeling Excel-based assessment in this section of the course.

Modeling Future Rent

Modeling Re-Leasing Timing

Modeling Future TI Allowances

Modeling Re-Leasing Base Rent

Pro Rata Share, NNN & FSG Reimbursements

Base Year Stop Reimbursements

Leasing Commissions

Leasing Commissions & Renewal Probability

Percentage Rent

Students will work through a commercial real estate acquisition model build-out case study in Excel in this section of the course.

CRE Acquisition Case Study Overview

Building Out The Cash Flow Timeline

Cash Flow Formatting

Modeling GPR, Vacancy, & EGR

Modeling Operating Expenses & NOI

Modeling Capital Reserves & CF Before DS

Modeling Principal Payments & I/O Periods

Modeling Interest Payments & CF After DS

Modeling Purchase & Sale Metrics

Modeling Financing Metrics & Levered CF

Cap Rate, Debt Yield, & DSCR

Break-Even Occupancy & The Loan Constant

IRR & Equity Multiple

Average Cash-on-Cash Return

Value CAGR, Exit LTV, & Property Valuation

Students will complete a multifamily acquisition modeling case study in Excel in this section of the course.

Multifamily Acquisition Case Study Overview

Modeling GPR & Economic Vacancy

Modeling Capital Reserves & Construction Costs

Working Capital & CF Before DS

Debt Service & CF After DS

Modeling Financing Metrics

Cap Rate, Debt Yield, DSCR, & Yield on Cost

Unlevered & Levered IRR & Equity Multiple

Modeling Sources & Uses

Students will complete a land acquisition and ground-up commercial real estate development modeling case study exam in Excel in this section of the course.

CRE Development Case Study Overview

Modeling Operating Revenue

Construction Costs

TI Allowances, Leasing Commissions, & Capital Expense Reserves

Debt Service (Permanent Financing)

Modeling Equity & Debt Funding

Construction Loan Proceeds, Payoff, & Capitalized Interest

Modeling Construction Loan Cash Flows

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Teaches financial modeling exam strategy and interview techniques specific to the commercial real estate industry

Instructors are recognized for their expertise in real estate financial modeling

Develops skills necessary to succeed in a commercial real estate job

Suitable for individuals with prior real estate finance knowledge

Emphasizes proficiency in Microsoft Excel

Provides multiple case studies and simulations

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in The Real Estate Financial Modeling Interview Exam Guide with these activities:

Review financial management principles

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Recall core principles of finance to better prepare for course concepts.

Browse courses on Financial Management

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Review notes from previous courses or textbooks.
Enroll in a refresher course or watch online tutorials.
Attend an industry webinar or conference.

Read Real Estate Finance and Investments

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Gain a comprehensive understanding of the fundamentals of real estate finance and investment.

View ISE Real Estate Finance & Investments on Amazon

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Read and take notes on each chapter.
Complete the end-of-chapter exercises and case studies.
Create a summary of the key concepts discussed in the book.

Solve practice Excel modeling problems

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Reinforce Excel skills and apply them to real-world financial modeling scenarios, specifically in real estate.

Browse courses on Excel Modeling

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Find practice problems online or in textbooks.
Use Excel to solve the problems step-by-step.
Compare your solutions to provided answer keys.

Five other activities

Expand to see all activities and additional details

Show all eight activities

Complete online tutorials on real estate financial modeling

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Learn from experts through interactive tutorials and gain practical experience in real estate financial modeling.

Browse courses on Real Estate Financial Modeling

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Identify reputable online learning platforms.
Choose tutorials that align with course topics.
Follow the tutorials step-by-step and complete any practice exercises.

Form a study group with classmates

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Collaborate with peers to reinforce course concepts, learn from different perspectives, and prepare for assessments.

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Identify compatible classmates.
Establish regular meeting times and locations.
Review course materials, discuss key concepts, and solve problems together.

Build a financial model for a hypothetical real estate project

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Apply your knowledge by creating a comprehensive financial model, simulating a real-world project.

Browse courses on Real Estate Financial Modeling

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Identify the project type and market.
Gather and analyze relevant data.
Build the financial model in Excel.
Analyze the outputs and make investment decisions.
Present the model and findings in a clear and concise way.

Participate in real estate financial modeling competitions

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Test your skills against others and gain feedback from industry professionals.

Browse courses on Real Estate Financial Modeling

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Identify upcoming competitions.
Form a team or participate individually.
Develop and present your financial models.

Contribute to open-source real estate financial modeling projects

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Collaborate on real-world projects, contribute to the community, and enhance your modeling skills.

Browse courses on Real Estate Financial Modeling

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Find open-source projects on platforms like GitHub.
Identify areas where you can contribute.
Contribute code, documentation, or other resources.

Career center

Learners who complete The Real Estate Financial Modeling Interview Exam Guide will develop knowledge and skills that may be useful to these careers:

Real Estate Broker

A Real Estate Broker is responsible for buying, selling, or renting real estate on behalf of clients. This course can be especially helpful for Real Estate Brokers, as it provides a strong foundation in Excel financial modeling that can be used to create pro forma financial statements and analyze the profitability of potential investments. This course can help build a foundation in the basics of real estate financial modeling for those interested in a career as a Real Estate Broker.

See salaries and explore the career path for Real Estate Broker

Real Estate Analyst

A Real Estate Analyst is responsible for analyzing the performance of real estate investments and making recommendations on how to improve their profitability. By understanding what employers look for, as well as the fundamentals of Excel financial modeling, this course can help Real Estate Analysts perform their jobs more efficiently and effectively. This course can help build a foundation in the basics of real estate financial modeling for those interested in a career as a Real Estate Analyst.

See salaries and explore the career path for Real Estate Analyst

Real Estate Counselor

Real Estate Counselors provide advice to clients on all aspects of real estate, including buying, selling, leasing, and financing. To be successful in this role, individuals need to have a strong understanding of real estate markets and financial modeling. This course can help Real Estate Counselors develop the skills they need to succeed in their roles.

See salaries and explore the career path for Real Estate Counselor

Real Estate Investment Manager

A Real Estate Investment Manager is responsible for managing real estate investments on behalf of clients. As a Real Estate Investment Manager, it is critical to have a strong understanding of real estate financial modeling in order to make sound investment decisions. The skills learned in this course can be invaluable in managing portfolios and increasing returns.

See salaries and explore the career path for Real Estate Investment Manager

Real Estate Developer

A Real Estate Developer is responsible for overseeing the development of real estate projects from start to finish. An essential part of real estate development is financial modeling, which is used to evaluate the feasibility of projects and secure financing. This course is designed to help Real Estate Developers increase their proficiency in Excel financial modeling in order to make sound investment decisions.

See salaries and explore the career path for Real Estate Developer

Mortgage Loan Officer

A Mortgage Loan Officer assists clients in obtaining financing for the purchase of real estate. It is important for Mortgage Loan Officers to have a strong understanding of real estate financial modeling in order to assess the creditworthiness of borrowers and determine the appropriate loan terms. This course can be especially useful for those who wish to advance in their career as a Mortgage Loan Officer.

See salaries and explore the career path for Mortgage Loan Officer

Real Estate Appraiser

Real Estate Appraisers are responsible for estimating the value of real estate properties. Financial modeling is often used in real estate appraisal to determine the value of properties and assess the risk of investments. This course can provide Real Estate Appraisers with the skills they need to perform their duties.

See salaries and explore the career path for Real Estate Appraiser

Property Manager

Property Managers are responsible for the day-to-day management of real estate properties. As a Property Manager, it is helpful to have a basic understanding of real estate financial modeling in order to prepare budgets and track expenses. This course can be particularly useful for Property Managers who wish to take on more responsibility or move into a more senior role.

See salaries and explore the career path for Property Manager

Venture Capitalist

Venture Capitalists invest in early-stage companies with high growth potential. This course may be useful for Venture Capitalists who wish to specialize in real estate or financial modeling.

See salaries and explore the career path for Venture Capitalist

Private Equity Associate

Private Equity Associates work for private equity firms, which invest in companies and help them grow. This course can be helpful for Private Equity Associates who wish to specialize in real estate or financial modeling.

See salaries and explore the career path for Private Equity Associate

Financial Analyst

Financial Analysts provide advice to businesses and individuals on financial matters. This course may be useful for Financial Analysts who wish to specialize in real estate or financial modeling.

See salaries and explore the career path for Financial Analyst

Investment Banker

Investment Bankers provide financial advice to companies and governments on a variety of transactions, including mergers, acquisitions, and capital raising. This course may be useful for Investment Bankers who wish to specialize in real estate or financial modeling.

See salaries and explore the career path for Investment Banker

Commercial Real Estate Agent

Commercial Real Estate Agents help clients buy, sell, or lease commercial property. This course may be useful for Commercial Real Estate Agents who wish to develop their skills in financial modeling.

See salaries and explore the career path for Commercial Real Estate Agent

Real Estate Consultant

Real Estate Consultants provide advice to clients on all aspects of real estate, including buying, selling, leasing, and financing. This course can be useful for Real Estate Consultants who wish to develop their skills in financial modeling.

See salaries and explore the career path for Real Estate Consultant

Residential Real Estate Agent

Residential Real Estate Agents help clients buy, sell, or lease residential property. This course may be useful for Residential Real Estate Agents who wish to develop their skills in financial modeling.

See salaries and explore the career path for Residential Real Estate Agent