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Justin Kivel

Learn real estate financial modeling. Advance your career. Make more money. Built by an instructor with over eight years of real estate private equity finance experience modeling over 1.5 billion dollars of closed commercial real estate transactions, this course was designed to take you from complete beginner with no knowledge of real estate financial modeling to a real estate financial modeling pro. The skills and concepts you will learn in this course can be used to help you break into the real estate private equity industry, increase your compensation at your existing real estate job, or confidently analyze and model a commercial real estate investment on your own.

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Learn real estate financial modeling. Advance your career. Make more money. Built by an instructor with over eight years of real estate private equity finance experience modeling over 1.5 billion dollars of closed commercial real estate transactions, this course was designed to take you from complete beginner with no knowledge of real estate financial modeling to a real estate financial modeling pro. The skills and concepts you will learn in this course can be used to help you break into the real estate private equity industry, increase your compensation at your existing real estate job, or confidently analyze and model a commercial real estate investment on your own.

This course was created to help our students:

  • Begin a lucrative career in the commercial real estate private equity industry - According to CEL & Associates, Inc., the 2022 median total compensation for an acquisitions associate in retail, office/industrial, and multifamily was 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.

  • Increase overall compensation and career opportunities in their current real estate role - Real estate agents, property managers, construction managers, and architects all have extremely valuable skills that are highly desirable in the commercial real estate finance industry. Whether you want to earn more money in your current role or make a transition into commercial real estate acquisitions, this course will give you the foundational knowledge to take your real estate investing career to the next level.

  • Confidently model large real estate transactions - For property acquisitions larger than single-family homes, having the ability to confidently create a financial model projecting real estate investment returns is essential to buying profitable deals and garnering the confidence of your investors. Whether you are modeling a real estate investment you are looking to buy with your own money or leading a real estate syndication, strong financial modeling skills are an essential component of the real estate investment process.

This course will teach you the key fundamentals necessary in order for you to be able to model real estate investment transactions accurately, quickly, and efficiently.

Here's what some of our students have said about the course:

"Excellent course that teaches you financial modeling in Excel for CRE. I purchased the course after starting a new job as valuation analyst for a RE asset manager and it has helped me immensely. I have a background in PE funds and my excel skills are fairly advanced so for me the added value was understanding the specificities of CRE. I now look forward to completing the advanced RE modelling course. This instructor is great: no fluff, clear explanations, top notch material and step-by-step directions. Justin is also very responsive with answering your queries. I highly recommend the course. "

"This course is great. I learned everything I needed to build a model for an interview for a Financial Analyst role at a Real Estate Private Equity Fund. And I got the job. I have since gotten other courses by Justin, as they are what I need to get me up to speed at my new job. Also, Justin is great at answering questions when I get stuck and pointing me in the right direction."

"Excellent Course. Thank you for all your hard work in transforming a complex concept into an easy to understand format. This course has multiplied my understanding of financial modeling and the use of Excel. I learned more through this platform than the traditional institutional setting. A great resource and educator."

"Overall, this course was such an awesome experience. As a CRE investor as well, I took this course with the goal of it helping to rebuild my financial model and, what can I say, mission accomplished. From the structure, to the pace, the exercises, Justin's CRE knowledge and Excel tips/tricks - it was exactly what I was looking for and more. "

"Cannot believe the value in this course. Best deal in real estate education. Thank you Justin, can't wait to take the next course. I could not recommend it more."

"This is a top notch course. The self-pace is perfect for me and it helped refresh all of the concepts that I learned in my grad school real estate courses. Just follow along and practice the examples and you'll extract tremendous value from a modeling perspective. "

"Justin is awesome. His teaching style makes learning very intuitive. I would recommend this class for anyone that is trying to break into CRE or expand their current foundation of CRE. I was recommended by a friend who spent $600 on a course but found this one to be more helpful and easier to follow/understand."

"Superb course that teaches you the fundamentals of CRE modelling you need to know. Justin is a really good lecturer and he is very responsive with answering your queries, not just about the course material but even things related to your career in CRE. I would recommend the course to anyone looking to understand the fundamentals of CRE modelling."

"Wow. This course and Justin's other courses are the equivalent of an MBA level curriculum. If you are willing to put in the time and effort you will benefit."

If you're looking to learn to model commercial real estate investments to jump-start your career, make more money in your current job, or do your own big deals, you're in the right place.

Join us.

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What's inside

Learning objectives

  • The ability to build a functional, dynamic real estate financial model from scratch.
  • The skill set to model real estate transactions for multiple different asset types and solve for key investment metrics evaluated by real estate firms.
  • A substantial increase in speed and efficiency in microsoft excel by learning powerful tools and functions.
  • A mastery of the foundational analytical and financial modeling tools necessary to break into the real estate private equity industry and model deals.

Syllabus

Students will be introduced to The Real Estate Financial Modeling Bootcamp course in this section.
Welcome & What We Will Cover
Who This Course Is For
Read more
About The Instructor & Student Success Stories
Download Me First!
Disclaimer
Students will learn what the property cash flow statement is made up of and how it functions within real estate financial modeling in this section.
The Property Cash Flow Statement Overview
Effective Gross Revenue - Part 1
Effective Gross Revenue - Part 2
Operating Expenses
Net Operating Income (NOI)
Capital Expenses
Debt Service
Purchase, Sale, & Financing Metrics
Unlevered & Levered Cash Flow
A Note About Income Taxes
Students will learn the fundamentals of real estate financial modeling and analysis used by real estate investors and investment firms in this section.
Setting Expectations
Real Estate Financial Modeling 101 & Dynamic Modeling
Absolute & Mixed References
Custom Formatting
Drop-Down Lists
Real Estate Financial Modeling Color Codes
Gridlines & The "Steak Sauce" Cell
Students will learn the most commonly used Excel hotkeys and Excel shortcuts used in real estate financial modeling, and how they can be applied in real estate financial modeling specifically.
Navigating Worksheets & Workbooks
Controlling Columns & Rows
Text Formatting
Font Style
Borders
Alignment
Excel Function Shortcuts
Copy, Paste, & Paste Special
Students will learn the most commonly used Excel functions and formulas used in real estate financial modeling and real estate investment analysis in this section.
IF Statements
AND & OR
SUMIF & SUMIFS
COUNTIF & COUNTIFS
AVERAGEIF & AVERAGEIFS
VLOOKUP & HLOOKUP
INDEX & MATCH
Weighted Averages (Using SUMPRODUCT)
CAGR (Using RATE)
ROUND, ROUNDUP, & ROUNDDOWN
DATEDIF
YEARFRAC & EOMONTH
PV
FV
NPER
RATE
PMT
Students will learn how to model property operations in this section, including revenue modeling, expense reimbursement structures, renewal probability, tenant improvements, and leasing commissions.
GPR, Vacancy, & Credit Loss
Percentage Rent
The Pro Rata Share
NNN Reimbursements
FSG Reimbursements
MG Reimbursements
BYS Reimbursements
The Operating Expense Ratio
Renewal Probability Modeling
Cash Flow Modeling With Renewal Probability
Leasing Commissions
Tenant Improvement (TI) Allowances
Students will learn how to model real estate debt and real estate finance structures including modeling interest and principal payments, loan sizing, and building a loan amortization schedule.
Loan Terms & Amortization vs. Term
Loan Functions & PMT
IPMT & PPMT
CUMIPMT & CUMPRINC
Building a Loan Amortization Schedule
Loan-To-Value (LTV)
Loan-To-Cost (LTC)
Debt Service Coverage Ratio (DSCR)
Debt Yield
The Loan Constant
Loan Sizing (LTV & LTC)
Loan Sizing (DSCR & Debt Yield)
Dynamic Loan Sizing Build-Out
Students will learn key real estate financial modeling investment analysis metrics including cap rates, the internal rate of return (IRR), net present value (NPV), cash-on-cash, and equity multiple.
Key Real Estate Investment Analysis Metrics
Capitalization (Cap) Rates
Net Present Value (NPV)
Internal Rate of Return (IRR)
Equity Multiple
Cash-on-Cash Return
Positive vs. Negative Leverage
XNPV vs. XIRR
Students will learn how to build a real estate pro forma model in Excel using real estate investment analysis metrics and Excel shortcuts in this section.
Real Estate Pro Forma Modeling Overview
Monthly Cash Flow Modeling
Monthly Growth & Toggle Triggers
Modeling NOI
Modeling Capital Expenses
Modeling Principal & Interest Payments
Modeling Purchase & Sale Metrics
Modeling Loan Proceeds & Loan Payoffs
Modeling Return Metrics
Students will learn how to analyze real estate investment scenarios in this section, including creating data tables to build a sensitivity analysis, using conditional formatting, and goal seek.
1-Variable Data Tables

Good to know

Know what's good
, what to watch for
, and possible dealbreakers
Focuses on commercial real estate, which is core for CRE investors
Taught by Justin Kivel, who has experience in real estate finance
Develops financial modeling skills and knowledge, which are necessary for the real estate private equity industry
Covers multiple asset types, which is comprehensive for real estate investors
Examines financial modeling fundamentals, which is highly relevant for real estate professionals

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Reviews summary

Finance real estate excel modeling

Learners say this course provides engaging assignments that effectively teach Excel modeling. The course is well-paced with calming and easy-to-understand lectures. Students also appreciate the instructor's clear explanations and the ease with which they are able to apply concepts to real-world situations.
Instructor's voice is calming and easy to listen to.
"PS: Justin's videos are well designed and his voice his calming and easy to listen to."
Instructor provides clear explanations.
"Really, I am glad I enrolled in this course! I am an MSc Finance and Real Estate student, I have been studying my theories well but when it came to Excel, I did not know how to use it properly and effectively."
"Through this course, I had the opportunity to review some basic elements of my master but more importantly, how to make most of it through Excel and very quickly!"
Course effectively teaches Excel modeling.
"Really, I am glad I enrolled in this course! I am an MSc Finance and Real Estate student, I have been studying my theories well but when it came to Excel, I did not know how to use it properly and effectively."
"Through this course, I had the opportunity to review some basic elements of my master but more importantly, how to make most of it through Excel and very quickly!"

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 Bootcamp with these activities:
Strengthen Excel Proficiency
Ensure a solid foundation in using Excel to excel in performing financial modeling.
Browse courses on Excel Functions
Show steps
  • Revisit basic Excel functions. Review formulas and shortcuts to enhance proficiency.
  • Practice applying these skills through online tutorials or exercises.
Follow Online Tutorials
Supplement your learning by engaging with tutorials that provide step-by-step guidance on specific modeling techniques.
Show steps
  • Identify online tutorials from credible sources that align with the course's content.
  • Work through the tutorials, implementing the techniques and concepts presented.
  • Apply what you've learned to practice problems or your own real estate financial models.
Excel Practice Drills
Enhance your real estate financial modeling skills by engaging in focused practice exercises.
Show steps
  • Complete the Excel exercises provided in this course's learning materials.
  • Seek additional practice problems or case studies online to further refine your skills.
Four other activities
Expand to see all activities and additional details
Show all seven activities
Engage in Discussion Forums
Connect with fellow learners to exchange ideas, ask questions, and broaden your understanding of course concepts.
Browse courses on Real Estate Finance
Show steps
  • Join the discussion forums for this course.
  • Participate actively in discussions, sharing your perspectives and insights.
  • Engage with others' posts, offering feedback and asking clarifying questions.
Build a Practice Financial Model
Solidify your understanding by creating a comprehensive financial model for a real estate investment.
Show steps
  • Choose a specific property or investment scenario as the basis for your model.
  • Gather relevant data and assumptions, ensuring accuracy and completeness.
  • Build the financial model in Excel, incorporating the principles and techniques learned in this course.
  • Analyze the results and identify key insights or investment metrics.
  • Document your process and findings in a clear and concise manner.
Provide Mentorship to Others
Reinforce your understanding of the course material while helping others grasp key concepts through mentorship.
Browse courses on Real Estate Finance
Show steps
  • Identify opportunities to mentor junior learners or those new to real estate finance.
  • Share your knowledge and experience, providing guidance and support.
Contribute to Open Source Projects
Deepen your understanding by contributing to real-world projects that involve real estate financial modeling.
Browse courses on Real Estate Finance
Show steps
  • Identify open source projects related to real estate finance or modeling.
  • Review the project documentation and identify areas where you can contribute.
  • Make code contributions, bug fixes, or documentation improvements to the project.

Career center

Learners who complete The Real Estate Financial Modeling Bootcamp will develop knowledge and skills that may be useful to these careers:
Real Estate Private Equity Associate
Real Estate Private Equity Associates work on the investment team of private equity firms that specialize in real estate. The Real Estate Financial Modeling Bootcamp can provide you with the financial modeling and analytical skills needed to excel in this role. The course covers the fundamentals of real estate financial modeling, including property cash flow analysis, debt modeling, and investment analysis metrics. You'll also gain insights into the specific financial modeling techniques and investment strategies used in real estate private equity.
Real Estate Acquisition Associate
Real Estate Acquisition Associates work as part of a team to identify, evaluate, and acquire properties for their company's portfolio. This role requires a solid understanding of financial modeling and real estate investment analysis. The Real Estate Financial Modeling Bootcamp will provide you with the necessary skills to excel in this role. The course covers the fundamentals of real estate financial modeling, including property cash flow analysis, debt modeling, and investment analysis metrics. By learning how to build accurate and dynamic financial models, you'll be able to assess the financial viability of potential investments and contribute to the success of your team.
Real Estate Portfolio Manager
Real Estate Portfolio Managers oversee and manage real estate portfolios on behalf of investors. The Real Estate Financial Modeling Bootcamp can provide you with the financial modeling skills and knowledge needed to succeed in this role. The course covers the fundamentals of real estate financial modeling, including property cash flow analysis, debt modeling, and investment analysis metrics. You'll also learn how to build dynamic financial models that can be used to track portfolio performance, optimize investment strategies, and make informed investment decisions.
Real Estate Investment Banker
Real Estate Investment Bankers provide financial advisory services to clients in the real estate industry. The Real Estate Financial Modeling Bootcamp can provide you with the financial modeling skills and knowledge needed to succeed in this role. The course covers the fundamentals of real estate financial modeling, including property cash flow analysis, debt modeling, and investment analysis metrics. You'll also gain insights into the specific financial modeling techniques and investment strategies used in real estate investment banking.
Real Estate Data Analyst
Real Estate Data Analysts collect, analyze, and interpret data to provide insights into real estate markets and trends. The Real Estate Financial Modeling Bootcamp can provide you with the financial modeling skills and knowledge needed to succeed in this role. The course covers the fundamentals of real estate financial modeling, including property cash flow analysis, debt modeling, and investment analysis metrics. You'll also learn how to use data analysis techniques to extract meaningful insights from real estate data and inform decision-making.
Real Estate Finance Analyst
A Real Estate Finance Analyst provides analysis and recommendations on real estate investments and financing strategies. The Real Estate Financial Modeling Bootcamp can provide you with the financial modeling skills and knowledge needed to succeed in this role. The course covers the fundamentals of real estate financial modeling, including property cash flow analysis, debt modeling, and investment analysis metrics. You'll also learn how to build dynamic financial models that can be used to assess the financial viability of real estate investments and make informed financing decisions.
Real Estate Investment Analyst
A Real Estate Investment Analyst gathers and evaluates data on properties, markets, and trends to make sound investment decisions. The Real Estate Financial Modeling Bootcamp can provide you with the foundational knowledge you need to succeed in this role. Throughout the course, you'll gain expertise in real estate financial modeling, including property cash flow analysis, debt modeling, and investment analysis metrics. This knowledge will equip you with the analytical skills and tools necessary to accurately assess the financial performance and investment potential of real estate assets.
Real Estate Development Analyst
Real Estate Development Analysts are responsible for evaluating the financial feasibility of real estate development projects. The Real Estate Financial Modeling Bootcamp can provide you with the financial modeling skills and knowledge needed to succeed in this role. The course covers the fundamentals of real estate financial modeling, including property cash flow analysis, debt modeling, and investment analysis metrics. You'll also learn how to build dynamic financial models that can be used to forecast the financial performance of development projects and make informed investment decisions.
Real Estate Asset Manager
Real Estate Asset Managers oversee the day-to-day operations of real estate properties, including budgeting, financial reporting, and tenant relations. The Real Estate Financial Modeling Bootcamp can help you build the financial modeling and analysis skills that are essential for success in this role. The course covers the fundamentals of real estate financial modeling, including property cash flow analysis, debt modeling, and investment analysis metrics. By learning how to build accurate and dynamic financial models, you'll be able to effectively manage property operations, optimize financial performance, and enhance the value of real estate assets.
Financial Analyst
Financial Analysts use analytical skills, mathematical models, and financial data to issue buy, sell, or hold recommendations on stocks, bonds, or other financial instruments. Advanced knowledge of financial modeling and Excel can help you perform in this role. The Real Estate Financial Modeling Bootcamp offers comprehensive training in these areas. It covers the essentials of real estate financial modeling, including property cash flow analysis, debt modeling, and investment analysis metrics. You'll also learn how to create powerful financial models in Excel with customizable formulas and functions. These skills will enable you to analyze financial data, forecast performance, and provide insights that can create an impact on an organization.
Real Estate Consultant
A Real Estate Consultant provides advice and guidance to clients on real estate investments and strategies. The Real Estate Financial Modeling Bootcamp can provide you with the financial modeling skills and knowledge needed to succeed in this role. The course covers the fundamentals of real estate financial modeling, including property cash flow analysis, debt modeling, and investment analysis metrics. By learning how to build accurate and dynamic financial models, you'll be able to effectively analyze property performance, forecast cash flows, and provide valuable insights to your clients.
Commercial Real Estate Appraiser
Commercial Real Estate Appraisers estimate the value of commercial properties, such as office buildings, retail centers, and industrial warehouses. The Real Estate Financial Modeling Bootcamp can provide you with the financial modeling skills and knowledge needed to succeed in this role. The course covers the fundamentals of real estate financial modeling, including property cash flow analysis, debt modeling, and investment analysis metrics. By learning how to build accurate and dynamic financial models, you'll be able to effectively analyze property performance, forecast cash flows, and determine the value of commercial real estate assets.
Property Manager
Property Managers oversee the day-to-day operations of residential and commercial properties. The Real Estate Financial Modeling Bootcamp can provide you with the financial modeling skills and knowledge needed to succeed in this role. The course covers the fundamentals of real estate financial modeling, including property cash flow analysis, debt modeling, and investment analysis metrics. By learning how to build accurate and dynamic financial models, you'll be able to effectively manage property operations, optimize financial performance, and enhance the value of real estate assets.
Mortgage Underwriter
Mortgage Underwriters assess the creditworthiness of loan applicants and determine whether to approve or deny mortgage loans. The Real Estate Financial Modeling Bootcamp can provide you with the financial modeling skills and knowledge needed to succeed in this role. The course covers the fundamentals of real estate financial modeling, including property cash flow analysis, debt modeling, and investment analysis metrics. By learning how to build accurate and dynamic financial models, you'll be able to effectively analyze loan applications, assess risk, and make informed lending decisions.
Real Estate Broker
Real Estate Brokers assist clients in buying, selling, or renting real estate properties. The Real Estate Financial Modeling Bootcamp can provide you with the financial modeling skills and knowledge needed to succeed in this role. The course covers the fundamentals of real estate financial modeling, including property cash flow analysis, debt modeling, and investment analysis metrics. By learning how to build accurate and dynamic financial models, you'll be able to effectively analyze property performance, forecast cash flows, and provide valuable insights to your clients.

Reading list

We've selected seven books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in The Real Estate Financial Modeling Bootcamp.
Another classic book on investing. provides a comprehensive guide to security analysis, which can be useful for evaluating real estate investments.
A classic book on investing. provides timeless principles of investing that can be applied to real estate investing.
Offers a comprehensive overview of the financial modeling process used by professionals in the real estate industry.
A textbook on financial modeling. provides a comprehensive overview of the principles and techniques of financial modeling.
Offers a comprehensive guide to real estate finance for both residential and commercial properties, providing practical advice and real-world examples.

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