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Justin Kivel
Want to learn how to build professional, dynamic, institutional-quality commercial real estate pro forma models from scratch for office, retail, and industrial properties in Microsoft Excel?
Read more
Want to learn how to build professional, dynamic, institutional-quality commercial real estate pro forma models from scratch for office, retail, and industrial properties in Microsoft Excel?
Read more
Want to learn how to build professional, dynamic, institutional-quality commercial real estate pro forma models from scratch for office, retail, and industrial properties in Microsoft Excel?
This course will take you by the hand and walk you step-by-step through the entire process of building a complete, dynamic, eight-tab commercial real estate pro forma model, starting with a blank Excel workbook ending with a complete commercial real estate pro forma acquisition 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 commercial real estate pro forma model from scratch, and by the time you finish the last lecture, you'll have an institutional-quality model that you've built from start to finish.
This course will teach you how to build a commercial 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 commercial real estate pro forma investment model for office, retail, and industrial properties from scratch (without expensive software)
Model advanced real estate financing structures like mezzanine debt, future funding for renovation projects, prepayment penalties, dynamic loan sizing based on multiple constraints, and more
Create a dynamic sources and uses table, so you'll know exactly how much you'll need to fund a deal up-front
Build dynamic working capital accounts to automatically fund operating shortfalls to prevent unexpected equity capital calls to investors
Model complex commercial real estate lease structures in Excel including I model deals for experienced private equity real estate investors, and the principals I work for had never used a proforma as dynamic, versatile, and visually appealing as this model. If you need to analyze a commercial deal you should absolutely take the time to work through this course. Thanks, Justin. Already looking forward to the next course."
"Best class I've taken, truly builds a phenomenal model with institutional quality complexity. Take this class. "
"Amazing, above expectations. "
If you have a foundational understanding of real estate finance and you're looking to apply that knowledge to analyze commercial real estate investment opportunities, enroll now and let's get started building this model together today.
Looking forward to having you in the course.
Register for this course and see more details by visiting:
OpenCourser.com/course/f46mg6/the
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What's inside
Learning objectives
- Learn how to build dynamic, institutional-grade commercial real estate pro forma investment models from scratch for office, industrial, and retail properties
- Learn how to model commercial lease structures and reimbursements all in excel (without expensive software)
- Learn how to create institutional, professionally formatted commercial real estate pro forma models to present to investors and partners
- Learn how to build dynamic, institutional-grade commercial real estate pro forma investment models from scratch for office, industrial, and retail properties
- Learn how to model commercial lease structures and reimbursements all in excel (without expensive software)
- Learn how to create institutional, professionally formatted commercial real estate pro forma models to present to investors and partners
Syllabus
Students will be introduced to the advanced commercial real estate pro forma model they will build in this section of the course.
Welcome!
Who This Course Is For
Read more
Syllabus
Students will be introduced to the advanced commercial real estate pro forma model they will build in this section of the course.
Welcome!
Who This Course Is For
Read more
About The Instructor & Student Successes
Disclaimer
Students will learn the fundamentals of creating a commercial real estate pro forma model from scratch in Excel in this section of the course.
Real Estate Pro Forma Modeling 101
Setting Expectations
How To Take This Course
Students will learn how to build out a dynamic summary dashboard within their real estate pro forma model in this section of the course.
Summary Dashboard Introduction & Excel Settings
Modeling Property Details
Parking & Acquisition Information
Sale Information, Investor Distribution Frequency, & Project-Level Fees
Building The Summary Details Table
Building The Capital Cost Details Table
Building The Sale Details Table
Modeling Levered & Unlevered Return Metrics
Building Sources & Uses Tables
IRR Partitioning & The Circuit Breaker
Students will learn how to model commercial real estate lease cash flows in Excel in this section of the course, including dynamic re-leasing scenarios.
CRE Leases Tab Setup & Tenant Details
Modeling Operating Expense Reimbursement Structures
Building Out The Rent Escalation Schedule
Modeling Re-Leasing Assumptions
Modeling Re-Leasing Cost Assumptions
Modeling Percentage Rent
Setting Up The Tenant Cash Flow Table
Modeling Dynamic Re-Leasing Timing
Tenant Cash Flow Table Build-Out
Modeling In-Place Base Rent
Modeling In-Place Operating Expense Reimbursements - Part 1
Modeling In-Place Operating Expense Reimbursements - Part 2
Modeling Up-Front Free Rent
Modeling Re-Leasing Base Rent
Modeling Re-Leasing Free Rent
Modeling Re-Leasing Operating Expense Reimbursements
Modeling Up-Front TI Allowances
Modeling Up-Front Leasing Commissions
Modeling Re-Leasing TI Allowances
Modeling Re-Leasing Leasing Commissions
CF Codes & Totals
Adding Suites To The Model
Adding Suite Cash Flows To The Model
Adding Tenants To The Model
Modeling Monthly Occupancy - Part 1
Modeling Monthly Occupancy - Part 2
Modeling Monthly Occupancy - Part 3
CRE Leases Tab Finalization
Students will learn how to model dynamic operating expenses within their commercial real estate pro forma model within this section of the course.
Expenses Tab Setup & T-12 Operating Expenses
Hold Period Operating Expenses & Property Tax Information
Operating Expense & Credit Loss Assumptions
Modeling Property Tax Growth Over Time
Modeling Hold Period Property Taxes
Modeling Operating Expenses
Students will learn how to build out a dynamic commercial real estate construction budget within this section of the course.
Construction Budget Tab Setup
Modeling Cost Subtotals
Modeling Construction Cash Flows
Creating Error Checks
Building Out The Contingency
Students will learn how to model dynamic monthly and annual cash flows within their commercial real estate pro forma model in this section of the course.
Monthly CF Tab Setup
Modeling Operating Revenue
Modeling Credit Loss
Modeling Other Income
Modeling Operating Expenses & NOI
Modeling Construction Costs, TIs, & LCs
Modeling Capital Reserves, AM Fees, & CM Fees
Modeling Unlevered Working Capital
Modeling Debt Service & Levered Working Capital
Modeling Acquisition & Sale Cash Flows
Modeling Loan Information
Modeling Investor-Level Cash Flows - Part 1
Modeling Investor-Level Cash Flows - Part 2
Modeling Cash Flow Totals
Modeling Annual Cash Flows - Part 1
Modeling Annual Cash Flows - Part 2
Students will learn how to model dynamic debt financing structures in their commercial real estate pro forma model in this section of the course.
Financing Tab Setup
Debt Metric Inputs
Dynamic Acquisition Loan Sizing
Dynamic Mezzanine Loan Sizing - Part 1
Dynamic Mezzanine Loan Sizing - Part 2
Dynamic Refinance Loan Sizing - Part 1
Dynamic Refinance Loan Sizing - Part 2
Building Out The Acquisition Financing Table
Modeling Starting Loan Balance & Additional Loan Proceeds
Index Rates & Forward Curves
Modeling Dynamic Interest Rates Over Time
Modeling The Total Loan Payment
Modeling Principal & Interest Payments
Modeling The Loan Payoff, Prepayment Penalties, & Ending Balance
Modeling Totals, Checks, & Cash Flow Codes
Building Out The Mezzanine Financing Table
Modeling Refinance Loan Proceeds
Modeling Additional Refinance Loan Proceeds
Modeling The Total Refinance Loan Payment
Good to know
Good to know
Know what's good ,
what to watch for , and
possible dealbreakers
Examines complex commercial real estate investment modeling, which is standard in large-scale real estate investment firms
Develops advanced financial modeling techniques for commercial real estate, which are core skills for real estate professionals
Taught by industry expert Justin Kivel, who is recognized for his work in commercial real estate financial modeling
Builds a strong foundation for beginners in commercial real estate financial modeling
May require background knowledge in real estate finance
Emphasizes dynamic modeling, which enhances the versatility of financial models
Save this course
Save The Advanced Real Estate Pro Forma Modeling Master Class to your list so you can find it easily later:
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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 Advanced Real Estate Pro Forma Modeling Master Class with these
activities:
Organize and Review Course Materials
Show steps
The process of sorting and summarizing your course materials will help you identify important concepts and reinforce your understanding.
Show steps
-
Gather all of the course materials, including notes, slides, and assignments
-
Organize the materials into a logical order
-
Review the materials and highlight key concepts
Watch video tutorials on CRE pro forma modeling
Show steps
Help you learn the basics of CRE pro forma modeling at your own pace and to see how other professionals approach the task.
Browse courses on
Real Estate Financial Modeling
Show steps
-
Find a video tutorial on CRE pro forma modeling.
-
Watch the tutorial.
-
Practice the techniques you learned in the tutorial.
Follow a Tutorial on Commercial Real Estate Pro Forma Models
Show steps
Search online and find a video or online tutorial that explains how to use pro forma models for commercial real estate.
Browse courses on
Pro Forma Modeling
Show steps
-
Search for video tutorials on commercial real estate pro forma models
-
Select a tutorial and watch it
-
Take notes on key concepts and steps
Six other activities
Expand to see all activities and additional details
Show all nine activities
Practice building CRE pro forma models
Show steps
Help you better understand the concepts and apply them to real-world scenarios.
Browse courses on
Real Estate Financial Modeling
Show steps
-
Choose a property type and location.
-
Gather data on the property.
-
Build a financial model for the property.
-
Analyze the results of the model.
-
Make decisions based on the results of the analysis.
Attend a Commercial Real Estate Investment Industry Mixer
Show steps
Interact with professionals in the commercial real estate investment field will allow you to ask questions and pick up helpful tips.
Show steps
-
Search for upcoming commercial real estate investment industry mixers
-
Register for a mixer and attend
-
Introduce yourself to other attendees and ask questions
Create a CRE pro forma model for a specific property
Show steps
Provide you with hands-on experience in building a CRE pro forma model, which is a valuable skill for real estate investors and analysts.
Browse courses on
Real Estate Financial Modeling
Show steps
-
Choose a property to model.
-
Gather data on the property.
-
Build a financial model for the property.
-
Analyze the results of the model.
-
Write a report summarizing the results of your analysis.
Write a blog post or article about CRE pro forma modeling
Show steps
Help you share your knowledge of CRE pro forma modeling with others and to improve your writing skills.
Browse courses on
Real Estate Financial Modeling
Show steps
-
Choose a topic for your blog post or article.
-
Research your topic.
-
Write your blog post or article.
-
Publish your blog post or article.
-
Promote your blog post or article.
Participate in a CRE pro forma modeling competition
Show steps
Provide you with an opportunity to test your skills against other professionals and to win prizes.
Browse courses on
Real Estate Financial Modeling
Show steps
-
Find a CRE pro forma modeling competition to participate in.
-
Prepare for the competition.
-
Compete in the competition.
-
Win prizes.
Create a Dynamic Model for a Specific Commercial Real Estate Property
Show steps
Applying your skills to a real-world scenario will help solidify your understanding of the concepts covered in this course.
Show steps
-
Select a specific commercial real estate property
-
Gather data on the property, including financial statements, lease agreements, and market research
-
Build a dynamic pro forma model for the property using Excel
-
Analyze the results of the model and make recommendations on the investment
Organize and Review Course Materials
Show steps
The process of sorting and summarizing your course materials will help you identify important concepts and reinforce your understanding.
Show steps
Show steps
Show steps
- Gather all of the course materials, including notes, slides, and assignments
- Organize the materials into a logical order
- Review the materials and highlight key concepts
Watch video tutorials on CRE pro forma modeling
Show steps
Help you learn the basics of CRE pro forma modeling at your own pace and to see how other professionals approach the task.
Browse courses on
Real Estate Financial Modeling
Show steps
Show steps
Show steps
- Find a video tutorial on CRE pro forma modeling.
- Watch the tutorial.
- Practice the techniques you learned in the tutorial.
Follow a Tutorial on Commercial Real Estate Pro Forma Models
Show steps
Search online and find a video or online tutorial that explains how to use pro forma models for commercial real estate.
Browse courses on
Pro Forma Modeling
Show steps
Show steps
Show steps
- Search for video tutorials on commercial real estate pro forma models
- Select a tutorial and watch it
- Take notes on key concepts and steps
Six other activities
Expand to see all activities and additional details
Show all nine activities
Practice building CRE pro forma models
Show steps
Help you better understand the concepts and apply them to real-world scenarios.
Browse courses on
Real Estate Financial Modeling
Show steps
Show steps
Show steps
- Choose a property type and location.
- Gather data on the property.
- Build a financial model for the property.
- Analyze the results of the model.
- Make decisions based on the results of the analysis.
Attend a Commercial Real Estate Investment Industry Mixer
Show steps
Interact with professionals in the commercial real estate investment field will allow you to ask questions and pick up helpful tips.
Show steps
Show steps
Show steps
- Search for upcoming commercial real estate investment industry mixers
- Register for a mixer and attend
- Introduce yourself to other attendees and ask questions
Create a CRE pro forma model for a specific property
Show steps
Provide you with hands-on experience in building a CRE pro forma model, which is a valuable skill for real estate investors and analysts.
Browse courses on
Real Estate Financial Modeling
Show steps
Show steps
Show steps
- Choose a property to model.
- Gather data on the property.
- Build a financial model for the property.
- Analyze the results of the model.
- Write a report summarizing the results of your analysis.
Write a blog post or article about CRE pro forma modeling
Show steps
Help you share your knowledge of CRE pro forma modeling with others and to improve your writing skills.
Browse courses on
Real Estate Financial Modeling
Show steps
Show steps
Show steps
- Choose a topic for your blog post or article.
- Research your topic.
- Write your blog post or article.
- Publish your blog post or article.
- Promote your blog post or article.
Participate in a CRE pro forma modeling competition
Show steps
Provide you with an opportunity to test your skills against other professionals and to win prizes.
Browse courses on
Real Estate Financial Modeling
Show steps
Show steps
Show steps
- Find a CRE pro forma modeling competition to participate in.
- Prepare for the competition.
- Compete in the competition.
- Win prizes.
Create a Dynamic Model for a Specific Commercial Real Estate Property
Show steps
Applying your skills to a real-world scenario will help solidify your understanding of the concepts covered in this course.
Show steps
Show steps
Show steps
- Select a specific commercial real estate property
- Gather data on the property, including financial statements, lease agreements, and market research
- Build a dynamic pro forma model for the property using Excel
- Analyze the results of the model and make recommendations on the investment
Career center
Learners who complete The Advanced Real Estate Pro Forma Modeling Master Class will develop knowledge and skills
that may be useful to these careers:
Financial Analyst
Financial Analyst
Real estate is a highly analytical field, with Financial Analysts being responsible for forecasting the financial performance of real estate investments. This course will show you how to create the high-level financial models that Financial Analysts use to determine the viability of real estate deals, allowing you to enter this field with confidence.
Real Estate Investment Analyst
Real Estate Investment Analyst
Real Estate Investment Analysts are responsible for providing financial advice on commercial properties. This course will teach you how to build financial models, which are essential for advising real estate clients. These models are used to forecast the performance of real estate investments, evaluate risk, and make sound investment decisions. Whether you wish to perform this role for an investment fund or a consulting firm, this course will provide you with an analytical edge.
Investment Banker
Investment Banker
Investment Bankers assist real estate companies in raising capital and making strategic decisions. This course will provide you with a strong foundation in financial modeling, which is essential for evaluating the financial performance of real estate companies and advising clients on investment opportunities. It will also help you understand the real estate industry and the role of investment banking within it, allowing you to break into the exciting field of investment banking.
Real Estate Developer
Real Estate Developer
Real Estate Developers rely on financial modeling to determine the feasibility of new projects. This course will show you how to create models that forecast revenue, expenses, and cash flow, allowing you to enter this dynamic and lucrative field and contribute to the creation of new buildings and communities.
Asset Manager
Asset Manager
Asset Managers are responsible for overseeing and maximizing the value of real estate investments. This course will provide you with the skills to build financial models that can be used to track the performance of real estate investments. These models can also be used to identify opportunities to add value, helping you to succeed in this challenging and rewarding field.
Commercial Real Estate Broker
Commercial Real Estate Broker
Commercial Real Estate Brokers help clients buy, sell, and lease commercial properties. This course will provide you with the expertise to create professional-looking financial models, which will make it easier for clients to understand the financial implications of potential real estate transactions and make informed decisions.
Property Manager
Property Manager
Property Managers are responsible for the day-to-day operations of commercial properties. This course will provide you with a solid understanding of the financial aspects of property management, helping you to increase the profitability of commercial real estate investments and succeed in this key role.
Real Estate Appraiser
Real Estate Appraiser
Real Estate Appraisers determine the value of real estate properties for a variety of purposes, including buying, selling, and lending. This course will provide you with the skills to build financial models that can be used to support real estate appraisals.
Real Estate Consultant
Real Estate Consultant
This course will provide you with the skills to build financial models that can be used to advise clients on a variety of real estate matters, from acquiring and financing properties to developing and managing real estate portfolios.
Project Manager
Project Manager
This course may help Project Managers understand how to build financial models for real estate projects, which can be used to track project costs and timelines.
Construction Manager
Construction Manager
This course may be helpful to Construction Managers, as it teaches how to build financial models to track construction costs.
Loan Officer
Loan Officer
This course may be helpful to Loan Officers, who use financial models to evaluate the creditworthiness of borrowers and determine the terms of real estate loans.
Architect
Architect
This course may be of assistance to Architects as it teaches how to build financial models which can be used to estimate the cost of construction projects.
Real Estate Agent
Real Estate Agent
This course may help Real Estate Agents understand the financial aspects of real estate transactions and make it easier for clients to understand the financial implications of potential real estate deals.
Real Estate Attorney
Real Estate Attorney
This course may help Real Estate Attorneys to better understand the financial aspects of real estate transactions and prepare them to advise clients more effectively.
For more career information including salaries, visit:
OpenCourser.com/course/f46mg6/the
Reading list
We've selected eight 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 Advanced Real Estate Pro Forma Modeling Master Class.
Provides a solid foundation in real estate finance and investments. It will be useful as you learn to model advanced real estate financing structures such as mezzanine debt and future funding.
Provides a comprehensive overview of commercial real estate analysis and investment. It will be useful as you learn to build a dynamic sources and uses table and create dynamic working capital accounts.
This textbook is commonly used as a college textbook in real estate and finance university programs.
Offers a comprehensive overview of real estate development, including site selection, land use planning, pro forma modeling, and project management. Provides valuable insights into market analysis and feasibility studies.
Provides a comprehensive overview of real estate development. It will be useful as you learn to model complex commercial real estate lease structures in Excel.
Provides a solid foundation in real estate appraisal principles and techniques. Covers various valuation methods, including cost, income, and sales comparison approaches. Helpful for understanding the process of determining property values.
Provides a comprehensive overview of real estate finance. It will be useful as you learn to model dynamic operating expenses within your commercial real estate pro forma model.
Provides a comprehensive overview of real estate economics. It will be useful as you learn to build out a dynamic construction budget within your commercial real estate pro forma model.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/f46mg6/the
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Effort
17 total hours
Via
Udemy
Instructor
Justin Kivel
Language
English
Good to know
Examines complex commercial real estate investment modeling, which is standard in large-scale real estate investment firms
Develops advanced financial modeling techniques for commercial real estate, which are core skills for real estate professionals
Taught by industry expert Justin Kivel, who is recognized for his work in commercial real estate financial modeling
Builds a strong foundation for beginners in commercial real estate financial modeling
May require background knowledge in real estate finance
Emphasizes dynamic modeling, which enhances the versatility of financial models
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