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The For-Sale Residential Development Modeling Master Class

Justin Kivel

Want to learn how to build professional, dynamic, institutional-quality for-sale residential real estate development 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 real estate development model for condos, townhomes, and for-sale single family homes that YOU'VE created - from scratch. 

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Want to learn how to build professional, dynamic, institutional-quality for-sale residential real estate development 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 real estate development model for condos, townhomes, and for-sale single family homes 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 development 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 development 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 development model to analyze land acquisitions and development projects building condos, townhomes, or for-sale single family homes, all from scratch in Excel

  • Learn key Excel shortcuts to double your real estate financial modeling speed

  • Modify and customize existing residential for-sale real estate development models to fit your specific investment scenario and needs

  • Confidently model key investment metrics such as the IRR, Equity Multiple, and Total Profit, and calculate these metrics automatically as you change manual input drivers

  • Build a dynamic construction budget (including S-Curve and straight-line modeling functionality)

  • Model pre-sales and deposits that change automatically as construction timelines change

  • Model deposit holdbacks and build in functionality to use deposits as equity to fund the project

  • Build out floating rate construction loan draws, dynamic equity draws, and incremental loan payoffs to accurately model the financing and payoff as individual units are sold

  • Build formula "checks" to error-proof your work and feel confident your calculations are correct

This course is perfect for you if:

  • You're a college student or graduate student looking to break into real estate development 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 become a real real estate developer on the side and want to be able to confidently analyze a ground-up for-sale residential development deal 

  • You're an existing real estate professional looking to advance your career, increase your compensation, and break into the real estate development field

  • You've bought rental homes or duplexes, and now you're looking to become a real estate developer and want to feel confident in your ability to analyze new ground-up construction projects

  • If you have a basic understanding of real estate finance, and you're looking to apply that knowledge to analyze new for-sale residential real estate development opportunities, enroll now and let's get started building this model together today. Looking forward to having you in the course.

Enroll now

What's inside

Learning objectives

  • Learn how to create a for-sale residential real estate development model for condo, townhome, and single-family home projects with individual units for sale
  • Learn how to model pre-sales, deposits, and debt & equity financing to fund your project
  • Learn how to model capitalized interest and incremental loan payoffs over time using dynamic release prices
  • Learn how to build a dynamic, institutional-quality real estate development model to present to managers or investors

Syllabus

Introduction
What We Will Cover - Part 1
What We Will Cover - Part 2
What We Will Cover - Part 3
Read more
A Sneak Peek Into What You'll Build
Setting Expectations
About The Instructor & Who This Course Is For
Disclaimer
Students will learn the core fundamentals necessary in order to build a real estate development model in Excel in this section.
Real Estate Development Modeling Fundamentals
Dynamic Financial Modeling
Real Estate Financial Modeling Color Coding Basics
Setting Up Your Model
Students will build out the summary dashboard of their for-sale residential real estate development model in this section of the course.
Introduction To The Summary Tab
Modeling Property Details - Part 1
Modeling Property Details - Part 2
Land Acquisition Assumptions
Construction Financing Assumptions
Building Out The Construction Details Table
Building Out The Total Cost Details Table
Building Out The Sale Details Table
The "Circuit Breaker"
Modeling Sources & Uses
Building In Levered & Unlevered Return Metrics
Students will learn how to dynamically model revenue from the sale of condos, townhomes, and single-family homes and in this section, including how to model pre-sales and deposits.
Introduction To The Revenue Tab
Modeling Parking Stalls & Market Value
Modeling Pre-Sales
Unit Sale Timing & Release Prices
Post-Construction Operating Assumptions
Adding Multiple Floor Plans
Totals & Weighted Averages - Part 1
Totals & Weighted Averages - Part 2
Totals & Weighted Averages - Part 3
Totals & Weighted Averages - Part 4
Setting Up The Cash Flow Tables - Part 1
Setting Up The Cash Flow Tables - Part 2
Modeling Deposits
Modeling Pre-Sale Closings
Modeling Units Closed
Post-Construction Sale Cash Flows
Modeling Commissions & Closing Costs
Percentage of Inventory Remaining
Students will learn how to model operational cash flows for things like property taxes, insurance, and HOA fees once the project is complete during the sell-out period in this section.
Introduction To The Sell-Out Tab
Modeling Land Property Taxes - Part 1
Modeling Land Property Taxes - Part 2
Modeling Income Requirements - Part 1
Modeling Income Requirements - Part 2
Students will learn how to build out dynamic construction cash flows for real estate development projects in this course, including cost modeling using a straight-line and S-curve framework.
Introduction To The Construction Budget Tab
Building Out The Hard Costs Table
Finalizing Hard Cost Timing
Construction Cost Timeline Build-Out
Modeling Dynamic Construction Cash Flows
Subtotals & Checks
Modeling Soft Costs - Part 1
Modeling Soft Costs - Part 2
Contingencies & CM Fees
Students will learn how to dynamically model real estate construction loans in this section, including floating rate debt and capitalized interest.
Introduction To The Financing Tab
Modeling Project Costs
Modeling Equity Financing
Equity Draws & Balances
Equity Funding Checks
Modeling The Construction Loan
Floating Interest Rate Modeling
Construction Loan Draws & Capitalized Interest
Construction Financing Checks
Students will learn how to build a dynamic monthly and annual cash flow statement in this section, to calculate return metrics such as the IRR, equity multiple, and total profit.
Introduction To The Monthly & Annual CF Tabs
Revenue Modeling
Modeling Deposit Cash Flows - Part 1
Modeling Deposit Cash Flows - Part 2
Modeling Deposit Cash Flows - Part 3
Pre-Sale & Post-Construction Net Sale Proceeds
Modeling Post-Construction Operating Costs - Part 1
Modeling Post-Construction Operating Costs - Part 2
Modeling Post-Construction Operating Costs - Part 3
Building In Land & Construction Costs
Modeling Financing Cash Flows
Building Out The Annual CF Tab - Part 1
Building Out The Annual CF Tab - Part 2
Students will finalize the for-sale residential development model in this section of the course, including finalizing the Summary dashboard and creating error checks in the model.
Summary Tab Finalization & Error Checks
Modeling Construction Details
Modeling Total Cost Details
Modeling Sale Details
Finalizing The Sources & Uses Table
Calculating Unlevered & Levered Return Metrics
Modeling Checks - Part 1
Modeling Checks - Part 2
Modeling Checks - Part 3
How To Use What You've Built
Students will put together everything they've learned in the course in this section, and talk about where to go from here after building out the for-sale residential development model.
Model Troubleshooting
Wrapping Up
Students will learn how to take the next step in their real estate investment analysis education in this section.
Bonus Lecture - The Next Step

Good to know

Know what's good
, what to watch for
, and possible dealbreakers
Teaches how to build dynamic models in Excel, which is a core skill for analyzing land acquisitions and development projects involving condos, townhomes, or single-family homes
Explores key investment metrics such as IRR, Equity Multiple, and Total Profit, which are essential for evaluating the financial viability of real estate projects
Covers modeling pre-sales and deposits, which allows learners to understand how these factors impact project financing and overall profitability
Develops skills in modeling floating rate construction loan draws and dynamic equity draws, which are crucial for accurately representing project financing and payoff scenarios
Requires a basic understanding of real estate finance, which may necessitate additional preparation for learners without prior exposure to the field
Uses Excel, which may require learners to purchase a license if they do not already have access to the software

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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 For-Sale Residential Development Modeling Master Class with these activities:
Review Excel Shortcuts
Practice essential Excel shortcuts to improve modeling speed and efficiency before starting the course.
Browse courses on Excel Shortcuts
Show steps
  • Identify common modeling tasks.
  • Find relevant Excel shortcuts.
  • Practice shortcuts with sample data.
Review 'Real Estate Finance & Investments' by William Brueggeman and Jeffrey Fisher
Reinforce your understanding of real estate finance principles to better grasp the concepts used in the course.
View Real Estate Finance & Investments ISE on Amazon
Show steps
  • Obtain a copy of the book.
  • Read relevant chapters on valuation and financing.
  • Take notes on key concepts.
Build a simplified pro forma model
Create a basic pro forma model for a hypothetical residential development project to familiarize yourself with the modeling process.
Show steps
  • Gather basic project assumptions.
  • Create a simple revenue and cost structure.
  • Calculate key return metrics.
Five other activities
Expand to see all activities and additional details
Show all eight activities
Practice building dynamic formulas
Sharpen your Excel skills by practicing building dynamic formulas for common real estate calculations.
Show steps
  • Identify common real estate calculations.
  • Create dynamic formulas in Excel.
  • Test formulas with different inputs.
Document key model assumptions
Create a document explaining the key assumptions used in the model and their impact on the results.
Show steps
  • Identify key model assumptions.
  • Write a clear explanation of each assumption.
  • Explain the impact of each assumption.
Review 'The Real Estate Game' by William Poorvu
Gain insights into the real-world challenges and opportunities in real estate development.
View Creating and Growing Real Estate Wealth: The 4... on Amazon
Show steps
  • Obtain a copy of the book.
  • Read relevant chapters on deal structuring and risk management.
  • Reflect on the insights provided.
Present your model to peers
Present your completed model to peers and receive feedback to improve your understanding and identify areas for improvement.
Show steps
  • Prepare a presentation of your model.
  • Present your model to peers.
  • Gather feedback and identify areas for improvement.
Explore advanced modeling techniques
Seek out tutorials on advanced modeling techniques to further refine your skills and expand your knowledge.
Show steps
  • Identify advanced modeling techniques.
  • Find relevant tutorials online.
  • Follow tutorials and practice techniques.

Career center

Learners who complete The For-Sale Residential Development Modeling Master Class will develop knowledge and skills that may be useful to these careers:
Real Estate Development Analyst
A Real Estate Development Analyst uses financial modeling to evaluate potential real estate projects. This course directly addresses the need to build dynamic models for for-sale residential developments including condos, townhomes, and single-family homes. Understanding how to model pre-sales, deposits, and intricate financing structures with floating rate debt is key to success in this role. Learning how to use Excel shortcuts to improve modeling speed is also beneficial for an analyst. This course will help you build a complex model from scratch, which will be a vital skill in this role.
See salaries and explore the career path for Real Estate Development Analyst
Real Estate Private Equity Associate
A Real Estate Private Equity Associate analyzes investment opportunities and manages existing assets for a private equity firm. This course is highly valuable for an associate because it teaches how to build institutional-quality models for residential for-sale developments. The associate needs to understand how to model pre-sales, deposits, construction financing, and project cash flows using Excel. This course equips the associate with those skills. In addition, the modeling of key investment metrics such as IRR and equity multiple directly supports the tasks that an associate works on daily.
See salaries and explore the career path for Real Estate Private Equity Associate
Real Estate Entrepreneur
A Real Estate Entrepreneur identifies and develops real estate opportunities. This course is very helpful because it teaches the entrepreneur how to build and understand a detailed financial model for a for-sale residential development project. The course goes through the process of building a model in Excel from scratch, providing the entrepreneur with essential modeling skills. This includes how to model construction costs, pre-sales, deposits, and financing. An entrepreneur will benefit from being able to evaluate projects independently.
See salaries and explore the career path for Real Estate Entrepreneur
Real Estate Acquisitions Analyst
The work of a Real Estate Acquisitions Analyst involves assessing the financial viability of potential property purchases. This course is highly relevant as it teaches how to build institutional quality models for evaluating for-sale residential development projects. Specifically, the course provides the ability to model construction budgets, pre-sales, and various financing options, all crucial for a thorough acquisitions analysis. The course also emphasizes the creation of error checks, which is important for an acquisitions analyst to ensure financial models are accurate before making any recommendations.
See salaries and explore the career path for Real Estate Acquisitions Analyst
Real Estate Investment Manager
A Real Estate Investment Manager makes investment decisions and manages real estate portfolios. This course is directly relevant because it teaches how to create models for analyzing for-sale residential development projects. The modeling of pre-sales, deposits, construction financing, and different ways to model the associated cash flows is very important for an investment manager. Understanding error checking and modeling best practices can ensure that any investment modeling is accurate. By taking this course an investment manager will be able to build a fully functional financial model for a for-sale residential project.
See salaries and explore the career path for Real Estate Investment Manager
Construction Finance Manager
A Construction Finance Manager oversees the financial aspects of construction projects. The course teaches how to create a model for for-sale residential construction projects, handling everything from the construction timeline to loan draws. The course is specifically helpful because it details how to model construction costs with both straight-line and S-curve modeling functionality, allowing for a deeper understanding of the financial structure of the project. Furthermore, learning how to model floating rate construction loans is critical for the finance manager.
See salaries and explore the career path for Construction Finance Manager
Real Estate Underwriter
A Real Estate Underwriter assesses the risk associated with real estate loans and investments. This course is valuable as it provides a deep understanding of the financial workings of for-sale residential developments. This course covers the creation of a model for a development project including construction loans, pre-sales, and operating costs. An underwriter would not only gain the ability to model these items, but to also audit models provided to them. The course’s emphasis on error checking and ensuring accurate calculations is also important for the accuracy needed for underwriting.
See salaries and explore the career path for Real Estate Underwriter
Commercial Real Estate Lender
A Commercial Real Estate Lender evaluates loan applications for real estate projects and manages lending relationships. A lender needs to understand the financial details of the projects they finance. The course teaches how to build models for for-sale residential projects, which is directly relevant to a commercial real estate lender. The course's focus on construction loans, including the modeling of floating interest rates and capitalized interest, provides knowledge that is invaluable for assessing the risk of a development project. Understanding error checking ensures a lender can be confident in the models that are being shown to them by potential borrowers.
See salaries and explore the career path for Commercial Real Estate Lender
Development Manager
A Development Manager oversees all aspects of a real estate development project from conception to completion. While this course doesn't explicitly teach management, it provides a detailed understanding of project finance, which a development manager needs. This course will help in understanding how to model construction budgets, pre-sales, and financing structures for for-sale residential projects; this is critical for making informed decisions. A development manager also would benefit from the ability to model the key investment metrics that are covered in the course.
See salaries and explore the career path for Development Manager
Project Manager Real Estate Development
A Project Manager in Real Estate Development oversees the planning, execution, and completion of real estate projects. This course may be useful in that it provides a deep understanding of the financial underpinnings of residential development projects. The course teaches how to model construction budgets, financing, and cash flows, which are fundamental for effective project management. By understanding these aspects through the building of a model, a project manager can better track a project and make informed decisions about it's trajectory. Although it may not focus on project management skills directly, it will give a project manager the ability to evaluate a project from a financial perspective in real time.
See salaries and explore the career path for Project Manager Real Estate Development
Real Estate Consultant
A Real Estate Consultant provides expert advice on real estate development and investment. This course may be useful as it provides the consultant with the ability to create a detailed financial model for residential development projects. By understanding how to build dynamic Excel models from scratch, a consultant can have the tools to better advise clients on their projects. The course provides knowledge on how to model construction budgets, pre-sales, and complex financing structures, which are all critical pieces of information for a consultant to have.
See salaries and explore the career path for Real Estate Consultant
Real Estate Asset Manager
The role of a Real Estate Asset Manager is to oversee the performance and value of real estate assets. The course may be useful in that it provides the asset manager with a detailed understanding of the financial aspects of for-sale residential developments. The course covers how to model construction budgets, pre-sales, and project financing, which will allow the asset manager to understand a development project and make informed decisions. By building their own dynamic model from scratch, an asset manager can better manage an asset.
See salaries and explore the career path for Real Estate Asset Manager
Land Development Specialist
A Land Development Specialist focuses on the planning and development of land for construction projects. The course may be useful because it addresses the financial considerations needed for a land development project. Specifically, the course teaches how to model the construction budget, sales, and financing that are a critical part of land development. The knowledge gained about Excel from this course can lead to better projections for land development projects. Understanding how to use financial modeling for land development can help the specialist make better decisions and recommendations to the team.
See salaries and explore the career path for Land Development Specialist
Real Estate Portfolio Manager
Real Estate Portfolio Managers oversee a collection of real estate assets, making decisions about acquisitions, dispositions, and development. While the focus is not on portfolio management, the detailed financial modeling skills taught in the course may be valuable. A deep understanding of development finance for for-sale residential properties, such as that gained in the course, will allow the portfolio manager to make better investment decisions with the ability to model individual projects. The course provides the tools to analyze the performance of residential projects and understand the nuances of construction financing, pre-sales, and cash flow modeling.
See salaries and explore the career path for Real Estate Portfolio Manager
Financial Analyst
A Financial Analyst uses financial data to advise a company, and while this role is not specific to real estate development, the skills you learn in this course may help you. This course focuses on building a real estate development financial model, as well as the formulas and structure that make it function. This course can help you build a strong foundation in Excel financial modeling for any type of project. Financial modeling skills are valuable to a financial analyst, and a course like this, which focuses on building a complex real estate model from scratch, may be useful for you.
See salaries and explore the career path for Financial Analyst

Reading list

We've selected two 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 For-Sale Residential Development Modeling Master Class.
Cover image
Real Estate Finance & Investments ISE
Save
Provides a comprehensive overview of real estate finance principles. It covers topics such as valuation, investment analysis, and financing structures. It is particularly useful for understanding the underlying financial concepts used in real estate development modeling. This book is commonly used as a textbook in real estate finance courses.
Real Estate Finance & Investments ISE
Paperback
Check
Real Estate Finance & Investments ISE
Kindle Edition
Check
Cover image
Creating and Growing Real Estate Wealth
Save
Provides insights into the real estate development process from an experienced developer's perspective. It covers topics such as deal structuring, negotiation, and risk management. It is valuable as additional reading to understand the practical aspects of real estate development. This book is commonly used as a reference by industry professionals.
Creating and Growing Real Estate Wealth: The 4...
Kindle Edition
$$

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Effort
10 total hours
Via
Udemy
Instructor
Justin Kivel
Language
English
Good to know
Teaches how to build dynamic models in Excel, which is a core skill for analyzing land acquisitions and development projects involving condos, townhomes, or single-family homes
Explores key investment metrics such as IRR, Equity Multiple, and Total Profit, which are essential for evaluating the financial viability of real estate projects
Covers modeling pre-sales and deposits, which allows learners to understand how these factors impact project financing and overall profitability
Develops skills in modeling floating rate construction loan draws and dynamic equity draws, which are crucial for accurately representing project financing and payoff scenarios
Requires a basic understanding of real estate finance, which may necessitate additional preparation for learners without prior exposure to the field
Uses Excel, which may require learners to purchase a license if they do not already have access to the software
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