The Advanced Real Estate Financial Modeling Bootcamp from Udemy

Master real estate financial modeling. Advance your career. Make more money.

This course will walk you step-by-step through dozens of advanced real estate financial modeling and analysis exercises, and whether you're looking to break into the real estate industry for the first time at a top investment, development, brokerage, or lending firm, looking to take the next step in your existing real estate career, or looking to analyze deals to build your own property portfolio, this course will help you take your real estate financial modeling and analysis skill set to an expert level.

If you don't know me already, my name is Justin Kivel, and throughout my career, I've worked for and with some of the largest commercial real estate investment, brokerage, and lending firms in the world. And to share what I've learned, I created a training company called Break Into CRE, and I've had the privilege of teaching tens of thousands of students real estate financial modeling and analysis through the Break Into CRE platform.

After spending almost a decade in the industry myself, this course packages up everything that I've learned about how some of the largest and most successful investment firms in the business both create and use real estate financial models in Excel to analyze and evaluate investment opportunities.

At the end of the course, you'll be able to:

Create dual-metric data tables to sensitize multiple investment return metrics within the same analysis
Build a dynamic best/base/weak case analysis that automatically calculates returns based on your upside (and downside) investment scenarios
Create a next-buyer analysis to make sale value projections at the end of a real estate investment
Partition the IRR of a deal to understand the percentage of returns coming from operating cash flow versus sale proceeds.
Build a hold/sell analysis to calculate the optimal sale year of an investment
Build out senior construction loan draws, mezzanine construction loan draws, and dynamic equity draws to model unique capital structures on ground-up development deals
Model investor cash flow distributions on a monthly, quarterly, and annual basis

This course is perfect for you if:

You're a college student or graduate student looking to break into the real estate industry upon graduation, and you want to make sure you have the modeling and analysis skills you'll need to ace an Excel modeling exam and stand out from the competition
You're a current real estate professional looking to improve your modeling and analysis skills to take the next step in your career and increase your compensation
You're a real estate investor looking to build the skills necessary to analyze unique deal scenarios and make decisions related to new investment opportunities or your existing real estate portfolio

Here's what some of our students have had to say:

"This course was definitely intense, but the information is invaluable. Justin does a great job explaining everything thoroughly and I've learned more about Excel in my past few courses than my entire life."

"Another great course by Justin. I found this to be the most difficult of all his courses, very advanced. The best part is the comprehensive case study at the end that really ties everything together well. I felt like I learned a lot."

"Loved this course. Justin's approach is very didactic and on point. If you have strong understanding of the basics in real estate finance, but don't know how to create a model, this course is for you. As Justin said, the secret to succeeding in this particular field is practice. Create the model again from scratch, go back to the solution file to make sure you get the right numbers."

"This was a fantastic course. Justin is very knowledgeable and explains all the concepts extremely well. I feel that this course has helped me very much and I am looking forward to continuing practicing the topics and improving on my skill set. I would highly recommend this course to anyone. Thank you Justin for the great work that you have put together."

"If you are a beginner to a veteran in CRE, and you've always wondered how to analyze an investment and the capital stack behind it, this is the only course you'll ever need. Justin Kivel does an excellent job of breaking down each of the considerations and explains them thoroughly. Thanks to Justin for putting out such a high-quality course. "

If you have a basic understanding of real estate finance and Excel and you're looking to take your real estate financial modeling and analysis skill set to an expert level, you're in the right place.

Looking forward to seeing you inside.

What's inside

Learning objectives

The ability to model complex real estate investment scenarios in microsoft excel
A mastery of real estate financial modeling functions and formulas

The skill set to model development projects, major renovation projects, and complex debt and equity structures
The ability to analyze data provided by sellers and brokers quickly and efficiently

The ability to model complex real estate investment scenarios in microsoft excel
A mastery of real estate financial modeling functions and formulas
The skill set to model development projects, major renovation projects, and complex debt and equity structures
The ability to analyze data provided by sellers and brokers quickly and efficiently

Syllabus

Students will be introduced to The Advanced Real Estate Financial Modeling Bootcamp in this section.

Welcome & What We Will Cover

About The Instructor & Student Success

Traffic lights

Read about what's good

what should give you pause

and possible dealbreakers

Develops skills in Excel-based financial modeling, which is essential for analyzing and evaluating real estate investment opportunities at large and successful investment firms

Explores advanced real estate investment analysis techniques, which allows learners to analyze data from sellers and brokers quickly and efficiently

Covers advanced real estate debt and equity modeling techniques, which are useful for structuring complex deals and understanding investor cash flow distributions

Features an advanced private equity real estate Excel modeling exam, which allows learners to apply their knowledge and test their skills in a practical setting

Requires a basic understanding of real estate finance and Excel, which may exclude learners without prior exposure to these topics

Focuses on Microsoft Excel, which requires learners to have access to this software, potentially posing a barrier for those without a subscription

Reviews summary

Advanced real estate financial modeling

According to testimonials provided within the course description, learners find this course to be highly valuable and effective for developing advanced real estate financial modeling skills. Students describe the content as intense and advanced, noting it can be difficult but ultimately rewarding. The instructor, Justin Kivel, is consistently praised for being very knowledgeable and explaining complex concepts thoroughly. A comprehensive case study is highlighted as particularly effective in tying everything together. Success in mastering the material reportedly requires significant practice outside of the course. Testimonials suggest the course is ideal for those with a strong understanding of real estate finance basics looking to reach an expert modeling level.

Mastery requires practice outside course.

"As Justin said, the secret to succeeding in this particular field is practice. Create the model again from scratch..."

Course content is intense, difficult, advanced.

"This course was definitely intense..."

"I found this to be the most difficult of all his courses, very advanced."

Case study ties concepts together effectively.

"The best part is the comprehensive case study at the end that really ties everything together well."

Instructor explains well and is knowledgeable.

"Justin does a great job explaining everything thoroughly..."

"Justin is very knowledgeable and explains all the concepts extremely well."

"Justin Kivel does an excellent job of breaking down each of the considerations..."

Develops invaluable, practical modeling skills.

"...the information is invaluable."

"I feel that this course has helped me very much and I am looking forward to continuing practicing..."

"...you've always wondered how to analyze an investment... this is the only course you'll ever need."

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 Financial Modeling Bootcamp with these activities:

Review Basic Real Estate Finance Concepts

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Reinforce foundational real estate finance concepts to better understand the advanced modeling techniques covered in the course.

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Review key real estate finance terminology and formulas.
Practice calculating basic metrics like NOI and Cap Rate.
Work through simple discounted cash flow examples.

Review 'Real Estate Finance & Investments' by Brueggeman and Fisher

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Solidify understanding of core real estate finance principles that are essential for mastering advanced modeling techniques.

View Real Estate Finance & Investments ISE on Amazon

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Read the chapters on valuation and investment analysis.
Work through the example problems in the book.
Relate the concepts to the course syllabus.

Excel Function Practice

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Sharpen Excel skills by practicing the functions and formulas covered in the course, such as INDEX, MATCH, and YEARFRAC.

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Create a spreadsheet and practice using INDEX and MATCH.
Practice using YEARFRAC to calculate the fraction of a year between two dates.
Experiment with different conditional formatting techniques.

Four other activities

Expand to see all activities and additional details

Show all seven activities

Create a Sensitivity Analysis Dashboard

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Apply the dual-metric data table techniques learned in the course to create a dynamic dashboard that visualizes the impact of different assumptions on investment returns.

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Choose a real estate investment scenario.
Build a financial model in Excel.
Create dual-metric data tables to sensitize key return metrics.
Design a dashboard to visualize the results.

Model a Ground-Up Development Deal

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Apply the construction loan and equity draw modeling techniques to analyze a complex ground-up development project.

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Find a case study or create a hypothetical development scenario.
Model the construction loan draws and interest accrual.
Model the equity contributions and investor distributions.
Analyze the project's profitability and returns.

Read 'The Real Estate Game' by William Poorvu

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Gain a deeper understanding of the real-world context in which real estate financial models are used.

View Creating and Growing Real Estate Wealth: The 4... on Amazon

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Read the book and take notes on key concepts.
Reflect on how the concepts relate to the course material.
Discuss the book with other students or colleagues.

Build a Hold/Sell Analysis Presentation

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Create a presentation summarizing the key findings of a hold/sell analysis, demonstrating the ability to communicate complex financial information effectively.

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Perform a hold/sell analysis on a real estate investment.
Create charts and graphs to visualize the results.
Prepare a presentation explaining the analysis and its conclusions.
Practice delivering the presentation.

Career center

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

Real Estate Analyst

A real estate analyst uses financial modeling to evaluate potential property investments, which is exactly what this course focuses on. This role involves creating and analyzing complex financial models in Excel to assess a property's profitability and risk using techniques emphasized in the course. This course's focus on advanced modeling techniques, such as building dynamic best base weak case analysis and creating data tables, provides the analytical skill set necessary for success in the role. Those interested in becoming a real estate analyst should take this course to gain the specific skills required to perform investment analysis at a high level.

See salaries and explore the career path for Real Estate Analyst

Real Estate Acquisitions Analyst

Real estate acquisitions analysts use financial modeling to find and evaluate potential property acquisitions, making this course highly relevant. This job requires an understanding of the different elements of a financial model, including cash flow analysis, debt modeling, and investor distributions. This course helps build the essential skills to not only create but also fully understand these complex financial models to find and analyze real estate acquisition opportunities. This is an ideal course for someone looking to be a real estate acquisitions analyst, as it focuses specifically on the financial analysis knowledge necessary for the role.

See salaries and explore the career path for Real Estate Acquisitions Analyst

Real Estate Development Analyst

A real estate development analyst heavily relies on financial modeling to assess the viability of development projects, making this course highly advantageous. This role includes creating models for ground-up development deals, senior and mezzanine construction loans, and dynamic equity draws, all of which are covered in this course. This course's emphasis on debt and equity modeling, along with construction loan modeling, prepares candidates to understand and analyze the financial aspects of real estate development. This course would be instrumental for individuals wanting to work as a real estate development analyst, as it offers hands-on experience with advanced modeling and analysis.

See salaries and explore the career path for Real Estate Development Analyst

Real Estate Private Equity Associate

A real estate private equity associate performs financial analysis and modeling of potential real estate investments, which is central to this course. The job involves creating sophisticated models to assess deal structures and to consider risk and return in a deal. This course is highly relevant for this position due to its focus on IRR partitioning, hold/sell analysis, and advanced debt and equity modeling. This course is useful for individuals looking to become a real estate private equity associate by providing them with the very specific financial modeling skills needed to succeed in the role.

See salaries and explore the career path for Real Estate Private Equity Associate

Property Acquisitions Manager

A property acquisitions manager uses financial modeling to assess properties for possible purchase, which is a core focus of this course. This position requires a strong understanding of how to create and analyze sophisticated models for real estate investment. This course's focus on debt and equity modeling, cash flow analysis, and different techniques to analyze deals are highly relevant to the work done by a property acquisitions manager. This is an ideal course for anyone looking to become a property acquisitions manager, as it provides the very particular skill set needed for this career.

See salaries and explore the career path for Property Acquisitions Manager

Real Estate Associate

A real estate associate needs to be deeply knowledgeable in financial analysis and modeling, which this course covers extensively. The responsibilities of a real estate associate include creating detailed financial models to determine the feasibility of a project, managing the financial models, and making sure they are sound. This course, which focuses on advanced Excel functions, cash flow modeling, and debt and equity modeling, provides a significant advantage to excel in this position. Individuals who want to work as a real estate associate should seek this course to develop the necessary skills to analyze and interpret complex financial data.

See salaries and explore the career path for Real Estate Associate

Real Estate Investment Manager

A real estate investment manager uses financial models to make decisions about investment strategies and portfolio management as taught in this course. They need to be comfortable interpreting and working with complex models, particularly for the purpose of analyzing a potential real estate investment. This course helps build important skills in the creation of dynamic models that can help identify the most profitable opportunities. This course is particularly useful for individuals planning to work as a real estate investment manager, as it emphasizes the importance of using sophisticated modeling techniques to make informed investment decisions.

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

Real Estate Investment Associate

A real estate investment associate uses financial modeling extensively to evaluate potential investment opportunities, and this course provides the training to excel in such a role. This position involves creating and analyzing financial models, evaluating the possible financial outcomes of a deal, and deciding whether to move forward on the deal. This course provides direct practical training in creating complex models needed to succeed in this role. Individuals who aspire to be real estate investment associates may find this course very useful, as it provides specific experience in real estate financial modeling.

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

Real Estate Underwriter

A real estate underwriter uses financial models to assess the risk associated with lending for real estate projects, making this course very relevant. This role involves analyzing financial statements, cash flow projections, and debt structures related to a real estate deal, which are all covered in this course. This course helps provide proficiency in creating and interpreting financial models for various transaction types. This is a useful course for someone interested in becoming a real estate underwriter by teaching specialized modeling techniques.

See salaries and explore the career path for Real Estate Underwriter

Real Estate Portfolio Manager

A real estate portfolio manager requires a deep understanding of real estate financial models and how to use them to evaluate a portfolio's performance, which this course helps build. This work involves using complex models to track investments, predict expected returns, and make recommendations for portfolio adjustments. This course presents a number of skills that are directly applicable to the role, such as building data tables and cash flow models. Individuals seeking to be real estate portfolio managers will find this course helpful in developing the financial modeling skills essential for the work.

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

Real Estate Fund Manager

A real estate fund manager needs a deep understanding of real estate financial modeling to guide investment decisions, and this course can help them build the required skill set. This work involves using models to evaluate potential investments and manage existing assets within a fund. The course covers advanced topics such as the modeling of complex debt structures and investor distributions. This course may be useful for those working as or seeking work as a real estate fund manager as it provides critical modeling skills.

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

Real Estate Consultant

A real estate consultant often uses financial models to provide strategic advice to clients related to real estate opportunities, and this course emphasizes skills relevant to such work. Consultants need to be able to analyze the financial feasibility of projects, model cash flows, and provide advice on investment and development strategies, all of which are taught in this course. The financial modeling techniques taught in this course help build skills to provide relevant and reliable insights. This course may be useful for someone working or planning to work as a real estate consultant, as it helps with practical modeling skills.

See salaries and explore the career path for Real Estate Consultant

Investment Banking Analyst

An investment banking analyst working in real estate needs strong financial modeling skills, which this course helps build. This role requires creating detailed models for acquisitions, divestitures, and capital raising for real estate clients. The course's focus on advanced modeling techniques, such as debt and equity modeling, along with best case analysis, directly supports the kind of financial analysis done in investment banking. For an investment banking analyst seeking to specialize in real estate, this course may be useful in offering modeling and analysis techniques.

See salaries and explore the career path for Investment Banking Analyst

Financial Analyst

A financial analyst who works in a real estate focused role needs a firm grasp of financial modeling, especially within the real estate industry. Though a financial analyst may not focus exclusively on real estate, financial modeling is critical to their work. This course may help build very specific skills like modeling debt service, mezzanine loans, and investor distribution. This course may be useful in adding specialized domain knowledge for someone working as a financial analyst.

See salaries and explore the career path for Financial Analyst

Commercial Real Estate Broker

Commercial real estate brokers can benefit from using financial modeling to better advise clients on investment opportunities, a skill set developed in this course. While a broker's primary role is sales, understanding the financial implications of a property, including cash flow modeling and the impact of debt structures, adds considerable value to their work. This course covers cash flow modeling, loan structures and is useful for someone looking to enhance their brokerage work with better financial acumen. For a commercial real estate broker seeking to provide more informed advice, this course may be helpful.

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

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 Advanced Real Estate Financial Modeling Bootcamp.

Real Estate Finance & Investments ISE

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Comprehensive resource on real estate finance and investments. It provides a solid foundation in the principles and practices of real estate finance, covering topics such as valuation, mortgages, and investment analysis. It is commonly used as a textbook in real estate programs and provides a broader understanding of the concepts used in the course. This book is valuable as a reference tool for understanding the underlying financial principles.

Real Estate Finance & Investments ISE

Paperback

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Real Estate Finance & Investments ISE

Kindle Edition

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Creating and Growing Real Estate Wealth

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Provides insights into the real-world aspects of real estate investing and development. It offers valuable perspectives on deal structuring, negotiation, and risk management. While not directly focused on financial modeling, it complements the course by providing a broader understanding of the industry context. This book is more valuable as additional reading than as a current reference.

Creating and Growing Real Estate Wealth: The 4...

Kindle Edition

The Advanced Real Estate Financial Modeling Bootcamp

What's inside

Learning objectives

Syllabus

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Reviews summary

Advanced real estate financial modeling

Activities

Career center

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