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Description

Want to learn how to build professional, dynamic, institutional-quality 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 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 from scratch
Learn key Excel shortcuts to
double your real estate financial modeling speed
Modify and customize
existing real estate development models to fit your specific investment scenario and needs
Confidently model key investment metrics such as the
Stabilized Return on Cost, IRR, and Equity Multiple,
and calculate these metrics automatically as you change manual input drivers
Build a
dynamic construction budget
(
including S-Curve functionality)
Model
dynamic lease-up revenue and expenses
that change automatically as construction timelines change
Build out
floating rate construction loan draws, dynamic equity draws, and permanent take-out financing
to accurately

model any financing structure
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 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
Here's what some of our students have had to say:
★★★★★
"I have taken other RE Development courses and they were over-complicated and hard to follow, this course was just the opposite. As with all his other courses, Justin delivers a clear and easy to follow lesson, making him easily the best Real Estate modeling instructor on the internet. I honestly bought this course within 3 minutes of its release, and it was worth every penny.”
 
★★★★★
"I've been in CRE valuation, investment sales brokerage, and realty capital for over 30 years, and I've never taken a class with this much detailed content. Justin not only crushes this course, but more importantly pulls back the curtain on how institutional investors view and model their deals. You'd have to work at an institutional PE or CRE firm for years to learn what he is offering here. It's not an easy walk but if one can master this content, you can size and model anything in the CRE universe. Congrats, Justin - job well done!"
★★★★★
"Another flagship course by Justin! First, it's all about the thoroughness of the course design (takes me step-by-step). Second, and more importantly, Justin keeps the communications going with his students. I am experiencing this myself and you could verify this by how many I post in the Q&A section, and how many got answered. I don't get this treatment often."
★★★★★
"Something that I've been looking for for a long time! I feel like I understand how to approach almost any RE modeling going forward."
★★★★★
"I've taken several real estate financial modeling courses to improve my skill level for my job. This is by far the best I have taken. Everything is taught step by step with clear instruction and explanations of formulas."
★★★★★
"Another great course taught by Justin, this was filled with many in depth excel modeling techniques to implement when forming a development model. Trying to break into CRE finance/ development can be tough and these skills can really give you an upper hand on the competition. Thanks!!"
If you have a basic understanding of real estate finance, and you're looking to apply that knowledge to analyze new real estate development opportunities, enroll now and let's get started building this model together today. Looking forward to having you in the course!
Who this course is for:
Real estate investors and professionals who want to learn how to create dynamic, institutional-quality real estate development models from scratch
Aspiring real estate investment professionals who want to begin a lucrative career in real estate development
Single-family home and duplex investors who want to become real estate developers and have the skill set to confidently analyze return projections on ground-up development deals

What you'll learn

Learn how to build dynamic, institutional-grade real estate development models from scratch

Learn how to build out S-Curve construction models, equity and construction loan draw funding, and dynamic lease-up modeling for new development deals

Learn how to create institutional, professionally formatted models to present development pro forma calculations to investors and partners

Requirements

  • You will need a copy of Adobe XD 2019 or above. A free trial can be downloaded from Adobe.
  • No previous design experience is needed.
  • No previous Adobe XD skills are needed.

Course Content

27 sections • 95 lectures
Expand All Sections
1-Introduction
8
1.1-Welcome!
1.2-What We Will Cover - Part 1
1.3-What We Will Cover - Part 2
1.4-What We Will Cover - Part 3
1.5-A Sneak Peek Into What You'll Build
1.6-Setting Expectations
1.7-About The Instructor & Student Success Stories
1.8-Disclaimer
2-Real Estate Development Modeling Fundamentals
7
2.1-Real Estate Development Modeling Fundamentals
2.2-Real Estate Pro Forma Modeling 101
2.3-Monthly vs. Annual CF Modeling & Checks
2.4-Real Estate Financial Modeling Color Coding
2.5-The Development Model Set-Up
2.6-Advanced Excel Settings
2.7-Excel Shortcuts Cheat Sheet
3-Part 1 - Building Out The Summary Dashboard
11
3.1-Building Out The Summary Tab
3.2-Modeling Land Acquisition Assumptions
3.3-Modeling Lease-Up Assumptions
3.4-Construction Financing Assumptions
3.5-Permanent Financing Assumptions - Part 1
3.6-Permanent Financing Assumptions - Part 2
3.7-Modeling Total Project Costs
3.8-Modeling Sale Details
3.9-Building Out The Circuit Breaker
3.10-Modeling Sources & Uses
3.11-Post-Construction Equity & Return Metrics Build-Out
4-Part 2 - Revenue Modeling
10
4.1-Building Out The Rent Roll
4.2-Weighted Average Rents
4.3-Modeling Other Income
4.4-Vacancy, Bad Debt, & Rent Growth Assumptions
4.5-Modeling The Lease-Up
4.6-Modeling Stabilized Rents
4.7-Calculating Percentage of Lease-Up Complete
4.8-Net Rental Revenue
4.9-Modeling Stabilized Other Income
4.10-Modeling Actual Other Income
5-Part 3 - Expense Modeling
7
5.1-Building Out The Expenses Tab
5.2-Stabilized, Fixed, & Variable Expenses
5.3-PM Fees & Reserves
5.4-Building Out The Property Tax Information Table
5.5-Annual Property Tax Growth Modeling
5.6-Modeling Stabilized Operating Expenses
5.7-Modeling Actual Operating Expenses
6-Part 4 - Construction Modeling
10
6.1-Building Out The Construction Budget Tab
6.2-Building Out The Hard Costs Table
6.3-Total Costs & Timing
6.4-Building Out The Construction Timeline
6.5-S-Curve Construction Cost Modeling
6.6-Construction Funding Checks
6.7-Modeling Soft Costs - Part 1
6.8-Modeling Soft Costs - Part 2
6.9-Modeling Soft Costs - Part 3
6.10-Building In The Contingency
7-Part 5 - Monthly Cash Flow Modeling
13
7.1-Building Out The Monthly CF Tab
7.2-Modeling Revenue
7.3-Dynamic Physical Vacancy Modeling
7.4-Bad Debt, Concessions, & Other Loss
7.5-Modeling Other Income
7.6-Modeling Operating Expenses
7.7-Property Taxes & PM Fees
7.8-Capital Reserves & NOI
7.9-Capital Expenses & Cash Flow Before Debt Service
7.10-Modeling Acquisition & Sale Information
7.11-Loan Information Section Build-Out
7.12-Cash Flow Line Item Totals & Formatting Clean-Up
7.13-Property Taxes Finalization
8-Part 6 - Debt Modeling
21
8.1-Building Out The Financing Tab
8.2-Modeling Operating Metrics
8.3-Total Land & Construction Costs
8.4-Modeling Equity Financing
8.5-Modeling Equity Draws
8.6-Construction Financing Table Build-Out
8.7-Modeling Construction Loan Draws
8.8-Up-Front Financing Costs
8.9-Interest Rate Projections (Forward Curves)
8.10-Modeling Floating Interest Rates
8.11-Modeling Interest Expense & Capitalized Interest
8.12-Construction Loan Payoff & Ending Balance
8.13-Building Out The Permanent Financing Table
8.14-Timing The Permanent Loan Funding
8.15-Modeling The Total Loan Payment
8.16-Modeling Principal & Interest Payments
8.17-Permanent Loan Payoff & Ending Balance
8.18-Equity & Debt Funding Checks
8.19-Finalizing The Sources & Uses Table
8.20-Monthly CF Tab Financing Finalization - Part 1
8.21-Monthly CF Tab Financing Finalization - Part 2
9-Part 7 - Annual Cash Flow Modeling, Checks, & Model Finalization
11
9.1-Building Out The Annual CF Tab
9.2-Modeling Annual Cash Flows
9.3-Building Out The Cash-on-Cash Return
9.4-Dynamic Refinance Loan Sizing
9.5-Modeling DSCR & Debt Yield
9.6-Modeling Stabilized Return on Cost
9.7-Finalizing Sale Details & Additional Equity Required
9.8-Modeling The IRR & Equity Multiple
9.9-Modeling The Average Stabilized Cash-on-Cash Return
9.10-Building Out The Checks Tab
9.11-How To Use What You've Built
10-Wrapping Up
1
10.1-Wrapping Up
11-Bonus Lecture
1
11.1-Bonus Lecture - The Next Step