The Real Estate Pro Forma Modeling Master Class | Justin Kivel | Skillshare

The Real Estate Pro Forma Modeling Master Class

Justin Kivel

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108 Videos (8h 25m)
    • RE Pro Forma Modeling Master Class Intro

      2:00
    • 0a Course Overview

      3:07
    • 1 What We Will Cover

      1:47
    • 1a A Sneak Peek Into What You'll Build

      1:02
    • 2 The Pro Forma Outline Part I

      3:32
    • 3 The Pro Forma Outline Part II

      1:58
    • 4 The Pro Forma Outline Part III

      1:09
    • 5 About The Instructor and This Course

      3:18
    • 6 Real Estate Pro Forma Modeling 101

      3:19
    • 7 How To Create a Dynamic Financial Model

      1:28
    • 8 Monthly vs

      2:09
    • 9 How To Make Your Financial Model Bulletproof

      1:13
    • 10 Real Estate Financial Modeling Best Practices

      1:21
    • 11 Real Estate Financial Modeling Color Coding

      2:22
    • 12 Professional Real Estate Financial Modeling Design Fundamentals

      3:02
    • 13 Saving The Model and Turning Off Gridlines

      2:49
    • 14 Font Settings and Introduction To ALT Shortcuts

      3:28
    • 15 Enabling Iterative Calculations

      3:52
    • 16 Advanced Excel Settings

      4:22
    • 17 Building The Summary Tab

      2:07
    • 18 Property Details, Parking, and Acquisition Details

      4:25
    • 19 Renovation, Sale Data, and Investment Return Metrics

      2:31
    • 20 Acquisition Financing and Refinance

      2:07
    • 21 Summay, Sale, and Sources and Uses

      6:45
    • 22 Professional Formatting

      4:45
    • 23 Adding Manual Inputs

      5:22
    • 24 Custom Number Formatting

      2:50
    • 25 Building Out The In Place Unit Mix

      14:32
    • 25a Building Out The In Place Unit Mix Part I

      5:59
    • 25b Building Out The In Place Unit Mix Part II

      8:32
    • 26 Modeling Post Renovation Rents and Rent Premiums

      4:43
    • 27 Modeling Other Income

      5:53
    • 28 Modeling The Four Components of Economic Vacancy

      7:52
    • 29 Modeling Market Rent Growth and Other Income

      2:20
    • 30 Rent Schedule Modeling

      6:29
    • 31 T 12 Expense Modeling

      6:23
    • 32 Hold Period Expense Modeling

      6:21
    • 33 Expense Growth and CapEx Reserve

      2:24
    • 34 Property Tax Modeling Part I

      3:29
    • 35 Property Tax Modeling Part II

      4:40
    • 36 Property Tax Modeling Part III

      2:55
    • 37 Building The Exterior Renovation Budget

      7:30
    • 38 Interior Renovation Budget and Contingency

      6:27
    • 39 Exterior Renovation Cash Flow Modeling

      8:13
    • 40 Finalizing The Construction Cash Flows

      6:36
    • 41 Acquisition Financing Modeling Part I

      2:38
    • 42 Modeling Dates (EOMONTH)

      3:46
    • 43 Starting Loan Balance Modeling

      2:55
    • 44 Major Loan Metric Assumptions

      4:04
    • 45 Total Loan Payment and Nested IF Statements

      9:43
    • 46 Modeling Principal and Interest Payments

      4:17
    • 47 Modeling Loan Payoff

      4:15
    • 48 Debt Modeling Checks

      3:28
    • 49 Refinance Funding Modeling

      6:39
    • 50 Modeling Refinance Loan Payments

      4:30
    • 51 Refinance Principal and Interest Payments

      3:22
    • 52 Finalizing The Refinance

      7:36
    • 53 Refinance Formula Finalization

      1:36
    • 54 Monthly Cash Flow Dynamic Months and Dates

      5:49
    • 55 Month of Construction

      6:18
    • 56 Building Out The In Place Rent Schedule

      7:17
    • 57 Building Out The Post Rehab Rent Schedule

      3:51
    • 58 IF(AND()) Statements For Renovation Percentages

      5:12
    • 59 Weighted Average Revenue Modeling

      4:35
    • 60 HLOOKUP For Vacancy Modeling

      9:48
    • 61 Other Income and Repeatable Formulas

      7:08
    • 62 EGR and Expense Modeling Part I

      3:07
    • 63 Expense Modeling Part II and Management Fees

      4:01
    • 64 Freezing Panes

      2:31
    • 65 Dynamic Property Tax Modeling Part I

      4:01
    • 66 Dynamic Loan Funding

      6:42
    • 67 Modeling Dynamic Loan Payments and Payoffs

      4:46
    • 68 Dynamic Construction Schedule Modeling

      1:55
    • 69 Modeling The Property Acquisition and Disposition

      7:50
    • 70 Calculating IRR and Equity Multiple

      5:15
    • 71 Finalizing The Monthly CF Sheet

      6:58
    • 72 Annual Cash Flow Date Modeling

      6:45
    • 73 SUMIF For Quick Annual Modeling

      6:25
    • 74 How To Model Blanks For Post Sale Years

      4:51
    • 75 SUMIF To Capture Hold Period Months

      6:36
    • 76 How To Build Out An Average Cash on Cash Return

      6:00
    • 77 Finalizing The Annual Cash Flows

      2:07
    • 78 Finalizing The Property Information

      4:27
    • 79 Building Out Parking Info and Purchase Metrics

      2:17
    • 80 Cap Rate Calculation Mechanics

      3:44
    • 81 Dynamic DSCR and Debt Yield Calculations

      5:19
    • 82 Dynamic Refinance Sizing

      6:40
    • 83 Refinance DSCR and Debt Yield

      3:46
    • 84 Summary Details and Construction

      4:32
    • 85 Modeling Return on Cost

      3:55
    • 86 Cap Rate Expansion and Value CAGR

      8:55
    • 87 Modeling Sources and Uses

      4:45
    • 88 Finalizing Return Metrics

      3:14
    • 89 Stabilized Unit Mix and Page Break Preview

      5:25
    • 90 Hold Period Management Fees and Property Taxes

      4:27
    • 91 Dynamic Property Tax Modeling

      10:01
    • 92 Finalizing The Construction Budget and Debt Tab

      2:30
    • 93 Monthly and Annual Cash Flow Finalization

      2:59
    • 94 Building Out The Error Checks Tab

      9:09
    • 95 Debt Funding Updates and Checks

      6:06
    • 96 Testing Summary Tab

      4:49
    • 97 Testing Revenue Tab

      2:59
    • 98 Modeling CapEx Reserves

      11:02
    • 99 The Last Check

      3:42
    • 100 Where To Go From Here

      3:46
    • 101 Key Takeaways

      2:47
    • 102 Wrapping Up

      1:41
    • 103 Addendum Construction Budget Optimization

      4:18

About This Class

Want to learn how to build professional, dynamic, institutional-quality real estate pro forma 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 pro forma 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 pro forma 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 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 real estate pro forma investment model from scratch
  • Learn key Excel shortcuts to double your real estate financial modeling speed
  • Modify and customize existing real estate pro forma models to fit your specific investment scenario and needs
  • Confidently model key investment metrics such as the XIRR, Equity Multiple, and Cash-on-Cash returns, and calculate these metrics automatically as you change manual input drivers
  • Build a dynamic renovation budget that captures exactly when and how you plan to renovate the property
  • Model renovation premiums and timing for a property renovation
  • Build out dynamic loan schedules and refinancing scenarios to accurately model any financing structure
  • Build formula "checks" to error-proof your work and feel confident your calculations are accurate and can be trusted

This course is perfect for you if:

  • You're a college student or graduate student looking to break into real estate investment 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 buy real estate on the side and want to be able to confidently analyze a deal 
  • You're an existing real estate professional looking to advance your career, increase your compensation, and break into the real estate investment industry.
  • You've bought rental homes or duplexes, and now you're looking to move into bigger properties and want to feel confident in your ability to analyze deals.

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

Credit to Bensound for the intro music!

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