Starts from the beginning. No finance degree and no prior modeling experience assumed, and nothing skipped later because of it.

Built, not downloaded. Every model is built from a blank workbook, so you can rebuild it yourself when it counts.

Three full case studies. An acquisition, a value-add with a refinance and a ground-up development, with the case documents and finished workbooks included.

About the Course

Most people learn real estate modeling by inheriting someone else's spreadsheet and hoping nothing breaks. This course does the opposite. You open a blank workbook and build every schedule yourself, until the mechanics belong to you: • The pro forma • The amortization table • The four-tier waterfall • The construction draw schedule It runs in order, and nothing is assumed: • Chapter 2 starts with =SUM() and works up to =INDEX()/=MATCH(). • By Chapter 8, you're splitting cash flow between GP and LP across a preferred return and three promote tiers, and IRR-checking every hurdle. • By Chapter 11, you're capitalizing construction interest, sweeping cash to pay down the construction loan, and sizing permanent financing off a stabilized DSCR. Three case studies tie it together: • A stabilized acquisition • A value-add that refinances out of its bridge loan • A ground-up development built across summary, revenue, expense, budget, financing and cash flow tabs You get the case documents, you build the models, and the workbooks are yours to keep and reuse on real deals.

Who this is for

• Breaking in: a student or career switcher targeting acquisitions, debt, development or asset management, who needs to pass a modeling test. • Already in the seat: an analyst or associate who can operate the firm's model but couldn't rebuild it, or defend it, from scratch. • On the other side of the table: a broker, lender, appraiser or property manager who wants to underwrite the way the buy side does. • Investing your own money: buying small multifamily or commercial deals, and tired of taking the seller's pro forma at face value. It's probably not for you if you want a finished template to plug numbers into without learning what's underneath it, or if you're after REIT equity research or corporate finance. This is property-level underwriting.

What you'll walk out with

The end result: you can underwrite your own real estate deals and compete for analyst and associate roles in commercial real estate. By the last lesson, you can sit down with a blank workbook and do all of this yourself: ✓ Build a monthly pro forma from gross potential rent down to NOI, with loss to lease, concessions, collection loss, other income and reserves included. ✓ Size a loan three ways (LTV, LTC and DSCR) and say out loud which constraint binds and why. ✓ Build an amortization table from the header row down, including a balloon payment at maturity. ✓ Build a four-tier GP/LP waterfall with a preferred return, IRR-check every hurdle, and prove contributions, distributions and profit all tie. ✓ Model a value-add: renovation pace, in-place versus renovated rent, a capex reserve that funds and draws, then a refinance at stabilized value. ✓ Model a ground-up development: bell-curve hard and soft cost draws, capitalized fees and interest, cash sweep, exit fee and permanent takeout. ✓ Run a sensitivity analysis, and explain unlevered versus levered IRR, equity multiple, return on cost and development spread to whoever is asking.

Christian Reina, founder of Self-Taught CRE and instructor of the real estate financial modeling course

About the Instructor

Hi, I'm Christian. I run Self-Taught CRE, and the name is literal. I've spent my career in real estate investment banking, private equity and advisory, working on over $5.2 billion of transactions across multifamily, office, retail, hotels and more. I have the Series 79, Series 63 and SIE, a New York State real estate license, and a degree in economics from Middlebury College. But none of that is why this course exists. It exists because for the last few years I've taught this material one-on-one, an hour at a time: to MSRE and MSIRE students trying to survive coursework, to analysts a week out from a timed case study, to investors underwriting their own deals for the first time. The same questions came up in almost every session, in almost the same order. That order is this course. So this is the coaching, without the hourly rate: the same models, the same explanations, the same case studies. Real estate finance made simple, in the order it actually clicks.

Curriculum

12 Chapters · 310 Lessons

    1. Course Overview Free preview
    2. (Included in full purchase)

      Welcome to the Course (Download)

    1. (Included in full purchase)

      =SUM()

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      Subtracting

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      Multiplying

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      Dividing

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      =MAX()

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      =MIN()

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      Exponents

    8. =IF() Free preview
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      =SUMIF()

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      =COUNTIF()

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      =IFERROR()

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      Absolute Cell References

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      Dynamic Cell References

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      Paste Special

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      Data Validation

    16. =INDEX() and =MATCH() Free preview
    17. (Included in full purchase)

      Conditional Formatting

    1. (Included in full purchase)

      Calculating Net Operating Income (NOI)

    2. Calculating Property Value with the Direct Cap Method Free preview
    3. (Included in full purchase)

      Calculating the Cap Rate

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      Calculating the Property Value $/SF

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      Calculating Growth Rates

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      Projecting Property Value

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      Calculating Monthly Growth Rates

    8. (Included in full purchase)

      Calculating Rent in a Commercial Lease

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      Calculating Future Value Using FV()

    10. (Included in full purchase)

      Calculating Future Value Without Using FV()

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      Renewal Probability Overview

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      Renewal Probability: Turnover Vacancy

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      Renewal Probability: Free Rent Concession

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      Renewal Probability: Tenant Improvements (TIs)

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      Renewal Probability: Leasing Commissions

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      Full Service Gross (FSG) Lease

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      Single Net (N) Lease

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      Double Net (NN) Lease

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      Triple Net (NNN) Lease

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      Leasing Commissions (LCs)

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      Tenant Improvements (TIs)

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      Capital Expenditures (Capex)

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      Sources and Uses

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      Internal Rate of Return (IRR)

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      IRR vs. XIRR

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      Present Value (PV)

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      Net Present Value (NPV)

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      Cash-on-Cash (CoC) Return

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      Expense Ratio (%)

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      NOI Margin (%)

    31. (Included in full purchase)

      Return on Cost (ROC)

    32. (Included in full purchase)

      Development Spread

    33. (Included in full purchase)

      Return on Investment (ROI)

    1. (Included in full purchase)

      Pro Forma Fundamentals Overview

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      Gross Potential Rent (GPR)

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      Vacancy

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      Loss to Lease

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      Collection Loss

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      Concessions

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      Other Income

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      Effective Gross Income (EGI)

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      Property Management Fee

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      Repairs and Maintenance (R&M)

    11. (Included in full purchase)

      Common Area Maintenance (CAM)

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      Utilities

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      Insurance

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      Reserves

    15. (Included in full purchase)

      Property Taxes

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      Total Expenses

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      Net Operating Income (NOI)

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      Calculating Monthly Values

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      Calculating Loan Amount Using the Loan-to-Value (LTV) Ratio

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      Calculating the Loan-to-Value (LTV) Ratio

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      Loan-to-Cost (LTC) Ratio

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      Calculating Loan Proceeds Using the LTC Ratio

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      Debt Service Coverage Ratio (DSCR)

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      Interest Coverage Ratio (ICR)

    7. Debt Yield Free preview
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      Loan Constant

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      Calculating Monthly Loan Payment with =PMT()

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      Calculating Annual Loan Payment

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      Calculating Interest Payment with =IPMT()

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      Calculating Principal Payment with =PPMT()

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      =CUMIPMT()

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      Calculating Loan Balance

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      Calculating Outstanding Loan Balance Using =CUMPRINC()

    16. Loan Sizing Free preview

    1. (Included in full purchase)

      Loan Summary

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      Creating the Header Row

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      Completing the Month Column

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      Completing the Year Column

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      Beginning Balance

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      Interest Payment

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      Principal Payment

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      Total Payment

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      Ending Balance

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      Balloon Payment

    1. (Included in full purchase)

      Introduction to Investment Analysis

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      Time Value of Money

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      Internal Rate of Return (IRR)

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      Net Present Value (NPV)

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      Profit

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      Equity Multiple (EM)

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      Cash-on-Cash (CoC) Return

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      Return on Cost (ROC)

    9. Positive and Negative Leverage Free preview
    10. (Included in full purchase)

      Sensitivity Analysis

    1. (Included in full purchase)

      Deal Summary

    2. (Included in full purchase)

      Equity Contribution %

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      GP & LP Split in the Preferred Return

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      GP & LP Cash Flow Split in Tiers 2-4

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      Creating the Preferred Return Schedule

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      Beginning Balance

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      Returns Accrual

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      LP Contributions

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      LP Distributions

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      Total LP Cash Flow

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      GP Contributions

    12. GP Distributions Free preview
    13. (Included in full purchase)

      Total GP Cash Flow

    14. (Included in full purchase)

      Total Distributions

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      Remaining Cash Flow

    16. (Included in full purchase)

      Preferred Return IRR Check

    17. (Included in full purchase)

      Creating the Tier 2 Schedule

    18. (Included in full purchase)

      Tier 2 Beginning Balance

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      Tier 2 Returns Accrual

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      Tier 2 LP Contributions

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      Tier 2 Prior Distributions

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      Tier 2 LP Distributions

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      Tier 2 Ending Balance

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      Tier 2 Total LP Cash Flow

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      Tier 2 GP Contributions

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      Tier 2 GP Distributions

    27. (Included in full purchase)

      Tier 2 Total GP Cash Flow

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      Tier 2 Total Distributions

    29. (Included in full purchase)

      Tier 2 Remaining Cash Flow

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      Tier 3 LP Cash Flows

    31. (Included in full purchase)

      Tier 3 Total Distributions and Remaining Cash Flow

    32. (Included in full purchase)

      Creating the Tier 4 Schedule

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      Tier 4 LP and GP Distributions

    34. (Included in full purchase)

      Tier 4 Remaining Cash Flow

    35. (Included in full purchase)

      LP Cash Flows Schedule

    36. (Included in full purchase)

      Total LP Net Cash Flow

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      GP Cash Flows Schedule

    38. (Included in full purchase)

      Total GP Net Cash Flow

    39. (Included in full purchase)

      Tier 2 and Tier 3 IRR Check

    40. (Included in full purchase)

      Levered Returns

    41. (Included in full purchase)

      GP Returns Summary

    42. (Included in full purchase)

      LP Returns Summary

    43. (Included in full purchase)

      Contributions, Distributions and Profit Check

    44. (Included in full purchase)

      Bonus Lesson and Review

    1. (Included in full purchase)

      Acquisition Case Study Document (Download)

    2. (Included in full purchase)

      Acquisition Case Study Instructions

    3. (Included in full purchase)

      Prepping the Spreadsheet

    4. (Included in full purchase)

      Assumptions

    5. Sources and Uses Free preview
    6. (Included in full purchase)

      Building the Timeline

    7. (Included in full purchase)

      Building the Revenues Schedule

    8. (Included in full purchase)

      Vacancy

    9. (Included in full purchase)

      Effective Gross Income (EGI)

    10. (Included in full purchase)

      Expenses

    11. (Included in full purchase)

      Net Operating Income (NOI)

    12. (Included in full purchase)

      Building the Debt Service Schedule

    13. (Included in full purchase)

      Interest Payments

    14. (Included in full purchase)

      Principal Payments

    15. (Included in full purchase)

      Debt Service Coverage Ratio (DSCR)

    16. (Included in full purchase)

      Projecting the Debt Balance

    17. (Included in full purchase)

      Cash Flow After Debt Service

    18. (Included in full purchase)

      Unlevered Cash Flows

    19. (Included in full purchase)

      Levered Cash Flows

    20. (Included in full purchase)

      Levered Returns

    21. (Included in full purchase)

      Cash-on-Cash Return

    22. (Included in full purchase)

      Sensitivity Analysis

    1. (Included in full purchase)

      Value-Add Case Study Document (Download)

    2. (Included in full purchase)

      Value-Add Case Study Instructions

    3. (Included in full purchase)

      Prepping the Spreadsheet

    4. (Included in full purchase)

      Assumptions

    5. (Included in full purchase)

      Sources and Uses

    6. (Included in full purchase)

      Creating the Timeline

    7. (Included in full purchase)

      Setting Up the Supporting Calculations Schedule

    8. (Included in full purchase)

      Calculating Renovation Completed (%)

    9. (Included in full purchase)

      Occupancy

    10. (Included in full purchase)

      In-Place Rent

    11. (Included in full purchase)

      Renovated Rent

    12. (Included in full purchase)

      Creating the Revenues Schedule

    13. (Included in full purchase)

      Potential Gross Income

    14. (Included in full purchase)

      Vacancy

    15. (Included in full purchase)

      Effective Gross Income (EGI)

    16. (Included in full purchase)

      Creating the Expenses Schedule

    17. (Included in full purchase)

      Operating Expenses

    18. (Included in full purchase)

      Capital Expenditures (Capex) Reserves

    19. (Included in full purchase)

      Net Operating Income (NOI)

    20. (Included in full purchase)

      Capex Schedule

    21. (Included in full purchase)

      Capex Schedule Beginning Balance

    22. (Included in full purchase)

      Initial Capex Reserve Funding

    23. (Included in full purchase)

      Additions to Capex Reserves

    24. (Included in full purchase)

      Capital Expenditures

    25. (Included in full purchase)

      Capex Paid from Reserves

    26. (Included in full purchase)

      Capex Schedule Ending Balance

    27. (Included in full purchase)

      Cash Flow Before Debt Service

    28. (Included in full purchase)

      Acquisition Loan Schedule

    29. (Included in full purchase)

      Acquisition Loan Beginning Balance

    30. (Included in full purchase)

      Acquisition Loan Issuance

    31. (Included in full purchase)

      Capitalized Origination Fee

    32. (Included in full purchase)

      Capitalized Interest

    33. (Included in full purchase)

      Acquisition Loan Repayment

    34. (Included in full purchase)

      Acquisition Loan Ending Balance

    35. (Included in full purchase)

      Calculating Property Value at Refinance

    36. (Included in full purchase)

      DSCR Loan Amount

    37. (Included in full purchase)

      Permanent Financing Proceeds

    38. (Included in full purchase)

      Setting Up the Permanent Loan Schedule

    39. (Included in full purchase)

      Permanent Loan Issuance

    40. (Included in full purchase)

      Interest Payment

    41. (Included in full purchase)

      Principal Payment

    42. (Included in full purchase)

      Total Payment

    43. (Included in full purchase)

      Permanent Loan Repayment and Ending Balance

    44. (Included in full purchase)

      Interest Coverage Ratio (ICR)

    45. (Included in full purchase)

      Debt Service Coverage Ratio (DSCR)

    46. (Included in full purchase)

      Unlevered Cash Flow Schedule

    47. (Included in full purchase)

      Acquisition Price, Closing Costs, and Capex Reserve

    48. (Included in full purchase)

      Property Sale Price

    49. (Included in full purchase)

      Sale Closing Costs

    50. (Included in full purchase)

      Total Unlevered Cash Flows

    51. (Included in full purchase)

      Unlevered IRR

    52. (Included in full purchase)

      Unlevered Equity Multiple (EM)

    53. (Included in full purchase)

      Unlevered Profit

    54. (Included in full purchase)

      Stabilized Return on Cost

    55. (Included in full purchase)

      Development Spread

    56. (Included in full purchase)

      Levered Cash Flow Schedule

    57. (Included in full purchase)

      Levered Cash Flow

    58. (Included in full purchase)

      Levered Returns Summary

    59. (Included in full purchase)

      Case Study Question 1

    60. (Included in full purchase)

      Case Study Question 2

    61. (Included in full purchase)

      Case Study Question 3

    1. (Included in full purchase)

      Development Case Study Document (Download)

    2. (Included in full purchase)

      Development Case Study Instructions

    3. (Included in full purchase)

      Creating the Summary Tab Part 1

    4. (Included in full purchase)

      Creating the Summary Tab Part 2

    5. (Included in full purchase)

      Creating the Revenues Tab

    6. (Included in full purchase)

      Unit Mix

    7. (Included in full purchase)

      Leasing Schedule

    8. (Included in full purchase)

      Other Income

    9. (Included in full purchase)

      Growth Rates

    10. (Included in full purchase)

      Revenue Adjustments

    11. (Included in full purchase)

      Building the Timeline

    12. (Included in full purchase)

      Supporting Calculations

    13. (Included in full purchase)

      Gross Potential Rent

    14. (Included in full purchase)

      Vacancy

    15. (Included in full purchase)

      Collection Loss

    16. (Included in full purchase)

      Concessions

    17. (Included in full purchase)

      Other Loss

    18. (Included in full purchase)

      Gross Potential Other Income

    19. (Included in full purchase)

      Effective Other Income

    20. (Included in full purchase)

      Preparing the Expenses Tab

    21. (Included in full purchase)

      Creating the Expenses Table

    22. (Included in full purchase)

      Property Taxes

    23. (Included in full purchase)

      Creating the Timeline on the Expenses Tab

    24. (Included in full purchase)

      Supporting Calculations for Expenses

    25. (Included in full purchase)

      Stabilized Expenses

    26. (Included in full purchase)

      Effective Expenses

    27. (Included in full purchase)

      Creating the Development Budget Tab

    28. (Included in full purchase)

      Land Acquisition Costs

    29. (Included in full purchase)

      Hard Costs

    30. (Included in full purchase)

      Soft Costs

    31. (Included in full purchase)

      Total Development Budget

    32. (Included in full purchase)

      Land Acquisition Costs Projections: Straight-Line

    33. (Included in full purchase)

      Building Out Cash Flow Checks

    34. (Included in full purchase)

      Hard Costs Projections: Bell Curve

    35. (Included in full purchase)

      Soft Costs Projections: Bell Curve

    36. (Included in full purchase)

      Projecting the Development Budget

    37. (Included in full purchase)

      Creating the Financing Tab

    38. (Included in full purchase)

      Creating the Financing Tab Timeline

    39. (Included in full purchase)

      Copying Over the Development Budget

    40. (Included in full purchase)

      Operational Cash Flows

    41. (Included in full purchase)

      Creating the Monthly CF Tab

    42. (Included in full purchase)

      Creating the Monthly CF Tab Timeline

    43. (Included in full purchase)

      Creating the Revenues Schedule

    44. (Included in full purchase)

      Creating the Expenses Schedule

    45. (Included in full purchase)

      Calculating Cash Flow Before Debt Service

    46. (Included in full purchase)

      Creating the Equity Draws Schedule

    47. (Included in full purchase)

      Creating the Construction Loan Draw Schedule

    48. (Included in full purchase)

      Construction Loan Draws

    49. (Included in full purchase)

      Capitalizing Loan Fees

    50. (Included in full purchase)

      Capitalized Interest

    51. (Included in full purchase)

      Cash Sweep to Pay Down Interest

    52. (Included in full purchase)

      Loan Repayment

    53. (Included in full purchase)

      Exit Fee

    54. (Included in full purchase)

      Ending Debt Balance

    55. (Included in full purchase)

      Operating Shortfall

    56. (Included in full purchase)

      Capitalized Loan Fees and Interest

    57. (Included in full purchase)

      Creating the Permanent Financing Schedule

    58. (Included in full purchase)

      Permanent Financing Assumptions

    59. (Included in full purchase)

      Monthly CF: Cash Sweep to Pay Down Interest

    60. (Included in full purchase)

      Cash Flow After Debt Service

    61. (Included in full purchase)

      Unlevered Cash Flow Schedule

    62. (Included in full purchase)

      Unlevered Returns

    63. (Included in full purchase)

      Levered Cash Flow Schedule

    64. (Included in full purchase)

      Creating the Annual CF Tab

    65. (Included in full purchase)

      Building Out the Annual CF Timeline

    66. (Included in full purchase)

      Revenues Schedule

    67. (Included in full purchase)

      Expenses Schedule

    68. (Included in full purchase)

      Net Operating Income (NOI)

    69. (Included in full purchase)

      Debt Metrics

    70. (Included in full purchase)

      Cash Flow After Debt Service to Levered Returns

    71. (Included in full purchase)

      Deal Returns

    72. (Included in full purchase)

      Project Timeline

    73. (Included in full purchase)

      Value Creation Summary

    74. (Included in full purchase)

      Case Study Question 1

    75. (Included in full purchase)

      Case Study Question 2

    76. (Included in full purchase)

      Case Study Question 3

    1. (Included in full purchase)

      Wrap-Up & Next Steps

From students I've taught one-on-one

This course is the material I've been teaching in private sessions for years. Here's what those students said about learning it from me.

”
I had a background in commercial real estate but still lacked the Excel knowledge to feel comfortable completing a timed case study. We worked through a treasure chest of case studies we worked through together which prepped my interviews.
Jordan B.

Real Estate Investment Professional, Acquisitions

”
Chris helped me land a role at a top firm and helped me lateral to a real estate private equity lending shop. He's able to clearly explain the implications of the macroeconomy on real estate and how partners and c-suite professionals think to navigate complex transactions.
Jason C.

Real Estate Investment Professional, Debt Lending

”
Christian is a financial modeling genius and I don't know anyone who underwrites deals like he does. He's helped me transition to different shops various times and I can call on him for anything real estate related.
Matthew N.

Real Estate Development Professional and Entrepreneur, Associate and Principal

”
Christian has helped me understand coursework and has even underwritten deals I plan on doing on my own. He turns what seems like a sea of numbers into a vivid picture.
Steve B.

MSRE Student

Start building today.

310 lessons, three case studies and the Definitive Guide for $297, with every workbook yours to keep. Enroll today and build your first model from a blank workbook.

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