4.76 out of 5
1253 reviews on Udemy

The Real Estate Development Modeling Master Class

The Complete Guide To Building Real Estate Development Pro Forma Models From Scratch For Smarter Real Estate Investing
Justin Kivel
6,452 students enrolled
English [Auto]
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

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!

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10 hours on-demand video
3 articles
Full lifetime access
Access on mobile and TV
Certificate of Completion

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