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The Advanced Real Estate Development Modeling Master Class
Introduction
Welcome & What We Will Cover (6:36)
Who This Course Is For (1:48)
About The Instructor & Student Success (3:52)
Real Estate Development Modeling Fundamentals
Real Estate Development Modeling Fundamentals (5:23)
Setting Expectations (6:05)
Part 1 - Building Out The Summary Dashboard
Setting Up The Model (7:26)
Property Details (8:44)
Land Acquisition Information (8:30)
Sale Information & Distribution Frequency (11:10)
Project-Level Fees & Lease-Up Information (6:23)
Summary Details (7:00)
Development Capital Budget (7:44)
Construction Financing Details (8:44)
Permanent Financing Details (10:51)
Sale Details (6:03)
Levered & Unlevered Return Metrics (6:11)
Sources & Uses (9:22)
Additional Equity Required & The Circuit Breaker (5:22)
Part 2 - CRE Lease Modeling
CRE Leases Tab Setup (8:26)
Operating Expense Reimbursement Structures (7:52)
Rent Escalation Schedules (7:08)
Re-Leasing Assumptions (8:44)
Re-Leasing Costs (5:47)
Percentage Rent (4:33)
Building The Tenant Cash Flow Timeline (9:00)
Dynamic Re-Leasing Month & Tenant Name (11:25)
Tenant Identifiers & Lease-Up Base Rent (10:12)
Lease-Up Reimbursements - Part 1 (6:00)
Lease-Up Reimbursements - Part 2 (11:48)
Total Percentage Rent (8:28)
Up-Front Free Rent (3:15)
Re-Leasing Base Rent (10:49)
Re-Leasing Free Rent (4:13)
Re-Leasing Reimbursements (11:05)
Up-Front Tenant Improvements (5:56)
Up-Front Leasing Commissions (9:04)
Re-Leasing Tenant Improvements (11:08)
Re-Leasing Leasing Commissions (19:50)
CF Codes & Totals (5:59)
Creating Additional Suites (9:59)
Occupancy Calculations - Part 1 (9:59)
Occupancy Calculations - Part 2 (12:14)
Finalizing The Pro Rata Share & Health Ratios (10:52)
Finalizing The CRE Leases Tab (11:57)
Part 3 - Expense Modeling
Expenses Tab Setup (5:38)
Expense Assumptions & Fixed vs. Variable (9:19)
Other Assumptions & Property Tax Information (6:57)
Credit Loss & Property Assessment Growth Rates (7:59)
Hold Period Property Taxes (10:03)
Stabilized Operating Expenses (13:06)
Actual Operating Expenses (10:23)
Part 4 - Construction Budget Modeling
Construction Budget Tab Setup (6:19)
Hard Costs Build-Out (8:29)
S-Curve & Straight-Line Cost Modeling (14:29)
Checks & Subtotals (11:33)
Soft Costs Build-Out (9:19)
Contingency Modeling (7:33)
Part 5 - Monthly & Annual Cash Flow Modeling
Monthly CF Tab Setup (8:01)
Net Rental Income (9:51)
Other Income & EGR (3:45)
Property Taxes (10:36)
Operating Expenses & NOI (8:39)
Construction Costs, TIs, & LCs (5:41)
Capital Reserves, AM Fee, & CM Fee (10:21)
Debt Service, CF After DS, & Acquisition & Sale Information (11:35)
Loan Information & Total Levered CF (3:13)
Investor-Level CF - Part 1 (8:25)
Investor-Level CF - Part 2 (10:21)
Modeling Monthly CF Totals (7:03)
Annual CF Tab Build-Out - Part 1 (10:53)
Annual CF Tab Build-Out - Part 2 (2:16)
Part 6 - Debt Modeling
Financing Tab Setup (5:07)
Modeling Operating Metrics (7:23)
Total Land, Construction, & Financing Costs (5:36)
Operating Shortfalls & Positive Operating CF (8:31)
Equity Financing (9:52)
Mezzanine Construction Financing - Part 1 (6:41)
Sources & Uses Build-Out (11:37)
Modeling Forward Rate Curves (10:01)
Mezzanine Construction Financing - Part 2 (15:07)
Senior Construction Financing (10:29)
Permanent Financing - Part 1 (14:09)
Permanent Financing - Part 2 (5:36)
Permanent Financing - Part 3 (9:38)
Permanent Financing - Part 4 (11:02)
Percentage of Funding Checks (12:27)
Part 7 - Model Finalization
Finalizing The Monthly CF Tab (9:34)
Finalizing The Expenses Tab (4:57)
Consolidated Rent Roll Build-Out - Part 1 (8:13)
Consolidated Rent Roll Build-Out - Part 2 (7:56)
Consolidated Rent Roll Build-Out - Part 3 (12:44)
Stabilized Yield on Cost & DSCR (8:48)
Stabilized Debt Yield & LTV (5:36)
Unlevered & Levered IRR, Equity Multiple, & Profit (8:35)
Unlevered Cash-on-Cash Return (6:48)
Levered Cash-on-Cash Return - Part 1 (10:05)
Levered Cash-on-Cash Return - Part 2 (9:30)
2-Metric Data Table Build-Out - Part 1 (10:09)
2-Metric Data Table Build-Out - Part 2 (6:18)
Dynamic Charts Build-Out - Part 1 (12:05)
Dynamic Charts Build-Out - Part 2 (11:36)
Dynamic Charts Build-Out - Part 3 (6:26)
Building Out Checks (12:22)
How To Use What You've Built (6:12)
Wrapping Up
Where To Go From Here (3:36)
Up-Front Leasing Commissions
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