Real Estate Financial Modeling (REFM, ULI, etc)
Hey everyone,
I'm a rising college senior who just finished up a summer internship working at a REPE. I'd like to continue working toward a career in real estate so I was wondering if anyone had any insight on solid RE modeling classes. My mentor recommended a certificate at the Urban Land Instutute, but I've also read a lot of people talk about REFM classes, which seem a lot cheaper. Which option should I go with that will both prepare me and make my resume look better?
Hey bro, this "rising" senior/junior/sophomore is confusing FYI. Pony up the $1000+ and get the Argus cert (EV or whatever is the latest one that you have to use). It will work wonders for your resume. If you have to chose REFM or ULI I would chose REFM.
I would disagree. I think the ARGUS cert is worthless. It depends on what type of "PE" we're talking here if you're at a superfund then you're probably better off at BIWS but if you're at the asset level which usually isn't necessarily referred to as "PE" then I recommend KAHR or REFM. FYI, you can get most of the back of the envelope models from REFM for free by just signing up on the website.
I guess my point is the top guy at the firm (who will likely be 45+) he is interviewing at will have no idea what REFM/KAHRD/etc is but we he will know what being "Argus certified" means because it has been around forever. The REFM might help you learn but no one will hire you for something they just heard about last week for the first time.
If anyone has me interview you I would laugh at the cert and when I interview I laugh at the question of an ARGUS cert. ARGUS knows nothing about its own program , they never have. If you have money to waste pay off your student loan, buy your girlfriend something or send me the money and I'll tell you why ARGUS Enterprise 10.6.124 is way better than ARGUS Enterprise 10.5.22. Additionally, for free, I'll tell you what ARGUS f'd up when they fixed 10.6.4 with 11.0 then patched some of it with 11.0.1, 11.0.2, 11.0.3, 11.0.4... Wait are you talking DCF or AE?
I drink the ULI kool aid more than most, but their certificates are unnecessarily expensive. I've heard good things about REFM.
I'm biased, but Assess does virtually everything that Argus does, and requires zero training or installations. We also just put in hover-over definitions, so you can see how each input is affecting your model. We have sample files in there that show how certain commercial properties might be underwritten, and we have an in-app chat system if you have any questions along the way.
My advice to you would be to, for now, save your money and take whatever RE classes you can in college. Whatever firm you end up with after college will have their own way of doing things.
Look I love ASSESS+RE from what I've seen ... but please don't shill product in the forums when it's not relevant. ..
Definitely making a point not to promote our product when not relevant.
In this case, though, he asked about learning how to model - so I pointed out that we just installed hover-over definitions for sometimes complex modeling terms, and have sample files that show how those terms would be implemented in a real world scenario. Was simply pointing out that it may be a good resource to get his feet wet.
We had an REFM guy come to A&M at the beginning of out grad program. A very, very knowledgeable guy although most of what we ran over was way over my head. The complex PE stuff could be quite useful to anyone looking at doing that post-graduation.
I did the REFM courses and they were helpful. You can get them relatively cheap since you can use a student discount code. Bruce is very intelligent but sometimes doesn't explain everything well. This makes you have to dive into the model yourself to understand the formula (=IF is used heavily) even if you understand the analysis going into the formula. Simple example: The loan amortization table he runs through involves multiple formulas that have IF, MAX, MIN, OR functions so that when you change the amortization to interest only for 2 years the model works no matter what. Loan amortization is a fairly easy concept, but the formulas used gives you a better understanding of excel rather than real estate. I wasn't good at making formulas like that before taking the courses but now I can at least hold my own for a college kid (rising senior as well). REFM is also great for PE (waterfalls, JVs, etc.) but not so good for development IMO. The courses don't go through how to model the process of having 3-4 types of loans (construction, bridge, etc.) that are often used in developments. I can not comment on any other modeling courses but would be interested in what people have to say that have taken multiple.
That being said, taking levels 1,2, & 3 does not offer a complete walk-through of creating your own model. You will have to do this on your own if this is something you're after. I am interested in BIWS and their modeling training. I have hear good things about it but am not willing to shovel out the money until I know for sure it would help me significantly.
PM me if you would like more detail on REFM.
Has anyone taken the CCIM Real Estate Financial Analysis using Excel class? What were your thoughts on it/how does it differ from REFM.
Sorry to bring up an old thread but I figured I'd throw in my two cents.
I got my CCIM pretty much right out of college when I was 23, but in a previous life as a broker. CCIM will make you use their premade excel financial calculators, DCF, etc.. which are really good but you can't unlock them to see what the formulas actually are. Pretty much it gets the answers you are looking for, but you wont be able to say what those numbers mean or how they change if you don't know how to calculate it.
For what its worth, I work at a life company in lending and I think I'm going to go the REFM route just to get a little better at excel. Luckily I'm about to start a masters program so I can get the student discount.
The Roger Staiger book, RE financial modelling, explains how to build models from scratch.
I have a few courses if anyone is interested - shoot me a PM
H
HELP - Real Estate Modeling (Originally Posted: 03/14/2017)
Hi everyone,
Does anyone have a good resource for real estate models? I have a modeling test coming up in a few days and want to make sure I know the ins and outs of a real estate model. I have strong modeling skills but have not worked on a real estate type model before.
Thanks!
Bump!
www.adventuresincre.com
free downloads good stuff
Is the test for REPE/Acquisitions? Investment Sales?
Where to get a sample RE model (Originally Posted: 11/16/2017)
Found what I was looking for. But still didnt appreciate the mean comment! If you actually open the sites a google search yields you'll see they all require payment.
I literally googled "sample commercial real estate model" and found plenty of free resources on the first page. Maybe you're not qualified for this job...
is google down for you right now? like...
Creating a RE Modeling Course (Originally Posted: 12/17/2017)
Monkeys,
I am in the process of making a RE specific modeling course.
I wanted to know if you have thoughts regarding where certain programs are lacking details or could be improved. I've done both the BIWS and REFM courses and plan to use the case study style of BIWS and also cover all the basics of excel like REFM.
Any other thoughts are appreciated. I may also include videos regarding real estate in general (not modeling) like the one below I am experimenting with the idea...
I am also looking for a test group to refine the product as it is created
Hi Noe-Perrin Fontana, hope I can help. Do any of these links cover what you're looking for:
If we're lucky, maybe I can guilt some users to help you out: Gear13 Bonkers Fidel_Cashflow
Fingers crossed that one of those helps you.
Is there any type of repository for real estate financial model templates? (Originally Posted: 02/12/2016)
I am looking to get a grasp on some real estate financial modeling without spending $100's on courses like REFM or BIWS. obviously, the reputations of the instructors and those courses specifically speak for themselves. but just to get my feet wet, is there anywhere for me to look for some basic models just to get an understanding so i have some talking points when i start meeting with RE professionals?
thanks guys!
Look about 5 threads down...
can you point me in the right direction? I'm looking for models. Thx
were you able to find models? I'm looking for templates as well
Would this forum be interested in a new Real Estate Modeling Course (Originally Posted: 11/11/2017)
Listen - I've been on both sides, as a new entrant when I posted as a Real Estate Entry Consumer (view the thread I posted below years ago) and years later as a more experienced Real Estate Professional.
For those who are just introducing themselves to the industry: (1) are the current "courses" in Real Estate helpful to kickstarting your career, (2) are the current "modeling" guides helpful in preparing for your roles and interviews, (3) are the current guides on the industry helpful for you to navigate interviews, jobs, etc.
For those who are experienced, if there's: (1) a critical mass who are interested to what was mentioned above and (2) we feel that they have a substantial amount of information and/or experience to share, perhaps it's time that we create some sort of formal "how-to" guide on best practices to break into this industry. If you think you could be additive to this, feel free to shoot me a PM.
As Commercial Real Estate continues to become an asset class that's in-vogue, perhaps there should be industry leaders (as far as WSO is concerned) willing to share their expertise with those looking to break into it. For those who have been helpful to newcomers in this forum before, I commend you. But perhaps it's time we make something grander to be able to help entrants at all levels.
tl;dr - I'm trying to get a genuine understanding for how helpful a cogent, "industry-guide" would be to new entrants. If it seems that it's light, this forum should continue to provide help on an ad-hoc basis. If it isn't, perhaps us with experience band together to provide helpful information that we wish we could have had when we started.
My girlfriend is sleeping as I watch Bill Maher so best wishes to you all on this boring night for myself.
Hey JBR88, the following topics might be helpful:
More suggestions...
Hope that helps.
Real Estate Modeling? (Originally Posted: 06/10/2016)
Hey guys,
Have an interview coming up for a credit analyst position at a MM bank in their CRE group, and admittedly have little background in real estate.
I'm very familiar with financial valuation (DCF, comps, etc.), but was hoping you guys could contrast the two. Also if anyone has any basic models they could share with me, or somewhere I could find them, that would be huge!
I don't think I'll be given any modeling tests, but I'm genuinely interested in learning the space and would enjoy playing around with a model or two.
Thanks!
I've interviewed at a couple MM CRE shops, there are no modeling tests. It's mostly how well you know your stuff which is excel and the closing process and of course fit.
Real estate valuation model (Originally Posted: 06/19/2011)
Hi,
I'm looking for the real estate valuation model course that was on this website. I can't find it anymore. Please help!!
Thx
Thomas
looking for one as well
course on this website?
I'm a fan of BIWS. Check them out. I think there's also some course out there called REFM, but that was a while back.
Interested as well, if anyone has jnformation
REFM is great. Located in NY, but I called in from LA and took a live course online.
Like ARGUS?
Looking for real estate models. Want to trade? (Originally Posted: 02/08/2016)
Hey everyone, I'm looking for some real estate model templates. Something like what is available at getrefm would be ideal. If anyone has some that they would be willing to send, I would be super grateful. I also have some professional grade models I can send back to you. Thanks!
PS would consider paying if you have getrefm pro models
No takers on this??
what exactly are you looking for? Being more specific would probably help your cause.
I dont think people might be having and idea you can take help of an estate planner who will help andf guide you more properly than anyone else.
I have a getrefm office acquisition model (along with screening analysis) that id be interested in trading. PM me and we can chat further. Thanks.
Complex Real Estate Modelling Questions! (Originally Posted: 02/18/2016)
So the project is where we are advising a company enetering into Real Estate market where they will build an apartment complex and sell apartments. Apartments w
They will acquire land and count it as their equity.
For 3 years they will do developmental work (Construction etc)
The project will be completed end of Year 3.
Booking for apartments will start at start of Year 2 however.
20% will be paid as a down payment at time of booking. 60% will be paid in equal instalments till completion of Project. Remaining 20% will be paid at time of possession.
Few Questions:
1) How will revenues be recognized in income statement? At time of booking will whole revenue for the particular apartment be put in Sales? Any role for IAS 11, 18>
2) Will Land and PPE be shown in the Balance Sheet? Will construction costs be capitalized or go in COGS?
3) Taxation? When will it be paid?
Thanks.
hrlp
Willing to trade REFM for any others. PM me
Looking for the BIWS model(s) for the updated office/retail acquisition, or really any value-add office property. I have the REFM office acquisition case study available for trade. PM.
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