Hey all,
For everyone that wanted a case study, I thought I would help out and post a list of Case Studies that Kahr just put on LlinkedIn.
Trending Content - Real Estate Forum
Career Resources
WSO Free Modeling Series - Now Open Through
October 31, 2026
9 Free Financial Modeling Lessons
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
+Bonus: Get 27 financial modeling templates in swipe file
+Bonus: Get 27 financial modeling templates in swipe file
High Finance Applications
Guaranteed
Get at least one offer GUARANTEED
- 1:1 support
- 92% success rate
- 2,000+ mentor network
- Unlimited Live bootcamps
- AI for resume + LinkedIn
- Networking automation tools
- HireVue simulation tool
- Full course library
- Private Slack community
- 20hrs of mocks
- + much more...
Awesome resource!
For anyone who is wondering - he said in the post that he is working on compiling the answer keys for these so keep an eye out.
Hey. It's me (Josh Kahr). That's the plan... will do in June or so... I'm busy with other stuff right now. If you have any you want added, email me.
This is great! Thank you!
Out of curiosity, can you do these in Excel or do you need Argus? I flipped through the first couple and those seemed doable without a license.
most if not all should be excel
From a quick skim through, all Excel. The most complex stuff I saw are waterfalls, base year stop recoveries (super easy to model in Excel), and % chance of renewal.
Argus modelling tests are actually quite rare from what I know.
All Excel.
Its funny, the most simple one except if a one hour time constraint is the final one.
anyone get a hand of the solutions?
Could someone comment here solutions they're getting that he says are correct?
Super cool stuff! anyone know if similar resource available for PE?
Haven't ever modeled acquisitions with TI/LC. Looking at the 2nd case study balsa construction. Would you have the TI/LC money come out day one even though its not actually getting paid until months 8 and 15?
no, mechanically it would be either a negative cash flow in month 1 and 15 or year 1 and 2 respectively. But if the NCF for those periods is negative you would need a cash flow reserve that would be capitalized in the sources and uses to either meet a hurle requirement or the dscr requirement. Happy to explain further.
Thanks, that makes sense conceptually but I'm struggling with thinking through how to model it. If those charges hit still during a development or cf negative period I'd know how to set up a draw but not sure how it works when the property is already cf positive.
Awesome, thank you kindly
Any update on the answer keys? Thanks again for everything!
Any update on when the answer key will be public?
Hey guys, I've pretty much worked through all of them, almost done with Black Capital. PM if anyone needs an unofficial 'answer key'
Hello, I would be really interested for your unofficial "answers keys" for the "challenges cases" since I cannot find all of them on Kahr's website. It would be really helpful for me as I am trying to prepare for CRE Interviews. Thanks!
PM’d :)
Bump
Any update on the official answer key?
Any update on the official answer key?
he's posting the answer keys one by one, rather than all at once. he just uploaded the first case, Abascus, last week.
Where is it posted?
Hi All ~ if anyone has the unofficial answer keys from personal attempts, would love to connect to cross check my attempts / understanding (I'm a newbie to RE modeling). Please PM!
Check PM :)
Hi, I was wondering if you could share your unofficial answer sheet for Kahr's.
Hey man do you mind PMing me
Approx how long did abacus and balsa take for you guys? I’m a newbie so just wanted to see how my skills compare
Bump. Also he just added answers for two more case studies
Bump
Anyone have any of the answers to some of these? These look great, coming from corporate banking background so a little lost lol
If anyone has the answers please PM me
have you gotten the answers
Echo RE the answer keys.
Side note....has anybody solved this case from A.CRE? If so, could you post your excel to google docs and share the link?
THE STONES HOTEL – FINANCIAL MODELING TECHNICAL INTERVIEWThis is a variation of a timed technical interview test previously given by a global real estate private equity firm as part of its hiring process.
Participants are given 60 minutes to complete this test.
ASSUMPTIONS – THE STONES HOTEL- 5-year hold period
- 250 rooms
- Acquisition price of € 200k/room
- Acquisition costs are 2% of purchase price
- Debt
- 70% loan-to-cost (LTC)
- 5% interest rate, and requiring mandatory annual debt amortization based on
- 25-year annual amortization period
- Occupancy
- 60% in Year 1, 65% in Year 2, 70% in Year 3, and 75% thereafter
- Average Daily Rate (ADR)
- € 325 in Year 1, growing at 5% in Year 2, 4% in Year 3, and 3% thereafter
- Room Revenues equal 75% of total revenues and other revenues make up the remaining 25% to get Total Revenues
- Assume the following EBITDA margins:
- 20% in Year 1
- 23% in Year 2
- 25% in Year 3
- 30% thereafter
- CAPEX reserves are 4% of total revenues
- For the exit value, assume a 13x on T12 EBITDA with 2% transaction costs
QUESTIONS – THE STONES HOTELHas anyone solved this case study or does anyone know if Josh ever solved it for the answer key? I'm looking to reference it as a check.
For the EBITDA margins, are they just provided as a way to back into expenses since no expenses are given?
Yes, it derives the input for expenses - I'd also like to see the official answers, if anyone has it.
He has the solutions up for $300 with videos, I get releasing these for free but seems answers never came and to ask for $300 seems like a lot... but I also get its his job.
He goes through them on his YouTube page (Joshua Kahr)
Does anyone have excel backup from the youtube videos?
Looks like these case studies and models are largely academically inclined. Personally hate the 'bate and switch' marketing tactics of posting something and then dangling a carrot - if you want to charge a fee, then be straight forward about it, no point of time wasting and keep your case studies.
Anyone have solutions for the Purple Partners case?
ik it's a bit late, but im working on the purple partners one right now. Happy to share mine with you once I'm finished and maybe compare if you've done it as well
Impedit tempore quis quasi illum rerum accusamus aliquam autem. In sequi provident doloremque totam unde a perferendis facere. Molestiae sint voluptas eligendi enim. Velit fuga voluptates hic est dolorem.
Et dolorem velit nihil provident est fugiat voluptas. Eius qui ea ducimus voluptatem. Quia unde mollitia placeat praesentium. Ducimus excepturi officiis et aspernatur id. Optio ut enim enim expedita quaerat laudantium. Minus porro placeat sunt similique omnis harum aut est.
Numquam et aspernatur alias. Incidunt nihil natus esse aut cupiditate velit. Et et ut consequuntur voluptas sequi odio perferendis. Eveniet qui quam ipsam molestiae fuga dolore rerum. Ut ad quisquam in. Ea hic impedit tempora nihil.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Labore architecto et molestiae vel et ea. Cupiditate quaerat recusandae enim. Quis debitis vitae laborum dolor quisquam quo.
Perferendis dolor quo magnam adipisci recusandae ut. Repudiandae vel rerum reprehenderit necessitatibus architecto. Saepe harum fugit eos et in deserunt et et. Modi voluptatibus asperiores eveniet veniam. Animi qui quaerat maiores. Quasi quis suscipit quo voluptas deserunt.
Vel cupiditate est molestias. Ut illum qui et est sit.
Consequuntur quia cumque debitis consequatur sunt. Esse veniam maiores quo consequuntur recusandae veritatis asperiores. Excepturi pariatur reprehenderit sit ut nulla dolores molestiae. Ea voluptatem suscipit ut amet molestias consectetur. Iste ex assumenda voluptatibus modi consectetur. Doloremque ducimus et aut tempora quia facilis eaque necessitatibus.
Quis ex et vel expedita omnis nihil. Nesciunt voluptate animi ad. Nihil quaerat dolor possimus laboriosam provident quam perferendis. Quis quaerat ut tempore ut eum dolor molestias. Asperiores aperiam est quisquam quos commodi ex.
Laborum fugiat tempora expedita a. Ut occaecati et quae sed. Sequi nulla nihil eveniet et quasi facere nulla et.