Real Estate Financial Modeling Course
Hi all. I’m currently an asset manager and want to build truly comprehensive, from-scratch real estate financial modelling skills. My goal is to develop a strong technical backbone in real estate finance and potentially pivot roles within the industry.
I’m looking for a course that covers everything end-to-end: building full Excel models from a blank sheet, unlevered and levered cash flows, detailed debt modelling, equity waterfalls (pref, catch-up, multi-tier promotes), development modelling (sources and uses, draw schedules, interest capitalisation), lease modelling, and proper sensitivity analysis and modelling best practice.
A friend recommended the Cambridge/Bayfield Real Estate Financial Modelling Programme, but I’ve seen some mixed feedback and would really appreciate honest views from anyone who has taken it or compared it to other top-tier programmes.
If you had to choose one course to become genuinely strong at real estate modelling, especially waterfalls and leverage structures, what would you recommend and why?
Based on the most helpful WSO content, here’s what you need to know:
WSO Elite Modeling Package: This is a highly recommended option for comprehensive financial modeling. It includes lessons taught by experienced private equity professionals and investment bankers, covering financial statement modeling, DCF, M&A, LBO, and Comps. While it’s not exclusively real estate-focused, it provides a strong technical foundation that can be applied across various finance roles.
REFM (Real Estate Financial Modeling): REFM courses are specifically tailored to real estate professionals. They cover unlevered and levered cash flows, equity waterfalls, development modeling, and more. If your focus is entirely on real estate, this could be a great fit. However, as noted in WSO threads, your success with REFM depends on your underlying understanding of accounting and finance fundamentals.
BIWS (Breaking Into Wall Street): BIWS offers robust financial modeling courses, including real estate-specific modules. It’s known for its clarity and step-by-step approach, making it a solid choice for building models from scratch.
Real Estate Finance Journal (REFJ): For equity waterfalls and promote structures, the REFJ is highly recommended. It provides a strong conceptual foundation, which is crucial before diving into complex models. Pairing this with practical modeling courses can be a game-changer.
Adventures in CRE: This platform offers free and paid resources, including Excel models and tutorials on waterfalls with IRR and equity multiple hurdles. It’s a great supplement to any course you choose.
Recommendation:
If you’re looking for a single course to become genuinely strong at real estate modeling, REFM or BIWS Real Estate Modules are top contenders. Both offer end-to-end coverage of the skills you’re seeking, including waterfalls, leverage structures, and development modeling. Pairing these with resources like the REFJ and Adventures in CRE can further enhance your expertise.
Remember, the key to mastering real estate modeling isn’t just the course but also consistent practice and a solid grasp of finance fundamentals.
Sources: Best way to learn Real Estate Waterfalls?, It's time for Real Estate courses @WallStreetOasis.com, Best Real Estate Modeling course? REFM? BIWS? WSP?
The Adventures in Commercial Real Estate Accelerator is the best one in my opinion. Covers everything. Around $600 I believe for the base package.
I did REFM, it was alright for basics and really heavy on waterfall modeling, but I didn’t feel like it really gave you the ability to go from blank excel sheet to full blown functional model. Probably wouldn’t recommend.
I’ve heard ACRE accelerator is much better for this and they touch on all different asset classes.
Thanks very much! Do you know anyone who has done ACRE or Cambridge?
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