Best Real Estate Modeling course? REFM? BIWS? WSP?

This is my first post to WSO so I hope I'm doing this correctly.

Here's a little about myself...

Job : 1 year doing corporate finance at Top 3 Bulge Bracket bank
Undergrad : (Mid-Atlantic) Non-Target - Penn State, Maryland, UNC
Major GPA: 3.7+
Internships: 1 year at Elite RE development firm that builds casinos, entertainment complexes, shopping centers, multi-use etc

Upon graduating undergrad, I had aimed to start my career in investment banking either in NYC or LA. I was a bit naive/unrealistic at the time as I was entire aware of the rigid structure of on-campus recruiting. Sigh, I wish I had found WSO sooner! Since I was being the recruiting 8-ball and was in desperate need to pay bills as I am entirely self-sufficient, I took a job with a BB-bank but in a back office role. To put it bluntly, the work is mind numbing; and although I enjoy the personalities of the people I work with, I feel that I am not learning a valuable skill set that would suit me throughout my career.

I had had such a phenomenal experience at the CRE firm that I had interned at. However, I was hard-set on BB IB and passed on an offer from the firm. Eventually, the filled the position and I was out of my offer. Now, I am once again looking to move back into CRE. I have an interview with a REPE firm and I have a strong feeling I will have to complete an in-person modeling case study.

I am currently taking the BIWS basic modeling courses; however, my gut tells me that BIWS's basic modeling course will have me a bit unprepared for the case study.

Therefore, I was wondering if any fellow industry monkeys had advice/insight onto a high-quality modeling course that I could learn from. I've seen recommendations for BIWS REIT but that seems a bit more REIB focused. I've also seen recommendations for REFM and this seems to be a good fit. However, there are a wide variety of courses to choose from and the site doesn't not clearly lay out which ones would work well for an industry beginner trying to learn as much as possible.

If you have been in my predicament before, please reply or shoot a PM as I would love to hear all advice that you have to share!

PS - I have some good courses and guide if anyone is interested in a swap.

 

I have the REFM MF program now. There is certainly a lot of info there but you're hunting for it. Bruce is a knowledgeable individual in the field of financial modeling but I find his teaching techniques to be lacking. With that being said, if you're already at least intermediate in Excel, and it sounds like you are maybe advanced, REFM courses may be for you.

His MF model is a value add acquisitions deal on a 30 unit building in Florida.

I have his office model as well but have yet to even open it...

 

I plan on investing in both the BIWS RE kit and the getrefm course. Just for additional education. I think for the money its pretty good from what I have been told. I wonder though...if companies are seeking kids with modeling experience already (as a fresh undergrad), what major or classes in undergrad teaches you RE specific modeling or Argus???!! I would think thats something you learn on the spot at the job entry level anyway. Or is that why internships are so important? (Did not go that route so I would not know)

 
Best Response

It's not just modelling but your core understanding of Acct and Finance that will drive your ability to get a job. These IB analysts are all coming in with heavy finance and acct backgrounds which gives them their edge, not per say in modelling, all that is driven by the underlying knowledge. If you take BIWS modelling courses but your fundamental understanding of acct/finance is weak, getting a firm spot in these REPE funds will be quite challenging...

 

For an RE professional with little modeling experience...is the REFM 1-3 Course or BIWS RE Course a better introduction to excel modeling for real estate? In other words, does one class better serve a newcomer to excel modeling in general versus someone with generic excel modeling experience that is looking to enhance skills focuses on RE. I would rather start with the better course for beginners. Thanks for thoughts.

 

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