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 have a solid understanding + modeling skills for core MF properties but im looking to learn how to model value add properties or properties with upgrade programs... would you recommend the REFM mf self study program? is it worth it to buy?
I’d love to grab that office model for some $
How Useful is the BIWS Real Estate Modeling Kit? (Originally Posted: 01/14/2016)
I am currently looking for a job on the investment side of real estate. I graduated from an ivy in 2015 and have been working part-time at a small construction/development company but am still looking for a full-time job. I didn't know what I wanted to do throughout college and really have no relevant real estate/finance internships. I met with an alumni at GreenOak the other day for an informational interview and he told me that I should basically just go around knocking on REPE company doors and pitching myself. While I thought knowing ARGUS would be very helpful for my modeling skills, when he went into detail about the types of modeling skills REPE companies expect in their analysts, I realized I have a lot to learn. So I was wondering, how helpful do you guys think the Breaking Into Wall Street Real Estate modeling package is?
If I learned it inside out, do you think I would have the requisite skills to demonstrate that I'm a good real estate modeler to a REPE company? I know it would be an extreme uphill battle since I would be competing against IB kids that have been creating models nonstop for 1-2 years but assuming I could otherwise make a compelling case for myself, would the modeling skills I learn from that course be enough to demonstrate that I'm competent as a real estate modeler? And if so, how much time on average do you think I would have to spend practicing with that program before I could have a sufficient grasp of the material?
If anyone knows of any other modeling packages that would be more useful that would be great to know too. Thank you.
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)
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...
I have used both BIWS and REFM. I recommend both.
Bump
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Commercial Real Estate Modeling w/ ExcelTraining (Originally Posted: 07/12/2012)
let's say you know Argus (certified), you know many Excel functions, everything from pivot tables to vlookup, etc. I don't want to drop $100's, I just want some basic tutorial of real estate modeling with Excel. What's the best place to learn?
Youtube
You know what would be really good for me is to try to solve some sort of CRE problem.
If someone outlines some sort of problem: model this, etc, give me that, in Excel, and let's me send it to them for feedback, well I'll be your friend at the very least.
BIWS
echoing secfinance....
used BIWS course and it helped me get a feel for RE modeling. The IRR waterfall lecture is a good introduction to that concept...
Anyone have insight they could throw in?
How does BIWS/REFM work with sharing? My brother is a student in real estate so I would like to split the cost and share with him.
Also my personal laptop is a Mac, will I need to run windows to model in excel?
REFM is browser based video through an account you log into. They give you an excel document that you can work along with.
Has anyone heard of or taken the "CRE Investment Fundamentals" course by Property metrics? I have been following their blog for quite a while but unsure if I want to spend the cash on the course.
I am literally wondering the same thing. The package seems more compact than the other two sources.
Isn't Argus the dominant player in this market?
BIWS Real estate case studies are great. I prefer the Wall Street Prep style of teaching, breaks it up in to more incremental pieces.
Not necessarily related to modeling but also good for interview prep...trippple.net does a great Sunday night newsletter to help keep track of major news stories
Is UNC really a non-target?
Nvr heard of it on the west coast, but east coast folks can chime in. I heard it is a reputable school and I am sure the network is strong on the local level.
I’m going to be buying the BIWS Real Estate Modeling course. It is necessary to take the BIWS Excel and Fundamentals course or Advanced Modeling course before I take the Real Estate Modeling course? Or can I get by without the intro courses if I already have a decent knowledge of Excel/financial statements?
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.
REFM gets you the fundamental of basic finance (amortization) to JV Waterfall (level 3); I hvnt done BIWS RE Course, but REFM has helped significantly in recruiting.
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