Real Estate Modelling Test Practice

lolcakes's picture
Rank: Senior Baboon | 247

Hi all,

Is anyone aware of any commercial real estate modelling tests (free or at a cost) (preferably non development) on the internet? I've found the PGIM case study on WSO and the free one on REFM but both are multifamily which is not the industry I am trying to get into - moreover, I am already in multifamily so I am more than comfortable with modelling these case studies

The reason I ask is because my modelling skills are pretty good, and without any pressure, I can model as good as most people looking for junior roles. However, I don't get enough interviews (not many people give me a chance after seeing my multifamily background) and as a result, I am not familiar with the pressure (not necessarily time pressure as I can model quickly when comfortable, but its the pressure of this opportunity being last-chance-saloon in my own head) and I tend to panic so my models turn to shit. Ultimately this is not reflective of my ability but I get rejected because of this.

It would be ideal if I could practice with some real world examples, under exam conditions so that I can get rid of this mental block.

Any help would be much appreciated.

Any tests with a promote would be a bonus!


***** It would also be amazing if anyone would be willing to tear apart one of my models but I fully appreciate if nobody has the time :)

And just so that I'm not leaching completely (!) here is a collection of what I've already found.

Comments (49)

Nov 21, 2017

I've said this a bunch of times but get the breaking into Wall Street Real estate modeling course. I've tried a couple modeling courses, and it was the cheapest while also being the most helpful to me

Jan 10, 2018

Cheers Jsmith - I actually have the BWIS course but it's not quite the modelling courses that I am after, it is more examples of modelling tests that people have sat.

I tend to go into panic mode when I go into a modelling test, for no reason whatsoever, and I always end up forgetting the basics which I wouldn't otherwise. Eg I felt like I had a really good interview at a PERE firm where everything sounded like my dream job - I got on really well with the interviewers but when it came to the modelling test, I made some crucial errors by not keeping a clear head. Still waiting to hear back but I feel they will probably reject me.

I guess I am just trying to "condition" this out of myself and I figure the more real world examples I see, that I can complete at first glance, the more comfortable I'll be when I have my next interview.

Nov 22, 2017

Just give yourself lots of timed practice. It sounds like you've had enough interview experiences to know what to expect, so just build a variation of the model you had to make in the interview over and over until you can do it with your eyes closed

Sounds like you're more experienced than me, but that's just my thought

Jun 13, 2018

Why don't you condition yourself with LBO papers or 1 hour LBOs...

It can be easily be found online...

Jun 13, 2018

If I were you I would work on how to manage my stress rather than the models. If you think that you are capable of doing it but screw up because of the stress.

Try meditation, going to the gym before the interview, think that one day you will die and none of it really matters...

Best Response
Jan 10, 2018

Most of the Excel case studies are based on a value-add multi-family or hotel asset. They will likely give you some base assumptions (current occupancy, rents, how long to stabilize the property, etc.) and ask you to build a model from the ground up. The case will ask you to solve for something like, "At what purchase price will make the hold-period levered IRR 18%?" Some will also ask you to incorporate a basic 2-tier equity waterfall.

So, you should know how to create:
1) Property-level cash flow statement
2) Debt amortization table
3) Sources and uses table
4) Equity waterfall
5) How to value a property using cap rate
6) How to calculate basic return metrics (IRR, cash-on-cash return, and equity multiple)

If you can do this, you will be in great shape. PM me and I can send you an example.

    • 10
Jun 15, 2018

Me too please Nate, thanks!

Jun 15, 2018

Me too please! Thank you so much!

Jun 15, 2018

Hi RE Bootcamp, can you kindly send me the model too? Would be great for my interview prep.

Jun 21, 2018

Can you please send to me as well. Thank you!

Jun 21, 2018

Could you please send to me as well! Thanks!

Jul 5, 2018

Could you please send me the model as well, thank you!

Aug 3, 2018

Me too please Nate, thank you and appreciate your help.

You're walking around blind without a cane, pal. A fool and his money are lucky enough to get together in the first place.

Gordon Gekko

Aug 26, 2018

Hi RE Bootcamp, can you please send to me as well.Thank you!

Oct 17, 2018


Can u send me an example. Much thanks !

Oct 17, 2018

Hi if you have an example still can you also send it my way please? Thank you!

Jul 23, 2019

can you someone please send it to me too?

Aug 4, 2019

I'd really appreciate the example as well. I'm looking to build exactly what you mentioned.

Sep 22, 2019

Could you please send me the example? Would really appreciate it!

Sep 26, 2019

Hey RE Bootcamp,

Do you mind sending me the case study you mentioned above? Trying to get some live practice for my interview next week. Thanks

Oct 18, 2019

Hi , can you kindly send me the model too? Would be great for my interview prep.

Oct 28, 2019

Hi RE BootCamp, I love this summary. Can you kindly send me the model ? I would love to practice on it before my interview. Thank you !

Nov 16, 2019

Hi Nate, thank you for your helpful summary. Would it also be possible to receive the example case study as well? This would be very much appreciated!

Nov 26, 2019

Hi, do you still have those examples? If so I'd greatly appreciate if you could share it with me. Thanks!

Jan 7, 2020

Could you send one to me as well

Jan 10, 2018

Would it also be possible to send me an example as well?

Jul 28, 2019

can anyone send me the example?

Jan 9, 2020

can you please send me the model too? thank you!

Jan 10, 2018
Jan 10, 2018
Jun 21, 2018

Sold recommendation for info in general. Spencer knows his stuff. Bruce at is great too

Jun 21, 2018

There are a lot of options. Have you checked out the MIT free online course from David Geltner? The entire archive w/ tests, case studies, and the like are available for free download.

Otherwise I would get your hands on some OMs. Go on loopnet and UW a deal. Call up a few brokers for various property types, get the financials, and wa-la, you're in business

    • 1
Aug 3, 2018

Me too please Nate, thank you and appreciate your help.

You're walking around blind without a cane, pal. A fool and his money are lucky enough to get together in the first place.

Gordon Gekko

Aug 24, 2018

Hi Nate,

Any way you could send me the example as well? It would be much appreciated!

Jul 29, 2019

Happy to share a few modeling tests and case studies I have. PM me.

Oct 12, 2019

Can you send to me? thanks!

Oct 12, 2019

I'm interested in getting a copy! Thank you!!

Nov 5, 2019

hi is there anyway you would send me that?

Nov 5, 2019

Hey can you please send to me, thanks!

Jul 30, 2019

I'm interested, kindly send me too.

Oct 13, 2019
Dec 24, 2019