Real Estate Modelling Test Practice

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!

Thanks

***** 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.

https://imgur.com/a/W1HFd

https://www.wallstreetoasis.com/forums/re-model-c…

https://www.wallstreetoasis.com/forums/megafund-r…

https://www.getrefm.com/shop/free-refm-software/f…

Real Estate Modeling Course

  • Real-life RE Modeling Tests from actual Interviews
  • Various asset classes including multi-family, commercial and more
  • Huge discount - until more tests and cases added

Comments (68)

Nov 21, 2017 - 12:14pm

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

Array

Jan 10, 2018 - 6:04pm

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 - 8:17am

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

Array

Jun 13, 2018 - 2:15pm

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...

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Jan 10, 2018 - 6:05pm

What does a typical Financial Modeling test based on RE case study incorporate? (Originally Posted: 04/11/2016)

Hi,

I have an interview on Thursday where I will be given 1 hour to conduct a financial model on a real estate case study. This firm typically does tax credit real estate development. I am trying to figure out what I should review / study for this model cast study. I have never done one before. What does a typical financial modeling test contain? A max of one hour seems like a short amount of time to do a full model.

Any help or direction would be much appreciated.

Best Response
Jan 10, 2018 - 6:06pm

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.

Aug 3, 2018 - 1:23pm

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
Oct 17, 2018 - 10:28am

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

Array
Jan 29, 2020 - 11:10pm
RE Bootcamp:

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.

Is it still possible to have this sent over to me? I know its an old post but I have an excel test upcoming.

  • 2
Feb 16, 2020 - 11:50pm

Hello, can anyone kindly share the model as well? I know it has been some time ago but that would be super helpful for my interview.

Much appreciated for your generosity!

May 1, 2020 - 7:34pm

Hello,

I know this is a very late comment but if you still have that model i'd greatly appreciate it

Array
Jan 10, 2018 - 6:08pm

Best (and cheap) guide for a simple real estate modelling test (Originally Posted: 08/04/2017)

Can anyone recommend a good and cheap guide for a simple real estate modelling test for someone with no previous experience? While we are at it, any good interview guides too?
Thanks!

Jun 21, 2018 - 3:54pm

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

Aug 3, 2018 - 1:24pm

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
Dec 24, 2019 - 2:43pm

lolcakes Were you able to find a solved model for the Related Case study? It seems like a great model to practice as it's quite sophisticated and I would love to check my model with a completed version. Thanks.

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