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://www.wallstreetoasis.com/forums/re-model-c…
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
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.
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
Why don't you condition yourself with LBO papers or 1 hour LBOs...
It can be easily be found online...
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...
fyi, we'll be announcing something soon related to this...stay tuned!
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.
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.
Me too please Nate, thanks!
Me too please! Thank you so much!
Hi RE Bootcamp, can you kindly send me the model too? Would be great for my interview prep.
Can you please send to me as well. Thank you!
Could you please send to me as well! Thanks!
Could you please send me the model as well, thank you!
Me too please Nate, thank you and appreciate your help.
Hi RE Bootcamp, can you please send to me as well.Thank you!
Hi,
Can u send me an example. Much thanks !
Hi if you have an example still can you also send it my way please? Thank you!
can you someone please send it to me too?
I'd really appreciate the example as well. I'm looking to build exactly what you mentioned.
Could you please send me the example? Would really appreciate it!
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
Hi , can you kindly send me the model too? Would be great for my interview prep.
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 !
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!
Hi, do you still have those examples? If so I'd greatly appreciate if you could share it with me. Thanks!
Could you send one to me as well
Nate - it would much appreciated if you could share this with me as well. Super helpful! Thanks for posting.
Is it still possible to have this sent over to me? I know its an old post but I have an excel test upcoming.
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!
Hi RE Bootcamp, would you be able to send it to me? Especially any hotel development or existing examples. Thank you, appreciate the help.
Hey RE Bootcamp, would you be able to send me this model?
Hello,
I know this is a very late comment but if you still have that model i'd greatly appreciate it
Could you PM this please?
Can you please send me an example?
Would it also be possible to send me an example as well?
can anyone send me the example?
can you please send me the model too? thank you!
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!
www.GetRefm.com
https://www.adventuresincre.com/
Sold recommendation for info in general. Spencer knows his stuff. Bruce at asotreg.com is great too
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
Me too please Nate, thank you and appreciate your help.
Hi Nate,
Any way you could send me the example as well? It would be much appreciated!
Happy to share a few modeling tests and case studies I have. PM me.
Can you send to me? thanks!
I’m interested in getting a copy! Thank you!!
hi is there anyway you would send me that?
Hey can you please send to me, thanks!
would you send it to me please?
I'm interested, kindly send me too.
Sent out to a number of people. If you have case studies or test that you can trade for, I am interested in sending my stuff.
Could someone send me the example if possible? Thank you!
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.
slapacaponit Would it be possible for you to PM me whatever case study prep you have? Thank you.
Hit my PM limit. But happy to share eventually.
Fellas, I have several case studies I am willing to trade around. Hit me if you have something to trade.
Hi,
I have some very useful Modeling Test material to share. I have an interview next week. Shall we exchange material?
do you have any RE modeling test materials you can kindly share? i would really appreciate it
lolcakes Might be a few years late here, but WSO is coming out with a RE modeling test/interview prep course within the next few months!
Hi yes a few years late haha I made it into PERE in the end so all good!
Great stuff! Thanks
it would be great if you could PM the RE model, please
Hi, Would kindly share the test please? I could use some prep. Thanks a lot
Hello could you share it with me please? Thank you in advance!!
Here is an example from Equity Residential REIT, it is a 90 minute modeling exam
ANALYST CANDIDATE EXCEL EVALUATION
An opportunity exists to acquire a hypothetical 478-unit multifamily property in suburban Maryland. The property was built in 1999 and is fully stabilized. Build a dynamic real estate acquisition, operation, disposition, and financing model to evaluate the opportunity. Please provide an annual cash flow summary formatted to print.
General Assumptions:
● Acquisition Date: 4/1/2015
● Purchase Price: $110,000,000
● Stabilized Occupancy: 95%
● Rental Rate: See T-12 Financials Provided
● Revenue Growth: 4% annually
● Operating Expenses: See T-12 Financials Provided
o Management Fee = 2.5% of Total Income
o Tax’s Reassessed at Purchase: $1,600,000 Year 1, 3% growth thereafter o Replacements: $350/unit per year
● Expense Growth: 2.5% annually
● CapEx - $600/unit per year
● Hold Period: 10 Years
● Exit Cap Rate: 6.25%
● Sales Costs: 2.75%
Senior Mortgage
● 65% Loan to Cost
● Origination Fee: 45 bps
● Interest Rate: 3.5%, Fixed
● Amortization: 30 Years
Please provide a summary that includes the following metrics:
● Unlevered IRR
● Unlevered IRR Sensitivity Table (analyst choice of most relevant variables)
● Unlevered Return on Cost
● Levered IRR
I know this is old, but where is the t-12?
Hi there, this is quite old but was wondering if you could share the T-12 financials?
Thanks in advance.
Could anyone please share? Thanks a lot!
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