BIWS Real Estate and REIT Modeling

"How to Learn Real Estate and REIT Financial Modeling and Dominate Your Investment Banking Interviews – and Fast-Track Your Way to Top Bonuses and Exit Opportunities After You Land Your Offer and Start Working"

Gain an unfair advantage by mastering
real-world real estate and REIT financial modeling and
valuation. Immediately access Step-by-Step Video Tutorials and Detailed Case Studies and receive Expert Support, Lifetime Access,
and an Unconditional Money-Back Guarantee to put you on the fast track to a lucrative career...

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  • Master the nuances of real estate and REIT accounting, valuation, and financial modeling with detailed, step-by-step video training. The skills you'll acquire are NOT taught in undergraduate or MBA programs... but you MUST have these skills when you interview for real estate groups at banks, PE firms, and hedge funds, or even at real estate development / investment firms or REITs. You’ll impress your interviewers with your insider knowledge and industry savvy – putting you way ahead of your competition.
  • Quickly grasp "real life" concepts and skills through a detailed case study and 3-statement model for Avalon Bay Communities, a leading REIT in the residential sector. You'll also learn via case studies of an office complex development, and a hotel acquisition and renovation. This is NOT "academic financial theory" but exactly what you will do - in real life – working in any real estate group. Your detailed understanding of industry specifics identifies you as an expert.
  • Dominate your interviews – your competition won't stand a chance. For your convenience, we also provide 7 quick reference PDFs and 9 Overview lessons on the topics most likely to come up in interviews - so you'll be prepared for even the toughest questions. Need to learn quickly? Skip to exactly what you need and review all the concepts in short order – even if your interview is tomorrow and you just found out about it 5 minutes ago.
  • Learn how to use REIT equity research and SEC filings like a pro. Everything in the program is integrated with real SEC filings and equity research from banks like JP Morgan and Citi. You'll discover precisely how to pull relevant information and align your numbers with Wall Street consensus estimates.
  • Master the core real estate and REIT financial modeling concepts, including detailed models for an Office Development and Sale, a Hotel Acquisition and Renovation, and a REIT Operating Modeling and Valuation. You'll learn the most important real estate-specific metrics and methodologies, such as Funds from Operations (FFO), Adjusted Funds from Operations (AFFO), and the Net Asset Value (NAV) model. Your familiarity with these specific topics signals your expertise very quickly to potential employers – they’ll know you speak their "language."
  • Pick everything up fast in 3 simple steps:
    1- Understand the concept behind the model.
    2- Watch a pro build the model.
    3- Practice building the model yourself.

    This hands-on practice builds your confidence while you build your skills... and if you need to review anything afterward, read through the full transcripts for all the videos.
  • Test Your Knowledge with Practice Exercises. You'll get "Before" and "After" Excel files for each lesson. Simply follow along with the lesson and check your answers afterward. You’ll feel even more self-assured as you realize that you truly 'get it' and have fully absorbed the information.
  • Get Instant Access: Since everything is delivered online, you get Instant Access to everything as soon as you sign up. No delays, scheduling conflicts, or packages in the mail to worry about. Start quickly, and finish as quickly as you want.
  • Track Your Progress and Take Notes. Thanks to our custom-designed online learning platform, you can check off each lesson as you go and take notes on all the lessons for your future reference.
  • 365-Day-Per-Year Expert Support: We have a team of experienced investment bankers standing by to respond to your questions, comments, and emails 365 days per year, for as long as you need. There are some limitations on this service – we can’t do your homework for you – but career-related, qualitative, and technical questions are covered.
  • Unconditional Money-Back Guarantee. BIWS Real Estate and REIT Modeling is the only financial modeling training program of its kind to come with an unconditional 12-Month Money-Back Guarantee.
  • Course Certifications. After completing the course material, you’re eligible to take our Certification Quiz. Once you pass the quiz, you’ll be issued a Certificate that you can add to your resume / CV and refer to in interviews. So you won’t just possess these skills, but you’ll be able to prove you possess these skills. Bankers love that.

What You Get... And What BIWS Real Estate
and REIT Modeling Will Do For You...

This is advanced training, designed for both new and experienced professionals. The Real Estate and REIT Modeling course is perfect for you if:

  • You already know the fundamentals of accounting, valuation, and financial modeling, and now you’re ready to drill down into the details and gain the the know-how that sets you apart as an industry expert –with an in-depth understanding of how the real estate industry works.
  • You're interviewing with Real Estate groups – at banks, PE firms, hedge funds, real estate operating companies, real estate developers, REITs, or other real estate-related firms, and you want to impress your prospective employer by being the exact candidate they are looking for.
  • You're about to start working in a Real Estate group, or you've just transferred into one and you need to get up to speed quickly. You’d rather learn on your own time, so that you can impress on the job and move up the ladder quickly.
  • You're an experienced real estate professional and you're now transitioning into investment banking, private equity, or other related roles.

    When you interview for these roles at investment banks, there are certain questions you'll always be asked...
  • How much do you know about accounting? Do you know how it's different for real estate? You’ll able to tell them just how much you know and answer an emphatic and sincere: "YES."
  • Can you walk me through how you would value a property, a portfolio of properties, or an entire REIT? You’ll know exactly how to demonstrate what they want to see – because you will have already practiced all of those in the course.
  • What are the key factors that impact a REIT's valuation and financial performance? You’ll be able to describe them with ease and understanding.
  • "How would you describe your financial modeling skills?" Your hands-on experience will shine through – you’ll be able to confidently recount the skills you've learned in the course, because those are the exact skills they’re looking for.

    Your confident answers to these questions along with the evidence you’ll present of the case study you completed will set you apart from everyone else in the interview room and put you in prime position to land lucrative internships and jobs at investment banks, private equity firms, and hedge funds.

We've designed the course from the ground up to help you gain functional mastery of this highly-specialized material as quickly as humanly possible.

With BIWS Real Estate and REIT Modeling you'll learn by practicing with a case study of a REIT operating model and valuation for Avalon Bay Communities, and case studies on property development and renovation. We use real SEC filings and equity research from banks like Citi and JP Morgan to support the numbers:

  • Detailed 3-statement model for Avalon Bay with support for all their different real estate segments; full valuation, including the usual methodologies as well as real estate-specific ones such as the Net Asset Value (NAV) model.
  • Real Estate Development Lessons cover property development and acquisitions, key real estate terminology and metrics, and how to set up the construction timeline and funding sources, and analyze acquisitions and renovations.
  • 113 videos total (45 hours of footage).
  • 7 quick reference guide PDFs on key topics – from key terms and accounting through property modeling, REIT financial statements, and valuation.
  • Overview lessons cover real estate key terms, how to model an apartment complex, how a REIT operates, and how to link properties and REITs.
  • Office Development and Sale lessons teach you how to estimate building size, hard costs and soft costs, project the financial statements of a property, build debt and equity draw schedules, calculate the sale proceeds, and allocate investor returns using a waterfall schedule, factoring in developer promotions .
  • Hotel Acquisition & Renovation lessons cover how to project a hotel's financial statements, estimate the impact of property renovation, and calculate returns based on the purchase price, selling cap rate, and capital structure.
  • REIT Operating Model videos teach you how to project a REIT's rental income and net operating income (NOI) from same-store properties, development/redevelopment, acquisitions, and dispositions; you'll also learn how to create a complex debt schedule, link and project the statements, and calculate Funds From Operations (FFO), Adjusted Funds From Operations (AFFO), and dividends issued.
  • REIT Valuation lessons cover public comps, precedent transactions, Discounted Cash Flow Analysis (DCF) and Dividend Discount Model (DDM) for REITs, as well as real estate-specific models such as the Net Asset Value (NAV) and Replacement Cost methods.

The information is so detailed and thorough that most of our customers are from top-ranked universities, investment banks, and business schools.

Once you've completed the training, here's what you can immediately add to your resume or CV:

Real Estate & REIT Modeling (Breaking Into Wall Street)
Online Financial Modeling Training Program

  • Completed real estate development model for office complex, with waterfall returns modeled for multiple equity investor classes and different developer promote levels
  • Built model for hotel renovation and created sensitivity tables to determine optimal level of renovation funding relative to potential upside in IRR
  • Created 3-statement projection model over 5 years for Avalon Bay [AVB], leading residential REIT; based model on segment-by-segment buildup for same-store, development/redevelopment, acquisitions, and dispositions
  • Valued Avalon Bay [AVB] using public comps and precedent transactions and metrics and multiples such as FFO and AFFO, as well as Net Asset Value (NAV) model; also completed Levered DCF and Dividend Discount Model, and learned concept behind Replacement Value methodology

You can print out your models from this course and demonstrate your working knowledge during interviews, describing exactly what you learned in the training.

Doing this will impress bankers, who will immediately understand that you possess real working knowledge that comes from experience working with real companies and case studies.

Gain Official Recognition of Your Training With BIWS Certifications

After completing the course materials, you’ll be eligible to take our challenging Certification Quiz. Once you earn a score of at least 90%, you’ll be issued a personalized Certificate of Achievement with your name, the course name, and the date you passed the quiz:

Add your Certificate of Achievement to your resume/CV and/or present it in interviews to set yourself apart from other candidates.

We also make sure employers know that this is a serious qualification: Your certificate will contain a link where prospective employers can review what’s on our exams and what you must master to receive certification.

Unlike other training companies that “issue certifications,” our process is completely transparent: you can literally point to the exact questions you had to answer to pass the quiz and become certified.

Once interviewers see you really do have the "chops" to be a banker, your chances of hiring success go way, WAY up.

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Access Your Training Instantly

Everything in the BIWS Real Estate and REIT Modeling Course is delivered online – no deliveries to wait on and worry about: you get instant access the moment you sign up. And you’ll get FREE updates as they're created, as well as Lifetime Access to the entire course contents.

Once your order is complete, you'll receive an email with login instructions - follow the simple instructions and you'll be able to access all 113 videos and the Quick Reference Guides immediately.

Major Bonus

Three In-Depth Real Estate Private Equity Case Studies
on a Stabilized Multifamily Deal, a Value-Added Office Deal,
and an Opportunistic Pre-Sold Condo Development

It’s no exaggeration to say these bonus case studies really are entire new courses.

In fact, there’s a good chance that you’ll get more value from these bonus case studies than from all the lessons in the rest of the course, combined!

Why?

Because they teach you exactly how to answer real estate private equity case study questions and pass your interviews with flying colors.

And they’ll even get you started toward mastering the skills of the job itself.

(Also, even though we label these “real estate private equity case studies,” they’re highly applicable to commercial real estate and other real estate investment firms.)

There is almost nothing on this topic in other sources.

Equivalent To A Whole New Course

Trust me: I looked in real estate textbooks and other online courses, and I ordered almost everything with “real estate” in the title from Amazon.com – all to no avail.

So I took a different approach: I reached out to existing customers who worked at real estate investment firms and asked them for real investment memos, models, and case studies.

That’s why these case studies are based on reality, from experienced professionals who work in this world every day.

They show you, in excruciating detail, how to analyze market data, build a financial model with different operational scenarios, form an investment thesis, and then present and defend your recommendation.

We focus heavily on the parts that other courses and books tend to skip over – such as the key risk factors and how you might mitigate those risks – and we link each risk factor to the numbers in the model.


What These Case Studies Are

All three case studies describe properties up for sale or new developments seeking investment and pose a simple question to you:

“Should you invest in this property or this new development under the assumptions below? Why or why not?”

Although this question can be stated simply, the answer is far from simple – since it requires an understanding of the model and the market, and good judgment.

Case Study #1: Stabilized Multifamily Acquisition – The Lyric (Seattle)

This case study is all about understanding the market and seeing trends that others are missing.

You’ll receive an investment memo that describes The Lyric, a mixed studio / 1-BR / 2-BR multifamily property in Seattle, as well as market data on net absorptions, cap rates, historical rent and vacancy rate trends, and more.

Then, you’ll create a 10-year Pro-Forma model for the property based on this data and the case study instructions.

You will learn how to make the appropriate acquisition and exit assumptions, how to measure debt repayment capacity via coverage ratios, and how to come up with different operational scenarios based on market trends.

You’ll also analyze the unleveraged and leveraged IRR, the unleveraged and leveraged NPV, and the property’s implied value as determined by a DCF and comparable property sales.

Toward the end, you’ll use this output to structure a private equity investment recommendation and weave the Excel analysis into your written document.

Then, you’ll complete an optional final lesson on income taxes, capital gains taxes, and depreciation recapture taxes, and you’ll see how they impact this deal. You’ll estimate the tax liabilities for all of those, and you’ll also learn why real estate models often ignore taxes.

Case Study #2: Value-Added Office Acquisition – 45 Milk Street (Boston)

This case study, by contrast, is more about the modeling process and writing the correct formulas in Excel.

You will analyze a Class B office complex in the Downtown area of Boston that currently has a 26% vacancy rate and below-market rental rates. Your firm will seek to reduce the vacancy rate and boost rents via renovations, so this is classified as a value-added opportunity.

You will start by analyzing the market data, the rent roll, and the profiles of existing tenants. Then, you will forecast rents, rent abatement (free months), turnover downtime, absorption, and general vacancy on a tenant-by-tenant, monthly basis.

While you often use ARGUS for some of these tasks, it’s also important to learn how to set up the formulas manually in Excel without additional software.

You will then project tenant improvements (TIs) and leasing commissions (LCs) for each tenant on a monthly basis, also factoring in the differences between existing/renewal tenants and brand-new ones.

This entire model is split up into “all existing tenants renew” and “no existing tenants renew” cases because of the average lease term and the assumed lease renewal probabilities.

After finishing the monthly schedules, you will roll up everything into an annual Pro-Forma model, add in support for the acquisition and the debt schedules, including TI and LC holdbacks, and analyze the deal via key metrics and ratios, sensitivities, and a waterfall returns schedule for the Limited Partners (LPs) and General Partners (GPs).

Finally, you will draft a 20-slide investment recommendation presentation on the deal and explain why you are in favor of it or against it.

Case Study #3: Opportunistic Pre-Sold Condo Development – V:House (São Paulo)

This case study blends elements of the first and second cases, and also incorporates some of the course’s earlier lessons on the office complex development.

You will analyze V:House, a 303-unit condominium development in São Paulo, Brazil, and make a recommendation on whether or not your private equity firm should invest in the development.

Since this is a brand-new property being built from the ground up – and seeking selling prices above the median for the city – it is classified as an opportunistic deal.

You’ll start by setting up the construction timeline for the project and splitting the condo pre-sales into initial, construction-phase, and final deposits.

Then, you will project the Hard Costs, Soft Costs, Developer Fees, and Land Acquisition Costs, and use them to determine the required debt and equity draws each month, as well as the debt repayment and interest expense.

You will then build a Waterfall Returns schedule for the development and allocate the returns to the developers and third-party investors over three IRR tiers. You’ll finish by completing sensitivity tables, an annual financial summary, a transaction summary, and the Sources & Uses schedule.

In the last lesson, you will complete a 20-slide case study presentation where you explain why you would or would not recommend investing in this development.

The last part of each case study above – the investment recommendation – is what’s missing from every other financial modeling “training program” / book / overpriced classroom seminar.

Yes, they show you the formulas... and the mechanics of where to find a few of the numbers (well, sometimes)... and maybe they’ll give you sample spreadsheets and some video tutorials on parts of it...

But No One Ever Explains Why
Financial Modeling Matters in the First Place!

Put simply, there are only 2 reasons to build financial models:

  1. 1 Because you’re on the sell-side (e.g., investment banking), and you want to sell your client(s) more effectively to potential buyers.
  2. 2 Because you’re on the buy-side (e.g., private equity), and you want to invest your own funds to earn a profit.

The REIT-related lessons in this course are more about the first case, where you’re advising a company on an M&A deal or a potential equity or debt financing and you’re seeking a good price for your client.

But these bonus case studies are all about case #2 – how to analyze a property, determine whether it’s undervalued or overvalued, and if there’s potential to make money by investing in it yourself.

And if you want more details, here’s what’s included:

  • 50 lessons covering everything above (21 hours of video altogether).
  • Embedded quiz questions, as well as quiz questions that you can take at the end of each case study to check your understanding and test yourself.
  • "Before” and “After” Excel files for each Excel-based lesson… along with comprehensive written notes on each lesson so you can easily skim and review what you learned.
  • Full transcripts for all the lessons (over 220,000 words total) – so you can quickly review material and skip to exactly what you need.
  • Instructions on how to outline your investment recommendations and support them with market data and the output from your model.
  • Plus, three sample recommendation templates you can use and re-use in interviews and on the job: one shorter, 2-page written Word document and two examples of longer, 20-slide PowerPoint presentations with charts and diagrams.

Here’s the Bottom Line About These Bonus Case Studies…

If you went to Amazon.com and purchased every single book you could find on the real estate industry…

And then you signed up for every single real estate-related in-person seminar and financial modeling training program you could find…

You would still NOT be able to learn what you could learn here.

After all, I did all of that myself before creating these case studies.

It didn’t work, and that’s why I had to reach out to previous and current students and ask them for the real models and case studies that RE PE firms use to make investment decisions and to test candidates.

What’s In It for You?

"You’ll learn how to critically evaluate companies as an experienced sector analyst would"

Of course, you can use the models and templates here in your own interviews and case studies, or even to impress on the job and get promoted more quickly.

But it’s about more than that: if you are interested in becoming a real estate investor in the future, this course is right up your alley because you’ll learn how to critically evaluate properties as an experienced sector analyst would.

So regardless of how you use the course, the outcome is the same: higher earnings potential.

You get that via more lucrative job offers and faster promotion, or via more effective strategies for deploying your own capital.

These lessons are also more information-packed than those in the main course, because we assume that you’ve already mastered the introductory material – meaning that you get even better results in less time.

What to Do Next

Once you sign up for the Real Estate & REIT Modeling course, you’ll have instant access to these bonus case studies as well.

Put simply, this is more material and more in-depth knowledge than you’d gain in a week-long in-person seminar… because there simply isn’t enough time to cover this material in a seminar format.

We could easily release these case studies as a separate course for $350 or more, given that no other training program or book teaches these concepts.

But I would rather OVER-deliver and give you everything for free, simply as a bonus for signing up and joining the BIWS community – or, if you’re already a member, as a reward for enhancing your skills and knowledge via this advanced industry-specific training.

As a member of the site, you’ll also receive FREE access to any additional bonus case studies we release in the future.

Sign up now to take advantage of this offer and receive FREE access to these real estate private equity bonus case studies.

Sign up now

Hear What Customers Have to Say About Their Results
With The BIWS Real Estate and REIT Modeling Course

At last count, over 22,981+ students, entry-level professionals, and career changers have used Breaking Into Wall Street to master modeling, win interviews, and break into high-paying jobs in investment banking, private equity, hedge funds, equity research, and more.

Take a look at what some of them have to say specifically about the Real Estate & REIT Modeling course (these are actual unedited email screenshots... a few details have been blacked out to protect customers' privacy).

"Thanks for offering such great courses and keep up the great effort!"

"All Models Are Comprehensive And Simple To Understand."

"Structured so that you can refer back to it quickly to recap
anything you forget."

"I took your real estate valuation course and it really set me apart from all the other candidates."

And here's just a small selection of schools and firms where individual students and professionals currently use our courses (Note: In some cases, groups or classes at the organizations below have signed up for official group licenses; in other cases, individuals at these organizations have signed up on their own.):

A partial list of schools where BIWS courses are in use…

  • Amherst College
  • Barnard College
  • Baruch College
  • Bentley University
  • Birmingham - Southern College
  • Boston College
  • Brown University
  • California Polytechnic State University
  • Canisius College
  • Carleton College
  • Carnegie Mellon University
  • Claremont McKenna College
  • Colgate University
  • College of St. Scholastica
  • Columbia Business School
  • Concordia College
  • Cooper Union
  • Cornell University
  • Cranfield University
  • Dalhousie University
  • Dartmouth College
  • Drexel University
  • Duke University
  • Emory University - Goizueta
  • Business School
  • Fordham University
  • George Mason University
  • George Washington University
  • Georgetown University
  • Georgetown University - McDonough
  • School of Business
  • Ghent University - Vlerick Leuven
  • Gent Management School
  • Hampden-Sydney College
  • Harvard Business School
  • Harvard University
  • Imperial College London
  • Indiana University - Kelley School
  • of Business
  • Johns Hopkins University
  • Lehigh University
  • London Business School
  • London School of Economics
  • Marquette University
  • Massachusetts Institute of Technology
  • McMaster University
  • Michigan State University
  • MIT - Sloan School of Management
  • Monash University
  • Mount Holyoke College
  • North-West University (South Africa)
  • Northwestern University - Kellogg
  • School of Management
  • NYU Stern School of Business
  • Ohio State University
  • Pennsylvania State University
  • Princeton University
  • Queen's University
  • Regis University
  • Rice University
  • Ryerson University
  • Sewanee, The University
  • of the South
  • Southern Methodist University
  • Stanford University
  • Stockholm School of Economics
  • Syracuse University
  • Texas State University - San Marcos
  • The College of New Jersey
  • Tulane University
  • UCLA - Anderson School
  • of Management
  • University of Alberta
  • University of Arizona
  • University of California, Berkeley
  • University of California, Berkeley -
  • Haas School of Business
  • University of California, Irvine
  • University of California, Los Angeles
  • University of California, Santa Barbara
  • University of Cambridge
  • University of Chicago - Booth
  • Business School
  • University of Colorado at Boulder
  • University of Connecticut
  • University of Delaware
  • University of Denver
  • University of Edinburgh
  • University of Exeter
  • University of Florida
  • University of Georgia
  • University of Illinois at
  • Urbana-Champaign
  • University of Iowa
  • University of Lethbridge
  • University of Michigan
  • University of Minnesota, Twin Cities
  • University of Nebraska - Lincoln
  • University of New Hampshire
  • University of North Carolina at
  • Chapel Hill
  • University of Notre Dame
  • University of Pennsylvania
  • University of Pennsylvania -
  • The Wharton School
  • University of Pittsburgh
  • University of Richmond
  • University of South Carolina
  • University of South Florida
  • University of Southern California
  • University of Technology, Sydney
  • University of Tennessee, Knoxville
  • University of Texas - McCombs
  • School of Business
  • University of Texas at Austin
  • University of Texas at Dallas
  • University of Toronto - Rotman
  • School of Management
  • University of Tulsa
  • University of Virginia
  • University of Western Ontario
  • University of Western Ontario -
  • Richard Ivey School of Business
  • University of Wisconsin - Madison
  • Vanderbilt University
  • Villanova University
  • Virginia Tech
  • Washington University in St. Louis
  • WHU - Otto Beisheim School
  • of Management
  • Williams College
  • Wofford College
  • Yale University
  • York University
  • York University - Schulich
  • School of Business

A partial list of firms where BIWS courses are in use...

  • Accenture
  • Alpine Investors
  • Anders Nyman
  • Arkas Corporate Finance Advisory
  • Arqaam Capital
  • Avondale Partners
  • Bank of America Merrill Lynch
  • Barclays Capital
  • BlackRock
  • Blue Sky Group
  • BNY Mellon
  • Boone Opportunity Lenders
  • Capital Partners
  • Cardinal Capital Management
  • Carlisle Development Group
  • Carpenter Hawke & Co.
  • Century Management
  • CIT Group
  • Citigroup
  • Credit Suisse
  • Energy Invest Group
  • Energy Transfer
  • FTI Consulting
  • GenNx360 Capital Partners
  • Global eProcure
  • Gold Key Realty
  • Grisons Peak Merchant Banking
  • Harris Williams & Co.
  • HDFC Bank
  • HSBC
  • ICE Canyon
  • IHG Capital
  • Jadwa Investment
  • Koru Technologies
  • KPMG
  • La Financière Patrimoniale
  • d'Investissement
  • Lazard
  • Lloyds TSB
  • M&T Bank
  • Mirae Asset Global
  • Investments Group
  • Morgan Stanley
  • New Island Capital
  • Pilgrim Bank
  • Pricewaterhouse Coopers
  • Princess Three
  • QBE Insurance Group
  • Quantek Asset Management
  • Raymond James
  • Reaud Capital
  • Regent Natural Resources Co.
  • Royal Dutch Shell
  • Schroder Investment Management
  • Sindicatum Sustainable Resources
  • Société Générale
  • Somerset Capital Management
  • TD Bank
  • Tesoro Corporation
  • Value Advisors
  • Vector 9 Strategies
  • World Fuel Services

Our Custom-Designed Interactive Learning Portal is Your ‘Real Estate GPS’ - Positioning You for Fast Understanding and Quick Answers from Our Expert Support Team of Ex-Bankers.

The videos below demonstrate exactly the caliber of content and style of instruction you'll get after you sign up:

In this sample video from RE PE case study #1, you will learn how to set up
different operating scenarios for the property, including a decline followed by a
recovery and stabilization as well as a high-growth period followed by a decline and
a recovery. You will also learn how items such as rent, the vacancy rate,
operating expenses, and TIs, LC, and CapEx change in each phase.




Click here to view a large version of the video and get all the files and resources.


In this sample video from RE PE case study #2, you will learn how to project
leasing commissions for both new and renewal leases, and you’ll learn how to
distribute the lease payments over the appropriate time frames.



 

Click here to view a large version of the video and get all the files and resources.


In this sample lesson from our third RE PE case study, you’ll begin setting up
the waterfall returns schedule with the formulas for the Tier 1 IRR accruals
and cash flow distributions, and you’ll learn why we might need to build
in a special case to handle the debt repayment upon construction completion.





Click here to view a large version of the video and get all the files and resources.

add to cart
$497 or 3 Monthly Payments of $177
100% Unconditional Money-Back Guarantee


Plus Expert Support From
Current And Former Investment Bankers, 365 Days Per Year

Just moments after you enroll, you’ll receive Instant Access to the entire Course.

Everything is digital, so you do not have to wait for physical products to arrive in the mail, and there are no shipping charges.

You can download the guides, Excel files, videos, quizzes, case studies, and other resources to your preferred device, so you can learn whenever and wherever you like.

But that’s not the best part.

The best part is 365-day-per-year expert support!

If there’s anything at all you don’t understand, just go to the “Question/Comment” area below each and every lesson, and ask your question there.

These comments are monitored and responded to by our expert support team – every one of whom has personal experience working on deals at investment banks, private equity firms, and other finance firms.

That ensures that you’ll get responses from people with deep experience in the field – not a clueless high school temp clutching the "Help Desk" manual.

This personalized, expert support is one of the things that sets Breaking Into Wall Street apart and gets you to your goals faster.

You can often learn just as much from reading other customers' questions and our responses, as you will from the lessons themselves!

Our 1-on-1 coaching rate is $200+ per hour. But when you invest in the BIWS Real Estate & REIT Modeling Course, personal support is included for FREE.

NOTE: There are some limitations to these support services. For example, we cannot complete models, case studies, or homework assignments for you.

We also cannot provide play-by-play support with an earpiece during interviews.

Finally, we cannot answer questions on topics not covered in this course, such as sales & trading interview questions or coding/programming interview questions.

We’re happy to answer career-related, qualitative, and technical questions that are related to the course materials.

add to cart
$497 or 3 Monthly Payments of $177
100% Unconditional Money-Back Guarantee

Here's A Sample Of The Personalized Support
You Can Access Inside The Members' Area:



This personalized, expert support is one of the things that sets the BIWS courses apart and gets you to your goals faster.

You can often learn just as much from reading other customers' questions, and our responses, as you will from the lessons themselves!

Our personal phone-based coaching rate is currently $200 per hour. But when you access this course, personal support is included for FREE, for as long as you need it.

What's Your Investment in The
BIWS Real Estate and REIT Modeling Course?

To put this in context, let's consider your Return on Investment in this Program...

The pay for entry-level investment banking jobs varies from year to year, but it's safe to say that even entry-level Analysts earn at least $100,000+ USD right out of university.

At the MBA level, that climbs to $200,000 USD. And as you progress, your salary only gets higher and higher. Top bankers earn 7 figures annually. And every top banker had to start at the entry level and get their foot in the door, just like you today.

By investing in this highly-specialized program – and in your future - you're accomplishing several things at once:

  • Gaining extremely specialized knowledge in a field where there is consistent high demand for people with your specialized skill set.
  • Learning practical real-world skills you can apply right now to land a job in the lucrative real estate specialty.
  • Differentiating yourself from other IB professionals and students at top schools – even those with the best academic pedigrees and the highest GPAs. Why? Because you’ll possess knowledge gained from analyzing real companies and case studies they just don’t have.
  • Proving beyond a doubt to current or potential employers that you're someone who is prepared to go "above and beyond" to be the best and get results… which is exactly the type of person banks love to hire, reward and promote.

The value you stand to receive is substantial – dare we say potentially life-changing?

And your investment? Just $497 for the entire program.

With this very modest investment, you're setting yourself up for a job that pays a minimum of $100,000 – that's a 200x return on investment. (Good luck getting that in the stock market!)

Look at it this way: you’ll be acquiring highly-specialized skills for which there is a ton of demand, but very limited supply... and that can only be a very good thing for you.

There is simply no other way you can possibly get this level of training, this level of support – help and troubleshooting on demand - and access to a community of thousands of your peers.

All this comes with an end-of-course certification quiz that your employers can use to verify exactly what you learned in the course - there’s a web link right on your certificate.

When they realize the depth of the course you've taken, you can watch them raise an eyebrow and nod their head up and down – the body language that comes right before a "yes" hiring decision....

Other training firms charge much more for less content and value - and in some cases, for programs that aren't even designed specifically for online learning.

To date, more than 22,981+ people have invested in the BIWS online courses and have gone on to secure interviews and break into high-paying jobs in investment banking, private equity, hedge funds, equity research, and more.

Add to Cart
$497 or 3 Monthly Payments of $177
100% Unconditional Money-Back Guarantee

Just in case you're not absolutely convinced the BIWS Real Estate and REIT Modeling Course is right for you, let me remove any last shred of risk. You're completely covered by our unconditional 12-Month Money-Back Guarantee:

Your 12-Month “Total Delight” Money-Back Guarantee

Some people question why we offer this guarantee at all... but we believe in the product, and the sheer volume of customer success stories we've received tell us we’re making a difference and doing something right.

So here goes:

BIWS Real Estate & REIT comes with an unconditional Money-Back Guarantee – valid for 12 months from your date of purchase.

That’s right - take 12 months to evaluate everything inside the course... take all the training... ask support questions... and if you’re not 100% satisfied or otherwise don’t believe this is for you, simply contact us via the “Contact” link displayed on every page of the site and ask for your money back. You’ll receive a prompt and courteous refund, usually within 1 business day.

There are no strings attached, no special terms or conditions, and no fine print.

Some people think we’re crazy to offer such a strong guarantee.

"Wait," they say, "won't people rip you off if you're so generous?"

Actually, we've found the opposite to be the case.

This guarantee is proof that we back this course 100%, AND that we’re committed to making sure you have a great experience over the long-term.

We either perform for you, or you get your money back. That’s how it should be.

Here’s What Happens Within
Minutes Of You Signing Up

Once you sign up, you'll immediately have access to the 113 instructional videos, the 7 PDF Quick Start Guides, and full word-for-word transcripts of all the videos in the course.

You'll also get immediate access to our expert support team to ask whatever questions you need, 365 days a year. You’ll have lifetime access to the site, free upgrades, new content as we add it, and support.

Decision And Action Time

Let's very quickly recap what you're getting here:

  • 113 instructional videos created by experts and designed for online learning, plus word-for-word transcripts of each video - for your reference and deeper understanding of the material. All the videos are fully downloadable to your preferred device.
  • 7 handy reference guides, plus "Before" and "After" Excel files for all lessons.
  • Access to our entire archive of hundreds (if not thousands!) of questions submitted by our entire community and answered by our finance experts over the past 4 years.
  • Expert Q&A and support 365 days per year for as long as you need it, from current and ex-investment bankers.
  • Unconditional 12-Month Money-Back Guarantee.

This is the most comprehensive and most practical Real Estate and REIT industry-specific financial modeling training around, with the best support, at the best price, and with the best guarantee. This is as risk-free as an offer gets.

In fact, the only risk you run is that your competitor in a job interview has this course and you don’t!

You can hope you get hired by an investment bank without the specialized skills you’ll gain in the course – good luck to you there...

OR you can confidently tell your interviewer that you've completed the most advanced course for real estate modeling based on real case studies, authored by expert investment bankers who have worked on dozens of deals.

I know you'll make the right choice.

Click here now to gain instant access to BIWS Real Estate & REIT Modeling course and
fast-track your career as an investment banking professional.

To YOUR success,

Brian DeChesare,
Breaking Into Wall Street Founder

P.S. There is no faster way to master the skills required for Real Estate and REIT Modeling... and no faster way to prove to potential employers or HR departments that you're an first-class professional who is prepared to go "above and beyond" to stand out.

If you've been watching us from the beginning, you know that prices have been increasing since the site first launched - and they will continue to do so in the future as the courses get even better and we add additional material and features.

Add To Cart
$497 or 3 Monthly Payments of $177
100% Unconditional Money-Back Guarantee

Please Select An Option Below:

There are three options for you to choose from.
Please read below and make your selection...

Only $497

Option 1: Get the BIWS Real Estate & REIT Modeling Course For Just $497.

Yes! Please give me access to the BIWS Real Estate & REIT Modeling Course right away for just $497.

I understand that the Real Estate & REIT Modeling Course will teach me how to master the fundamentals and nuances of real estate and REIT accounting, valuation, and financial modeling with detailed, step-by-step video training.

In addition to instant access to all the course materials, I also qualify for 365-day-per-year expert support, plus your 12-Month Money-Back Guarantee.

The course is based on a 3-statement model and valuation for Avalon Bay Communities (a leading multifamily REIT), an office complex development, a hotel renovation, and three real estate private equity case studies on a stabilized multifamily property, a value-added office acquisition, and a pre-sold condo development.

With that understanding, all I have to do is click below and complete the secure checkout process…

Receive Immediate Access once you sign up - even if your interview is tomorrow and you just found out about it an hour ago.

Proceed To Checkout

100% Unconditional Money-Back Guarantee

Secure Paymen
Only $647

Option 2: Get the BIWS Real Estate & REIT Modeling Course AND the Excel & Fundamentals Course For Just $647 (Save $197)

Yes! Please give me access to the Real Estate & REIT Modeling Course AND the Excel & Fundamentals Course right away for just $647.

I understand that the Excel & Fundamentals Course will provide me with the core competencies required to ‘hit the ground running’ in investment banking, private equity, hedge funds, and other finance roles.

And then I'll gain specialized industry expertise with the Real Estate & REIT Modeling Course, and stand out from the competition by completing the detailed case studies in that course.

In addition to instant access to all the course materials, I also qualify for 365-day-per-year expert support, plus your 12-Month Money-Back Guarantee.

With that understanding, all I have to do is click below and complete the secure checkout process…

Receive Immediate Access once you sign up - even if your interview is tomorrow and you just found out about it an hour ago.

Proceed To Checkout

100% Unconditional Money-Back Guarantee

Secure Paymen
Best Value

Option 3: Upgrade To BIWS Platinum and Save $982 Over Individual Courses

With BIWS Platinum You Get All Our Financial Modeling, Career, and Interview Prep Courses in One Discounted Package.

  • BIWS Premium Financial Modeling (Value $497 )
  • Investment Banking Interview Guide (Value $197)
  • Oil and Gas Modeling (Value $497)
  • Investment Banking Networking Toolkit (Value $97)
  • Bank and FIG Modeling (Value $497)
  • PowerPoint Pro (Value $197)
  • Real Estate and REIT Modeling (Value $497)

Each Course includes professional support, free lifetime upgrades and the only
12-Month Money-Back Guarantee in the industry.

  • Professional Support
  • Free Lifetime Upgrades
  • 12-Month Money-Back Guarantee

Purchased separately, you would pay $2,479 for this package. But you can save $982 today by investing in BIWS Platinum for just $1,497 - and never pay another cent for your financial modeling and IB career training, ever!

Price $2,479 $1,497 (Save $982)
or 6 Monthly Payments of $265
or 12 Monthly Payments of $144

Proceed to Checkout
100% Unconditional Money-Back Guarantee

Secure Paymen

Course: BIWS Real Estate and REIT Modeling

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100% Unconditional Money-Back Guarantee