BIWS Real Estate and REIT Modeling
- 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.
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.
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.
Three In-Depth Real Estate Private Equity Case Studieson 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!
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.
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 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 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.
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.
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.
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.
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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.
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.
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With BIWS Platinum You Get All Our Financial Modeling, Career, and Interview Prep Courses in One Discounted Package.
- BIWS Premium Financial Modeling (Value $497 )
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- Oil and Gas Modeling (Value $497)
- Investment Banking Networking Toolkit (Value $97)
- Bank and FIG Modeling (Value $497)
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