Overview

Reactive Publishing Real Estate Financial Modeling with Excel: Underwriting, Cash Flows, Cap Rates, and Pro-Forma Mastery By Hayden Van Der Post Real estate is a numbers game. Behind every acquisition, development, or value-add project lies one core skill that separates amateurs from professionals: the ability to model cash flows, evaluate risk, underwrite deals, and build institutional-grade pro-formas with precision. This book gives you exactly that. Real Estate Financial Modeling with Excel is a complete, end-to-end manual for anyone who wants to master the finance behind real property, whether you are analyzing your first deal or working inside a fund, REIT, or development firm. Designed for analysts, investors, brokers, finance professionals, and serious real estate operators, this book walks you through the full spectrum of real estate modeling with clarity, depth, and real-world structure. You'll learn how to break down cap rates, NOI, debt service, financing structures, sensitivity analysis, and multi-year cash flow projections using clean, powerful Excel models that replicate institutional workflows. At its core, this guide teaches you how to think like a real estate investor, identifying the variables that matter, questioning assumptions, and building pro-formas that withstand uncertainty, lenders, partners, and the market itself. What You Will Learn Underwriting Fundamentals How to analyze deals using structured underwriting frameworks Identifying risk factors, hidden costs, and revenue drivers Acquisition criteria used by top investors and private equity firms Cash Flow Modeling Setting up operating statements and NOI calculations Multi-year cash flow projections for different asset classes Modeling rent rolls, vacancy, lease-up, and escalations Cap Rates & Valuation How to calculate cap rates correctly Strategies for comparing markets, asset classes, and risk levels Discounted cash flow (DCF) valuation techniques Pro-Forma Construction Building professional, investor-ready pro-formas Modeling debt, amortization, interest-only periods, and refinancing Handling capex, reserves, taxes, and exit scenarios Scenario & Sensitivity Analysis Stress-testing assumptions Evaluating best-case, worst-case, and probable-case outcomes Using sensitivity tables to understand risk and return Deal Structuring Equity waterfalls and preferred return structures Promote calculations for GP/LP partnerships IRR, equity multiples, cash-on-cash returns, and DSCR Who This Book Is For Real estate investors Analysts and associates in investment firms Brokers and asset managers FP&A and finance professionals Students and career-switchers entering real estate finance Anyone seeking to evaluate deals with confidence

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