Kahr's Challenge Cases, Volume 2

If you liked volume 1, you'll love volume 2. It has another 12 real estate private equity exams for analysts and associates but with more complexity, better videos, and in-depth walkthroughs. Excel solutions provided.

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Why This Course?

We're back for more.

Volume 1 was a hit. After it had been out for a while, a number of people reached out to me and said, "That was great. But do you have something even harder?"

Ask, and ye shall receive. :)

In Volume 2, I ratchet up the difficulty.

Does it have confusing prompts that you need to interpret? Yes.
Multiple tenants, asset management fees, leasing issues, and complex loans? Yes, yes, and more yes.
What about complex partnership structures? I thought you'd never ask.

If you liked Volume 1, you'll love Volume 2.

Sign up now and get started. I launched the cases in 2025 and I've been adding one case per week since March. I'm adding one case a week starting in March of 2025 until I have 12 cases live.

What Will I Learn?

Deeper Coverage

Not only will we discuss the standard product types, but in this set, we get "weird" with assets that aren't office/industrial/residential/retail.
More Complex Deals

You can always make it worse, and so, we did.
Even More Spreadsheets

In the first volume, we only have text prompts. In this volume, we have text prompts but we also get to manipulate pre-existing spreadsheets.

Course curriculum

1. Teetering Tower Prompt
  FREE PREVIEW
2. Overview and Inputs
  FREE PREVIEW
3. Overview and Inputs, Excel
  FREE PREVIEW
4. Setting Up the Income Side
5. Setting Up the Income Side, Excel
6. Some Basic Valuation and a Data Table
7. Some Basic Valuation and a Data Table, Excel
8. Setting Up the Mortgage, Basic
9. Setting Up the Mortgage, Basic, Excel
10. More on Debt
11. More on Debt, Excel
12. Finishing Leverage and Starting Equity
  FREE PREVIEW
13. Finishing Leverage and Starting Equity, Excel
14. Building the Equity Structure
15. Building the Equity Structure, Excel
16. Correction - Vacancy
17. Correction - Vacancy, Excel
1. Alphabet Advisors Prompt
  FREE PREVIEW
2. Overview and Inputs
3. Overview and Inputs, Excel
4. Setting Up Unlevered Cash Flow
5. Setting Up Unlevered Cash Flow, Excel
6. Finishing Unlevered Cash Flow
7. Finishing Unlevered Cash Flow, Excel
8. Levered Cash Flow
9. Levered Cash Flow, Excel
1. Integral Partners Prompt
  FREE PREVIEW
2. Overview and Inputs
3. Overview and Inputs, Excel
4. Setting Up Unlevered Cash Flow
5. Setting Up Unlevered Cash Flow, Excel
6. Levered Cash Flow
7. Levered Cash Flow, Excel
8. Valuation
9. Valuation, Excel
1. Francois Fund Prompt
2. Overview and Inputs
3. Overview and Inputs, Excel
4. The Rent Roll
5. The Rent Roll, Excel
6. Unlevered Cash Flow
7. Unlevered Cash Flow, Excel
8. Reassessment and Valuation
9. Reassessment and Valuation, Excel
10. Funding the Shortfall
11. Funding the Shortfall, Excel
12. Sources and Uses
13. Sources and Uses, Excel
14. Finishing It Up
15. Finishing It Up, Excel
1. Agita Advisors Prompt
2. Setting Up The Assumptions
3. Setting Up The Assumptions, Excel
4. Cash Flow and Acquisition
5. Cash Flow and Acquisition, Excel
6. Debt and More Valuation
7. Debt and More Valuation, Excel
8. Finishing Up With A Data Table
9. Finishing Up With A Data Table, Excel
1. Spyglass Research Prompt
2. Assumptions
3. Assumptions, Excel
4. Unlevered Cash Flow
5. Unlevered Cash Flow, Excel
6. Leverage and Valuation
7. Leverage and Valuation, Excel
8. Equity Structure
9. Equity Structure, Excel
10. Formatting for Annual Cash Flows
11. Formatting for Annual Cash Flows, Excel
1. Derrigan Fund III Prompt
2. Assumptions and Setting Up
3. Assumptions and Setting Up, Excel
4. Unlevered Cash Flow And Valuation Structure
5. Unlevered Cash Flow And Valuation Structure, Excel
6. Sizing the Debt
7. Sizing the Debt, Excel
8. Leverage and Solving for the Purchase Price
9. Leverage and Solving for the Purchase Price, Excel
10. Equity Structure
11. Equity Structure, Excel
1. Blackjack and Partners Prompt
2. Blackjack Partners
3. Blackjack Partners, Excel
4. Unlevered Cash Flow and Valuation
5. Unlevered Cash Flow and Valuation, Excel
6. Levered Cash Flow and More Valuation
7. Levered Cash Flow and More Valuation, Excel
8. Equity Structure
9. Equity Structure, Excel
1. Coming Q2
1. Coming Q2
1. Coming Q2
1. Coming Q2
2. Brick City Capital Prompt
3. Assumptions
4. Assumptions, Excel
1. Congrats! Here's what's next...
2. More resources for you
3. Before you go...

About this course

$299.00
104 lessons
8.5 hours of video content

Instructor(s)

Joshua Kahr

Senior Instructor

[email protected]

Joshua Kahr is the principal of Kahr Real Estate Services, a training and consulting company that he founded in 2002 and that serves the commercial real estate industry. In 2009, he founded Metropolitan America, a real estate investment company that owns and manages apartment buildings in New Jersey. In 2020, he started Essex Suites, a coworking company, that opened its first location in Verona, New Jersey.

Prior to this, he held positions in investment sales at a regional brokerage firm in New York City and in acquisitions at a fund that focused on environmentally contaminated real estate.

He was on the board of directors of two public companies, Monmouth Capital Corporation and Monmouth Real Estate. He was an advisory board member of Assess+RE which was sold to LightBox in 2021. He was also previously on the advisory board of clik.ai.

Mr. Kahr has taught real estate finance and related classes for over 20 years at leading universities. For corporations, he has taught over 200 two-day seminars on Excel modeling and Argus.

Publications include two books on real estate market analysis, Real Estate Market Valuation and Analysis (John Wiley and Sons: 2005) and Beyond the Bubble (Amacom Books: 2007).

He has a Master of Science in Real Estate from New York University (’97) and a Bachelor of Arts in Economics from Reed College (’92).

He is also licensed as a real estate broker in New York and New Jersey.

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