Real Estate Investment Analysis

Learn how to analyze real estate using Excel. This course covers the mechanics of real estate modeling and the "why" behind the math.

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Why This Course?

Do you want to learn how to build a financial model for a cash flow producing real estate investment?

In this course, you'll learn not only how to build a financial model, but also why. I cover key financial concepts and show you how to implement a range of tools in Excel. By the end of the course, you'll have a firm grasp on how to analyze cash flow producing real estate.

Enjoy.

- Josh Kahr

What Will I Learn?

Build

Build unlevered and levered cash flow statements. Explore amortization schedules, distribution and partitioning, and before-tax and after-tax analysis.
Optimize

Explore tools and functions including but not limited to What-If tools (Goal Seek, Data Table, etc.), database tools (LOOKUPs, INDEX(MATCH()), XLOOKUP(), OFFSETs, ADDRESS, INDIRECT, etc.) and the mechanics behind all of the major financial functions.
Audit

The goal is to teach effective implementation and not just a lot of theory. By understanding the financial concepts and how they're put into practice, you'll be better equipped to understand other people's models, and how to think about their conclusions.

Course curriculum

1. Download This File
2. Overview
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3. Time Value of Money
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4. TRANSPOSE()
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5. Basic Internal Rate of Return ("IRR")
6. More on IRR
7. Net Present Value
1. Basic Assumptions
2. More About Cap Rates
1. Cash Flow, Unlevered
2. Goal Seek
1. Expense Recoveries
2. Market Leasing Assumptions, Basic
1. Amortization Schedule, Basic
2. Interest Only, Nested IFs, and Evalulate Formula
3. The N function and Alt-Enter
4. Pulling Data
1. Cash Flow - Cash on Cash and ROE
2. Cash Flow - Levered IRR and Different Sale Dates
3. A Basic VLOOKUP()
4. More on VLOOKUP()
5. Introducing XLOOKUP()
6. A Basic OFFSET()
7. More on OFFSET()
1. A Basic Data Table
2. Calculation Options
3. Breaking the Data Table
4. Data Table - One Input, Many Outputs
5. Data Table - Two Input, Many Output
6. Final Comments on Data Tables
7. Password Protection and Data Validation
1. Cap Rates and WACC
2. Return on Equity Over Time
1. Financial Metrics, Part 1
2. Financial Metrics, Part 2 - Equity Multiples
3. Financial Metrics, Part 3 - Debt and Cap Rates
1. Basic Tax Math
2. Loopholes - 1031 and Step Up in Basis Upon Death
3. Loopholes - UPREIT and Opportunity Zone
1. Depreciation, EDATE and EOMONTH
2. Miscellaneous Date Functions
1. IRR vs. XIRR
2. More on IRRs and XIRRs
1. Levered After Tax Cash Flow
1. Hold vs. Sale
2. Taxes and Mixed Use Projects
3. Example - The Deutsche Bank Center
4. Vary the Discount Rate for Hold and Sale
5. Example - The Whitehall Building
6. In Conclusion
1. Congrats! Here's what's next...
2. More resources for you
3. Before you go...

About this course

$299.00
57 lessons
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 is currently on the advisory board of clik.ai.

Mr. Kahr has served as an adjunct associate professor since 2005 for Columbia University’s MS in Real Estate Development program where he has taught real estate finance, real estate capital markets, and related topics. He has also served as an adjunct professor at Northwestern, New York University, and Georgetown University. 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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