The Real Estate Equity Waterfall Modeling Master Class

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Justin Kivel

3:45:09

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1 - Introduction

1 - Welcome.mp4

00:49

2 - What We Will Cover.mp4

03:20

3 - A Sneak Peek Into What Youll Build.mp4

02:22

4 - Who This Course Is For.mp4

02:25

5 - About The Instructor Student Success Stories.mp4

02:52

6 - Disclaimer.html

2 - Real Estate Partnership Basics

7 - Real Estate Partnership Basics.mp4

02:18

8 - The General Partner.mp4

02:44

9 - The Limited Partner.mp4

03:05

10 - GP Compensation.mp4

04:02

11 - The Waterfall Structure.mp4

02:36

3 - How an Equity Waterfall Works

12 - The Why Behind an Equity Waterfall.mp4

02:05

13 - How Equity Waterfall Structures Work.mp4

04:41

14 - Equity Waterfall Example.mp4

03:49

15 - Promoted Interest vs Cash Flow Split.mp4

04:06

16 - Measuring Partnership Investment Returns.mp4

03:51

16 - Real-Estate-Equity-Waterfall-Model-Blank.xlsx

4 - Building Out The Real Estate Equity Waterfall Model

17 - Equity Waterfall Modeling WalkThrough.mp4

03:40

18 - Modeling GP LP Cash Flow Splits.mp4

04:58

19 - Building Out The Investment Timeline.mp4

08:07

20 - Modeling ProjectLevel Cash Flows.mp4

05:54

21 - Building Out The NOI.mp4

05:43

22 - Modeling Principal Interest Payments.mp4

06:37

23 - Purchase Loan Metrics.mp4

04:04

24 - Disposition Metrics.mp4

05:23

25 - Modeling Loan Payoff ProjectLevel Cash Flows.mp4

06:37

26 - Modeling The Preferred Return.mp4

04:44

27 - Beginning Balance Preferred Interest Accrual.mp4

04:14

28 - Modeling The Preferred Return Over Time.mp4

04:37

29 - Modeling LP Contributions Distributions.mp4

09:24

30 - Modeling GP Contributions Distributions.mp4

07:19

31 - Total Distributions Cash Flow Remaining.mp4

04:59

32 - Modeling Hurdle 2.mp4

07:04

33 - Beginning Balance Hurdle 2 Accrual.mp4

05:38

34 - Modeling Hurdle 2 LP Distributions Total Cash Flow.mp4

05:23

35 - Modeling Hurdle 2 GP Distributions.mp4

04:52

36 - Modeling Hurdle 3.mp4

10:32

37 - Hurdle 3 GP Distributions.mp4

03:20

38 - Modeling Hurdle 4.mp4

06:57

39 - Total LP Cash Flows Returns.mp4

09:10

40 - Total GP Cash Flows Returns.mp4

06:57

41 - ProjectLevel Return Metrics.mp4

03:39

42 - Calculating Promoted Interest.mp4

07:48

42 - Real-Estate-Equity-Waterfall-Model-Final.xlsx

5 - Real Estate Equity Waterfall FAQ

43 - IRR Does Not Equal CashonCash.mp4

03:09

44 - How To Add What Youve Built To Another Model.mp4

09:55

45 - How To Incorporate Multiple Partners.mp4

06:44

6 - Wrapping Up

46 - Where To Go From Here.mp4

02:36

7 - Bonus Lecture

47 - Bonus Lecture The Next Step.html

Description

The Complete Guide To Building Dynamic Real Estate Equity Waterfall Models In Microsoft Excel

What You'll Learn?

A complete "done-for-you" institutional-level equity waterfall model to use in any real estate transaction.
A thorough understanding of the key components of an equity waterfall and how it is used in real estate investing.
The ability to build a fully functioning, dynamic equity waterfall model in Microsoft Excel to use for any deal in any situation.

Who is this for?

Real estate investors and syndicators who want to learn how to build an equity waterfall model from scratch.

Real estate private equity analysts and associates who want to add another valuable and lucrative skill set to their arsenal.

What You Need to Know?

Access to Microsoft Excel for PC or Mac.

A basic understanding of Microsoft Excel.

Some background knowledge in real estate investing is recommended.

More details

Description
Everything you need to know about real estate equity waterfalls, all in one place.Â
This course will teach you everything need to know aboutÂ how anÂ equity waterfall worksÂ inÂ real estate transactions, fromÂ the underlying mechanisms behind a waterfall, toÂ how an equity waterfall isÂ structured, toÂ how to build an equity waterfall financial modelÂ in Excel.Â Whether you're syndicating a real estate deal on your own, investing as a Limited Partner in a real estate syndication, or you're a current real estate professional looking to add a lucrative skill set to your arsenal, this is a one-stop shop for everything real estateÂ equity waterfall-related.
This course was designed for people from all parts of the real estate spectrum, including:
Current or aspiring real estate syndicators who want to earn outsize returns on their investments - Being aligned with investor interests is critical when structuring a real estate transaction, and a clear waterfall structure with incentives based on investment performance is the most direct way to create a win-win relationship for your team and your capital partners. Understanding the mechanisms behind an equity waterfall and having a dynamic waterfall model in your toolkitÂ will allow you to structure your deals in the most advantageous way for both yourself and your investors.
Passive real estate investors involved as LPs in real estate syndications who want to invest passively with confidenceÂ -Â The Limited Partner position in real estate investingÂ is a great role - no work involved, an inflation-protected, tax-shielded investment, and experienced management - but do you know how much you're paying in fees?Â Understanding how a waterfall structure functions and having a dynamic Excel model to calculate trueÂ net returns can be the difference between a sound investment and being locked into aÂ watered-down dealÂ for years to come.
Current real estate professionals who want to earn more money -Â Equity waterfall modeling is one of the most desired skill-sets in all of real estate finance, with professionals proficient in this topic earning more than 8.1% above their peers according to national real estate recruiting firmÂ RETSÂ Associates. If you are a current or aspiring real estate professional, understandingÂ the mechanics of anÂ equity waterfall functions and how to build an equity waterfall in MicrosoftÂ Excel will put you head and shoulders ahead of your peers and add a rare andÂ lucrative skill-set to your real estate investing arsenal.
Here's what some of our students have had to say:
â˜…â˜…â˜…â˜…â˜… "I've tried other real estate financial modeling classes, and they tended to be too general (even where they had some hands-on Excel exercises). Justin hit just the right balance between the big picture and the nuts and bolts of building the worksheet, and, therefore, truly understanding it."
â˜…â˜…â˜…â˜…â˜…"Clear and straightforward. Wow! Amazed at this curriculum. He has made something super difficult easy and he explains it super clear. Its like meeting a super cool private equity guy spend the time to show you step by step. He can make your career!"
â˜…â˜…â˜…â˜…â˜…"This course is highly recommended for individuals wanting to learn about equity waterfall modeling. It's obvious that the instructor understands this topic very well and he presents it in a very simplified manner. The process of creating the model from scratch and having the instructor walk you through it on a step-by-step basis really solidified my understanding of this material. Excellent course!"
â˜…â˜…â˜…â˜…â˜…"Highly detailed and informative. Great for analyst who are just getting started. It's like taking an MBA level course!"
â˜…â˜…â˜…â˜…â˜…"This is a phenomenal course as are Justin's other courses. I am a commercial real estate professional working as an analyst at a 'Big Four' broker and have found all these courses to be invaluable, particularly if you are concerned about the technical test for job interviews."
Understanding equity waterfalls will put you miles ahead of the game, whether you're looking to do your first deal or trying to land a job in commercial real estate finance.Â Looking forward to seeing you in the course!
Who this course is for:
Real estate investors and syndicators who want to learn how to build an equity waterfall model from scratch.
Real estate private equity analysts and associates who want to add another valuable and lucrative skill set to their arsenal.

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Master real estate financial modeling, advance your career, and earn more money.If you’re an aspiring real estate investment professional looking to break into the real estate investment field, or a current real estate professional looking to advance your career and increase your compensation, you’re in the right place.My name is Justin Kivel, and I’m a real estate investment professional with a love for teaching. Throughout my career, I’ve worked on over $1.5 billion of closed acquisitions across multifamily, retail, office, and mixed-use properties. I’ve had the opportunity to work with some of the brightest minds in real estate investing and have spent almost a decade in the industry across private equity, finance, and brokerage roles.Unfortunately, most of what I know today I had to learn on the job. Although great courses exist on Microsoft Excel and financial modeling, I couldn’t find a resource that was specifically tailored toward real estate investment professionals that would actually walk me through exactly what I needed to know to succeed in the real estate investment industry.These courses are that resource. After dozens of phone calls and coffee meetings with college students and aspiring real estate investment professionals, I realized that most people were asking exactly what I was asking when I was in their shoes. “What skills do I actually need to know to break into the real estate investment industry, or advance in my current real estate investment career?”These courses were created to teach you those skills.Our students have gone on to land jobs at some of the top real estate investment, development, and brokerage firms across the globe, including Brookfield Asset Management, Hines, Starwood Capital Group, LaSalle Investment Management, Eastdil Secured, JLL, CBRE, and many more.Over 70,000 current and aspiring real estate investment professionals have used these courses to help them ace real estate financial modeling interview exams to land their dream jobs, secure consulting gigs with top private equity firms, build (and rebuild) entire financial models from scratch, and confidently analyze their own potential real estate investments.So whatever that next step in your real estate investment career looks like, these courses are here to help you get there as quickly and efficiently as possible.Looking forward to seeing you in class!

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