My foray into blogging has afforded me a number of interesting and exciting opportunities that otherwise would not have been available to me. For example, I was recently contacted by Bruce Kirsch, founder of Real Estate Financial Modeling (REFM), to review his unique financial modeling video tutorial service. Before I get into my assessment, I want to state that this is an entirely subjective review and I have no vested interest in the success of the product. My only intent with this blog is to help my readers grow and progress as students of real estate.
With that said, Bruce’s service fills a gaping void in the marketplace. REFM offers informative, detailed and affordable video tutorials intended to teach both students and professionals financial modeling skills. As the commercial real estate industry continues to evolve, it is more important than ever to posses advanced financial modeling skills. In an industry devastated by the recession of late there exists an ever increasing demand for innovative analytical skills and I foresee Bruce’s services to be a crucial component in meeting these growing demands.
Currently, the only video tutorial available on REFM is an apartment/multi-family development module, but in the near future one will be able to choose between office/industrial development, hotel development, condo development, and single family detached house/town home development.
Here’s the deal – Each module contains the following downloads:
1. Excel-based financial models for the development of the real estate product type of one’s choice
* Tutorial version and Presentation version
* Both models are 100% unlocked, annotated and fully customizable
* Models include presentation-, bank- and investor-ready Exhibits, including two equity return waterfall structures
2. 3-hour long digital Video Tutorial with closed captioning and chapter and sub-chapter navigation control
* The Video Tutorial will teach the customer in explicit detail how each line in the Model was built so that one may customize the model to suit his or her needs
* The module is broken down into 6 videos to make it more manageable
3. A 75-100 page searchable Audio Transcript of the audio track of the Video Tutorial.
*10% Discount with purchase of 3 or more Modules
* Prices are $165 standard and $45 academic
Now that the details are out of the way, I want to share my experience with the product and its ease of use. The tutorial methodically walks through the excel model line by line, detailing each calculation and assumption. There were times where I got lost in the video, but being able to pause/rewind and go back into the model made easy for me to re-orient myself. This is a key feature because in the live excel modeling seminars I have attended to date. , I’m hesitant to have the teacher stop and re-explain certain things. Bruce’s product allows me to learn at my own pace.
I am also a big fan of the searchable audio transcript. After completing the video tutorial, I went back to explore the model in further detail. Whenever I was confused, I could simply search the audio transcript and figure out exactly how the model worked. Many times after an excel training course I feel comfortable for a short period of time, but after awhile I begin forget certain lessons. The audio transcript alleviates such an issue.
I’ve taken excel modeling courses through both the NYU Real Estate Institute and professional companies, and the skills I learned in REFM’s video tutorials surpassed those I learned in the formal seminars.
I strongly recommend REFM’s video tutorials and believe it equips students with the training necessary to enter the real estate game.
On a side note, Bruce is teaching a training session in Midtown NYC on 10/24 and is offering a reduced price for NYU students. To register, simply visit www.realestatefinancialmodeling.com, follow the steps to create an Account, and then email bkirsch@realestatefinancialmodeling.com to let Bruce know you have created an Account so he can update your status to include Academic pricing. Once you receive an email back from Bruce, add the module to your cart, input the coupon code at checkout (contact me for the coupon code eligible for NYU students only) and you’re all set!
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- Manual Iterations, IRR Lookback’s, and Other Useful Excel Models
- Back-Of-The-Envelope (BOE) Analysis
- Microsoft Excel Shortcuts for Real Estate Professionals
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