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The Advanced Real Estate Financial Modeling Bootcamp (Udemy.com)

The Complete Guide to Advanced Real Estate Financial Modeling for Real Estate Investors and Industry Professionals

Created by: Justin Kivel

Last updated August 2026

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What you will learn

  • The ability to model complex real estate investment scenarios in Microsoft Excel
  • A mastery of real estate financial modeling functions and formulas
  • The skill set to model development projects, major renovation projects, and complex debt and equity structures
  • The ability to analyze data provided by sellers and brokers quickly and efficiently

How it compares

Against the other 75 rated Udemy courses in Real Estate on CourseDuck:

  • Rating4.8 out of 5higher than 80% of them
  • Reviews1,917#16 of 76 by number of reviews
  • Length11.4 hourslonger than 86% of them
  • Last updatedAugust 2026more recently than 68% of them

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Course Description

Master real estate financial modeling. Advance your career. Make more money.

This course will walk you step-by-step through dozens of advanced real estate financial modeling and analysis exercises, and whether you're looking to break into the real estate industry for the first time at a top investment, development, brokerage, or lending firm, looking to take the next step in your existing real estate career, or looking to analyze deals to build your own property portfolio, this course will help you take your real estate financial modeling and analysis skill set to an expert level.

If you don't know me already, my name is Justin Kivel, and throughout my career, I've worked for and with some of the largest commercial real estate investment, brokerage, and lending firms in the world. And to share what I've learned, I created a training company called Break Into CRE, and I've had the privilege of teaching tens of thousands of students real estate financial modeling and analysis through the Break Into CRE platform.

After spending almost a decade in the industry myself, this course packages up everything that I've learned about how some of the largest and most successful investment firms in the business both create and use real estate financial models in Excel to analyze and evaluate investment opportunities.

At the end of the course, you'll be able to:

  • Create dual-metric data tables to sensitize multiple investment return metrics within the same analysis

  • Build a dynamic best/base/weak case analysis that automatically calculates returns based on your upside (and downside) investment scenarios

  • Create a next-buyer analysis to make sale value projections at the end of a real estate investment

  • Partition the IRR of a deal to understand the percentage of returns coming from operating cash flow versus sale proceeds.

  • Build a hold/sell analysis to calculate the optimal sale year of an investment

  • Build out senior construction loan draws, mezzanine construction loan draws, and dynamic equity draws to model unique capital structures on ground-up development deals

  • Model investor cash flow distributions on a monthly, quarterly, and annual basis

This course is perfect for you if:

  • You're a college student or graduate student looking to break into the real estate industry upon graduation, and you want to make sure you have the modeling and analysis skills you'll need to ace an Excel modeling exam and stand out from the competition

  • You're a current real estate professional looking to improve your modeling and analysis skills to take the next step in your career and increase your compensation

  • You're a real estate investor looking to build the skills necessary to analyze unique deal scenarios and make decisions related to new investment opportunities or your existing real estate portfolio

Here's what some of our students have had to say:

★★★★★ "This course was definitely intense, but the information is invaluable. Justin does a great job explaining everything thoroughly and I've learned more about Excel in my past few courses than my entire life."

★★★★★ "Another great course by Justin. I found this to be the most difficult of all his courses, very advanced. The best part is the comprehensive case study at the end that really ties everything together well. I felt like I learned a lot."

★★★★★ "Loved this course.  Justin's approach is very didactic and on point. If you have strong understanding of the basics in real estate finance, but don't know how to create a model, this course is for you. As Justin said, the secret to succeeding in this particular field is practice. Create the model again from scratch, go back to the solution file to make sure you get the right numbers."

★★★★★ "This was a fantastic course! Justin is very knowledgeable and explains all the concepts extremely well. I feel that this course has helped me very much and I am looking forward to continuing practicing the topics and improving on my skill set. I would highly recommend this course to anyone. Thank you Justin for the great work that you have put together."

★★★★★ "If you are a beginner to a veteran in CRE, and you've always wondered how to analyze an investment and the capital stack behind it, this is the only course you'll ever need. Justin Kivel does an excellent job of breaking down each of the considerations and explains them thoroughly. Thanks to Justin for putting out such a high-quality course!"

If you have a basic understanding of real estate finance and Excel and you're looking to take your real estate financial modeling and analysis skill set to an expert level, you're in the right place.

Looking forward to seeing you inside!

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Instructor Details

Justin Kivel

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.

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Reviews

4.8

1,917 ratings on Udemy

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By Simon Biervliet on 6/9/2026

I love learning new things in excel. However, some explanation on why naming cells could come in handy would be nice. That gives the learning more context

By Adri on 12/30/2025

Good course, even if you are an advanced learner this may teach you a few things. From my point of view lacks of a more practical approach (or a real life example explaning the why of the things used during the modelling) but I understand that would complex the course, in any case I would recommend it.

By Alexander Cakkos on 9/22/2024

Excellent course. Introducing a number of advanced real estate concepts such as levered cashflows, debt servicing, refinance, loan constraints and capital distributions. As noted in the course title, there is an assumption of underlying base knowledge e.g. You know the basic structure of cashflows. As with all courses, repetition required to ensure retention.

By Oren S on 4/11/2022

A fantastic, well-structured, and thoroughly explained course that utilizes a hands-on approach and really provides you with a valuable skill-set and in-depth knowledge of the industry standard. It would have been even better if "real life" situations and responses were occasionally mentioned in order to tie it all back to the market practice, but overall a great experience.

By Lavina Tang on 1/23/2022

Justin patiently answered my questions and helped clarify the concepts. He is great! The content itself is a bit dry and we use similar IF statement to check timeframe over and over again. I understand it's necessary when we are doing this on Excel but it's just very repetitive and boring sometimes. Overall, I recommend to take the course to understand more about the formulas on the template. Thanks Justin!

By Suraj Vishwanath on 11/22/2020

Great course! I only wish that there were more deals and information that would've been shared or links to live deals where students can download and practice.

By Perry Vessels on 11/22/2020

Another winning course from Justin. Working the numbers, seeing the equations come together is extremely valuable in building an understanding. Plus, having someone there whose very responsive to questions is great. I feel I've come very far as a multifamily investor and Justin's courses are a HUGE reason why.

By Harry Hochman on 11/15/2020

Great!

By Ricardo Trejo on 11/15/2020

AWESOME.

By Enoch Wu on 11/8/2020

Great instructor, very clear and walked through all the difficult sections. Also, answered all of my questions thoroughly.

By Robert Manning on 11/8/2020

Great course! Only wish the formulas were written, when possible, with the cell's names instead of the cell's "column-row". This would be extremely helpful and time saving when I am trying to completely understand a given formula.

By Anish Shah on 11/1/2020

The course is just amazing. Justin is an amazing teacher and has a deep understanding of all the concepts in Real Estate Financial Modelling. I would highly recommend this course.
Best Regards,
Anish Shah

Showing 12 of 79 reviews

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Overall Score : 96 / 100