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#2 in Real EstateUdemyBestseller on UdemyReal EstatePaid courseBeginner levelCertificate

The Real Estate Financial Modeling Bootcamp (Udemy.com)

The Complete A to Z Guide to Building Dynamic, Institutional-Quality Real Estate Financial Models From Scratch in Excel

Created by: Justin Kivel

Last updated August 2026

Our take

Based on the ratings of 12,490 students, a sample of their written reviews and the syllabus, as the course stood in August 2026. No course pays to be reviewed.

This is a fundamentals course in building a commercial real estate model in Excel, starting from an empty workbook. Justin Kivel teaches it, and the syllabus runs from the property cash flow statement through hotkeys, formulas, operations, debt, investment analysis and pro forma modeling, then finishes with a long exam-style build. At 8.8 hours across 112 lectures, it is compact. The audience is students, career switchers and working real estate people who want technical skills for analyst roles.

Reviewers like the clear, beginner-friendly explanations and the Excel shortcuts and formulas they pick up along the way. A couple say it helped them feel ready for analyst roles or an internship, and one praises the final refresher that ties everything together. The complaints are small. One student found the debt section fast without a grounding in loan amortization. Another wanted knowledge checks or practice problems, and the syllabus lists no quizzes or exercises. A 2 star reviewer disliked never seeing the instructor's face.

With 12,490 ratings averaging 4.8 and about 49,000 students, it is a proven pick, and the last update was in August 2026, so the material looks maintained. It is paid, but short enough to fit around a job. Anyone aiming at a real estate analyst job should start here. Because the course has no exercises, plan to pause and rebuild the models on your own. Beginners who skip the loan basics may want to read up on amortization before the debt section.

Best forCareer switchers and students prepping for a real estate analyst interview who want to build a model from a blank sheet.
Skip it ifYou already build property models at work and want advanced material, since reviewers call this a fundamentals course.

Pros

  • Builds a full property model from a blank Excel sheet, from cash flow to debt to returns
  • Beginner-friendly: reviewers say terms are introduced the way a first course should
  • Hotkey and formula sections teach shortcuts reviewers say they hadn't seen before
  • Reviewers say it left them readier for analyst roles and internships

Cons

  • Debt modeling moves fast if you don't already know how amortization works
  • No quizzes or practice problems, and one reviewer wanted knowledge checks
  • The instructor's face is never on screen, which one reviewer found dull
Great course! Very informative and well paced. The instructor did a great job!
Jake Kerslake, a student

The beginner label fits: no Excel or real estate background needed, though loan basics help.

Featured in our guide: The 10 Best Finance and Accounting Courses on Udemy in 2026

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What you will learn

  • How to to build dynamic real estate financial models in Excel that automatically create cash flow projections and calculate key investment returns
  • The foundational real estate finance and investment analysis concepts used by the top CRE investment, development, brokerage, and lending firms in the industry
  • The most important Excel functions and formulas used in real estate financial modeling and investment analysis
  • How to use Excel hotkeys and shortcuts to quickly and easily build and customize real estate financial models

Course content

13 sections · 112 lectures · 8.8 hours of video 3 articles

  1. 1Introduction 3 free previews5 lectures · 11 min
  2. 2The Property Cash Flow Statement 1 free preview10 lectures · 27 min
  3. 3Real Estate Financial Modeling Fundamentals7 lectures · 29 min
  4. 4Real Estate Financial Modeling Hotkeys & Shortcuts8 lectures · 49 min
  5. 5Real Estate Financial Modeling Excel Functions & Formulas18 lectures · 1.4 hours
  6. 6Modeling Property Operations13 lectures · 57 min
  7. 7Real Estate Debt Modeling14 lectures · 57 min
  8. 8Real Estate Investment Analysis8 lectures · 52 min
  9. 9Real Estate Pro Forma Modeling8 lectures · 49 min
  10. 10Data Manipulation & Scenario Analysis5 lectures · 23 min

Who it is for

The instructor says it suits

  • College students, graduate students, or career switchers looking to land a job at a top real estate investment, development, brokerage, or lending firm
  • Real estate professionals looking to improve their technical knowledge and skills to take their careers to the next level
  • Real estate investors looking to improve their Excel modeling skills to quickly and accurately analyze real estate investment opportunities

What you need before you start

  • Access to Excel for Windows, Excel for Mac, or Google Sheets
  • No prior knowledge of Excel or real estate finance required

How it compares

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

  • Rating4.8 out of 5higher than 80% of them
  • Reviews12,490#2 of 76 by number of reviews
  • Length8.8 hourslonger than 80% of them
  • Last updatedAugust 2026more recently than 68% of them

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Course Description

Welcome to The Real Estate Financial Modeling Bootcamp!

If you're looking to land a job at a top real estate investment, brokerage, or lending firm, or you're looking to make your own investments in commercial properties, this course will teach you everything you need to know to get started building out dynamic, institutional-quality real estate financial models from scratch in Excel.

My name is Justin Kivel, and throughout my career, I've worked on over $1.5 billion of closed commercial real estate transactions on behalf of some of the top real estate investment, brokerage, and lending firms in the world. I've also taught over 100,000 students real estate financial modeling and analysis through the Break Into CRE platform, and this course packages up everything I've learned about how the most successful investors in this industry build and use financial models to analyze real estate investment opportunities.

Even if you're a complete beginner in Excel or you have no experience in real estate, by the end of this class, you'll have the skills necessary to build out a real estate financial model from scratch, starting with a blank Excel workbook.

This course was designed to be the resource I wish I had when I was first getting started in this industry, and whether you're trying to analyze your own real estate investment opportunities or trying to land a job at a top real estate firm, this course will equip you with the knowledge you'll need to start or advance your own real estate career.

Our students who have taken this course have gone on to work at some of the top real estate firms in the world, including Brookfield Asset Management, JLL, CBRE, Hines, Starwood Capital Group, JP Morgan, Eastdil Secured, KKR, and many more.

Here's what some of our students have said about the class:

★★★★★ "Excellent course that teaches you financial modeling in Excel for CRE. I purchased the course after starting a new job as valuation analyst for a RE asset manager and it has helped me immensely. I have a background in PE funds and my excel skills are fairly advanced so for me the added value was understanding the specificities of CRE. I now look forward to completing the advanced RE modelling course. This instructor is great: no fluff, clear explanations, top notch material and step-by-step directions. Justin is also very responsive with answering your queries. I highly recommend the course!"

★★★★★ "This course is great. I learned everything I needed to build a model for an interview for a Financial Analyst role at a Real Estate Private Equity Fund. And I got the job. I have since gotten other courses by Justin, as they are what I need to get me up to speed at my new job. Also, Justin is great at answering questions when I get stuck and pointing me in the right direction."

★★★★★ "Excellent Course! Thank you for all your hard work in transforming a complex concept into an easy to understand format. This course has multiplied my understanding of financial modeling and the use of Excel. I learned more through this platform than the traditional institutional setting. A great resource and educator."

★★★★★ "Overall, this course was such an awesome experience! As a CRE investor as well, I took this course with the goal of it helping to rebuild my financial model and, what can I say, mission accomplished! From the structure, to the pace, the exercises, Justin's CRE knowledge and Excel tips/tricks - it was exactly what I was looking for and more!"

★★★★★ "Cannot believe the value in this course!! Best deal in real estate education. Thank you Justin, can't wait to take the next course. I could not recommend it more."

★★★★★ "This is a top notch course. The self-pace is perfect for me and it helped refresh all of the concepts that I learned in my grad school real estate courses. Just follow along and practice the examples and you'll extract tremendous value from a modeling perspective!!"

★★★★★ "Justin is awesome! His teaching style makes learning very intuitive. I would recommend this class for anyone that is trying to break into CRE or expand their current foundation of CRE. I was recommended by a friend who spent $600 on a course but found this one to be more helpful and easier to follow/understand."

★★★★★ "Superb course that teaches you the fundamentals of CRE modelling you need to know. Justin is a really good lecturer and he is very responsive with answering your queries, not just about the course material but even things related to your career in CRE. I would recommend the course to anyone looking to understand the fundamentals of CRE modelling."

★★★★★ "Wow! This course and Justin's other courses are the equivalent of an MBA level curriculum. If you are willing to put in the time and effort you will benefit."

If you're ready to get started mastering real estate financial modeling, I'd love to see you in the class. Go ahead and click that "Buy Now" button, and I'll see you on the inside of the course!

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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

12,490 ratings on Udemy

Select a bar to show only those reviews.Select the bar again to show every rating.

By Pragya Shri Mohan Raj on 7/19/2026

Amazing course, with every term introduced like it should be in a beginners course, and the final refresher was definitely a bonus that put together everything that's been covered in the course.

By Darryl Ang on 6/9/2026

Great course on helping me to understand the fundamentals of real estate financial modelling! I feel more equipped with more confidence for real estate investment analyst roles now!

By Florin A. on 5/10/2026

Real Estate Investor: You have created an excellent course, very carefully structured and the stages build well on each other. Excellent.

By Patricio Garza on 5/8/2026

Course is densely packed with info and well structured. I recommend to use excel desktop only to get the most out of the course, not excel online. Some of the hot keys and shortcuts, even data solvers are not included in the online version.

By Mate Futo on 4/7/2026

Even though I'm familiar with most of the content (so far), I still enjoy listening / watching and doing the exercises.

By Adir Araujo Pinto on 4/3/2026

Great learning experience. Justin is extremely didactic and makes it seem easy. Practice, practice, and practice. Let´s move to Justin´s next Course. Thank You!

By Angela Melillo on 3/5/2026

Great course! I truly think having this on my resume helped me get my current position. Only thing, it does not translate to Mac well but if you're familiar with Excel already you can workaround it.

By Rakshit on 2/11/2026

Amazing course, which gives practical insights, the way industry works. Having studied an MBA in Property Valuation and Development at a Prestigious University, I have not thought about these concepts like Justin. Thank you very much for your service to upcoming real estate professionals.

By Om Aryan on 1/23/2026

excellent, loved the way the content materials are provided in excel so one can learn properly and the structure of the course is top notch.

By Ethan Simmons on 12/27/2025

Im a finance student at the University of Utah and I know for a fact this just put me ahead of the game. Very helpful. Thank you!

By Brandon Leck on 11/21/2020

Justin is a great teacher and his content is exactly what I needed.

By Adrian Silich on 11/14/2020

Incredible teacher presenting constantly useful and applicable information in a clear way at an excellent pace. Justin's Youtube channel has consistently been a personal favorite of mine as a young recent graduate breaking into the CRE world, so it should be no surprise that his course contents match the same unyielding quality. Looking forward to continually expanding my knowledge of the CRE world with the help of the rest of Justin's courses.

Showing 12 of 292 reviews

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Overall Score : 96 / 100