Underwriting Excel Template

[Cole Britting]

I hope everyone is having a great weekend!

I am looking for an excel template for underwriting multifamily properties. Does anybody have one they can send to me or know a place to find a good one?

[Ryan Hogan]

Chris Jackson has a great MF UW analyzer (https://www.themultifamilyanalyzer.com/vsl1591202863311)

Michael Blank has his popular SDA (Syndicated Deal Analyzer) (https://themichaelblank.com/syndicated-deal-analyzer/)

James Eng has a simple yet effective 1-pager and for beginners good instructional YouTube channel to go along with it (https://www.youtube.com/playlist?list=PLHyWiX5X1UR-aFo0-JzE45tS6kLt3_WOO)

If you want to get into the weeds and build your own institutional level underwriting model starting from a blank excel file, Justin Kivel has some great step-by-step courses on Udemy (https://www.udemy.com/user/justinkivel/). He also gets into advanced topics such as different waterfall structures / catchups / clawbacks.

Some others:

Rob Beardsley (https://lonestarcapgroup.ac-page.com/model-giveaway)

David Toupin (https://www.obsidiancapitalco.com/dealanalyzer)

Additional training programs:

Adventures in CRE (https://www.adventuresincre.com/)

https://www.getrefm.com/

There’s a bunch more out there. Take a look and see which might be best suited for your needs and, in my opinion, after you’ve found it just focus on that one and use it over and over and over again. If you try and flip back and forth between models, you’ll frustrate yourself and be less effective. You can always add features later.

Regardless of what type of analysis you’re making (back of the napkin or full blown UW) always double and triple check your 1) exit cap; 2) rent growth; 3) property tax reassessment.

Hope this helps!