This is a free course with over 1.5 hours of video content

Course Curriculum

    1. Case Study Overview & Instructions

    2. Case Study Overview & Financial Models

    1. Lesson 1: Financial Modelling Assumptions

    2. Lesson 2: Asset Cash-Flows

    3. Lesson 3: Unlevered Cash-Flows

    4. Lesson 4: Unlevered Returns & Asset Valuation

    5. Lesson 5: Levered Cash-Flows & Levered Returns

    6. Lesson 6: Formatting

    7. Lesson 7: Final Purchase Price

    8. Final Exam

    1. Course Recap & Next Steps

About this course

  • Free
  • 11 lessons
  • 1.5 hours of video content

Course Highlights

Kickstart your real estate financial modelling journey and master the essential Excel skills used by top real estate investment firms. In this beginner-friendly course, you will learn step-by-step how to build a complete real estate LBO model for a commercial property investment, including cash-flow projections, unlevered and levered returns, and exit valuations. Perfect for students, career changers, and professionals preparing for financial modelling tests at real estate private equity firms, investment funds, or property developers, this course lays the foundations for institutional-quality analysis. It is the ideal starting point before progressing to the Real Estate Investment Academy’s intermediate and advanced financial modelling courses.

  • All for free: the course including the financial modelling templates are entirely for free.

  • Support files: includes video lessons, financial modelling templates and Exel shortcuts for financial modelling.

  • Best-in-class financial modelling techniques: learn how the best investment firms build dynamic cash-flow models.

  • Live case study: work on a real transaction via a case study of a real estate transaction.

  • Immersive learning: over 1.5 hours of video lessons, divided into smaller sections that can be completed one step at a time.

  • Proven results: our students have successfully secured coveted positions at prestigious private equity firms and investment banks.

  • Taught by industry expert: instructed by seasoned professional with extensive private equity experience incl. at Blackstone.

  • Foundations for advanced courses: this beginer friendly course lays the foundations for more advanced financial modelling courses.

  • Mobile-friendly app: access course materials conveniently through the REIA mobile-friendly app.

  • Certificate of completion: receive a course completion certificate for job applications or social media sharing.

Your Instructor

Steffen Kluners

Founder of the Real Estate Investment Academy

The course is taught by Steffen Klüners, an active real estate investment professional with over 15 years of experience in real estate private equity, including at Blackstone. He has worked on transactions with an aggregate value exceeding $5.0 billion and currently holds the position of Chief Investment Officer (CIO) at a private equity–backed real estate investment platform. Steffen also brings academic experience from Oxford University, where he was Head Instructor of the online real estate investment programme. In the REIA courses, he shares valuable insights into how top-tier private equity firms analyse, structure, and execute real estate transactions.

Course Completion Certificate

You will receive a course completion certificate at the end of this course, which you can use for your applications, and you can also share the certificate on any social media platform such as LinkedIn, Facebook, and Instagram.

The REIA Mobile App

The course content can be accessed via our REIA mobile app so that you can access our courses on-the-go, providing for a more user-friendly experience.

Course Overview

This free real estate financial modelling course teaches participants how to build a robust beginner-level financial model in Excel from scratch. It is the perfect starting point for students or professionals with limited financial modelling experience who want to quickly learn how to create best-in-class real estate financial models used by leading investment firms.

The course lays the foundation for the Advanced Real Estate Financial Modelling Course and is particularly valuable for candidates preparing for financial modelling tests and assessment centres at real estate private equity firms, investment funds, or property development companies.

Through seven easy-to-follow video lessons, you will build a complete real estate leveraged buyout (LBO) model of a commercial property investment opportunity using a live case study. The course is taught by Steffen Klüners, who mastered real estate cash-flow modelling at Blackstone. You will learn how top real estate investment firms analyse transactions and structure cash flows to assess investment returns.

When you enrol, you will receive full access to the Excel-based financial model and all supporting course materials.


Course Structure & Lessons

  • Lesson 1: Modelling Assumptions
    Learn how to define key financial assumptions and value drivers. These assumptions will be used throughout the model to drive all projected cash flows.

  • Lesson 2: Asset Cash-Flows
    Build an annual cash-flow model projecting rental income from a long lease to a single tenant. This includes operating expenses, Net Operating Income (NOI), and relevant fees.

  • Lesson 3: Unlevered Cash-Flows & Exit Valuation
    Model unlevered cash flows by incorporating acquisition costs, purchase price, and sales proceeds at exit. Learn how to perform an exit valuation using the appropriate capitalisation rate (cap rate).
  • Lesson 4: Unlevered Returns
    Calculate unlevered Internal Rate of Return (IRR), Multiple on Invested Capital (MOIC), and total unlevered profit to evaluate the property investment.
  • Lesson 5: Levered Cash-Flows & Returns
    Incorporate debt financing by creating a debt repayment schedule and linking it to the cash flow model. Calculate levered IRR, MOIC, and other metrics net of debt costs.
  • Lesson 6: Formatting for Institutional Standards
    Learn how to professionally format your model so it meets the presentation standards of institutional real estate investment firms.
  • Lesson 7: Maximum Purchase Price Analysis
    Use goal seek in Excel to determine the highest price the investor can pay while achieving target returns (20% IRR and 2.0x equity multiple).


Why Take This Course?

  • Practical, real-world application: Based on a live commercial real estate investment case study.
  • Designed for career growth: Gain skills tested by top-tier employers in real estate private equity, investment banking, and property funds.
  • Taught by an industry insider: Learn institutional modelling techniques directly from a former Blackstone professional.


This beginner real estate financial modelling course is the ideal starting point before advancing to more complex training with the Real Estate Investment Academy (REIA).


Additional REIA Courses:

  • Applied Financial Modelling – Advanced Excel modelling techniques for real estate.
  • Foundations of Real Estate Investments – Core theories and concepts of property investment.
  • Advanced Real Estate Valuations – In-depth valuation methodologies for commercial property.
  • Hotel Financial Modelling & Investments – A dedicated course for hotel real estate analysis.


Recommended Prerequisites

No minimum level is required, although familiarity with basic Microsoft Excel functions is recommended. After completing this course, you will have gained a solid foundation in Excel for financial modelling and will be able to progress to the more advanced financial modelling courses.


Refund Policy

This course is for free. For the other paid courses of the REIA package, you will be entitled to a full refund within the first 72 hours of signing up this course. Just send an e-mail to [email protected].

Student Testimonial

“As someone pivoting into real estate investments from a more general finance background, I was looking for a course that could not only build my technical skills but also align with how institutional investors approach deals. REIA delivered exactly that. The structured learning path and hands-on case work taught me how to build models from scratch, interpret sensitivities, and articulate investment rationales with clarity. What really set it apart was the instructor’s top-tier pedigree—having someone with Blackstone experience walk you through the actual logic behind investment decisions made it incredibly relevant and applicable. REIA gave me the skills and confidence to break into my current role at Dubai Holding, and continues to serve as a reference point in my day-to-day work. It’s an ideal course for anyone aiming to bring institutional-level thinking into their career.”

Carmen Barrionuevo (Real Estate Analyst at City)

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