each one ; )I think it a great model, lovely to use. I know my Pro Forma isn nearly as extensive or annotated, but I never use mine for much more than getting an estimate of a cap rate and a debt service ratio :P
Agreed. I added one in v3 with the intention of adding more. As long as we continue to use the revision page we can tell what changed. It really may make sense to leave legacy revisions on the page too so that everyone can see what changed since the initial sheet.
Thanks for the additioanl suggestions. When I get time this week I will try to incorporate some of these changes. Some of these ideas may require some major reworking of the spreadsheet and therefore will take some time. Let me know as you come up with more and I will keep a list of open items that we can try to get to over time.
My only point of note is that inflation isn added in.
Good luck with that! Even a small subset of the items above would be great to have. You could make a whole revision out of Nike Hoodie Limited Edition
The model does incorporate inflation. there is an assumption for annual rent inflation as well as for expenses. I beleive it was set at 1.5% in the most recent version. You can also set property appreciation although the value in the current model is caluclated unsing a 10% cap rate. This can be toggled on the inputs screen.
Why is S appreciation rate relevant at all? I would take this out since it doesnt add anything to the analysis.
I like what I see here. It makes more sense from the investment perspective (as opposed to operationally). I will go through his spreadsheet and see how hard it is to incorporate some of these changes.
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1. Implement something to track ex post data. This will be useful for posters that want to develop a pro forma and make assumptions and later compare their actual operations data on the site to see how good the feedback from the forum is at predicting how things will go in the real world
Vertical lay out in financial summary tab is tough to follow and a bit uncommon. I actually think you can make a few changes and get rid of this tab completely or make a more informative summary tab
When I saw "quick and dirty" I didn expect something as full featured as what I got. Makes me miss the days of working in Excel spreadsheets with macros for classes. Good times.
Same question for CF Reinvestment rate/MIRR? I dont consider the reinvestment rate relevant to a deal since it has nothing to do with the property being evaluated. I personally never use MIRR.
of the model. This should be broken up or as your friend stated removed completely.
Maybe that is something that can be toggled on or off in the later revisions if we can agree it adds value. Escalating rents is more aggressive IMO and people should be able to tune their assumptions so it may make sense to have it.
Inflation increases expenses as well. The only thing that would be fixed is the PI portion of your payment and that isn even the case if you have a floater for a loan.
I agree. The summary tab as it currently stands is not really a Summary but a large part Nike Men Sweatshirt
My only point of note is that inflation isn added in. I mean, it technically a non issue considering you can call it real dollars and whatnot, but if you are like me, I raise rents 3% per year to account for inflation, and money doesn always move as fast ;)
5. A really cool feature to have would be an option to enter multiple loan scenarios to Nike Tracksuits Black determine which financing product is the best given the sensitivity of the what if analysis. The user could pick the what if variables and see which loan product has the most risk. I am not really sure how to do this, but it would be nice to have. Floater products tied to MTA, LIBOR, or some other common index could be stress tested using legacy data to see how the cash flow will react over time and to choose which loan product minimizes risk and maximizes return
Sensitivity tables are an extremely useful and simple way to show how a range of assumptions on rent, exit cap, etc. can affect returns. Very helpful in understanding down side scenarios and the true effect of a departure from business plan. If youre not familiar with data tables they are really easy to use.
I would put the full underwriting cash flow on one page and focus .
I liked the comparison to the S My partner and I always try to compare to the S because as a rule of thumb if we are not beating the S by a certain margin then why not just park our money in an S index fund and collect our 10% return with no effort. I know this is a simple comparison but easy to forget.
I am indifferent. It is really up to the user of the spreadsheet. There are no passwords.
3. As a long term goal it would be nice to merge this model with the earlier one I posted that allows for waterfalls or more extravagant financing structures that involve multiple layers of equity or debt stakeholders. Line item expenses that deviate largely from the ones here:
I would generally agree with him here as I never really use the MIRR and even when I was going through the CFA tests there was never any mention of MIRR only IRR. However, I do like it because it is more conservative (as long as your reinvestment rate is below IRR). So, as long as you know what you are looking at I think they are both meaningful.
2. I pick through David Geltner book to see if we are missing any major items in our model. I don think we are, but there could be some nice to haves missing
huge fan of locking worksheets " limits flexibility and are a pain in the butt to audit
should be flagged. Note that we can input these on the "Typical Values" cells in the income statement or anywhere else it makes sense. I would suggest highlighting them in red or calling attention to them in some manner so that the user knows they are deviating from the study appreciably.
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