First, the ORI module does not support reimbursement of management fees. The complexity of handling the circular nature of reimbursing management fees outweighs the benefit. As a workaround, we’ve included an Admin Fee that when modeled as approximately the same amount as the management fee gets you to approximately the same outcome.

Second, the ORI module is limited to three generations of leases. This is to avoid exceeding Excel’s memory capacity. Given that the max analysis period in the All-in-One is 10 years, and most long-term leases are 3+ years long with downtime between leases, this limitation shouldn’t affect most people. But if your scenario includes leases shorter than three years, you’ll likely need to use a different solution or shorten your analysis period.

Finally, the lease reimbursement module in the All-in-One has limitations. While NNN and Gross leases generally model well, when you get into gross modified/base year type leases, the reimbursement amounts or more approximations that an accurate forecast of the reimbursements. This again is due to the limitations of Excel. If you need an exact forecast of future reimbursement cash flows, you’ll need to use a non-Excel solution.

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In terms of manually entering a value in the All-in-One. The model has two primary purposes: 1) as a valuation tool, in which case the value is a result of your analysis or 2) as a tool to assess returns (i.e. for acquisition purposes generally), in which case you’ll need to manually enter a value/price for year zero.

To toggle between the two, either select ‘Valuation’ in cell M27 of the Summary tab or ‘Acquisition’ in cell M27 of the Summary tab. When Valuation is selected, the value resulting from the analysis is shown as an output in cell M28 of the Summary tab. When Acquisition is selected, M28 becomes an input (i.e. blue font cell) that you adjust depending on the target price.

The post I noticed that the Ai1 model does not have the option to put the value of the property manually. Only by DCF or Cap Rate. While in other models there is an option for manual input. appeared first on Adventures in CRE Support.

The monthly cash flow and returns will provide the more accurate answer, and in fact, Spencer discourages even considering the annual figures on construction scenarios; hence the reason he hid the IRR Matrix when the development module is turned on.

To your second question. The drop-down should be the year of stabilization. So in the case of a core acquisition, year 1. In the case of a value-add or development, some year out into the future. Spencer made the cell an optional input (i.e. orange font), with a default formula that attempts to estimate the first stabilized year.

The post In the MM-Ops sheet, where operating expenses are inserted – is that supposed to be headed “year 1” or the year of stabilization? appeared first on Adventures in CRE Support.

With that said, if you’d like to access the IRR Matrix, you can find it as a hidden tab. Simply hover your mouse over any of the tabs along the bottom of the Excel window, right-click and select ‘Unhide’, and then find the IRR Matrix tab in the list.

The post Wondering why the IRR Matrix sheet/tab does not come up in version .81 but it did come up in prior versions? How can I get it to come up? appeared first on Adventures in CRE Support.

If so, the MF-OpSt tab becomes available when you select any of the following property types: Apartment, Student Housing, Seniors Housing, or Self Storage. The ORI-OpSt tab becomes available when you select Office, Retail, or Industrial. You can choose the property type on the Summary tab in cell F7.

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I’ve gone ahead and added Michael’s Condo Development Model to your ‘My Downloads’ page:

https://www.adventuresincre.com/my-account/downloads/

The methodology for analyzing a for-sale Condo Development and for-sale Townhome development is virtually the same. You can learn how to use the model here:

https://www.adventuresincre.com/condominium-development-model/

The post I need a model for land acquisition and the development of 300 new town houses, does the AIO work for this? appeared first on Adventures in CRE Support.

The post I want to build in CapEx for the value-add period in the first 24 months. I spread $800k over 24 months but don’t see it integrated with the debt or equity appeared first on Adventures in CRE Support.

The post In MF-OpST tab Cell J35, how do I change the Make Ready amount for Stabilized Year 1? It is an orange cell so I don’t want to make any changes that may impact other things. appeared first on Adventures in CRE Support.

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