Please note: You must use the download links in the most recent email to get the correct version of the updates.
In general, you only need to download the Documents.zip file to get the update, unless the update description specifically states another file name (like maybe a new or changed video file).
Introduction to Income Valuation and Syndication – 2020-11-22
2020-11-22a: Added tutorial video for Email Blast software.
2020-11-16a: Added installation instructions in the Email Blast.pdf file in the MailMergeTemplates\VBA folder for installing the User Form for automating emails with Mail Merge PDF attachments.
2020-10-15a: Extensive improvements to the VBA ManagePDF.bas module, including a UserForm for generating PDF files and sending email through Outlook. The PDF files are generated and attached, supports field value substitution, and segregating groups of attachments by a selected mail merge field (usually used for grouping and emailing by an email address in the mail merge data record).
2020-08-14a: Update ProFormaStablized.xlsm to add detail rows for operating expense Utilities. The updated worksheets are DistressedOperatingStatement, ProFormaOperatingStatement, HistoricalOperatingStatement, FinancialProjections, TranslateExpenseDetail.
2020-08-14a: Updated RubsCalculator.xlsm and RubsInvoice.dotx to change “Gas” to “Fuel” and fix some macro issues.
2019-09-30a: Update spreadsheets with Portfolio import to append the new data to the existing data, instead of replacing the existing data with the new data. If you want to replace the existing data, then click the Portfolio CLEAR button before the IMPORT button.
2019-01-25a: General formatting and bug fixes.
2018-12-29a: Consolidate all videos into a single download file.
2018-12-29a: General improvements to spreadsheets and mail merge templates.
2018-11-29a: Minor spreadsheet updates.
2018-11-29a: Removed the annoying mail merge SQL prompt from most of the mail merge templates.
2018-08-22a: Minor cosmetic changes to some small spreadsheets.
2018-07-10a: Fix incorrect mail merge field option expiration date in short Option contract template.
2018-07-07a: SimplifiedSyndication.xlsm spreadsheet and new addendum for existing financing.
2018-07-07a: MortgageOut.xlsm spreadsheet and new addendum for existing financing.
2018-06-30a: MortgageOut.xlsm spreadsheet and mail merge templates minor changes.
2018-06-18a: Add 16 pictures (total 24 pictures) to the MortgageOut.xlsm spreadsheet and to the corresponding Investment Opportunity mail merge templates(s).
2018-06-18a: Add 16 pictures (total 24 pictures) to the SimplifiedSyndication.xlsm spreadsheet and to the corresponding Investment Opportunity mail merge templates(s).
2018-04-01a: MortgageOut.xlsm spreadsheet and mail merge templates. Updated “Sources and Uses”.
2018-01-02a: MortgageOut.xlsm spreadsheet and mail merge templates.
2017-11-21a: More bug fixes for Mortgage Out mail merge templates.
2017-11-17a: More bug fixes for Mortgage Out mail merge templates.
2017-11-16a: MortgageOut.xlsm spreadsheet and mail merge templates major update with bug fixes.
2017-08-07a: MortgageOut.xlsm spreadsheet fixed circular reference when calculating an equivalent Master Lease with Option financial structure.
2017-08-07a: Several minor spreadsheet and mail merge template updates.
2017-01-24a: ProFormaStabilized.xlsm spreadsheet update Property Pictures worksheet to hold 8 pictures.
2017-01-24a: RentalPerformance.xlsm spreadsheet update Property Pictures worksheet to hold 8 pictures.
2017-01-24a: SimplifiedSyndication.xlsm spreadsheet update Property Pictures worksheet to hold 8 pictures. Updated the mail merge templates that display the pictures.
2017-01-06a: Updated all spreadsheets that have BestBuyer and ProjectManager worksheets. Updates add 6 criteria fields for data filtering.
2016-12-29a: Fixed mail merge templates for ProFormaStabilized spreadsheet.
2016-12-28a: New SimplifiedSyndication.xlsm spreadsheet and mail merge templates.
2016-12-28a: Updates for ProFormaStabilized.xlsm spreadsheet. Fixed some page break errors on the presentation worksheets. Shortened some cell names to within 40 character limitation of Word mail merge. Added some arbitrary cell names to unnamed input cells on various worksheets. Updated the “PropertyPictures” worksheet to include control buttons to find a picture and insert it on the page.
2016-08-27a: Updates for MortgageOut.xlsm spreadsheet and mail merge templates updates.
2016-08-15a: Updates for MortgageOut.xlsm spreadsheet and mail merge templates updates.
2016-07-04a: MortgageOut.xlsm spreadsheet and mail merge templates updates.
2016-07-03a: MortgageOut_Tutorial1.mp4 video tutorial added (this is a zip file).
2016-06-27a: MortgageOut.xlsm spreadsheet fixed circular references for calculating target mortgage out values.
2016-06-27a: Part of a massive update (132 templates spread over 3 products) for mail merge templates to support multiple data rows input. Fixed: Word mail merge uses section breaks between data rows, which messes up page number.
2016-02-13a: New video tutorial PortfolioControls_Tutorial1.zip.
2016-02-13a: Fixed bug in Portfolio controls build mail merge. Added Join button to join the Portfolio and Best Buyers data set entries for mail merge.
2016-01-12a: RentalPerformance.xlsm spreadsheet and mail merge templates updated.
2015-12-08a: RentalPerformance.xlsm spreadsheet and mail merge templates for Master Lease and Option.
2015-08-07a: Cash_Flow_Questions.zip video tutorial to calculate the CAP rate and the Return on Equity for a given cost and structure of financing.
2015-07-28a: Updated IncomeAnalysisSummary.xlsx spreadsheet.
2015-04-22a: Add QuickMultifamilyCalculation.xlsm spreadsheet for quickly estimating the purchase parameters for a syndication deal of a distressed income property. Also include some mail merge templates for Letter of Intent and an Opportunity letter for potential equity financiers (called “Note Buyers” in the spreadsheet).
2015-03-24a: MasterLeaseAndOption.xlsm spreadsheet unlocked a few cells to allow for more freedom for “what if” calculations.
2014-12-23a: Price change.
2014-10-22a: Minor editorial change to Letter of Intent mail merge templates.
2014-10-09a: ProFormaStabilized.xlsm spreadsheet minor change to the “Save CSV” button macro.
2014-10-09a: MasterLeaseAndOption.xlsm spreadsheet minor change to the “Save CSV” button macro.
2014-08-04a: ProFormaStabilized.xlsm spreadsheet added UnitMixProForma presentation sheet. Also added to Organize folder some Craigslist post samples for Master Lease and Option.
2014-07-10a: ProFormaStabilized_NonCircumventionAgreement.dotx mail merge template updated to clarify that the secondary syndicator is joined as a principal party in the primary syndicator’s project. This obviates any licensing, because the secondary syndicator is not brokering the deal.
2014-07-10a: ProFormaStabilized.xlsm spreadsheet minor cosmetic update on the Distressed Analysis Summary worksheet.
2014-06-19a: Added craigslist.org blurbs for Master Lease and Option in the Organize folder.
2014-06-05a: Price change.
2014-06-04a: RubsCalculator.xlsm spreadsheet minor cosmetic update.
2014-05-08a: PrivateFinanciers.xlsm spreadsheet minor update to visual basic code.
2014-05-08a: MasterLeaseAndOption.xlsm spreadsheet minor update to visual basic code.
2014-05-08a: ProFormaStabilized.xlsm spreadsheet minor update to visual basic code.
2014-04-11a: ProFormaStabilized.xlsm spreadsheet minor editorial changes.
2014-04-02a: ProFormaStabilized_TextSplit_Tutorial2.zip video showing the Text Split buttons.
2014-03-31a: ProFormaStabilized.xlsm spreadsheet added buttons to presentation sheets MarketOverview and RisksAndMitigatingFactors for Text Split functions. These functions are for advanced users. See the Text Split video tutorials for more information.
2014-03-29a: ProFormaStabilized_Demographics_Tutorial1.zip new mp4 video.
2014-03-29a: Removed redundant Spreadsheets subfolder in the Forms folder of the Documents.zip file. The spreadsheets in that subfolder are obsolete.
2014-03-29a: ProFormaStabilized.xlsm spreadsheet added Demographics presentation sheet.
2014-03-28a: ProFormaStabilized.xlsm spreadsheet minor cosmetic improvements to ExecutiveSummary presentation sheet. Added more smarts to the advanced Visual Basic macros for ExportImport and TextSplit. Fixed a few formatting issues in the presentation sheets.
2014-03-06a: ProFormaStabilized.xlsm spreadsheet re-ordered some presentation sheets, moved some calculations to named cells and replaced the calculations with references to the new named cells. Updated the MailMergeValuation worksheet. Updated 2nd presentation page of the Historical Operating Statement to show simplified loan analysis.
2014-02-27a: ProFormaStabilized.xlsm spreadsheet changed formatting of tabular presentation sheets to eliminate the dollar sign and underlines, and add altering green shades. This change will improve the readability of the tabular presentations and simplify using copy & paste to extract information from the PDF presentation package.
2014-02-18a: Added “Exhibit A” for due diligence items to the mail merge templates for the ProFormaStabilized_LetterOfIntent documents.
2014-02-18a: ProFormaStabilized.xlsm spreadsheet cosmetic updates, added website cells for broker and seller data on the ProFormaOperatingDataSummary worksheet.
2014-02-13c: ProFormaStabilized.xlsm spreadsheet minor update to the Sources and Uses presentation sheet to adjust the line numbers on the Uses Detail section.
2014-02-13a: ProFormaStabilized_SyndicationPackage_Tutorial1.zip new video tutorial on generating a PDF syndication package.
2014-02-12a: ProFormaStabilized.xlsm spreadsheet reformatted the text on several presentation worksheets. This should correct some minor anomalies in the generated PDF output file.
2014-02-09a: Added PowerpointTemplates folder in the main product file Documents.zip with bare templates for building a pitch book.
2014-02-09a: ProFormaStabilized.xlsm spreadsheet minor internal macro changes.
2014-02-07b: ProFormaStabilized.xlsm spreadsheet fixed formatting issue on the Project Structure presentation sheet.
2014-02-06a: ProFormaStabilized.xlsm spreadsheet cosmetic improvements.
2014-01-31a: ProFormaStabilized.xlsm spreadsheet minor fix on Investment Opportunity presentation sheet.
2014-01-28a: ProFormaStabilized.xlsm spreadsheet and mail merge ProFormaStabilized_NonCircumventionAgreement.dotx template.
2014-01-06a: RubsCalculator.xlsm spreadsheet added “Other” column utility expense. Updated RubsInvoice.dotx mail merge template. Use the “Other” expense for Ratio Utility Billing System (RUBS) miscellaneous utility or service costs, like landscaping, trash collection, cable TV, etc.
2014-01-01a: ProFormaStabilized.xlsm spreadsheet added an Executive Summary presentation sheet for a simple one-page description.
2013-12-26a: ProFormaStabilized.xlsm spreadsheet more editorial changes and textual corrections. Added “Copy To” convenience buttons on the “Translate Expense Detail” to copy the translated target expense values to the selected Operating Statement worksheet for ProForma, Distressed, and Historical expense columns.
2013-12-22a: ProFormaStabilized.xlsm spreadsheet some internal macro changes and some cosmetic improvements to some presentation sheets.
2013-12-22a: MasterLeaseAndOption.xlsm spreadsheet some internal macro changes.
2013-12-11a: ProFormaStabilized.xlsm spreadsheet added check box on main worksheet to select borrowing the common equity investment. Adjusted back end future value calculations to account for borrowing the common equity investment.
2013-12-09a: ProFormaStabilized.xlsm spreadsheet greatly improved report generating speed by disabling automatic calculations. Automatic calculations are enabled after completing the report generation.
2013-12-07a: ProFormaStabilized.xlsm spreadsheet cosmetic improvements to the “Repositioning Analysis” presentation worksheet. Added Conceal, Reveal buttons for the 2nd tranche detail rows.
2013-12-05a: ProFormaStabilized.xlsm spreadsheet added “Repositioning Analysis” presentation sheet that displays the information on the “Distressed Summary” worksheet. Select the “Distressed Analysis” check box on the Table of Contents presentation sheet, then select either “Select Loan Request” or “Select Syndication” to select the appropriate presentation sheets, or directly select the check box for “Repositioning Analysis”. This new presentation sheet is only appropriate for distressed properties. Also rearranged some presentation sheets for better location and logical flow.
2013-12-01a: ProFormaStabilized.xlsm spreadsheet fix reference to distressed loan to value ratios.
2013-11-18a: ProFormaStabilized.xlsm spreadsheet add presentation worksheet for Potential Risks and Mitigating Factors. Rearranged some sheets in the Table of Contents for better logical flow.
2013-11-16a: AssignmentFeeInvoice.xlsx spreadsheet added to spreadsheets folder. This is for generating an “Invoice” to bill your wholesale buyer for your assignment fee to assign the Option contract or the Purchase and Sale agreement. Some title companies won’t understand a normal assignment contract, so this “Invoice” is evidence of a “3rd party service provider” to be paid at closing.
2013-11-16a: ProFormaStabilized.xlsm spreadsheet fixed Financial Projections worksheet calculating the reserved share of sale or refinance net proceeds.
2013-11-13a: ProFormaStabilized.xlsm spreadsheet added Market Overview presentation worksheet.
2013-11-04a: ProFormaStabilized.xlsm spreadsheet added purchase price to some presentation worksheets.
2013-10-26a: ProFormaStabilized.xlsm spreadsheet added closing cost rate for sale and refinancing to the financial projections worksheets.
2013-10-25a: ProFormaStabilized.xlsm spreadsheet add columns to Unit Mix and Lease Schedule for the unit type number for cross referencing the Lease Schedule entry to the Unit Mix row. Added renovate days column to the Unit Mix.
2013-10-22a: ProFormaStabilized.xlsm spreadsheet the “Generate Package” button on the Table of Contents worksheet now automatically conceals the secondary financing rows on the Executive Financing Summary and Syndication Summary worksheets when the secondary finance tranche is zero, and conceals the unused detail usage lines on the Sources and Uses worksheet. Added sub syndication detail rows to the Sources and Uses worksheet that require selecting the “Enable Sub Syndication” checkbox on the Table of Contents worksheet.
2013-10-21a: ProFormaStabilized.xlsm spreadsheet more fixes to Internal Rate of Return (IRR) calculations.
2013-10-19a: ProFormaStabilized.xlsm spreadsheet fix Internal Rate of Return (IRR) calculations. Add IRR calculations for refinancing.
2013-10-15a: ProFormaStabilized_CommitmentLetter.dotx mail merge template for a generic commitment letter that is populated with the Escrow information. Generate a PDF of this letter to send to your private financiers, along with the PDF package generated from the ProFormaStabilized.xlsm spreadsheet.
2013-10-15a: ProFormaStabilized.xlsm spreadsheet added Escrow worksheet to specify the escrow company and bank account routing information for depositing the private financiers’ funds.
2013-10-10a: ProFormaStabilized_NonCircumventionAgreement.dotx new mail merge template to generate a non-circumvention Joint Venture agreement between a Primary Syndicator and a Secondary Syndicator.
2013-10-10a: ProFormaStabilized.xlsm spreadsheet and MasterLeaseAndOption.xlsm spreadsheet updated the export macro to try to reduce redundant columns. Add Primary Syndicator cells for generating a Joint Venture agreement between the Secondary (Sub) Syndicator and the Primary Syndicator.
2013-10-09a: ProFormaStabilized.xlsm spreadsheet add Sub Syndication Projections presentation worksheet to show returns for a sub syndication project. Add checkbox on Table of Contents for sub syndication. The Selection Syndication button will include the sub syndication presentation sheets when the checkbox is selected.
2013-10-05a: PrivateFinanciers.xlsm spreadsheet add export and import buttons to save and load the Private Financiers worksheet as a tab delimited text file.
2013-10-05a: ProFormaStabilized.xlsm spreadsheet and MasterLeaseAndOption.xlsm spreadsheet renamed the export and import macros, and moved them into a new module.
2013-10-03a: ProFormaStabilized.xlsm spreadsheet minor editorial changes to the Sub Syndication Summary worksheet and the syndication cover page.
2013-10-02a: ProFormaStabilized.xlsm spreadsheet cosmetic improvements on the Financial Projections worksheet. Re-arranged some data and clarified the derivation of the CAP rate in the Sales Valuation section.
2013-10-01a: ProFormaStabilized_CommonEquity_SubSyndicator.dotx mail merge template fixed various issues and include references to the consolidation cell names.
2013-10-01a: ProFormaStabilized.xlsm spreadsheet fixed broken links on the Table of Contents. Added SubSyndicationSummary worksheet. Add consolidation cells for easier disambiguation between distressed and stabilized calculations.
2013-09-30a: ProFormaStabilized.xlsm spreadsheet and MasterLeaseAndOption.xlsm spreadsheet improved the MailMergeValuationExport and MailMergeValuationImport macros for advanced users. Removed the MailMergeValuationTextify macro. Export/Import still requires the user to copy manually any images or pictures.
2013-09-28a: ProFormaStabilized.xlsm spreadsheet and MasterLeaseAndOption.xlsm spreadsheet improved the MailMergeValuationExport macro for advanced users. The macro now prompts the user for text file save name and automatically saves the generated export worksheet as a tab delimited text file, then deletes the worksheet with prompting to the user (no way to stop the prompt). The macro and the Textify and Import macros are intended for advanced users to export/import the data cells to a new version of the spreadsheet.
2013-09-28a: ProFormaStabilized.xlsm spreadsheet changed the Financial Projections worksheet to number the column headings from 1, instead of 0. Added Equity Multiple calculation to the IRR (Internal Rate of Return) matrix.
2013-09-27a: ProFormaStabilized.xlsm spreadsheet updated mail merge export, textify, import macros for advanced users. No changes to regular features.
2013-09-21a: ProFormaStabilized.xlsm spreadsheet minor cosmetic improvements to the Financial Projections presentation worksheet. Added page 3 to the syndication cover page, and clarified and expanded some of the text.
2013-09-20a: ProFormaStabilized.xlsm spreadsheet add Financial Projections presentation worksheet with stabilized internal rate of return (page 2) showing membership share versus reserved (syndicator) share according to the minimum agreed yield on cash flow. Table of Contents updated for new worksheet and moved control buttons for easier access.
2013-09-20a: ProFormaStabilized.xlsm spreadsheet add Conceal and Reveal buttons to the Historical Operating Statement for the calculated “Current Annualized” column. This avoids a duplicate column when the Pro Forma Operating Statement is already selected as “Annualized”. The “Generate Package” button on the Table of Contents worksheet will call the conceal or reveal procedures as needed.
2013-09-19a: ProFormaStabilized.xlsm spreadsheet add worksheets for Project Structure and Comparable Rents. Add investment statement to the syndication cover page 2. Adjust Table of Contents for the new presentation work sheets.
2013-09-10a: ProFormaStabilized.xlsm spreadsheet improved performance on the Translate Expense Detail worksheet.
2013-09-09b: ProFormaStabilized.xlsm spreadsheet on Syndication Summary worksheet removed incorrect percentage display, changed ITV% to FITV% column header.
2013-09-09a: ProFormaStabilized_DistressedAnalysis_Tutorial2.zip new video tutorial for the Distressed Analysis Summary worksheet.
2013-09-09a: ProFormaStabilized.xlsm spreadsheet bug fix for the Distressed Analysis Summary sheet in calculating the refinance net cash out according to the specified desired simple rate percentage for the cash out to the private financiers. The effective simple rate should be very near the specified desired simple rate now (within a couple of dollars plus or minus). Also corrected the mail merge template labeling for the private financing parameters.
2013-08-29b: ProFormaStabilized.xlsm spreadsheet minor cosmetic fix to the Unit Mix worksheet in the Unrenovated column to show integers instead of dollars.
2013-08-29a: ProFormaStabilized.xlsm spreadsheet cosmetic improvements to the Distressed Analysis Summary worksheet and the mail merge templates for distressed projects.
2013-08-27a: ProFormaStabilized.xlsm spreadsheet add two cells on the Distressed Analysis Summary worksheet for calculating the Equity Multiple for the Pro Forma Sale Distribution and the Refinance Cash Out. The number represents the multiplier on the initial common equity investment relative to the project cash flow and the final distribution at project completion. Recommend most projects should offer at least 2.0 multiplier to double the common equity investment at project completion (exit strategy).
2013-08-25a: ProFormaStabilized.xlsm spreadsheet Unit Mix add two columns for the count of unrenovated units and the cost per unit type to renovate.
2013-08-25a: ProFormaStabilized.xlsm spreadsheet distressed operating statement bug fix.
2013-08-23a: ProFormaStabilized_TranslateExpenseDetail_Tutorial1.zip mp4 video tutorial explains how to convert the expense details from an offering memorandum to the expense detail lines required by the ProFormaStabilized.xlsm spreadsheet.
2013-08-22a: ProFormaStabilized.xlsm spreadsheet distressed analysis bug fix.
2013-08-21a: ProFormaStabilized.xlsm spreadsheet minor cosmetic update.
2013-08-20a: ProFormaStabilized.xlsm spreadsheet add Translate Expense Detail worksheet. The worksheet is a “scratchpad” for converting the expense detail lines from a pro-forma offering memorandum to the expense detail lines used in the spreadsheet operating statement worksheets.
2013-08-20a: ProFormaStabilized.xlsm spreadsheet minor carrying cost enhancement on the Distressed Analysis Summary worksheet.
2013-08-19b: ProFormaStabilized.xlsm spreadsheet added navigation buttons to the worksheets ProFormaStabilized, Distressed Analysis Summary, Distressed Operating Statement, and Pro Forma Operating Statement.
2013-08-19a: ProFormaStabilized.xlsm spreadsheet minor bug fix on the Distressed Analysis Summary worksheet. Minor bug fix on Request for Financing worksheet, and the Executive Financing Summary worksheet.
2013-08-17a: Price change to $34.
2013-08-17a: Add a new video tutorial on distressed analysis ProFormaStabilized_DistressedAnalysis_Tutorial1.zip in the ProFormaStabilized.xlsm spreadsheet.
2013-08-17a: ProFormaStabilized.xlsm spreadsheet now supports analyzing distressed income properties! Add Distressed Analysis Summary worksheet, Distressed Operating Statement presentation worksheet, update Table of Contents. Add mail merge templates for distressed analysis: Letter of Intent, 1st positioning financing, 2nd position financing, common equity financing.
2013-08-09a: ProFormaStabilized_LetterOfIntent_SellerEquity.dotx mail merge template for generating a specialized Letter of Intent for a Joint Venture with the Seller. The Seller contributes the common equity portion plus seller financing of the senior tranches. This is for taking over a managerially distressed income property and paying off the Seller with future appreciation.
2013-08-05a: Rearranged the Borrower and REO Schedule worksheets, added “Online?” column to the lease schedule worksheet, and made some cosmetic improvements to the ProFormaStabilized.xlsm spreadsheet.
2013-08-02b: ProFormaStabilized.xlsm spreadsheet added to each Borrower worksheets the Income & Expense, and Assets & Liabilities grids. These grids are for calculating the borrower’s cash flow and net worth. See FinancialStatementSummary.xlsx spreadsheet.
2013-08-02a: ProFormaStabilized.xlsm spreadsheet split out the 4 borrowers into separate worksheets, Borrower1, Borrower2, Borrower3, Borrower4, and RealEstateSchedule1, RealEstateSchedule2, RealEstateSchedule3, and RealEstateSchedule4. Updated the Table of Contents worksheet for individual borrower worksheet selection.
2013-07-27a: ProFormaStabilized_LoanBrokerFeeAgreement.dotx mail merge template added.
2013-07-27a: Updated the ProFormaStabilized.xlsm spreadsheet with more mail merge fields for the Loan Broker Fee Agreement worksheet and mail merge template.
2013-07-17c: Added space for MAP and AERIAL images in the PropertyPictures worksheet of the ProFormaStabilized.xlsm spreadsheet.
2013-07-17b: Removed the redundant “Spreadsheets” folder from the MailMergeTemplates folder in the Documents.zip file.
2013-07-17a: Updated the LoanBrokerFeeAgreement presentation worksheet in the ProFormaStabilized.xlsm spreadsheet to refer to fields on the Borrower worksheet, and some minor cosmetic and editorial changes.
2013-07-17a: ProFormaStabilized.xlsm spreadsheet lock/unlock cells when using the buttons “Lock NOI”, “Unlock NOI”, “Lock CAP”, “Unlock CAP”, and the check boxes for locking/unlocking the syndication parameters. See 2013-07-14a update description.
2013-07-16a: ProFormaStabilized.xlsm spreadsheet bug fix for minimum agreed yield cash flow per unit.
2013-07-15a: Optimized a few subroutines and corrected a spelling error in the Table of Contents for the ProFormaStabilized.xlsm spreadsheet.
2013-07-14a: Added Word and PDF documents for a liability disclaimer, investor questionnaire, and a qualified purchaser form. These forms are for preliminary qualification of a prospective investor and you must use an attorney drafted offering circular and private placement memorandum for the actual offer to sell securities.
2013-07-14a: Updated ProFormaStabilized.xlsm spreadsheet to include a general contractor sheet and a liability disclaimer sheet, both for the syndication presentation. Added buttons to Lock and Unlock the NOI and CAP values for doing “what if” calculations. Added alternative input fields for the syndication parameters for the user to lock a specific dollar amount.
2013-07-12a: Add Conceal and Reveal buttons on InvestmentOpportunity worksheet to hide/show blank rows for the primary and secondary equity investment.
2013-07-11a: Add another tutorial video file ProFormaStabilized_FinancePackage_Tutorial3.zip to show how to generate a syndication presentation PDF package.
2013-07-10a: Updated all ProFormaStabilized mail merge templates (*.dotx) to refer to the changed field name for the secondary annual interest rate. The user must now use the “Save CSV” button in the ProFormaStabilized.xlsm spreadsheet to create a Comma Separated Values (*.csv) text file for importing into Word for the mail merge.
2013-07-10a: Updated the ProFormaStabilized.xlsm to include presentation sheets for syndication. The Table of Contents worksheet now has buttons for selecting the presentation sheets for either a loan request package or a syndication package. You can still override the selected worksheets by clicking the individual check boxes.
2013-07-09a: Updated the ProFormaStabilized.xlsm for smarter handling of Table Of Contents page numbers when subject worksheets have more than 1 page. This is in preparation for adding more presentation worksheets.
2013-07-09a: Fixed bugs in ProFormaStabilized.xlsm spreadsheet on the Historical Operating Statement worksheet.
2013-07-06a: Add description of how to calculate the minimum agreed yield to the help PDF file.
2013-07-03a: MasterLeaseAndOption_SaveCSV.zip new video tutorial describes the new “Save CSV” button and shows how to import the csv text file into Word.
2013-07-03a: MasterLeaseAndOption_Tutorial3.zip video tutorial is updated to mention the new “Save CSV” button to circumvent the Word limitation of 255 mail merge fields in Excel file import.
2013-07-02a: No functional changes. Initial preparation to re-organize VBA macros.
2013-06-29a: Fixed some buggy “insert rows” commands on some exhibit sheets in the ProFormaStabilized.xlsm and RubsCalculator.xlsm spreadsheets.
2013-06-28a: Added “Save CSV” button to the spreadsheets MasterLeaseAndOption.xlsm and ProFormaStabilized.xlsm to get around the stupid Microsoft Word limitation of 255 mail merge fields for Excel files. Now you must use the “Save CSV” button to save the mail merge fields as a Comma Separated Values (*.csv) text file, and import that text file into Word as a data source for mail merge. I also restored the UnitMix and RepairEstimates worksheets for the MasterLeaseAndOption.xlsm spreadsheet.
2013-06-26a: Updated all Master Lease and Option mail merge templates to remove the reference to a deleted mail merge field.
2013-06-25a: Removed worksheets UnitMix, RepairEstimates from the MasterLeaseAndOption.xlsm spreadsheet and made each of them standalone spreadsheets. The brain-damaged Microsoft limitation of 255 columns for mail merge data import necessitated the change.
2013-06-24a: RubsCalculator.xlsm spreadsheet for calculating and generating invoices for Ratio Utility Billing System (RUBS).
2013-06-24a: RubsInvoice.dotx mail merge template for RUBS invoices.
2013-06-24a: MasterLeaseAndOption_RUBS_Tutorial1.zip video tutorial on using the RubsCalculator.xlsm spreadsheet, and MasterLeaseAndOption_RUBS_Tutorial2.zip video tutorial on using the RubsInvoice.dotx mail merge template.
2013-06-21a: ProFormaStabilized_FinancePackage_Tutorial1.zip new video tutorial demonstrating how to generate a PDF finance package.
2013-06-20a: Major update to ProFormaStabilized.xlsm spreadsheet to add loan packaging presentation worksheets, PDF package generation. Generate a PDF file containing the presentation worksheets for submitting to your commercial lender or broker.
2013-06-13a: Added syndication field for “additional reserves” in ProFormaStabilized.xlsm, MasterLeaseAndOption.xlsm spreadsheets.
2013-06-13a: Updated mail merge templates.
2013-06-13a: Fixed a bug in MasterLeaseAndOption.xlsm pro-forma operating data.
2013-06-12a: Price change to $25. Existing customers will still receive free updates until their purchase plan expires.
2013-06-12a: Added ProFormaStabilized_SeekActual_Tutorial3.zip video tutorial to demonstrate how to use “what if” calculations and actual operating data.
2013-06-12a: Updated MasterLeaseAndOption.xlsm spreadsheet with the membership minimum agreed yield calculation.
2013-06-12a: Updated ProFormaStabilized.xlsm and the mail merge template ProFormaStabilized_CommonEquity.dotx to support the membership minimum agreed yield calculation.
2013-05-29a: Cosmetic updates to ProFormaStabilized.xlsm spreadsheet and added SubSyndication worksheet and mail merge template for raising common equity funds through a secondary syndicator.
2013-05-25a: Added mp4 video tutorial ProFormaStabilized_SeekActual_Tutorial2.zip.
2013-05-25a: Updated ProFormaStabilized.xlsm spreadsheet to include a credit from seller to buyer for repairs, and updated the mail merge templates to include the credit and the net effective purchase price. Also updated the “Seek Actual” button to perform the direct calculations instead of using “Goal Seek”.
2013-05-24a: Added ProFormaStabilized_SeekActual_Tutorial1.zip mp4 video tutorial to demonstrate the new “Seek Actual” button on the ProFormaStabilized.xlsm spreadsheet ProFormaOperatingData worksheet.
2013-05-24a: Updated ProFormaStabilized.xlsm spreadsheet ProFormaOperatingData worksheet. Added an “actual” column for actual operating data and a button “Seek Actual” to use Excel “Goal Seek” to find a Gross Return on Equity Rate and cash flow to achieve the specified actual operating data.
2013-05-02a: Added mp4 video to demonstrate creating a mail merge document from the new templates. The new file name is PrivateFinanciersSpreadsheet_Tutorial2.zip for download.
2013-04-27a: Updated help document to add “Hypothecate Finance”.
2013-04-26a: Added mail merge templates for the PrivateFinanciers.xlsm spreadsheet.
2013-04-26a: Updated the PrivateFinanciers.xlsm spreadsheet.
2013-04-04a: Updated MasterLeaseAndOption.pdf in the Organize folder with more content regarding the optional “all cash” offer with syndicated private financing.
2013-04-04a: Updated MasterLeaseAndOption.xlsm spreadsheet to fix a conditional formatting bug in the current Net Operating Income cell and the ProForma Blended Debt Service cell.
2013-04-03a: Updated MasterLeaseAndOption.xlsm spreadsheet to include syndication calculations for the derived “all cash” offer.
2013-04-03a: Updated MasterLeaseAndOption_LetterOfIntent.dotx mail merge template to accommodate the spreadsheet changes.
2013-03-18a: Updated MasterLeaseAndOption_LetterOfIntent.dotx mail merge template to include “all cash” offer alternative according to the Derived Capitalization Rate calculations in the spreadsheet.
2013-03-18a: Added more cells to the DerivedCapitalizationRate worksheet in the MasterLeaseAndOption.xlsm spreadsheet for including an “all cash” offer with syndicated financing.
2013-02-21a: Added Pro-Forma Property Management Fee cells in the spreadsheet, renamed Current Property Management Fee cells, updated Letter of Intent mail merge template to use the updated cell names.
2013-02-20a: Copied the financing addendum into 3 distinct files that are each tailored to Master Lease Agreement, Option to Purchase, and Purchase and Sale. This is only a cosmetic change and you can do the same with a previous version. Just change Buyer to Optionee or Lessee, and change Seller to Optionor or Lessor as appropriate.
2013-01-21a: Added new mail merge template MasterLeaseAndOption_Addendum_Financing.dotx for attaching to your Purchase & Sale Agreement, Master Lease Agreement and Option to Purchase contract.
2013-01-21a: Added MasterLeaseAndOption_Tutorial9.zip video.
2013-01-21a: Updated MasterLeaseAndOption_LetterOfIntent.dotx mail merge template with minor cosmetic changes.
2013-01-21a: Added MasterLeaseAndOption_Tutorial6.zip video.
2013-01-21a: Added MasterLeaseAndOption_Tutorial7.zip video.
2013-01-21a: Added MasterLeaseAndOption_Tutorial8.zip video.
2013-01-20a: Updated MasterLeaseAndOption_LetterOfIntent.dotx and MasterLeaseAndOption.xlsm to generate programmatically the earnest money deposit (EMD) delivery text. Now you don’t have to edit the checkboxes. When the seller delivers the EMD, it is within 3 business days. When the buyer delivers the EMD, it is for a 0% interest promissory note to be redeemed upon successful conclusion of due diligence or upon contract assignment, whichever occurs first.
2013-01-19a: Added MasterLeaseAndOption_Tutorial4.zip video.
2013-01-19a: Added MasterLeaseAndOption_Tutorial5.zip video.
2013-01-19a: More changes to MasterLeaseAndOption.pdf in the Organize folder.
2013-01-18a: More changes to MasterLeaseAndOption.pdf in the Organize folder.
2013-01-18a: Added to MasterLeaseAndOption.xlsm the initial contract periods cell. This is the initial term in months for the master lease and option contracts.
2013-01-18a: Updated MasterLeaseAndOption_LetterOfIntent.dotx mail merge template to include the initial contract period, and more language about abeyance of payments in the event of insufficient NOI to service the payments.
2013-01-17a: More changes to MasterLeaseAndOption.pdf in the Organize folder.
2013-01-17a: Updated MasterLeaseAndOption_LetterOfIntent.dotx mail merge template to include the derived capitalization rate calculations as justification for the low offer price.
2013-01-17a: Added DerivedCapitalizationRate worksheet to the MasterLeaseAndOption.xlsm spreadsheet as an aid to determining the cap rate according to private financing yield requirements.
2013-01-16a: Minor changes to MasterLeaseAndOption.pdf in the Organize folder.
2013-01-11a: Minor improvements to the mail merge template MasterLeaseAndOption_LetterOfIntent.dotx.
2013-01-11a: Minor improvements to MasterLeaseAndOption.xlsm.
2013-01-11a: Added MasterLeaseAndOption.pdf in the Organize folder.
2013-01-09a: Re-rendered video tutorials to reduce the file size for MasterLeaseAndOption_Tutorial2.zip and MasterLeaseAndOption_Tutorial3.zip.
2013-01-09a: Minor bug fixes in MasterLeaseAndOptions.xlsm.
2013-01-08a: Added mail merge template and spreadsheets to the main Documents.zip file for the MasterLeaseAndOption.xlsm and the MasterLeaseAndOption_LetterOfIntent.dotx files.
2013-01-08a: Added MasterLeaseAndOption_Tutorial1.zip tutorial video.
2013-01-08a: Added MasterLeaseAndOption_Tutorial2.zip tutorial video.
2013-01-08a: Added MasterLeaseAndOption_Tutorial3.zip tutorial video.
2012-11-16a: Added LeverageToYield.zip tutorial video. This video explains the importance of using the correct kind of leverage when buying an income property.
2012-11-08a: Fixed a bug in the QuickInputForm.xlsm spreadsheet calculating operating expenses.
2012-11-05a: Added ReverseMortgage.pdf in the Organize folder. This short report explains the problems with a Reverse Mortgage and how a professional syndicator can provide services for a far better benefit compared to a Reverse Mortgage. Added AmortizationTable.xlsm and ReverseMortgage.xlsm spreadsheets for generating the interest and principal tables.
2012-08-18a: IntroToIncomeValuationAndSyndication_Presentation.zip revised and expanded to 56 minutes.
2012-08-16a: CalculatingCapitalizationRate.zip video tutorial is updated to simplify more algebra and provide more visual assistance for the concepts.
2012-08-15a: Cosmetic updates for the QuickInputForm.xlsm and ProFormaStabilized.xlsm spreadsheets.
2012-07-25a: Minor update to QuickInputForm.xlsm spreadsheet to add some cell names.
2012-07-23a: Minor update to DealNoteBook.xlsx spreadsheet on the ActionTaken worksheet to include a separate column for property City, just like the other worksheets.
2012-07-18a: Minor cosmetic update to the Special Report Strategic Real Estate Investing. The price of a property is composed of Debt and Equity. My terminology for the “Leverage to Price” was confusingly similar to the “Leverage Ratio” that is the reciprocal of the Equity to Value (ETV). I changed “Leverage to Price” to “Leverage to Debt” for more clarity. Otherwise, it is the exact same thing as the ratio of debt to equity.
2012-07-13a: Fixed some cosmetic formatting issues on the ProFormaStabilized.xlsm spreadsheet.
2012-06-15: Added ComparableSales and UnitMix worksheets to the QuickInputForm.xlsm and the ProFormaStabilized.xlsm spreadsheets.
2012-05-18a: Fixed bugs in the MailMergeTemplates folder in Documents.zip.
2012-05-17a: Added video tutorial ProFormaStabilized_MailMergeTutorial2 to show the new mail merge template, and how to delete optional lines from the mail merge document.
2012-05-16a: Added new Mail Merge template for borrowing the common equity tranche. Updated the ProFormaStabilized.xlsm spreadsheet with some new cells for the new mail merge template.
2012-05-12a: Added CalculatingCapitalizationRate.zip video tutorial file to explain how to calculate the Capitalization Rate and the Return on Equity (also called the Cash on Cash Return). I simplify the algebra and explain why comparable capitalization rates are nonsense. Capitalizing the income stream depends entirely on the cost and structure of financing.
2012-04-29a: Added StartingYourRealEstateSyndicationBusiness.pdf file to the Organize folder. This file can help beginners to get into the right mindset for starting a syndication business with no prior experience with apartments.
2012-04-22a: Added BasicsOfExcel_TrustedLocations1.zip video tutorial file to demonstrate adding a folder to the Microsoft Excel 2007 trusted locations.
2012-04-22a: Updated the quick start guide PDF file with a paragraph describing how to add a folder to the Microsoft Excel 2007 trusted locations.
2012-04-18b: Fixed ProFormaStabilized.xlsm future value computation, which used the Investment to Value (ITV) instead of the Debt Present Value (DPV). The DPV includes the incentive fee, while the ITV excludes it.
2012-04-18a: Added some undocumented visual basic procedures (“macro”) to Module1 and Module2 to assist manually porting data between versions of the ProFormaStabilized and QuickInputForm spreadsheets. The procedures are only for advanced users who can read and understand the comments in the procedures. The procedures won’t affect ordinary users.
2012-04-17a: Updated the ProFormaStabilized.xlsm spreadsheet and mail merge templates to use cell name Property_Street_Address instead of Property_Address to maintain consistency with other mail merge software.
2012-04-15a: Added 4 mail merge templates in the MailMergeTemplates folder, Letter of Intent, Common Equity financing, 1st and 2nd private financing.
2012-04-15a: Added ProFormaStabilized_MailMergeTutorial1.zip (mp4) video tutorial.
2012-04-15a: Updated ProFormaStabilized.xlsm spreadsheet with new mail merge cells.
2012-03-23a: Cosmetic improvement in the presentation video.
2012-03-23a: Some cosmetic improvements in some spreadsheets.