28 practitioner guides by Julian R. Sterling, best read first at the top. Each one is built on a single worked case, and every figure it prints is a live formula in a free workbook.
The quickest way into real estate investing, finance and fund management is Real Estate Fund Management, the most read title in this list. The others go deeper into one job or one asset each. Every book below has a free companion page with the workbooks, so the arithmetic can be checked before the book is bought.
Every figure the book prints as live formulas: the waterfall of 6.11, the build-to-core of 8.7, and the proceeds gap. Five free Excel workbooks.
Worked example: How do you calculate yield on cost in real estate development?
Worked example: Does a 20 per cent promote actually pay the GP 20 per cent?
The Complete A to Z Guide: Strategies, Structures, and Insights for Investors, Sponsors, and Professionals
Both worked waterfalls of Chapter 12 reproduced to the dollar, the two capital stacks of Chapter 21, and the performance measures as live formulas.
Worked example: Core vs value-add vs opportunistic real estate: what are the returns net of fees?
Worked example: European versus American waterfall: what the clawback is really worth
A Practitioner's Guide to Conduit and SASB Deals, Tranching, Servicing, and Where the Losses Actually Land
The six workbooks that produced every figure in CMBS and CRE CLOs, completed and checked, with a blank set, thirteen working documents, forty questions and three cases. Free, no sign-up.
Worked example: Why is realised loss severity higher than appraisal severity?
A Practitioner's Guide to What Actually Produced the Return, and Who Was Paid for It
The four workbooks behind Commercial Real Estate Investing: one estate's income account with the void applied, the six numbers people call the entry yield, all twenty-four attribution orders, and the waterfall that pins the investor at the hurdle.
Worked example: Does more gearing always increase the manager's promote?
Ein Praxis- und Karriereleitfaden für das Management privater Immobilienfonds
Der Bestand, den eine Warteschlange verlangt, ist nicht die gesetzliche Mindestquote: 241 Anfangsbestände, 13,2 Prozent — zwei Punkte davon nicht dem Manager.
Worked example: Wie hoch muss ein Rücknahmeabschlag sein, damit die Bleibenden nicht zahlen?
A Practitioner's Guide to What Every Clause Does to Net Operating Income, Value and Risk
The chapter names three refinements and performs none. The third is already inside the headline, working the wrong way: 5,788,000 becomes 807,365.
Worked example: What a lease mark-to-market is actually worth after three refinements
A Practitioner's Guide to Covenants, Cash Traps, Recourse and What Happens When the Test Is Missed
One cure costs 11.2 times the other, and the ratio is 1/(k·c) — it runs from 8.7 to 13.7 on two terms the borrower negotiates. Every number is the book's.
Worked example: Why prepaying to cure a covenant costs eleven times a deposit
A Practitioner's Guide to Warehouses, Last-Mile Networks and the Investment Case
Rent per square metre, per cubic metre and net effective three ways; term and reversion on an ageing asset; and the development letting decision.
Worked example: How much more rent will an occupier pay to cut its labour cost by five per cent?
A Practitioner's Guide to Obsolescence, Re-Leasing Economics, Repositioning and What an Office Building Is Actually Worth
Five free Excel workbooks: a 6 per cent office yield that returns 3.2 per cent once the re-letting cycle is paid for, the net effective rent arithmetic, and an eighty-question acquisition checklist.
Worked example: How do you compute a capital-adjusted yield on an office?
A Practitioner's Guide to FFO, AFFO, NAV and the Public-Private Bridge in Listed Real Estate
Every figure Chapter 19 publishes reproduced as live formulas, five figures corrected. Five workbooks, a blank set, thirteen working documents, forty questions and three cases, free.
Worked example: Can a REIT trading at a discount to NAV still acquire accretively?
A Practitioner's Guide to Strategy, Track Record, Terms and Getting to First Close
The printed funnel does not obey the rule printed beside it: 192 names, not 180, and the eight investors do not arrive as eight investors.
Worked example: Does a first close cover the management company's costs?
A Practitioner's Guide to Debt, Credit Structures and What a Property Is Worth to a Lender
The four workbooks behind Real Estate Finance: the recovery bridge, the binding sizing test, the thirty-eight loan tape and its waterfall, and the unsmoothing of a net asset value.
Worked example: Does the over-rent in a sale-and-leaseback repay the over-price?
A Practitioner's Guide to Building Property, Development and Fund Models, and Passing the Modeling Test
Every number a live formula, every figure the book publishes reproduced exactly, and the modelling test worked end to end. Five free Excel workbooks.
Worked example: Is a combined downside worse than the sum of the individual moves?
A Practitioner's Guide to Sponsor-Investor Structures, Promote Waterfalls, Control Rights and Exits
The Chapter 9 waterfall as a live engine with all three appendix structures beside it, the complete venture rebuilt end to end, and failure to fund priced.
Worked example: What does a missed capital call actually cost a sponsor?
A Practitioner's Guide to Technical, Legal and Financial Diligence Before You Sign
Chapter 19 reports eighteen basis points and understates its own answer in its own unit: it is 31.1, not 17.8. Two workstreams paid for everything.
Worked example: What a diligence exercise actually recovers
A Practitioner's Guide to Occupancy Cost, Turnover Rent, Tenant Mix and the Only Asset Class Whose Tenants Report Their Sales
Five free Excel workbooks: the occupancy cost of every unit in a shopping centre, the 16 per cent of the rent roll no tenant can sustain, and an eighty-question retail acquisition checklist.
Worked example: What does losing the anchor actually cost a shopping centre?
A Practitioner's Guide to Rent Cover, Over-Rent, Covenant Risk and the Part of the Price That Is Not Property
Four free Excel workbooks, corrected and live: the model behind a €179.5 million sale and leaseback, rent cover on the entity that actually signs the lease, and the bid. Plus a blank set, thirteen working documents, forty questions and three cases.
Worked example: Does a sale and leaseback pay more than the tenant's bonds?
A Practitioner's Guide to Street Rate, In-Place Rate, Length of Stay and the Rent Roll That Has No Leases
Four free Excel workbooks: the cohort engine behind a 590-unit self-storage store, the rate-increase decision, a lease-up tracker and a bid sheet.
Worked example: What does a half-price move-in offer actually cost a self-storage store?
A Practitioner's Guide to Rent Cover, Payor Mix, EBITDARM and What an Operating Asset Is Actually Worth
Four free Excel workbooks: the resident engine behind a 70-bed nursing home, the conversion of self-funders, a rota and employer-cost calculator and a bid sheet.
Worked example: What multiple is an investor really paying at 1.80x cover and a 6.0 per cent yield?
A Practitioner's Guide to Bed-Weeks, RevPAB, Nomination Agreements and the Rent Roll That Is Re-Sold Every September
Free companion files: the model behind a 520-bed student housing scheme with 269 of the book's figures checked live, the letting campaign week by week, the cost base per bed, the bid sheet, a blank set, twelve working documents, forty questions and three cases.
Worked example: What does a university nomination agreement actually cost?
Note Investing by the Numbers: How to Price, Buy and Work Out Performing and Non-Performing Real Estate Notes
The two workbooks behind The Mortgage Note Investor: a performing note priced to a yield, a non-performing note bid from its foreclosure floor, the modification and deed-in-lieu paths, and an eight-loan pool taken apart loan by loan.
Worked example: How much does a judicial foreclosure take off the price of a non-performing note?
Doing nothing costs 4,770,000 — the chapter called The Cost of Doing Nothing contains no number at all. Plus the two calculations the book returns to most.
Worked example: Why does the cheaper refurbishment package lose money at the exit?
A Practitioner's Guide to Underwriting, Structuring, Pricing and Working Out Loans Secured on Property
Gross margin says the loan wins by 350 basis points, nearly three times. Return on capital says 3.4 points, a tenth. The floor priced, and prepayment.
Worked example: Margin says one thing, return on capital says another
A Practitioner's Guide to Land, Appraisal, Consent, Cost, Procurement and Delivery
The concession costs 1.91 times its own NPV, and the pre-let wins in every outcome up to a 15 per cent discount. Residual appraisal, worked scheme, risk register.
Worked example: What does a pre-let rent discount actually cost?
A Practitioner's Guide to Pricing an Appraisal, LP Portfolios and Real Estate Continuation Vehicles
Five free Excel workbooks: an 18 per cent discount to net asset value that is really 9.18, the unsmoothing arithmetic, and the seventy-two-question checklist.
Worked example: What does an 18 per cent discount to net asset value actually buy?
A Practitioner's Guide to Defaults, Extensions, Discounted Payoffs and Getting Value Out of a Broken Loan
Four free Excel workbooks: four ways out of one broken loan, discounted to today so they are comparable — and the 58.7 cents at which a payoff beats enforcement.
Worked example: What a month of delay costs in an enforcement
The companion files of Real Estate Appraisal: four workbooks that reproduce every figure in the book, a reviewer's checklist, blank working sheets and a 60-minute test with its answer key.
Coming soon on Amazon · Free companion files
The companion files of The Tax Lien Investor: three workbooks that reproduce every figure in the book, blank templates for your own certificates, five working forms and forty questions.
Worked example: How low can you bid on a tax lien certificate and still earn 8 per cent?
Coming soon on Amazon · Free companion files
Start with Real Estate Fund Management by Julian R. Sterling. It is the most read title in this list, and like the others it is built on one fully specified worked case whose every printed figure is reproduced in a free Excel workbook.
Yes. Every title in this guide has a free companion page on julianrsterling.com with the workbooks, blank templates and checklists. They need no account and no email address.
Analysts, associates and managers who need to compute the numbers rather than describe them: each book follows one case from the first input to the decision, at practitioner level.
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