What is the best way to learn how to model for a Private Equity technical interview?
For many companies you have to do an excel test where you are given assumptions and have to make a model for a new development, and you may have to include a loan refinance and waterfall component as well. Are there free resources available for learning how to do this? 

I know of one site, adventuresincre.com, but his models can be a bit overly complex and I think the interviewers would want something simpler. I also know of REFM, but it's hundreds of dollars and that seems unreasonable to me. 

Is there a database somewhere of sample questions and excel solutions?
[{"id": "ezqgs09", "text": "I would check out State Housing Finance Agency websites. (DHCR; NJHMFA...) Their development models can get specific, but they should all be public.\n\nThis is assuming resi development but can easily be adapted.", "replies": [{"id": "ezqicsq", "text": "Thanks, that sounds potentially helpful. I am looking at these websites but can't seem to find the models. Do you know where they would be?", "replies": [], "depth": 2}], "depth": 1}, {"id": "ezr121k", "text": "Take a look at this course:  [https://www.udemy.com/the-real-estate-financial-modeling-interview-exam-guide](https://www.udemy.com/the-real-estate-financial-modeling-interview-exam-guide)  I took it, it prepares you for your real estate financial modeling assessment. I found it very useful. and although it's not 'free' the cost is very modest, compared to other pricier courses you can find.", "replies": [{"id": "f10inw3", "text": "Does this teach you modeling from scratch? Or from a blank excel workbook? Or would I be better off taking the modeling boot camp class?", "replies": [{"id": "f113vpb", "text": "The following course -- from the same guy -- will teach you modeling from scratch (provided that you can understand the basics).  [https://www.udemy.com/course/advanced-commercial-real-estate-pro-forma-modeling-course/](https://www.udemy.com/course/advanced-commercial-real-estate-pro-forma-modeling-course/)\n\nI haven\u00b4t taken that one myself, but it\u00b4s on my wish list once I complete the one I am working on.", "replies": [{"id": "f114lfw", "text": "Got it. So if I have a modeling test coming up which do you think would be best? The interview guide or the proforma? I know some of the basics but want to be able to model from scratch.", "replies": [{"id": "f1187cr", "text": "Unless you are applying for an acquisitions position, I would say start with the interview guide. If you have enough time, do both. It will never hurt to be overly prepared.", "replies": [{"id": "f11ko69", "text": "Thank you so much for answering my questions. One more if you don\u2019t mind. Does the interview guide walk you through building a 3 statement model?", "replies": [{"id": "f11unmv", "text": "&gt;building a 3 statement model?\n\nNot really. You won\u00b4t be working on a Balance Sheet, this course will show you commercial lease and discounted cash flow modeling. I believe some lessons have a \u00b4preview\u00b4 video where you can look at what\u00b4s covered.", "replies": [{"id": "f16n0tt", "text": "Thank you for answering all of my questions. Going to purchase both.", "replies": [], "depth": 8}], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ezr7g0b", "text": "I\u2019ve never had an interview that asked me to do anything near that. \n\nExplain concepts off the top of my head? Yes. \n\nExplain formulas like cap rates and DSCR and investor level leveraged cash on cash? Yes. \n\nExplain how I\u2019d model reimbursable expense pools in Argus or detailed lease-up assumptions? Sure. \n\nBut I\u2019ve never been asked to sit in front of a computer and do any amount of work, let alone build a development model. It\u2019s wildly unreasonable. Building a model from scratch is insane for a new hire. Even using their model on the spot would be unreasonable since there are variations and nuances to where things are input and what assumptions are needed. \n\nYou sure they\u2019re going to ask that of you? I was an acquisitions analyst for a top ten US office owner previously, for reference.", "replies": [{"id": "ezrd0gs", "text": "I was applying to a RE analyst position at a big capital firm and part II of my interview process was to sit down on a computer not to build a model, bur rather act upon a model that was already in place, calculating metrics in excel.\n\nI had to partially build an ARGUS model from scratch though. Tenant roll, opex, capex, etc.", "replies": [{"id": "ezrilw1", "text": "Similar to what I describe above but interesting that they asked you to sit down and do it. Again though, operating a model or building out a basic argus model is one thing - creating a development model from scratch is nutso.", "replies": [], "depth": 3}], "depth": 2}, {"id": "ezrt8l6", "text": "Some places will definitely ask you to build a model from scratch. Check out this thread on wall street oasis\n\nhttps://www.wallstreetoasis.com/forums/megafund-repe-modeling-test\n\nI agree that it's a bit over the top to ask someone to build a model from scratch, since in the real world you'd have a pre-existing model and be able to use it", "replies": [], "depth": 2}], "depth": 1}, {"id": "ezsdrh0", "text": "Leveraged breakdowns has a good REPE interview prep", "replies": [{"id": "ezskl1z", "text": "Thanks, yeah I'm looking at this now, it says it's 29 dollars a month for the advanced course, that seems much more reasonable than REFM which is hundreds of dollars per course.\n\nDoes this come with any downloadable excel models?", "replies": [], "depth": 2}], "depth": 1}, {"id": "ezslt6n", "text": "Adventures in CRE actually walks through an REPE modeling test that he found on WSO. You should watch that video and recreate it from scratch. If you can build stuff from scratch, that\u2019s when you\u2019re ready to take on a real modeling test.", "replies": [{"id": "ezt9l0u", "text": "Yeah I found this but I feel that the way he models is sometimes needlessly complicated and a little hard to follow. I don't always understand his explanations", "replies": [{"id": "eztexip", "text": "I agree, but I do think his formulas are the least complicated here. I don\u2019t go to his site for his All-in-One models but for the smaller, more specific models (e.g. waterfalls, basic property models). \n\nYou can watch how he does it, and then see if you can get to the same answers by doing your own formulas.\n\nOh, also, if you poke around WSO enough, there\u2019s a link to a Google Drive with several modeling tests from other recruits.", "replies": [{"id": "eztih4x", "text": "Oh, do you happen to remember where I could find the google drive link, or what I should search to find it?", "replies": [{"id": "ezuaeqh", "text": "It\u2019s in the real estate part of the forum, just search \u201cmodeling test\u201d and other similar keywords", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ezx7vnh", "text": "They\u2019re just going to want to see that you know the basics and your use of formulas. Modeling waterfalls on the spot is also something I am 99% sure they will not do.", "replies": [{"id": "ezx9shz", "text": "No some of them do ask for you to do a waterfall on the spot.  I've seen multiple examples that have this", "replies": [], "depth": 2}], "depth": 1}]