The Wall Street Oasis Real Estate Hall of Fame provides a comprehensive collection of some of WSO's best discussions on the real estate industry. Keep in mind this Hall of Fame does not include Q&A sessions by WSO veterans. To view a full list of Q&A’s & Interviews please navigate ...
|3||5 days 12 hours ago|
I've had a couple of people PM me about what I do in REIT acquisitions and what the deal process looks like. I figured I'd post this for people's future reference. I work at a fairly large REIT (>$10billion AUM) so this process may be different for smaller shops. We also exclusively focus on CRE:...
|49||3 min 35 sec ago|
Would anyone be able to provide some insight on the differences between these two residential developments? Specifically, I am trying to understand all of the hidden nuances between these classifications as it relates to ownership structures, operations, and taxes. Why would a developer opt to class...
|4||51 min 18 sec ago|
How does everyone see Manhattan/Brooklyn resi market? And let's discuss Jersey City too if interested. ...
|7||1 hour 20 min ago|
I'm a third year analyst with a private mortgage lender specializing in FHA HUD and FNMA DUS lending. I'm currently considering a career in underwriting, but am curious as to others experience with either FHA, FNMA, or FHLMC underwriting. The obvious difference is the underwriting process with a H...
|5||2 hours 52 min ago|
I've heard plenty about CFA, CCIM, etc...but don't see much talk about the CRI designation and I'm curious if anyone has any insight or opinions on it. I'm currently in brokerage (4 years) and trying to get into an acquisitions role with an owner/developer. My bread and butter deals are typically us...
|12||3 hours 31 min ago|
I'm hoping to re-locate to a new city/market next year. Young and want to explore a different part of the country. My key hesitation is whether this experience is worth the potential back-step in career progression. I have a strong network in my local market, know all the major players, typical deal...
|11||3 hours 32 min ago|
Hey buddies, It seems there is not much info about CBRE Capital Advisors in the forum (i've used the search function but there is only one thread with no much info) So the thing is i've been approached by a recruiter to speak about a position in this shop, and i'd like to really understand what they...
|4||4 hours 33 min ago|
I have an interview with these but can't seem to find out much about them online other than- "The Park Hill Real Estate Group (PHREG) is a top-tier global real estate private equity financial advisor and placement firm for high-quality real estate investment managers and operators. Our team executes...
|18||5 hours 59 min ago|
Hello folks, Great posts here and I'm looking to get some career advice. A little about me - I am currently a fund accountant in a top PE firm. And it happens to be the top REPE as well. I did build some connections with executives at RE group even though I am in a different group and doing fund a...
|1||8 hours 24 min ago|
Hello all, I'm currently in Big 4 tax and have a huge interest in real estate tax group. We don't have this group in our office, so I wanted to ask anyone who have experience / knowledge in the field. 1) What kind of jobs do you do other than compliance work? Do you get to do something that's unrel...
|1||17 hours 32 min ago|
What's happening, WSO Real Estate? I wanted to remind everyone here about the 2016 ULI Fall Meeting in Dallas, Texas from October 24-27. Signups are available now at http://fall.uli.org/ Last year in San Francisco I tried to get together a WSO meetup, but it didn't really go anywhere. If you're goin...
|17||21 hours 58 min ago|
Currently a junior business student. A few highlights: 3.83 GPA, Real estate license, valuation and advisory intern at Cushman & Wakefield last summer, currently working part time as an analyst/intern for a REPE firm. Where should I be looking for next summer (going into my senior year)? Ideall...
|0||22 hours 4 min ago|
Anybody who has been through Starwood's SA recruiting process for the acquisitions team, what sort of questions are asked during a first round phone interview? Is it more technical or behavioral...do they ask brain teasers? Thanks in advance for any help. ...
|1||22 hours 31 min ago|
TPG REal Estate announced on Jan 9, 2015 the acquisition of a 75% stake in a $2.5B portfolio of high-yield RE loans from Deutsche Special Sits Group (Deutsche retained 25%). Looks like 11 professionals from DB's Special Sits Group joined a newly-created mortgage REIT (TPG Real Estate Finance Trust)....
|4||1 day 1 hour ago|
The end of the third quarter approaches and the holiday season is upon us. Let's get together before the end of the year for our final happy hour of 2016. Our first and second RE Happy Hours were very successful and looking to build on that. For those of you who missed our last Happy Hour (Link pos...
|0||1 day 3 hours ago|
Home is everything. It plays a role in so many areas of your life. It has seen all your good and bad times. It has heard your hopes and dreams. It is a place to plan your future, no wonder Oakmere Homes works hard to develop the well-suited home for you. They want your future to be as wonderful and ...
|0||1 day 15 hours ago|
Anyone work in Atlanta trying to grab drinks and network? Love to meet some more people and learn some more. ...
|15||1 day 17 hours ago|
So I have been offered an interview with a top real estate private equity firm but don't know much about the technical side of it. How do you calculate FCF when looking at real estate? I know the formula when analysing companies fcf =(1-t)EBIT+D&A- change in NWC -Capex. As this is an internshi...
|3||1 day 20 hours ago|
Has anyone purchased BIWS package? Did you like it? How does it compare to the REFM, Wall Street Prep, or Kahr? (Sorry, this is a mirror post of a similar question regard the WSP course.) ...
|19||1 day 22 hours ago|
I'm 2.5 years into an associate role at a large global investment manager in the RE group in NY. I have 2 years of REIB prior to this role. I've been looking to leave for about 3 months now. I've interviewed at 3 or 4 places, but nothing has materialized (one place I interviewed at put their search ...
|4||2 days 49 min ago|
WSO, I am a co-founder in a house flipping company in Orlando Fl. We are interested in initiating lending relationships from people we know in an effort to double our volume. We use hard money loans, however the additional capital would be used as an additional down payment in order to get another l...
|1||2 days 5 hours ago|
Curious to get everyone's take on what job's and sectors within real estate are most inelastic to economic cycles. For instance, I would think that taking a job with a MF Developer right now might be risky - an asset class that is cyclical and arguably in the 8th+ inning - AND with a developer who ...
|6||2 days 8 hours ago|
I have a assignment that is asking me to do a DCF and calculate the value of a office building. The discount rate is 8.5% The exit cap rate is 6.5% The Sales costs are 3.0% NOI on the last year is $4,027,746 How do I calculate the value? ...
|30||3 days 12 hours ago|
I'm looking at couple of positions at smaller firms, including one in my hometown that I'd love to interview for. I'm connected to the recruiter on LinkedIn, and was wondering if its considered appropriate to message them on LinkedIn about the open position and the company as a whole? Thanks in adva...
|3||4 days 51 min ago|
Ok, I could totally put one together in excel myself, but I'm looking for a Personal Financial Statement template. Anyone willing to help me out? ...
|0||4 days 1 hour ago|
Background: I'm originally from NYC, but I attended university in Ohio in 2007. While in university, I managed to buy, rehab, and flip 10 houses primarily in B and C class neighborhoods. I never finished college in Ohio, and couldn't stand to live in Ohio, so I decided to move back to NYC and finish...
|26||4 days 6 hours ago|
Have a superday with the BREDS group at Blackstone NYC coming up. Appreciate any tips on types of questions that may come up and/or good materials to look at as I prep. Thanks! ...
|2||4 days 20 hours ago|
I'm assuming that if this is possible, it would be more feasible and likely at smaller shops. Do many shops out there allow you to co-invest on acquisition or development deals whether you are at a small REPE or development shop? If so, how many years in would you say it would take to be able to do ...
|15||5 days 4 hours ago|
Happy Thursday, Wanted to see what folks in RE debt think about the state of lending post the refi-wave, particularly the conduit side of things. Seems like there are plenty of deals to do right now and maybe till next year, but what happens at the end of 2017 when the refi-wave fizzles out? I get ...
|0||5 days 6 hours ago|
Oakmere and their reliable customer service will make sure to give you the right specifications with the best quality for your home. Three decades of homebuilding and every Oakmere Homes review from clients shows their delight in a superior quality work of their homes. ...
|0||5 days 15 hours ago|
I'm looking at different career paths in real estate, and I was wondering for the people on the debt side of things: Why real estate debt/lending? And as an add on question: Why didn't/wouldn't you go into the equity side? ...
|5||6 days 3 hours ago|
Hi all, I have an interview this Friday with Altus for an Analyst role with their RVA group and was wondering if anyone has done one of these before and what your experience was like. The director said there will be three parts to the test: i) a proofreading exercise, ii) a financial question to be ...
|3||6 days 6 hours ago|
Is there a huge difference between modeling a deal as the GP vs. as the LP? In phrasing this another way, how do the modeling abilities of a 'real estate private equity associate' at a MM or MF REPE firm differ from the investment associate at the sponsor level shop? Are the REPE acquisitions associ...
|1||6 days 7 hours ago|
This was recommended to me by a business colleague and waned to see if anyone in the group had it. Cheers. ...
|3||6 days 8 hours ago|
Is now a good time to invest in residential real estate in major markets? (SF, LA, NYC, Chicago, etc.) If and when interest rates rise, how will it impact housing prices and rents? REITS and PE shops seem to be investing right now, are they at risk? How many more good years are ahead before a stagna...
|15||6 days 18 hours ago|
I'm trying to understand the basics of valuation metrics used within the RE space, and from what I understand, the most used are: 1) NAV - NOI + Assets - Liabilities (all marked to market), essentially the entire value of the firm/REIT 2) Cap Rates - mostly used for asset level analysis and can be a...
|2||6 days 19 hours ago|
I work for a multifamily development/investment firm in Los Angeles, and after studying up on Sober Living Facilities as well as Drug Rehab Centers, I've come to the conclusion that I should be in the business of successfully charging $20,000 for a shared bedroom. That being said, I want to know oth...
|3||6 days 19 hours ago|
Looking to make lateral into an RE analyst position with a four year background in Investment Banking Analysis (decent firms). Not sure where to start. Open to suggestions. Would be interested in doing something that relates to hospitality (on the RE analyst side). Any suggestions on how to do this...
|6||1 week 10 min ago|
Short question, but wanted to get opinions on how to move forward. I'm currently based in on the East Coast, and have been networking with groups in Southern California. A small fund wants to fly me to LA in two weeks for a final interview; at the same time, I've had three phone interviews/info cal...
|3||1 week 2 hours ago|
Do you guys ever model both NNN and FS rent structures to see what the comparative impact is on returns (primarily IRRs), holding all other variables constant? The levered returns on my FS structure are much higher than the NNN equivalent--like 200 bps. I expected to see a smaller bump due to annual...
|3||1 week 4 hours ago|
Baruch in NYC has a month long Argus training course in person for any one to take. It's $399 vs. $1000 for Argus cert. Would this be just as good as getting certified? would it look good on resume to employers? I have a full time job now but 1000 to shell out for the cert is a lot. ...
|8||1 week 9 hours ago|
Three decades of homebuilding and every Oakmere Homes review from clients shows their delight in a superior quality work of their homes. Oakmere makes sure that what they build is not just for the benefit of clients but also an asset to the community. ...
|0||1 week 15 hours ago|
I'm interviewing for an asset mgmt analyst role with an REIT firm (200-500 employees total) soon - job description seems exactly like what i am searching for and i was really excited to be a candidate for it. i was looking up the reviews on glassdoor and it seems like the general consensus is that i...
|4||1 week 20 hours ago|
I'm curious as to how those of you guys working in REPE come up with your CapEx and renovation costs for multifamily value-add acquisitions - and how you time them in your models. Do you go visit the property and figure out which units need to be renovated? or do you do it all from your office and g...
|3||1 week 21 hours ago|
I never realized how many institutional deals tied to LIBOR were getting done until I joined this forum. I'm not a fan of LIBOR as it pertains to true ARM products. Maybe it's because how I came to know it. Before the word subprime came to exist, there were residential mortgage banks that we all c...
|6||1 week 1 day ago|
Hi all, I have an interview for a REPE firm that specializes in the acquisition of value-added class B and C assets and I would like to know if you could share a few quick stories about some of the issues you had to deal with as an analyst. ...
|0||1 week 1 day ago|
I was just asked my SAT score for a potential opportunity... I haven't taken my SAT's for just about 10 years now, I figured those were completely irrelevant post college. Has anyone else had this asked, for someone with 5+ years of experience? Seems a little elitist if you ask me, but I wasn't sure...
Gentleman and Scholar
|18||1 week 1 day ago|
I cant find much in the way of compensation for real estate other then the summary page from the HR consultant that is floating around here, so I thought maybe people will be willing to describe what they do, their market, and what their compensation looks like. Industry: Real Estate Development T...
|85||1 week 1 day ago|
Hello Monkeys! I recently was selected to compete on my college's team for the Cornell Real Estate Case Competition. I have worked on plenty of real estate case studies and I know how to create a relatively in depth analysis of a deal. What I have not done is any case competitions. What is some ...
|8||1 week 1 day ago|
There are a ton of REPE threads on here, but not too many on SWFs (GPF, CIC, QIA, ADIA, etc). I'm more curious on how you break into these types of roles. I imagine it takes a while - once you have tenure at a good REPE firm, have an MBA, second language, and progress towards the CFA/CAIA. Probably ...
|13||1 week 2 days ago|
I've interviewed for a PE firm recently that's basically a mini conglomerate which acquires meat and potatoes businesses (health care, carpentry, light bulb factory, etc), as well as multifamily value-add assets. My biggest issues with them is that there's no mentioning of real estate on their websi...
|1||1 week 2 days ago|
I know titles across in our industry are weird but I was wondering if there are any "Development Managers" here. Wondering what your day to day is specifically, and how much you would be involved with the financial underwriting side pre acquisition and how much of the entitlements/construction phase...
|12||1 week 2 days ago|
Has anyone heard back yet? I think they are having it next week. ...
|20||1 week 2 days ago|
Which would be the better investment for a position in real estate finance if you can only choose one? Something like REFM or Argus Cert? ...
|7||1 week 3 days ago|
I have been assigned to do a rent comps analysis. (Somewhat at a more granular level) I have the actual rent roll of the property we are trying to acquire where I can calculate the actual leased rent amounts for different units. For comparable properties though, however, I have to rely on market ren...
|4||1 week 3 days ago|
Searched the threads in this forum for anything on these guys, but couldn't find any info. Anyone have any insight on this group? Perception in market, working for them, recruiting, exit ops, etc?? Thanks ...
|15||1 week 4 days ago|
The current cycle has been on an upswing for so long and it seems like people are always discussing 'where we are at in the cycle' etc.. My question is directed to those on the forum who have been through at least 1 full cycle (preferably a couple since the GFC is an outlier). For the young folks su...
|17||1 week 4 days ago|
Has anyone successfully crossed over from CRE into Hedge Fund world? I'm an acquisitions associate in NYC RE but I could not be more jaded with the current cycle. Have been reading tons of trading books and feel I am now more interested in finance. I am 28 and considering going for my MBA. Anyone he...
|6||1 week 5 days ago|
I'm a junior in UG looking to go into REPE. One of my potential options for next summer is an internship at a top REPE firm, and if I get the offer I will most likely stay at that firm. However I keep hearing about how people do REIB out of undergrad for 1-2 years and then break into REPE. My questi...
|11||1 week 5 days ago|
Let's say you have 10 apartment buildings within 20 miles of each other in the NYC suburbs for a total asset value of $25 million. Are there any institutional buyers who would be interested in something like that or would you have to sell this off one at a time to HNW types? ...
|13||1 week 6 days ago|
What are some of the emerging trends that you all think will prevail throughout our time in the industry? For one, I think cheap debt will be a thing of the past when we look at the steady decline that the 10-year treasury has been on since 1981. How this will affect the identification and execution...
|68||1 week 6 days ago|
What do you guys think? This would be very useful to many of us. ...
|78||1 week 6 days ago|
I'm still in school and I don't think I want to go for an MBA. I want to start as an analyst in a PE RE firm and move my way up. I was wondering what the pay will be like. ...
|3||1 week 6 days ago|
Just curious if anyone here can provide some thoughts/opinions on US Bank, particularly CRE lending group there? Might be having an interview for a FT position soon and I'm curious about pay/culture/opps within the bank. Nothing on them in this forum or much on other parts of the forum either. ...
|0||1 week 6 days ago|
I applied to the Real Estate Masters program at Columbia, Cornell and NYU for the Fall 2016. And by gods grace got accepted in all three program !! Now I need your help guys as I am really confused. Some detail about the about the programs - Program Length - Columbia 1 yr , NYU - 1.5 yrs , Cornell...
|12||1 week 6 days ago|
I am an analyst on a Debt/Equity team for one of the big brokerages. I was always under the assumption that the company paid my salary and not my bosses, but someone mentioned something today that made me think otherwise. Can anyone shed some light for me on this? ...
|3||1 week 6 days ago|
Saw an article on Bloomberg today about bringing dogs to the office (link below). Seems like RE tends to be pretty old school but it got me wondering if any well-known developers or investors have progressive policies like this. Does anyone know of any RE firms with a silicon valley culture?http://w...
|13||1 week 6 days ago|
I'm currently employed by a large and reputable REIT, my current position is rotational in nature meaning I interact with almost everything acquisition, development, operations etc. I plan on attending a top 10-20 MBA program in the near future. Post-MBA ideally I'd like to join a BB real estate gro...
|7||1 week 6 days ago|
My name is John Doe. I am a Real Estate Acquisitions Analyst currently working on a one-and-a-half-year contract for a private equity firm in San Diego, California. Moving forward, I am very interested in returning home to City X where I can leverage my experience in underwriting of multifamily asse...
|7||1 week 6 days ago|
Hey guys! I'm currently entering my Junior year at a non-target from the west coast. I had an internship with a small PE firm that invested in multi-family properties last spring. I did a lot of underwriting and had two great opportunities to go on property tours with them. And I just began a 6 mon...
|11||2 weeks 53 min ago|
Recently had my first round interview with a third party recruiting agency for Starwood. Does anyone have any input/tips/insight on what the next round of interviews at super day will be like? This is for Greenwich/SF. As a note I've seen a few posts on the Acquisitions Analyst interviewing process;...
|0||2 weeks 1 hour ago|
Saw the great post on compensation in real estate finance (here: http://www.wallstreetoasis.com/forums/what-is-your...) but wanted to drill down to the lending side of the business. Industry: Middle market lending Title: Analyst Market: nationwide Office: large southeastern MSA Shop Size: Small (0...
|17||2 weeks 1 hour ago|
So I've gotten in touch with a Director at a firm in the market I want to work in. Simple cold email, asking for advice, etc. This Director mentioned he would be open to a call or coffee in the next week or two. My question is, do I try and set a coffee right away or just set up a call? Coffee woul...
|4||2 weeks 5 hours ago|
Has anyone worked for or with Bank of the Ozarks Real Estate Specialties group? From what I understand they are becoming one of the larger construction/balance sheet lenders in several major markets throughout the country. Just curious how they are viewed in the market. Thanks. ...
|7||2 weeks 6 hours ago|
I just got accepted into NYU's MS Real Estate program, and I am currently considering the following options. 1. Quit my current job and study full-time 2. Keep my current job and study part time Can you guys please provide your insight into the two different strategies? Either cases, I will be loo...
|12||2 weeks 18 hours ago|
When given a REPE excel modeling test as part of a case study - do you usually have to create your model completely from scratch? or do they give you some sort of shell/template with the line items to work with? This could be obvious but I've never had any of these yet, and just want to prepare as ...
|4||2 weeks 1 day ago|
Are any of you nerds going to be in town for the NMHC or CREFC events this Wednesday? I'd be down to grab a beer or meet up at one of the 100s of industry/broker events. ...
|0||2 weeks 1 day ago|
Out of curiosity, for those who work in acquisition / AM, does your analyzing skills and access to market reports help you with personal investing/ deal leads? And do you guys invest in RE on side?? Thanks ! ...
|3||2 weeks 1 day ago|
Does anyone know of any models out there that allow you to drop in the existing rent roll and model out retention (%s). I know REFM has a multi-family acquisition model, but doesn't allow the user to model retention probabilities and AE would be tedious to enter all tenants (350 units). Would appre...
|11||2 weeks 1 day ago|
Looking to get a head start on Summer Associate ops. I had very non-traditional entry into my first analyst gig, so I am a bit unfamiliar with the summer internship recruiting process. Looking for REPE, REIT, and possibly lending opportunities. Currently in the first year of the RE Masters program a...
|3||2 weeks 1 day ago|
So my school places a lot of kids into real estate firms like CBRE, HFF, etc and I'm trying to figure out what exactly these firms do and what kind of people succeed in this role in order to see if this is something I'm interested in pursuing. Anyone know where I should start? Or if anyone on this ...
|13||2 weeks 3 days ago|
Hi I was wondering if anyone has any experience with Fore Property Company? How are they perceived in the development industry? Any insight into the company? Thanks ...
|1||2 weeks 3 days ago|
There's more and more chatter about more CMBS shops going under heading into risk retention. Who have you guys heard so far? ...
|13||2 weeks 4 days ago|
Which department has the best exit ops in a CRE services firm (think JLL, CBRE, Colliers)? I have started a 2-year analyst programme for one of the biggest CRE firms in the world. During my first-year I will work in valuation/advisory. In which department should I work during my second-year in order...
|4||2 weeks 4 days ago|
Was just looking to see what you guys knew about this firm? Don't know much so anything would be appreciated. Thank you very much. ...
|7||2 weeks 4 days ago|
Has anyone done any research on The Executive MRED Program offered by Auburn? Anyone go there? I am looking for feedback on the program. Thanks! ...
|1||2 weeks 4 days ago|
People ask about the best real estate books to read on this forum almost daily and we're happy to toss Linneman and Bowman their way, as well as all of the terrific ULI books, but @Whats the Comp today asked specifically about non-textbook reads and it got me thinking that we should build a list of ...
|25||2 weeks 5 days ago|
Alright guys, just got a second round interview for a large Mortgage Banking operation in Manhattan. The company primarily does Agency deals, with a little life co and CMBS. I should mention the focus of this group is Multi-Family and Senior Housing. I was told there will be a writing and excel tes...
|2||2 weeks 5 days ago|
Can one of you all in the WSO community help me understand the difference between being an investment sales broker/analyst and being an office/multi-family/industrial broker? Why do you prefer investment sales to brokerage or vice versa? The thought of selling an entire building sounds much more pre...
|3||2 weeks 6 days ago|
Hello Everybody, Can anybody knows what is the responsibilities or duties of a real estate financial adviser ? Thanks in advance Ian Filippini ...
|0||2 weeks 6 days ago|
Currently working with a multi-family investment group that raises internal funds as well as syndicates out a piece of the equity. To date I've been on the acquisitions team sourcing and underwriting deals, but my role is transitioning to fundraising equity and structuring asset level/fund level par...
|5||2 weeks 6 days ago|
I have a second round interview for a Development Associate position coming up and would like to know some good talking points or questions to bring up during the interview. The product is Class A office and multifamily in a major market (NYC/Boston/DC). I have a basic understanding of development ...
|6||3 weeks 2 hours ago|
Have my 3rd round interview with Goldman's RMD Asset Management groupthis week (first two were over the phone) as an analyst. From what I was told, the end of the interview would be sitting with an analyst or associate to assess my technical skills. Can anyone provide insight as to what they will b...
Uncle Jesse Spano
|0||3 weeks 2 hours ago|
|0||3 weeks 6 hours ago|
Previous background is in banking where recruiting is very structured and follows a specific cycle. How do REPE shops in NYC recruit for summer interns? I'm assuming small boutiques are more flexible, but what about the mid-market to larger more reputable shops. This at the MSRE level and not underg...
|0||3 weeks 6 hours ago|
It seems like those groups who specialize in affordable housing tend to do both LIHTC as well as Section 8, and sometimes in combination with each other? I have a pretty good general understanding of 4% LIHTC, rents are restricted, which mostly means the deals can only support so much hard debt, and...
|10||3 weeks 9 hours ago|
In talking to (or working at) LPs, what is your guys' sense of where real estate allocations are going? Are there differences that one can generalize about between pensions, endowments, family offices, SWFs, etc.? It seemed a few years ago that the trend was to move RE (or some kind of "real asset"...
|2||3 weeks 9 hours ago|
I'm curious to know whether most of the people on here got their current role through applying or networking? Before landing my current position, I had gotten a few offers through previous connections but actually accepted an offer from a firm that I applied to online and knew no one there. ...
|46||3 weeks 17 hours ago|