Where to learn about RE distressed assets?
To make a long story short, I recently had a chance to work for a RE investment firm out in California. I needed a green light from two managers and only received it from one as the other thought an analyst wasn't needed.
The firm deals with distressed commercial real estate properties. I was wondering where I can learn more about this and what books can help teach different valuations. The idea is to create a valuation of a property I have in mind in a month or so and send it to one of the MD's to show that I have an interest in the business and that I am taking the time to learn it.
Thanks





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Commendable effort, but I
Commendable effort, but I disagree with your strategy. I think you will show more desperation than interest, and that will undermine your effort. Best shot is to give it some time and keep in touch with the manager that likes you. Maybe you raise the question about hiring needs in another month or two.
As for learning about distressed properties, most of the complexity around distress implicates the acquisition process itself rather than the valuation. Read up on the subjects of foreclosures, deeds-in-lieu, 363 sales, short sales, REO, and special servicers (all of which are common elements of real estate transactions involving financial distress).
On the valuation side, the investment strategy behind a distressed play generally relates to increasing occupancy (and therefore income), after spending some amount of capital to improve a property and attract tenants. Obviously the goal is that a next buyer will pay you more for the income you've created than you had to spend to create it.