Silver BananaTopicReplies
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WSO Hall of Fame: Real Estate Forum 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 here. I...
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Rational behind a lender choosing a loan termDebt Folks, have a question- Is there a science behind the loan term chosen by the lenders? For example, a deal I am involved with is a single tenant industrial deal where there are four years left in the lease. Tenant is B+ rated tenant, solid tenant. Will any lender be willing to lend on a long te...
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Land Development Internship starting next week... what should I expect?Starting my internship in land development with a very large residential developer (largest privately owned home builder in North America). What should I expect out of my first internship? Anybody work in LD? Would love to hear your experiences and would appreciate any pointers....
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PE/Syndication Equity SplitWe have a potential opportunity to grow a small portfolio ($5M-$10M equity in) with a PE partner in 100-150 unit MF seeking 5%-6% preferred. We will be looking at 65%-75% LTV deals. We are familiar with a multitude of structures but are interested in what you're seeing as far as overall equity spl...
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How to answer - “Why CFA?”I know CFA is mainly for equity research and fixed income research roles, as it is heavily pushed in those fields, but what about other fields such as real estate? I know IBD isn’t crazy about it, but you can’t say it is irrelevant. My personal view, and I know some may disagree, is that it ...
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Secondary Advisory vs REPE?Hello everyone, I’ve been going through the Junior year recruiting process for real estate and am wondering what your take is on my situation. I am currently a rising Junior at a target school (Harvard, Wharton) and have a internship lined up at a top 5 REPE firm (think Blackstone, Starwood etc) ...
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JP Real Estate Asset Management LAI know there are some older posts regarding this team, but curious to hear about current prestige, culture, work flow, exit opps, etc. Noticed they have a few Asset management / acquisitions analyst roles open in both LA and NY...
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AI in Real estate valuationI am going to start my valuation internship in big 4 real estate firms, but I am wondering about the impacts of AI in real estate valuation. As AI is increasingly used in replacing labours in finance and the RE agency side, can it critically automate the valuation of real estates that may cause a hu...
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UG Internship at Agency LenderI'll be a starting as summer analyst at a top agency lender (Berkadia, Walker and Dunlop, Greystone etc.) within the next couple weeks. I'm a rising senior and hope to get an full time offer for next year. Any insights on how to impress are very welcomed. Any tips on how to get the most out of the ...
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AMA: Commercial Real Estate I’ve done a few informational interviews in the past with recent college grads and friends of friends that want to know the commercial real estate world so hopefully I’ll be able to answer anything that comes up. My background: I’ll keep my background brief. Economics major with a decent GPA ...
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Transaction ManagementAnyone have any insight on Transaction Management with a JLL/CBRE/CW type firm? I understand you get a corporate account and handle all transactions. Is this a dead end? Any exit ops? ...
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MATLAB for Real Estate ModelingHas anyone ever used it in REPE or any other form of Acquisitions? I've read a few articles about Monte Carlo simulations to test rent growth rates or construction options.. basically a fancier sensitivity analysis? Curious if there is anyone that's come across it, heard of someone using it, or hea...
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What are some interview questions that you usually ask the company?Obviously it depends on the company and what they do within real estate but was curious as to what questions all of you ask in the final round?...
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Interest Offset / NOI as SourceDevelopers out there, do you always use positive NOI prior to lender coverage being met to offset interest carry in your models? What about if you’re pre-coverage and can not only cover interest for the month but a portion of TI/LC’s as well? Do you model this income as a Source? Lenders, do y...
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EXCEL - Modeling Interest Coverage into initial Debt / Loan AmountHey all, I am looking at a model from a more senior employee at my company, and am trying to be able to model the same way. This model has to do with a value add real estate property. The big problem I have is that the Sources/Uses contains a "interest coverage" element in which there is a negative...
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CAIA Study MaterialI have a question. I recently took the CAIA exam and have a lot of leftover material/study guides/powerpoints that I paid good money for. I am wondering if I bundled all my files if people would be interested in purchasing them. Thinking ~$40 for it all, compared to the hundreds and sometime thous...
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Investment Committee ProcessFor those investment or lending folks out there, it would be great to hear how your IC processes work and what sort of materials are prepared along the way. Below is a template that could make this an informative discussion if we get a couple of contributors to fill. **Firm Type:** REPE **Product:...
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No Tie to InterviewWhat are your thoughts on not wearing a tie to an interview in real estate? Generally think of real estate as less "formal" than your traditional finance positions. Do you think it is acceptable to interview without a tie? Maybe just the suit jacket/pants? Thoughts or automatic ding?...
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Real Estate Technical Interview QuestionsIf you had two properties side by side that were identical in every way ( interior and exterior) why might one property be valued differently than the other? Was curious as to what the best answer is to this....
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Acquisitions Analyst TestI was given this test for an acquisitions analyst role. My main concern is the assumptions for the real estate deal, particularly how to invest continuously in the same transaction. It seems too complex to do a debt/equity waterfall model when just comparing investment value after a certain amount o...
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Interview Q: "Why not move within your firm?"How do you politically answer a question of "why not just move within your current firm?" Currently on acquisitions looking to move to asset management, trying to make a move but the AM team at current firm is hard to work with (i.e. just a mean spirited head that trickles down). Always get this que...
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Anyone know what the culture is like at Essex Property Trust or the Irvine Company?Was curious if anyone knows what the culture is like at either company? Or what the interviews involved? ...
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MIT SA+P CRE Investment Short CourseI believe this is the first year of it's existence, but is anyone else looking at this course? Its around $2,500, goes over CRE investing from financial point of view as well as macro economic principles. There is a slight discount if you sign up in the next 2-3 weeks. Any thoughts on the course con...
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Investing in graveyards: anyone have experience?Has anyone here have experience investing in graveyards? I know very little about this property type, other than that the tenant retention rate is very high and that the tenants are not very demanding. I've also heard that this can be a dead end business. M3 capital partners evergreen fund have in...
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Blended Margin CMBSCan someone please help me understand the Blended margin on a CMBS. I realise it is the pricing margin on tranches over EURIBOR/LIBOR but cannot quite figure out how they come to it on the following cap structure. The blended margin is 232 bps. Many thanks. CLASS SIZE(€M) Rating(D/F)^ Margi...
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Life Co Internship Ex Ops?Hello! Thanks to the advice of WSO, I began networking and got myself an internship in the CRE department of a regional LifeCo company that invests in commercial mortgages. My question is how do I leverage this position or make the most of it? From my interviews it seems that they deal with mostly...
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RE High-Yield Debt ModelingI'll be interning at a middle-market high-yield debt fund this summer. The fund focuses on originating fixed-rate RE bridge-loans with 12-18 month maturities and first-dollar capital stack position (usually distressed properties or development w/ no existing financing, sometimes comes on as mezz or...
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Senior Housing with Memory Care I currently work as an acquisitions analyst for a value add MF shop. Recently I connected with a principal at a shop that exclusively acquires and develops senior housing communities with memory care units. They are looking for an acquisitions associate and want me to come in and meet the team. He...
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New member speaking upI've lurked for a while and decided to jump in, so here goes... In my former life, I spent 8 years as a financial planner and investment adviser. That wasn't the life for me any longer, and real had been an interest and passion for as long as I could remember. Our family has been involved with re...
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Comp questions for debt/equity shopsI'm considering talking to a few debt/equity placement firms regarding job ops, after spending 10+ years on the principal side doing acquisitions. Looking at boutique type groups rather than the HFF/Eastdil/Cushman types. At the point in my career, I'm sorta burned out on the acquisitions side, ...
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Fordham RE certificates (BVAL -> RE) I'm considering on signing up for the 6 week summer certificate program for either RE finance and investments or RE development at Fordham to transition into the real estate industry. What are people's thoughts given this program is quite new? Some background about me: 2.5 years in a business valu...
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Washington DC RE NetworkingMaking the move to DC in a couple of months, and looking for some people or groups to network with as I am on the job hunt. Have a few contacts in the area but would love some more as I make my move up there. A little background I am a Portfolio Manager/Underwriter for a smaller bank with about 4 ...
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Excel test for Acquisitions role at Insurance company?1 Hr excel test coming up. Im expecting being asked to construct a basic cash flow model (prob multifam) either by giving me assumptions, or going off an OM. Prob a debt table as well to get to levered/unlevered irr . Thoughts?...
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Car Vending MachinesYou may have seen the article on WSJ about the Ford x Alibaba partnership to sell cars in China out of “car vending machines”... does anyone know who actually manufactures these vending machines? Another user of similar technology is Carvana. https://www.carvana.com Ultimately trying to fig...
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Waterfall for long term holdHello, Has anyone had experience with a structuring promoted interest waterfall for a development deal with no planned exit. The developer builds and owns their projects for the long term and planning to bring on a JV equity partner with the same long term hold strategy. I have only dealt with deals...
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CartifactCurious -- Does anyone on this forum have access to Cartifact and is able to produce certain kind of maps? ...
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Real Estate AIG Excel TestI have an interview with AIG, and they scheduled a 45 minute Excel test session. What does this entail? Please help....
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Calling All Tampa, Florida Real Estate ProsAnybody work in, or with, Florida development/real estate specific to Tampa? Working on a side project and was curious to get some expertise or insight into certain permitting and zoning. Couple questions related to bars and restaurants and alcoholic beverage permits. I've done some research basic r...
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U.S. Garden Style Multi-Family DataI am working on a case study and was wondering if anyone has information on class B/C U.S. multi-family transactions that shows the price it was acquired for and the price it was sold for after repositioning. I am reaching out to my broker network for data but wanted to check around here as well. ...
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Bank of Nova Scotia - Review - GeneralistDecent pay for the hours worked. Tasks were not difficult and the team was great. Often would get additional benefits like sports tickets. . The work assigned to interns were very menial in tasks and offered very little financial modeling experience. ...
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Landlord offers reduced rents to tenant in exchange for equity in tenant's businessI've been thinking about different types of finance vehicles lately and thought of this one. Has this been done before? Thoughts on this deal?...
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Vanderbilt vs. Colgate for Investment Real EstateI'm a freshman in college that is currently in the transfer process. Right now I've been accepted to Vanderbilt, Colgate and William and Mary (which has been eliminated) and I'm unsure between Colgate and Vanderbilt. Money is a non-factor and my goal would be to procure a better future in Investment...
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LA & SoCal Developers/Family OfficesHey guys, Looking for some information on the development scene in LA, specifically who some of the well-known developers are. Im from the NYC area and am familiar with firms like Extell, Macklowe, Witkoff, RFR, Fisher Bros, Naftali Group, DDG. Any similar shops in LA? Obviously there's the Hines...
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Top RE owners for all product typesHi WSO, I am aware of NREI's rankings of top CRE owners- office and industrial. Any other resources for top owners for all product types? Besides NREI are the only other resources NAOIP and ICSC? Would appreciate any help!! Thank you. ...
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Commissions / Fee Sharing - How are you chopping it up?Taking a dive back into fee-only compensation. I need a general framework to work off of when it comes time to negotiating my piece of the pie so I am hoping to get a feel for how you guys are divvying up the pie on deals you originate and deals you execute. I think it would serve everyone here well...
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Interview Prep from Brokerage to AnalystI have been an office broker at a REIT for two years out of college (finance major) and I am looking to move to an analyst role (asset management, acquisitions, development analyst on brokerage team etc.) in a different market. Haven't decided which path I want to take (might come down to best oppor...
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Love my job but am hitting a wallLooking for a bit of advice here. I have worked in value add multi-family for about 1.5 years now, and have been able to rack up what I would say is a good amount of experience. 5 Transactions ~150MM, escpecially considering the deal team is just me and an owner and I handle (with guidance obvious...
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Office Developer vs LP Shop when I'd like to do MF long-term?I'm currently an underwriter in lending looking to make the move into the equity/developer space as an analyst. Long term, I'd like to have the experience to run my own shop one day, primarily investing in multifamily (since I believe that asset-class will be bulletproof in the West for many years t...
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ReMax Midtown - Interview - AdministrationThe most challenging interview question that was thrown at me related to a description of my volunteer experience as that was something that I lacked experience in. In fact, I provided volunteer experience on my resume nonetheless in order to make myself more competitive in relation to the other app...
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Pitch Your Deals!Hey CRE Monkeys... I know that not only are there numerous buy-side CRE guys but there are a few brokers out there. I'd love to start a forum where brokers and sponsors can preview their deals and investors can post their criteria. I think it would be a great way to leverage the power of WSO. I'...
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Hotel Feasibility ModelHi all I am working on a live case on a hotel development. I have a question on revenue projection. Someone built a revenue model with only one years of positive revenue based on cap rate and NOI provided by hotel operater. Detail as below Yr 2025 11m NOI povided by hotel operator projection tim...
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LPCHas anyone had any past experience dealing with Lincoln Property Company? Interned last summer at a well known CRE firm, and just received an offer to start out as an associate on a brokerage team. I just graduated, so an opportunity to go right into brokerage seems like something I should jump on. ...
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Breaking Into Real Estate: SophmoreI am currently a rising sophomore at a target school. I have been looking into the different fields of finance, trying to figure out where I want to steer my life. I'm pretty sure I want to break into the Real Estate sector (not sure if I want to do PE or Development yet). Does anyone know of any ...
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Are you seeing valuations come down?I'm getting quotes back from lenders and debt is getting more expensive. We have to ask for a higher cap rate to make up for the change, but I don't think the sellers have fully began to drop their valuations yet. What is everyone else seeing? Are brokers and sellers cutting valuations now?...
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LA Area Development Shops Looking to relocate to LA ASAP to work in development. Current development professional in a major East Coast market. Would really appreciate your guys' thoughts on whether any major players are missing from this list which I should investigate. Hopefully this list is a resource for others intereste...
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How to answer salary question in online application?All, wondering how you answer the salary requirement question for an online application where you can not explain, have a typed response, or have a range (i.e. 65,000-85,000). Those numbers are arbitrary for convo sake. Recently got rejected from a job for the following reason, per their email: "y...
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Angelo Gordon Real Estate NYCAny insight into Angelo Gordon RE NYC? They just threw up a posting for a associate/analyst opportunity in NYC on selectleaders and was wondering if anyone had some insight?...
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Purchase cap rate analysis Interested to hear some thoughts; how do you look at a purchase cap when first screening a deal, and then what factors do you focus on as your process moves forward that make or break executing or bidding on it? Tax adjusted T12 cap, yr 1 cap rate on purchase price, etc ... Then how do you treat ...
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What is your compensation in Real Estate Finance?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 ...
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CoStar is blowing itI think CoStar offers a very unique, hands on service. This thread is more about their handling of Loopnet. CoStar is hell bent on getting rid of the #1 CRE site in the country and calling it CoStar for some reason I will not understand. Grandmas, students and all walks of life now know the name...
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Can I get some feedback on underwriting a 60 unit apartment dealThe owners asking $2.4M for 64 units. About 70% of the units are 2bd 1.5 bath and 30% are 2 bd 1 bath. Working class apartment, unit rents on average range from $475-$500. I believe tenants are paying all utilities and I think the building is sub-metered but I need to speak with the owner again to...
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Calling all mortgage brokers...For anyone that works at a commercial debt brokerage shop, (Meridian, CBRE, JLL, Eastil, Newmark) can you explain a typical day of your life. I’m interested in learning more about the process of getting a loan commitment for your clients and what differentiates every company from the others. What ...
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Property-Specific Market Research without CoStar / RCAHey all, I recently joined a 'startup' firm, and we're working to get traction in CRE in a variety of different markets. We have a great potential office deal going in Sydney, and are scheduled to pitch to our client in about 2 weeks. As the junior in the office, I've been tasked with putting tog...
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Wall Street Prep/Breaking Into Wall Street modelling courses worth it?Entering my senior year at an Ontario business school and want to know if real estate modelling courses are worthwhile for FT recruiting. My aim is to end up on the financial side of the industry with a developer/REIT or in real estate corporate banking. In the experience of those that have complet...
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TA Realty What's the reputation of this firm within the Industry? I'm looking at possibly working there on the accounting/financial reporting on the Fund side. Would love more insight as to the quality of life there/how people enjoy it etc. It's surprising there's nothing on glassdoor. It looks like a few ...
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Valuing / Pricing Lease - Lease then Sublease ModelI am currently building a model where a business enters into a long term NNN lease (10 year) and then subsequently leases out the entire space to a tenant. How would I think about pricing a sublease of different lengths in this scenario (2 year, 4 year, 6 year)? Would I target an unlevered free ca...
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Tips/Skills for First Real Estate Development JobI just began working for a Hotel Developer as a Development Assistant. For those that are familiar with real estate development, what are some tips or skills you could provide that put you ahead of your peers? ...
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US residential investor community forums?Hi all, I'm currently looking into a small business idea for some side income (if there is interest) and curious to know if there are any national (regional too) community forums out there in the US for small time "mom and pop" type investors that are undergoing residential redevelopments/investmen...
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Lawyer in Local Government to Real Estate Development?Hello WSO, First time poster, but I've lurked for a while. Some quick background on me: I graduated last May from a T14 law school. After the Bar, I began working at City Hall in a major (non-NYC) US city. Broadly, I work in land use policy. Some more specific examples of what I do include: propo...
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Does anyone here have experience developing / underwriting small multifamily?Does anyone have any experience here developing /underwriting small multi family? Specifically 10 units or less? I am trying to understand the financial analysis of it but can’t quite wrap my head around it. When doing a small ground up development how does the financing work? 20% down for land...
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Does Georgetown Masters offer better ROI than other RE masters programs? Tuition comparisonsGeorgetown's tuition is substantially lower than other programs. Obviously, there are far more factors in ROI calculations other than just tuition cost, but Georgetown looks a solid option, if you want to work in DC area. You could intern part time during masters, land FT and then finish degree whil...
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Just graduated and don’t have a job?I just graduated on Saturday. I have a few offers, but haven’t accepted any of them since I am not incredibly crazy about any one of them in particular. They range from investment consulting to corporate finance. I want to break into real estate and I have applied to a handful of firms (~40) in ...
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MSRE, MSRED, MBA-RE, etc: ONLINEWanted to start discussion about RE graduate options. We all know of the top programs where you go in-person, and take off time to complete. Many of us, myself included, are currently already on our way with a real estate career. I work in finance and acquisitions for a REPE firm, and have been c...
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TA Associates Realty InterviewI have an interview this week at TA Associates Realty in Boston. In prepping for the interview, I have been trying to find info about their investment activity and firm's culture. Their website is very vague regarding. Anyone have any info or tips to share? Thanks!...
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S&T to CREI am a S&T intern at a BB, however, I am looking to switch into commercial real estate, either investing or lending. my degree is a BBA in Finance and Real Estate and it is a real passion of mine. I had no luck getting CRE internships at BB, but am looking to do it fulltime. Any tips?...
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REIT Asset Management Analyst Salary + Bonus in NYCI've seen an image floating around here of salaries for analysts and associates in real estate whether they are in asset management or acquisitions in New York, but I want to ask actual people who are working at or are familiar with REIT compensation for an asset management analyst in New York. Th...
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Altus Group Analyst TestHi 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...
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AIG Real EstateAnyone have some insights into AIG's Global RE practice, or working for a LifeCo in general? Sounds like they have really revamped their team and practice over the last decade. ...
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Tenant Representation - Retail vs Office vs Industrial - SpecializingFor someone that is just beginning their careers in tenant rep, is there a smaller barrier to entry for any of the specializations (retail, office, industrial)? From speaking with senior brokers and VPs during interviews, it seems a common theme that it is not recommended to focus on more than one...
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Need to bang out Argus, how long will the certification takeHey guys - I accepted a new position and have some time before I start. As a condition for taking time off in between, I agreed to get certified in Argus. I'd like to maximize my travel time but need to book flights, accounting for the time it will take to complete the certification. Question - how...
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Anyone have experience with RE companies helping to pay for masters?Title. Anyone here have experience working for a company that helped pay for their MSRE / allowed them to work part-time on it while working? Specifically, the USC MSRE program? ...
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Real Estate "Investment Banking"Hello all, I'm curious about what Real Estate "Investment Banking" might be all about. I use quotations because I do not know if this is actual investment banking. I work at one of the 3 brokerage houses as a MF capital markets analyst and I see that our firm has a REIB division and the job posting...
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Modeling Cost Distribution in the Construction Phase of a Development Project - ExcelThis is a pain in the ass question. I am rebuilding a Monthly Pro Forma that I intend to use for all multi-family ground-up development deals going forward. What I am trying to achieve here is the ability to change two key inputs ("Construction Start Date" and "Months of Construction") and create a ...
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Real Estate Job Market - What's the Temp?Have been looking to make a lateral transition in the institutional acquisition/asset management space for some time now (analyst/associate level). Turned down a few offers towards the end of last year think I could get something better, it feels like the opportunities are definitely a lot lighter n...
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How many deals do you underwrite / do a year?For acq analysts and associates: how many deals have you personally been underwriting and closing a year recently? Likely to be a lot of grey area here depending on your definition of "underwriting", but let's just say at a minimum it means having a model done and can support all the assumptions, b...
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Looking for a real estate analyst for opportunity in Philadelphia, PAHi All - I just joined the site to post a "real estate acquisitions and investor relations analyst" job opportunity at our firm in Philadelphia. Posted to the job board. - Greg...
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Brokerage at Big 4 (think CB, JLL, etc) or Acquisitions at $100M fundI am struggling to make a LIFE CHANGING decision. I have two offers that are very different. Offer 1 is with a brokerage: it took about 6 months and 8 meetings to get the offer, these guys moved slow through out the process. I developed 2 financial models, completed a personality and IQ test, wro...
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Modeling Land Contribution as Equity in DevMy boss always says it’s beneficial to us as developers if land owners are willing to contribute their land into the deal as equity vs paying cash outright. Is there really any difference to project IRR and multiple whether the land is contributed or paid for (same month in both scenarios)? I woul...
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Application Process: What is the typical timeline?In general, what do you do at each stage? Obviously, these things take on a life of their own, but what are some general rules? Assume the due diligence is done and you’ve made a handful of meaningful connections within the firm. We aren’t talking about just submitting a blind app online. St...
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Colony NorthStarWhat are some opinions on this firm? Culture, quality of work experience, pay, etc? I'll doing a phone interview soon and would like to hear some more about them. ...
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Real Estate Analyst - GuggenheimHey Everyone, I didn't see anything posted about this, I have an interview coming up for a Real Estate Analyst position with Guggenheim Partners and I was just curious if anyone had any advice for me. Maybe the type of questions I could expect from a Technical perspective and material I can study t...
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AM FinTech to Flipping HousesI have been buying and selling condos (that I live in) through relative value and lower overhead (only one side of broker fees and mortgage payments to counter out closing costs). My wife and I only did minimal updates and I mean super minimal stuff like new carpet/paint at the most. The real upside...
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Supply Chain StudyLooking for some industrial guys to comment on this. What are some recommended readings to better understand supply chain management / analysis? Hoping two learn more about i) fundamentals and ii) future of supply chain management, which I suspect will be different books. Thanks, ...
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