Silver BananaTopic
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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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Eastdil InterviewHi everyone. I need some insights on how Eastdil conduct their interviews. I have some contacts over there and was invited to an informational interview with some of the executives and analysts. The process, according to one of them, starts late September. However, I was invited to a technical inter...
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Real Estate Positions Entry/Little ExperienceCan anyone help me understand the different positions for people with 1-3 years of experience in real estate: specifically in REIT'S, commercial banking, property holding companies. Also what is the difficulty of getting into each sector? I am thinking of exit opportunities from brokerage. I realiz...
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Argus vs Excel which one is more common/betteri am a first year analyst in a brokerage firm. my current firm requires me to use Argus when i do the modelling but i found it is not as flexible as excel. and i cant learn much using Argus (don't understand the rationale behind it) my previous job was in a buy side firm , everyone uses excel when d...
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"Pre-Stabilized" Investments - MultifamilyLooking to discuss / get recommendations on an interesting (and seemlingly new) investment strategy that is growing in the multifamily space. The strategy (as its name suggests) is to buy a newly constructed assets that are not stabilized. You get a brand new asset at a discounted price, and assume...
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Wells Fargo CRE Summer Analyst Interview Sup, I have an interview coming up with Wells Fargo for their commercial real estate summer analyst position in their Chicago office. I'm new to banking interviews and am just wondering if anyone who has interviewed at Wells Fargo for a summer analyst position knows which kind of questions they mi...
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Why do you love Real Estate?Believe it or not, a lot of people have a hard time answering this question. I personally love real estate because it has played an integral part throughout my life. It allowed my immigrant family have a stable lifestyle, and allowed me to have a stable childhood. It's not only one of life's neces...
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Amazon HQ2 LocationAlright folks, let's have everyone's best guess (or inside knowledge) of what city the new Amazon HQ2 will be located. I am going with Denver and Colorado Springs. The culture is really great Marijuana is legal Plenty of other large corporations have their HQ there The cost of living is much les...
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Most Technical RE companiesI was previously an acquisitions analyst who enjoyed the works of creating JV,Waterfall, Real estate models, using ARGUS. I was wondering how much more technical real estate can get and which firms are the most technical/prestigious. What do these prestigious firms do? I understand that at the end...
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Anybody read 'Evicted' by Matthew Desmond? General thoughts on the term 'slumlord' Just finished this book, a fascinating (and troubling) non-fiction account of the status of low-income housing in Milwaukee. Has anybody hear read it? As someone who is in their first RE role (SBL underwriting), it was incredibly relevant in terms of product type and my role in general. Here is a ...
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Office to resi conversions Does anyone have experience pulling this off lately? Search function sucks. What I'm seeing is that there is difficulty getting over: 1) windows, and window placement, especially in urban-ish locations, where offices are no longer needed to the degree they were in the 80's, but the window looks at...
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Networking etiquette help Hey everyone, Recently graduated from a non-target this summer, attempting to break into a major market in a financial analyst position. I have been doing a ton of networking and making some good connections but was curious how most handle something. When people you meet say they will send your re...
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How to cope and produce high quality work in a BB CMBS shop?About to start at a top tier CMBS shop and is worried about maintaining the high level of attention to details as the working hours increase throughout the day/week. Appreciate any feedback on any tips to keep the energy level high. I'm interested to hear how you guys do in the game. ...
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Family Office NetworksHas anyone heard of this networking group and, if so, can you give a little info on it? Well attended events? Frequent? Anything come of it? Thanks https://familyofficenetworks.com/membership.pdf...
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How many of you actually plan on going independent?I have the desire to one day start my own development business and I read a lot of comments on here where people mention that they plan on one day starting their own shop or that's "that's the dream." I was just wondering how many of you are taking the steps to make this happen? Also, how many pe...
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Long Term Property Valuations: Multi-GenerationalHello everyone, We all have a sense of how the corporate and institutional investment shops operate - IRR,NPV etc. However, putting those firms aside that need to sell property to give their investors a return, I would like to focus on multi-generational real estate firms that hold property essent...
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Most outrageous claims in an OM?I submitted an offer on a 45 unit apartment building today. It was a call for offers situation so we made (what we thought) was a pretty strong offer. Based on our underwriting which was fairly aggressive we were offering an 8 cap. This is a value add deal in a tiny market in the northeast. The br...
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Entry-Level Job Opportunities In PhiladelphiaWSO, I'm looking to help out of a family member of mine get an entry-level role in real estate and/or construction in the Philadelphia area. He graduated from a state school in 2016, worked part-time for a retail company throughout college, and went to full time after he graduated with the promise o...
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CMBS B-Piece BuyersI'm looking to learn more about the B-Piece buying space. How do funds value a b-piece? Do they get involved with the owner/operator in the event of a default or need of a turnaround? Are they required to hold for the entire 10 yr period? Are agency b-piece buyers separate from buyers of BB CMBS b-p...
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Massimo Group Training Does anyone have experience with the Massimo Group's broker training platform? There is not a lot out there in terms of reviews and I have not ran into many at all that have tried it. I receive their free email blasts with "tips" but they seem to be a bit generic or bait to buy something from them....
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Junior looking for a Summer InternshipI am a Junior studying Finance and have an interest in real estate. I have read about REIT internships and brokerage internships but still need some help. I am interested in the investment and development side of real estate and am asking advice where the best place to start as an intern would be. A...
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Real Estate Development ModelingHello Everyone, I am curious to know how everyone underwrites and models a multi-family(mixed use with retail) development project. For example, if you or your firm is looking to acquire a current income producing project(future development site) and has plans on taking it down in the future, how w...
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NKF Debt & Structured FinanceAnyone have firsthand experience with NKF's (formerly NGKF) Debt & Equity placement team in NYC? Seems like they hired a few hotshots from other brokerage shops, and are determined to compete with HFF/Eastdil in the New York. ...
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NYC refinancing activitiesRecently, I have been seeing an unusual amount of "re"financing activities for commercial assets located in NYC. I believe this can be somewhat related to the record amount of CMBS loan maturities this year and the expectation of imminent rate hikes. But knowing that there are better, more accurate,...
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Cambridge University now has part time Real Estate mastersWhat do you guys think about this programme? **Degree granted:** Master of Studies (MSt) in Real Estate **Programme established:** 2016 **Offered by:** Department of Land Economy **Duration:** 2 years **Tuition** 20,600 GBP = ~ 26,000 USD **Profile sought:** *"This is a two-year part-time masters ...
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Common interview question: "Why Real Estate?" - Responses? "Why are you interested in real estate?" This seems to be a common interview question. I understand the answers would be geared to the hiring firm be it development or acquisitions and their product type. What are your typical responses when confronted with this? Or thoughts in general....
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Anyone with access to PERE Comp Report? Please PM me!I'm looking for just a hand full of data points. Could someone with access to a recent version of the PERE compensation report please comment or PM me? Thanks!...
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Exit opps: Associate at CRA in CMBS/Structured GroupSo I am currently an Associate at one of the "Big 4" CRAs, and one that has a particularly strong background in CRE/ABS. I am one of only a few associates in the Structred Finance/CMBS group and therefore have gotten broad exposure to good deal flow, underwriting and actual securitization structurin...
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Career Crossroad CRE Brokerage (looking for advice)I'm 20 and have been in cre for 2 years working together with a reputable agent sending him leads and maintaining a strong database of property and owner information in turn getting referral fees for closings (he's paying for the software). Going into this relationship he gave me the impression I'd ...
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Company Review: CBRE - CBRE Valuation AssociateVery Content. Solid company with a healthy work-life balance. I work in a good team with a laidback atmosphere.. There is no signing bonus or relocation package of any sort. Also the benefits are very simplistic. ...
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A question about Origination...On my team (SBL Lending), our originators arrange financing for their clients, and thus put together a loan application after sizing a deal. Then, an analyst (me) will underwrite said deal. Easy enough. However, I am a bit confused about how the process differs at a REPE shop, or somewhere like Pr...
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What do institutional landlords look for when selecting an investment sales broker/team?Given that investment sales brokers in general are seen as a commodity, what are the qualities that institutional owners look for when selecting a team. What qualities and/or practices do they seek that are typically lacking amongst average investment sales brokers?...
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Petroleum (Racetrac)/Retail Real EstateDoes anybody have relevant information on real estate groups, such as RaceTrac Petroleum? Is this a purely cookie cutter type of work environment that would be monotonous? Upward potential/compensation details? Any insight into this type of retail RE environment would be appreciated!...
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Self Storage InvestingDoes anyone have experience or even a primer for investing in this space? Thinking more at the owner-operator level and less at the REPE/Institutional Investor level....
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Real Estate Tips and TricksI would really appreciate if you share your experience. There are many hidden things that most realtors knows...
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Condo DeconversionI have seen many discussions out there of condo conversion, but I am wondering if anyone knows anything about turning a condo into multifamily units. The condo I had in mind is an eye sore in class A location and it is pretty clear that the HOA is broken. There is always the slow option of buying ea...
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Generalization vs Specialization To all the brokers out there are you a "generalist" or a "specialist" in a certain product type. What is the benefit of being a generalist doing a little in every product type versus specializing and vice versa. Interested in hearing your stories. Are there missed opportunities being a generalist op...
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Bank of the Ozarks Real Estate Specialties GroupHas 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....
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JPMorgan Global Real Assets - Asset ManagementIf anyone has any insight on the group/relevant experience it'd be great to hear. I understand they do AM but what makes the content of the work at an analyst level in AM different than that of PE. Thanks so much in advance. ...
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Acquisitions: How to go from Analyst to Associate?These questions are directed to any acquisitions-focused Associates/VPs who work for a REIT, Fund, Operator, etc: **How did you all transition from Analyst to Associate?** **What were the main responsibilities that changed?** **What "qualities" of an Associate are sought after?** I am one of two a...
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Stuyvesant Town / Peter Cooper Village FinancialsI can only find the first 73 pages of CBRE's 2006 offering memorandum for ST/PCV, anybody have all 117 pages they would be willing to PM me? I want to model out the financials as an exercise....
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Development Interview QuestionWalmart requires a site that can support a single story 15,000 gross sq ft building with 10,000 sqft of land for a drive thru with circulation and 50 parking spots. Each spot requires 300sqft of land including circulation. (So this would be 40,000 sqft) Suppose the site is a square and the city a...
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Crowdfund / Private REIT / SyndicationI work at a Boutique Real Estate Investment Group, but I'm curious as to the requirements for a real estate fund being open to outside investors. Do private REITS or Real estate crowd funds have to be registered with the SEC? At what point do they have to carry securities licenses? Which licenses wo...
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Associate Comp at Large AM/LifecosAnyone have an idea of what base salary and total comp would be for an acquisitions associate position at a large asset manager or lifeco? clarion, pgim, invesco, tiaa etc? Thank you in advance!...
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Argus Enterprise Training MaterialI'm looking for any training material on Argus Enterprise, specifically the ebook if anyone has it. Please pm me if your willing to send anything. ...
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AMA: Analyst at brokerage/advisory firmI been in this role for about 6 months now and since I have some free time I figured I would do an AMA. I work for a middle market brokerage firm and focus on Investment Sales. We also do advisory services for close relationships. Ask away....
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Origination vs Underwriting at a GSE lenderHi guys! Really appreciate any help in advance! I applied for a summer intern position at a GSE lender. They have two tracks- origination and underwriting. I am not sure which to choose. Can anybody who has worked in both help describe what the day to day is like? On a broad level, I know the the f...
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What are some names of the biggest Canadian Commercial Real Estate lenders? Trying to network for an internshipSo I'm currently studying at University of Alberta, and I'm interested in Commercial Real Estate lending mainly due to the the exposure to the high deal flow and the good exit opportunities. I'm having a hard time finding out some of the big players in Canada. Can anyone help?...
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WSP REIT or BIWS REIT or REFM Modeling, which course is better ?WSP REIT or BIWS REIT or REFM Modeling, which course is better ? to learn how to build and value a real estate listed company ?...
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Role in RE Private Equity after MastersI am a senior (nontarget, 3.5 gpa) and fortunate enough to currently be interning at a real estate development firm in New York with the hope of breaking into REPE. I am going to start my application to NYU's or Georgetown's Masters in Real Estate program for next year. May someone please provide i...
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Jobs as a Commercial Real Estate Appraiser Suck?I want to preface this by saying that I'm not trying to be a dick to appraisers, so just correct me if I'm way off here because honestly this is just what I know from what limited sources I've heard from: The vast majority of what I've seen and heard of CRE Appraisers is that it's a much different ...
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Company Interview: Blackstone Group - Blackstone Real Estate Debt StrategiesThere were no technical questions for the first round. They ask you the typical why you want to work here, why are you interested in real estate, debt, etc. So I don't know what to say for this section. My friend went through the second + third round and they asked something like if the company want...
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Financial Modeling Consulting PricingRecently I've been getting a number of request for ppl to build and maintain their financial models. Mostly smaller developers that either don't have someone in house, or their in house person isn't good. My question is what do you think is a reasonable price for the service, assuming a basic capi...
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Series 7 + 63 LicensesAny benefit to these license in the real estate finance realm? Possibly more so in capital markets role? Thoughts?...
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Company Interview: Prudential Real Estate Investors - Summer internshipThe interview questions weren't that bad, or too hard IMO. I did however have to fill-out an assessment online before the interview, which took forever and which I didn't enjoy filling out. The interview consisted of behavioral questions (fit based) some technical questions and the typical walk me t...
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Company Interview: UBS - UBS Group Corporate ServicesWhat was the most difficult situation you have been in and how did you get out of it or what did you do to solve the issue? Most intense internship day and what did you do to overcome it? They also asked what you learned in your previous internships and what was the most important thing you were abl...
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Company Interview: Quicken Loans - Production Assistant InternThe most difficult section of the interview was when asked about what technical skills I had. I think they didn't like my answer. The question was rather vague so I wasn't sure what they were looking for. All the other questions were fairly basic. Talk about a time you worked in a group, walk me thr...
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Post-MBA: REIB or Roll the Dice on REPEI am at a M7 program and finished my summer associate position in real estate coverage at a BB universal bank (think BAML, JPM, Citi) with a return offer. The question now is, take the offer and signing bonus, or say no and recruit for REPE if that is the ultimate goal? BIG decision considering th...
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Acquisitions: What are some creative ways to win a deal?For those that work in acquisitions: what are some creative ways to win a deal? The obvious main items are: * Purchase price * DD period * Amount of hard money But are there other levers to pull? Would going in without a financing contingency help? Any ideas to stand out against these crazy...
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What is enjoyable about NYC CRE?I get it, sexy Class A office properties, top city in the world and all, top salaries.. I love NY, but .NYC CRE is a complete mess. Industry is filled with straight dbags, dealing with ridiculous regulations on a daily basis, pricing is insane, more family firms then any other city making it harder ...
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LIHTCI know there are other threads explaining what it is. But what I'm curious about is can you get pigeon holed in this type of roll after having experience in multi and office mostly. What are the exit opps?...
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AMA: associate at RE focused DCM/CF boutique and investment analyst at in house REITThought I'd do an AMA in case it is useful to anyone. I'm an associate at a boutique IB, with a focus on debt (as well as some more standard financial advisory work) and with a particular focus on the real estate sector. We also have an in-house REIT where I do investment analysis work. My work in...
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Long-Term Outlook for Multifamily Acquisition Analyst at REITHello All, I've seen some great threads regarding the experiences of those with knowledge of RE acquisitions, but I'd like to get some insight from those with direct experience with or exposure to multifamily acquisitions, particularly at a REIT. I apologize in advance if I missed any comments rega...
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Return on equity/cash on cash calcI'm looking at a cash flow statement. What line items do you include in free cash flow, including a disposition, to arrive to your yearly and all in cash on cash return on investment. Do you include yearly fund level accounting in the cash yield? Broker sale cost? Prepayment on debt? etc... I've see...
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HFF Analyst vs. Berkadia AnalystI am located in a top 3 market for both of these groups and was wondering how the two differ for a debt analyst in terms of: 1) Culture 2) Deal Flow 3) Compensation (at analyst level and beyond) 4) Product Type/Focus Any other information is greatly appreciated. ...
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PGIM DebtHey guys - Long time lurker. Interviewing at PGIM in their debt financing division as an analyst. Anyone have any additional info in terms of what to expect? Interview is set to be 4+ hours long with 5 people. Case study and behavioral test was submitted prior to securing in person interviews. Not m...
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Breaking in to multifamily with non-related majorCurrently a senior graduating in December at a non-target, with a math and computer science major. Does anyone have any advice for breaking in to CRE? My first choice would be multifamily, but I'll take anything I can get. I have been targeting Fannie/Freddie, and big firms like Cbre, JLL, Cushman e...
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Acquisitions to Investment SalesI'm 5 years out of school and currently work as a senior acquisition analyst for a small firm located in a secondary market. I enjoy working for the company and have learned a lot. However, I'm not happy with the compensation structure and the potential for my compensation to go up substantially i...
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Purchase Agreement QuestionWorking through a contract on an acquisition, was just curious for thoughts on a sticking point. Realize this is purely an opinion board.... Buying a property from an SPE. We are requesting in the contract a post-closing holdback (3% of purchase price held in escrow for 12 months). When we have ...
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RE PE to CRE Debt Fund and BackI have been offered a job at a cre debt fund, after a few years would it be possible to swap to re pe (I've already done two internships previously)...
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Is Real Capital Markets worth the pricing?Have any brokers in investment sales used Real Capital Markets? Was it worth it and did it actually help you in marketing and selling the asset? Are there any competitors of RCM that claim to have the same reach they do. $4500/deal seems a bit steep but it may be worth the return on investment. Than...
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AMA - Master of Real EstateI'm seeing a lot of MSRE/MRED questions lately as people are either choosing between programs, getting ready to start programs in a few months, or thinking about applying for 2018. I am a recent Master of Real Estate graduate and I know we have a lot of current and former students on this board w...
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How did you guys answer this one..Was talking to some buddies last night going over our interviewing process when applying to jobs. There was one question that virtually all were asked: "What is the relationship between cap rates and interest rates?" I'm sure you all have had this question in an interview at some point. Is there a ...
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2017 Preqin Global Real Estate ReportHi! Anyone on here have a copy of the 2017 Preqin Global Real Estate Report? Willing to give multiple SBs! https://www.preqin.com/item/2017-preqin-global-real-estate-report/3/16506#buynow...
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Eastidl SecuredHave any monkeys worked there/have familiarity with them? I know they're notoriously difficult to even get an interview with, but they have a posting on a private job board that I have access to so I'm guardedly optimistic that I can land an interview. ...
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Managing Apartment's Online ReputationWhat are the most effective ways to improve online ratings? Do you guys have creative ways of incentivizing tenants to post reviews? Do you engage a reputation consultant? Not sure what all of the options are, and out of those, which work best. Context for why I am asking is below. We purchased an ...
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Ground Lease Modeling Question This is kind of a dumb question but I can't figure it out. I'm trying to model a 99-year ground lease payment stream where the percentage increases at various 10 year intervals can be changed dynamically based on different CPI projections. I can't figure out how to model the cash flows without an ab...
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Multifamily Investment Sales Brokers in BostonGents, Do we have any forum members who either are or know someone who specializes in Boston Multifamily? Specifically, Class A / 10-25 Story buildings. My team and I are heading there early next week to conduct diligence on a development opportunity in that market. It'd be great to either hop on t...
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The Real Estate Job Hunt - How are people doing?I'm curious to see how other WSOer's job search for CRE is going. Are people seeing a lot of success or struggling?...
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Personality Tests etc...Has anyone been made to take one of these(or more) that my multiple choice tell the potential employer something about yourself. These things are infuriating, although I believe in Myers Briggs, some of these questions and comparisons are ludicrous. E.g. would you rather gather information or cre...
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Real Estate Tech: InnovationHey guys, I was wondering, from your experience, what do you believe is missing in real estate? What areas can be improved in real estate through technology? Thoughts? ...
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The Trump Organization CIM / marketing materials Has anyone here ever received a CIM / marketing materials for a Trump Organization deal? It would be interesting /funny to see if they're as over the top as some of the statements he has made about his business. If you can't share the file, any color on the materials would be great to hear....
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RE Finance Seminars/Workshop Recommendations?Does anyone know of any conferences/seminars/workshops hosted in the NYC/Mid-Atlantic area that would be beneficial for an analyst/associates/underwriters to increase their knowledge/technical skills in RE Finance? Not a conference with a panel to discuss industry trends, but rather a 1 or 2 day se...
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Small family company for residential apartment investingHi all, I am looking for some advice on how to best approach the following situation. I am in a fortunate position where my parents are setting up a small company for real-estate investments, in which I will receive a large percentage of shares. The company would start off with owning one debt-f...
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Nyu vs Columbia MSREDFor anyone who has been accepted into both programs, what was your work experience and GMAT/GRE score when you applied? What made you choose one school over the other? I'm considering one of these programs for next year and what to see how I stack up to others since they don't publish real admission...
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MBA seeking advice for MSRE or MSREDHi All, I am currently three years out of my MBA, concentration in Finance and International Management from a Top 40 school. However after much self introspection, I have decided I want to transition into Real Estate. Past work experience includes 8+ years in Insurance, Project Management, Weal...
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MIT MSRED VS. COLUMBIA MSRED (THE FINAL SHOWDOWN)Please for the last time what are the pros and cons to either program. I applied to both but am still unsure what I'm pulling for. ...
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REIBs/REPEs w/ IB Structured Recruiting?Are there any REIBs, REPEs, or REITS who use the same recruiting paradigm as IB? I'm a junior at a good non-target. I got into our honors finance program and we typically place on par w/ or outplace targets in the IB world. I don't think IB is nearly as interesting as RE and don't have much desir...
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Commercial Lending to PERE? Or REIT?I currently have 4 years under my belt as a commercial lender focused on real estate in Boston and have met or exceeded production goals each year. Im pretty good at networking / managing my current borrowers / finding new borrowers / developing repeat business which has taken years. Prior to that ...
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Career change from fixed income trading assistant to real estate development associate I am currently a trading assistant at a large IB, but looking into real estate development down south. Is there any transferable skills from my current position, or anything that will blind side me? I am early into my career and want to use the skills that come natural to me. Which skills are ideal ...
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Buying REO from Special ServicersDoes anyone have experience buying REO from CMBS special servicers? Do servicers always hire brokers to sell their REO? I'm looking at buying a couple of assets that one servicer is about to foreclose on and I'd like to make an offer before they hire an investment sales broker and take the assets to...
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When did you "figure it out"?what I mean by title is, when did you really figure out what area of RE you wanted to be in and when did you eventually get to a role that gave you a solid experience/foumdation? I graduated 2.5 years ago and ended up in a corp Finance type role with F50 and realized I wanted CRE so I jumped at a po...
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Stockbridge Capital Real EstateHi, I am speaking with someone about a job at Stockbridge Real Estate. I've spoken to a few colleagues and most never heard of them. One told me to avoid. Do you have insight into the firm? There isn't anything online either and I don't want to make a decision based on the above. Thanks. ...
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Entry Level Financial Analyst & REIThello all, I was recently screwed in my FT position and was let go (only a few months work experience). My background is in business valuation. I have an upcoming interview at a REIT for a financial analyst position doing primarily FP&A. As I have no RE experience, I was wondering if anyone had an...
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Anyone with HFF work or interview experience?Just curious if anyone here was worked for or at least interviewed with HFF. I have an upcoming interview with them for an IS analyst role and am wondering if there is anything specific that they look for in candidates. ...

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