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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Deloitte - Review - Real EstateGreat office to work in, nice people, central London location, interesting work, responsibility from day 1. HR process for hiring was very long drawn and the in-pro was poorly organised. The laptops provided were not the best....
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Freddie Mac Multifamily SuperdayJust got sent the agenda for Freddie Mac's Multifamily "Freddie Day". Anyone have any advice/any idea what the interview process will be like? Thanks in advance. ...
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How did you get your current job? Tips & advice.How did you end up at your current job? Was it through a contact you knew? Graduate school? A website you recommend? Any advice for someone who is on the quest for landing a solid job. Thanks....
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Colony Capital Summer AnalystRecently received second-round interview with Colony Capital in LA. Curious if anyone can provide any insight on the firm or anything at all. If you know more about their summer internship program that would be great as well. Thanks....
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New guy at boutique brokerage. What do I need to know?Long story short. I was given a shot at a boutique multifamily brokerage. Average deal size is 30MM. They are great, but are somewhat lacking in training someone new. I have a business background, but have no experience in CRE. I've been reading books (The Real Estate Game has been good), blogs, etc...
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Duties of Analyst vs AssociateCurrently in analyst role and about 50% of my time is spent building/running Excel models. I am a good Excel monkey but....at what level is that reduced or eliminated? I am getting pulled into more development work which seems model heavy, but hoping to contribute on a higher level....
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Nashville Commercial Real EstateWhat are your thoughts on the Nashville commercial real estate market? Is the short-term rental market going to remain HOT as more hotels continue being built? Nashville real estate company RE59 ...
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Rules of the office? Can someone provide some general rules of the office? I am at my first full time gig. I find it hard to find balance between being a prick and not saying anything and getting too comfortable with my colleagues. I also find it hard to fit in. I didn’t want to be over the top initially and come ...
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Development costs to Assessed ValuesAnyone have a halfway decent rule of thumb to estimate assessed values from development costs? A few projects I've worked on the assessed values have come in all over the map -- as low as 50 to as high as 80%. Trying to get a sense of what's "reasonable" and "typical" as I'm working on a project th...
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Moron Manager!! What to do???!Would kindly appreciate your feedback. I recently joined a boutique real estate firm after 4 years on the debt site to do acquisitions and development. it's a small shop with three principals, an acquisitions manager (aka moron from hell) and me as acquisitions associate. Here is the problem, t...
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Career Outlook - FP&A at a Major REITI recently just landed my first job out of college at a major REIT (200b+ AUM). I interviewed for several different positions there, but the interview that I performed the best was for a Financial Analyst Role that focuses mainly on FP&A - (budgeting and monthly forecasting process for revenue and e...
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FP&A at REITAnyone have any insight on FP&A at a REIT? Exit ops/pay/exposure/interesting work? The specific roles I’ve seen are general analysis support for AM/acq/budgeting/development...
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CRE Stepping StonesLooking to get some insight into a potential strategies for a career path in CRE. I'll start with the end goal first: Start my own shop and own/acquire a portfolio of CRE across asset classes. Nothing more specific at this point but bottom line is I eventually want to run my own show. I'm currentl...
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How important is your network?Is it stupid of me to want to move to NYC right after college to get some work experience and the “experience” of living in a big city when I know I will want to move out of there in 5-7 years? I can’t see that lifestyle being a long term thing, but I definitely will feel like I missed out if ...
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Leaving Investment Sales for Small/New RE fund - sound worth it?WSO, I have a pretty cushy analyst job on a decent investment sales team, working about 40-50 hours per week with a nice boss and making about $100k a few years into my analyst stint. I do not see myself staying in IS long term since I don’t want to be a broker, so I am at the point now where I a...
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NYC Rent Stabilized Multi-family Acquisition Price How would value a NYC MF property with 36 units where 30 units are being delivered vacant (purposely, to allow buyer to renovate), and the remaining 6 are rent stabilized? Are cap rates/property values impacted from the upside potential of bringing rent stabilized units to market? You purchase a pro...
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Timeline after getting an offerI have been recently interviewing with a few real estate companies in various aspects (debt/equity brokerages, private investment firm, development firm). All of these companies are on the smaller, flexible side and if I am to get an offer from one of these companies, and still want to explore the...
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Would you ever consider working in Residential Development? Something that isn't discussed as much on this forum is Residential Development. I am curious as to see if any of you guys would ever consider taking a job in this field? Knowing what you know now would you tell your younger self to consider going this route? Think for a major company such as KB hom...
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How do I go from the Big 4 to PERE?I’m an auditor in London who is about to qualify and I want to move into a PERE role. I understand that audit has limited relevance to PE as a general rule, so I’ve looked at internal roles at my current employer that I can transition across to in our Deal Advisory function- Corporate Finance, T...
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2019 RE Internship/SA Thread Hi guys, I know this has been generally discussed and that most major RE companies don't stick to a set recruitment cycle as an industry like IB does. My interests in RE lie mostly in debt/equity capital markets and currently looking at shops like HFF/Eastdil/JLL etc for next summer (two years lef...
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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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Compensation MeaningCurrently interviewing for a job, and haven't come to the conversation about what the salary is but on the job posting it is listed as " Highly competitive and progressive commission structure" What does this exactly mean? Base plus commission? Or just commission?...
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Full time offer - midway through bachelor So, I’m doing an internship at a CRE company in Stockholm, Sweden. I’m half way through my bachelor and I just got an offer from where I’m doing my internship. Full time (probably more since the properties were just acquired), manage 10 properties – 14 buildings (Logistic spaces, industrial...
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Investment sales Training MaterialsDoes anyone have PDF copies of Marcus & millichap training materials? Or any other material on investment sales? Or can you point me to any sales training materials that would be helpful?training for both private capital and institutional sales would be great. Nothing in the marketplace seems to be ...
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RE investing for non-accredited investorsAs most of us know, the vast majority of real estate investments require the investors to be accredited investors ($1MM NW or $200,000 AHI for past 3 years). That's obviously tough for the younger people in the industry that don't work for a developer who would give carry or something similar. What ...
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Goldman Realty Management Superday DallasDId anyone hear back from the Realty Management Superday in Dallas on 9/14/18? Trying to figure out if they have made decisions already or if they have not delivered them yet....
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Related Companies case studyAnybody have the solution to the case study attached to this post? Would love to see how you guys might work through this. If anyone wants to complete it for practice & share I would really appreciate it!...
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Wells Fargos 2019 Financial Analyst Program deniedHas anyone heard back from their superday saying that they didn't get the job? If you have heard back and did get the job, did you get an email or phone call?...
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Research Analyst CompensationWhat is the typical compensation for a research analyst in a specific asset for a big brokerage (Think JLL/CBRE/Cushman/Newmark)?...
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Equity VS Debt Funds (Lender)excuse my ignorance as this isn’t really my specialty. If one were looking at a lending opportunity against an equity REIT with moderate leverage or a debt REIT with high leverage, how do you evaluate? I’m getting hung up on the embedded and credit facility leverage at the debt fund level. Sur...
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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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Analyst QuestionAnalyst at a development firm here. Just wondering, do a lot of analyst positions in real estate PE, development, and investments require a lot of cold calling and comp gathering? I am doing some underwriting as well, but I am also calling and checking on sales at various comps quite a bit. Is this ...
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Investment Sales or REPE?Hi All, I'm at a bit of a crossroads. My long-term goal is to work my way up at a top-tier PERE50 firm (something along the lines of Carlyle, Starwood, or Brookfield) and am wondering which of these 2 offers would give me the best prospect at breaking in. **Option 1** is to take a position as an In...
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When will automation come for CRE?When do you guys think automation will come for REPE, REIB, REIT, CRE Development and CRE brokerage jobs? Are they at a higher or lower risk of automation compared to other jobs? ...
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Cold email networking while employed?I am looking to see how others here approach networking while they are already employed. I understand that being involved in organizations such as ULI, Naiop etc can really help but besides that what are you doing? I am currently on the brokerage side working in research, and eventually I am wanti...
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Dream Unlimited Canada? anybody knows anything about Dream Unlimited Canada? reputation, comps, exit opss. anything is appreciated. Thanks!...
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Anybody here use Fuel CRE or Assess RE as Argus Alternatives? Fuel CRE- http://www.fuelcre.com/ Assess RE-https://www.assessre.com/ Any feedback, thoughts? Appreciate it. ...
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Year End Rush | Debt FundsAre all of you starting to feel/experience a year end rush with lots of deals being signed up? How are all of your teams handling all of the requests? Do any of you outsource underwriting/memo writing?...
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PricewaterhouseCoopers - Review - AssuranceFlexible; lots of learning opps; some people are very nice to work with; some industries are very diverse. big name.. limited internal transfer opps (below senior); low paid; low work recognition; high pressure; intensive regulation....
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Wells Fargo Summer Financial Analyst CRE Division 2019 Hey has anyone heard back with an offer? Just finished up super day last week and am still waiting to hear. If you did receive an offer, how long after your super day did you get it? Thanks!...
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RXR RealtyI have heard of them before and they are pretty well known institutional shop with quality assets. Does anyone know anything about culture/comp/etc? I have heard mixed things and their Glassdoor is pretty brutal....
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Opportunity Zone Rules ReleasedIf anyone has a few hours and is interested in reading the new rules. https://www.irs.gov/pub/irs-drop/reg-115420-18.pdf?mod=article_inline https://www.wsj.com/articles/new-opportunity-zone-tax-break-rules-offer-flexibility-to-developers-1539948600...
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Dream Unlimited Toronto Canada?anybody knows anything about Dream Unlimited in Toronto, Canada. Specifically for their strategic finance team. What's the interview process like, comps, exit opps and etc? Thanks. New to real estate....
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Wells Fargo and Company - Interview - Real EstatePretend you own a pizza shop. How would you determine what your pizza shop is worth? Why Wells Fargo? What do you know about the FAP? Questions that go over real estate fundamentals in Multifamily, Retail, Office, and Industrial How would you go about valuing this building? How does a 10 dollar incr...
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Socal Hotel Cost Comparables (full-service)Has anyone worked on any full-service hotel development projects in Socal in the last 3-6 months? Looking to put together a cost comparables table in a financing memo to help justify our costs - please let me know. Thanks. ...
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Track Record in Real EstateAt lot of times in many areas in real estate whether it be a principle firm, brokerage, debt agency etc., the decision of using your service comes down to looking at your record? As a young person in the industry, how do you get that track record?...
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Commercial Real Estate Capital Markets Analyst-CompensationAt a private equity style Commercial Real Estate debt fund. Business: CRE bridge lending and CMBS B piece investment. As a Capital Markets (Quantitative) Analyst, I do modeling to study fund level (both bridge lending and CMBS B piece investment) returns, various forms financing (CLO, Repo, CLO, PE...
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Costa-Hawkins Repeal (California)Any of you nerds tracking it? Looks like it will be on the ballot in November (should be confirmed by June 28th). Could be bad news bears for a lot of California resi guys (yours truly included). Considering buying the July puts on Essex....
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CMBS Bond Trading - indexed to various curvesHi All, I worked on CMBS investment, although it's not my major functions. I got really interested in CMBS bond trading. I do support my boss in bond trading when he or the broker we hired to do a BWIC, like getting Price/Yield numbers from Trepp. (I don't have Bloomberg, btw.) What I wanna ask her...
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Cerberus REBased on the non-RE forums, it appears that Cerberus has a pretty tough culture and terrible hours. Does anyone know if this is true for the RE group or if it is any different?...
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Moving to Real Estate Investment firms (MBA vs MSRE)I'm trying to move to Real Estate Investment industry from FICC trader. (I'm currently working as a trader in FICC of a well-known US bank, and I'm a VP and 33 yrs old.) I know they are totally different industries and different skillsets are needed to move, but I really want to break into real est...
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Jones Lang LaSalle - Review - Debt Capital MarketsGreat company, great team environment, fast paced, and challenging. Great environment to learn real estate finance. . Middle man structure between Brokers and UW. Makes our job more difficult because brokers want proceeds and uw wants supportable financials to hit debt proceeds....
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Allianz RE analyst interviewHello everyone, any ideas on how does a modelling test look like at Allianz RE? Any info much appreciated!...
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Entry-Level Job or Masters From NYU? Hi Guys, I will be graduating from Rutgers University this December and want to pursue a career in real estate development, particularly in New York City. Although I have pretty decent experience in real estate sales and development while I was in college, I am finding it hard to get traction on po...
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Morgan Stanley Real Estate Investing (MSREI)Anyone have experience with modeling tests for analyst/associate position here? They mentioned it would take 4-5 hours in total. Not sure what that would entail....
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Why do so few go into Real Estate?Theres no statistical evidence for this but, why is real estate second to most other financial services jobs? Most people in business school are primarily looking for IB, consulting, AM or corporate roles. And even on employment reports of many top b-schools, real estate is rarely even listed, altho...
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Excel Formulas you use constantly on the job?Was wondering what formulas most of you are using on the job? Thanks. I have excel tests that I will have to do for some final round interviews so was wondering if there are any recommended websites to practice....
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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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JLL - Review - Real EstateThey did a good job with intern program: social events, weekly meetings giving you the opportunity to meet office managers, a group project that you present to office heads, etc. The whole office has a "summer intern season" mentality, meaning almost anyone in the office across business units is ver...
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Duff & Phelps Real Estate AdvisoryCan anyone tell me more about the starting salary and exit ops for an analyst with the real estate advisory group in a secondary market? Would really appreciate it. ...
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What percentage of your after tax income is devoted to housing?There is an age old adage that your monthly housing expense should never be above 30% of your after tax income that I think is completely irrelevant in today's rental and housing market. I'm curious to see what the average renter's/home owner's monthly expense including everything (HOA, utilities, ...
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Why are you buying?For anyone either working at a RE company (REPE, Family office, REIT, small shop) or even buying for yourself, what specific factors convince your investment committee to buy properties in today's environment? How do you make money in the 9th inning of even extra innings of a cycle? When the acqui...
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Origination Folks- Do you do targeted marketing?As a newer production analyst, one of my jobs is to assist with origination efforts. As I am on the CMBS side of the business and majority of our business comes from brokers, I wanted to target specific and relevant brokers. Using data from the MBA, I built a database of top brokers broken down by ...
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JLL - Interview - ResearchThere were not any difficult or unexpected questions asked; however, some of the questions included the following: Please walk me through your resume. I see you have Excel listed as one of your skills, can you provide a specific example of a time you used Excel in a Real Estate context? Tell me a...
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PROP 10 DEFEATED IN CALIFORNIAA great day for any firm with properties (esp multifamily) in CA. It’s been a scary few months, but as the day drew closer it seemed like a Yes was becoming more and more unlikely. Assuming we’ll see prices and activity bounce back up to normal soon....
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Colliers International - Review - Commercial- Relaxed environment with fairly easy work and low pressure from management - Attractive coworkers is a plus. - Not mentally stimulating work and tasks were often redundant - Condescension from some executives ...
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Second Interview at Quasi-PE Real Estate Investment & Specialty Finance FirmFirst WSO post so I know I may get ripped for not posting in the right threads. As the title states, I have a second interview for an Investment Analyst position with a Southeast-based firm. The firm primarily serves as LPs (mezz debt, pref, and joint venture equity) to sponsors and operators for th...
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What to do? Role changed overnight to Real Estate Development from Back Office Accounting / FinanceI spent the past year working in an accounting/finance role at a small firm ($1BB in asset value) that initially was PE but also starting to enter the development business. Several months ago, my boss (one of the senior execs in a different city) tasked me to low-key begin building the local devel...
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The CEO of T-mobile’s house has been on the market for a while now, here’s a look into this.The CEO of t-mobile is selling his luxury New York City penthouse located in the Central Park West neighborhood. His house has been on the market for a while now, in February the Wall Street journal reported that the house had been selling for $22 million, now he’s asking for about $18 million, a...
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Underwriting Commercial Real Estate LoansHello, I'm starting a new job where my first project will involve risk modeling for commercial real estate loans. What do those of you in the business look at when you underwrite these things, and why? What are the major risks to consider? Thanks!...
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Argus AE for Asset ManagementDoes anyone use Argus for asset management? I have always used AE for acquisition, but am trying to get full utility from the software. Would love to hear how your shop utilizes it....
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Marcus and Millichap Real Estate Investment Services - Review - SalesOffers a flexible work hours with little to know micromanaging from senior brokers. Largely able to complete tasks as seen fit.. Glass Ceiling prevents analysts from progressing beyond being an analyst limiting the upward mobility....
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Multifamily DD Terms - What are you seeing?Question to all the monkeys who work in MF out there: Have you recently seen a dramatic change in DD terms whether it's deposit amounts (hard money up front or just stupid $), DD periods of 10 days or less, contingency periods of 10 days or less, or just other super aggressive/whacky closing terms o...
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Real Estate “Production Analyst”does anyone have experience in this role? I’m very confused on the difference between this and that of a business analyst. Any help would be appreciated! ...
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1st year analyst - how to prepare for 1st year end review this year?**1st Year Analyst (started in June) after UG** How should I prepare for the year end review that will happen in December? It goes without saying, obviously I’ll keep doing what I’m doing, working hard, learning, and improving my skill set. I understand it’s several weeks out, but on that...
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Buying an Apartment in NYCFirst time buyer here currently looking at studio condo apartments in NYC in the ...
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Most Innovative Real Estate Projects and CompaniesAs I sit here at my desk procrastinating by flipping through Urban Land magazine, I'm peppered by images of Boston Properties/Hines' Salesforce Tower, a top ten list of buildings with technologies that add versatility and conserve resources, and a description of how Related's Hudson Yards uses "big ...
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Wells Fargo Summer Financial Analyst offer turnaround timeHow long after your interview for an internship with Wells Fargo did you hear back? Couple days, next day, several weeks? I’ve heard it varies by office but any insight would be great. Please provide location, position and how many days after superday you heard back. Thank you! ...
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Transitioning into an equity side asset management positionMy background... i was previously a multifamily valuations analyst for an equity shop, i am currently an multifamily debt underwriting analyst. I am interested in and am looking to to switch over to and asset management analyst/associate role on the equity side. im in nyc but during my job search im...
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Morgan Stanley - Interview - Real EstateHow many pennies would it take to fill the empire state building? What is the square milage of central park? Talk about a time you struggled working with a team. Talk about a time you took on a leadership role. You have a property with NOI of 10, and a 5% cap rate. What is the Value? -- You have a i...
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Baupost REAnyone know anything about the RE group within Baupost? Wrt comp / hours / culture / strategy / reputation / AUM dedicated to RE? Have an informational interview with someone there this week, and want to get a baseline level of knowledge beforehand. Thanks...
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Analyst Modeling TestFigured I would give back to the community. I have a modeling test I was recently given for a debt/equity shop that I am happy to share. PM me and I will send it over. ...
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REFM Financial Modeling AdviceRecently started at a top firm as an intern and am hoping to learn basic financial modeling and heard REFM was a great resource. I am trying to decide between Real Estate Self study course "Principles of Commercial Real Estate" and the levels 1,2 and 3 bootcamp. Any recomendations would be apprecia...
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Need to ace REPE Model Test on Tuesday - best prep/coaching?Hi guys, I am interviewing for a post-grad analyst position at a REPE in Europe next Tuesday. It's a third round interview and will include a 2h model test. I know that it will be an acquisition and I am supposed to build a "dynamic cash flow model including a rent roll (existing leases, renewals,...
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How would you value a single tenant office building with the tenant being AAA rating versus BB rating? Hey guys, I am trying to value a single tenant office building but the tricky part is the value would be very much different if a AAA rating tenant comes in versus a BB rating tenant comes in. So I need to present two scenarios. What would be a reasonable way to value it in real world? Now I have...
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SL Green - Comp, DealsWSO - I'm sure you've heard of SL Green. My experience is that they can do a lot of different kind of deals and have a ton of flexibility for REIT. Few questions: - What does comp look like at place like this? How about Vornado? Analyst, Associate, VP? - Do these guys have other funds they manage?...
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Worst Places to Start in Commercial Real EstateLike the title says, I’m trying to figure out the worst first job you can have in commercial real estate. That way users can know to avoid it and aim for something equally easy to get but less hindering to your career. Based off what I’ve read here, appraisal and DUS lending seem to be the wors...
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Looking for rental owners!Hi, I am looking for rental owners to join a new short term rental site. We don't have any fees like similar Airbnb sites do and offer rewards to our hosts. If you have a rental, I would love you to sign your rental up. It is quick, only 3 min and can be done here: www.beenest(dot)com/hosts/sign...
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Project Based Section 8 - Underwriting compared to Market RateUnderwriting my first projected based deal with 100% of the units under a HAP contract (two phases with separate HAP contracts for each, one expiring in 2019, the other in 2021). Deal is located in a major CBD market, in a decent area of the city (i.e. not the "projects", there are decent market ra...
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