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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Starwood Acquires LIHTC Portfolio Did anyone work on this transaction or have friends who did? Press release says they expect double digit coc yield. How is that possible on a cash flow constrained asset like a LIHTC portfolio? What did the debt or rent escalation assumptions look like, or how could you engineer something to hit dou...
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Real Estate Transcript Requests/GPA Does anyone have any insight into background checks by Real Estate companies and if they request transcripts. A lot of smaller shops don't usually look into that to check GPA or even ask for it. What about the big brokerage shops like CBRE/JLL/CW, HFF/Eastdil. Do the REPE firms always check your tr...
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Southern California WSO RE meetup 2018Hey, guys, it looks like there was some interest in a WSO GLA area RE meetup- let's get it started. I was thinking maybe sometime closer to February. I have a few ideas for venues and will probably make a meetups.com type post to invite everyone. Here are Strawpolls for location and date. Locatio...
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What is your favorite building?For me, I'd have to say the Le Mont-Saint-Michel in Normandy France. Something about a huge castle on a tiny island close to shore. Also the Musée d'Orsay in Paris. Brings be back to a different time. P.S. Not french Whats your favorite building? Can be both new and old. My favorite new one wou...
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Tishman Speyer Analyst TestI've read a few threads regarding the Analyst and MBA programs in general, but does anyone have experience with the excel test Tishman administers? Is it basically building out a CF on a stabilized asset or should you be expected to underwrite a development deal? Any tips are helpful....
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HOME VALUATIONHow do you know whether the price of a home per square foot is reasonable or if you are about to make a bad decision?...
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Looking to lateral as a RE associate - Advice?Fellow WSO members, I am looking to lateral from my current position (RE associate working on acquisitions) to another firm. What are the best ways to network, find jobs out there? I have contacted several headhunters but received few responses. (current company culture, growth opportunities not wor...
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LIHTC during the next recessionCan anybody in the industry comment on how they forecast the LIHTC market during the next recession. I feel like the last recession isn't the best comparison because banks' financial structures are stronger now. Any insights?...
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Rise of "Agrihood" communitieshttp://www.amtrakthenational.com/serenity-now Read an interesting article in the Amtrak magazine recently while traveling for work. Essentially there has been a large increase recently in the development of "agrihoods": sustainable communities that have a focus on local agriculture as well as some ...
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Carlyle Real Estate Associate Compensation Does anyone have an recent comp data for Carlyle RE? Also, what are the hours typically like? Thanks in advance!...
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REAL ESTATE FOR SALE i want to buy a home and searh lot of site like as homegather. housevalue store and zillow nsd i also want loan on home then plzz suggest me that what i do ...
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Paying a retainer fee to broker for off-market dealflowWill start by saying I have never worked for a firm that has paid a retainer in exchange for "first looks" at off market deals. I have seen this on the capital side, paying a rainmaker type to pitch the firm to family office/high net worth capital on joint ventures. On the deal side, has anyone ...
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Would a mortgage Underwriter position be worth pursuing?The position is a VA (Veterans Affairs) Mortgage Lender near DC/Baltimore.. I'd probably live closer to DC. Pays $60k base plus $1-5k bonus. Gets me certified with the Mortgage Banking Association as an underwriter in 18 months. Could this be decent enough experience to eventually get a top 20 MBA ...
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Resume Critique for Real Estate Buyside Roleshey guys, hope everyone's new year is off to a good start. would anyone be willing to critique my resume? given that i've started to get a few interviews, it shouldn't need a major makeover, but i'd greatly appreciate if someone can still glance over it and give some pointers if they have any. i had...
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Development vs. REPEI want to turn to this forum for some clarity. ** Thank you in advice for any advice! ** First a little background on myself… I am a junior at a non-target studying finance and accounting. I have developed an interest in RE Finance and have hit the networking trail hard. I have secured an interns...
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Argus AEAlright is anyone actually using Argus AE? Argus keeps telling us that everyone is moving over but I haven't found anybody that actually does. ...
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Favorite real estate iconsI'm going through investors archive YouTube real estate interviews now but am still relatively ignorant regarding real estate leaders. I'm thinking along the lines of the Ray Dalios/Howard Marks of real estate; aside from our beloved President of course. Was wondering if anyone has some people in m...
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Company Interview: MSCI Inc - MSCI Real Estate GroupWhy MSCI? Detailed investment process. What if questions like effect of interest rate, GDP, inflation on stock prices. Valuation methods for real estate investments. Why MSCI? Detailed investment process. What if questions like effect of interest rate, GDP, inflation on stock prices. Valuation m...
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Are there independent commercial mortgage brokers?I was curious if there are any independent (i.e. one-man shop) commercial mortgage brokers? My boss spent 15 years working at a "big heavy" commercial mortgage brokerage, and on our last transaction where we invested $2 million or so into a self-storage deal he took a $20,000 fee for calling around ...
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Non-Target School -Working CRE in Big MarketHey guys - I went to a small, non target school originally to play a Division 1 sport. Decent experience, decent school, but noticed that this may hinder me in the bigger markets. I am curious to hear who is out there from other small, non target schols working in CRE in big markets (NYC, Chicago, e...
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Analyst at commercial real estate appraisal/valuation co?8 months into my first job out of college as a commercial broker, and want to go back to the financial/investment side of the business. Had an interview with large, global valuation co with their real estate advisory group as an analyst. I'd be valuing tons of different properties for lots of large ...
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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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Stepping Stones - Path to Acqusitions/REPE/Investment SalesI'm currently a senior undergraduate (non-target) working towards breaking into CRE and ultimately want to be on the investment side in 1-3 years. While the ideal situation is to land something in acquisitions, investment sales or even REPE, straight out of the school...as many on this board know, ...
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JV Agreement during refiLets say you're in a JV for a development project that is coming to loan maturity. Rather than sell you want to refinance and hold long term. How would you change/create a waterfall JV operating agreement under this scenario? Essentially there are two waterfalls within this agreement right...1) t...
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Recent graduate trying to get his first job in real estate - Advice?Hey guys, I am a December 2016 graduate from a SEC school. I completed a double major in accounting and finance. After graduation, I was unsure of what I wanted to do with my life, so I stuck around for an extra semester and took a couple of classes. One of these classes was a real estate investmen...
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RE Development Case StudyHave an interview with development firm. Anyone have any practice case studies? I'm not sure what to expect. I have been doing real estate acquisitions for the past couple of years and want to move to the development side. Not sure how the case studies may differ between acquisitions and development...
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Green Courte PartnersDoes anyone here have experience working at or with Green Courte Partners? From what I have been able to dig up they started off by assembling a massive manufactured housing portfolio which they recently sold off. As part of that sale agreement they are not allowed to invest in manufactured housing ...
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Starting Own Deals: Partnership Structure Question Hey guys--I'm in the process of starting to do my own deals with one other partner. Generally speaking, we complement one another well and I want to be fair in creating an appropriate partnership structure. I have a good network in my market and believe I will be able to leverage a relationship with...
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What does it mean when a highrise has multiple phases?I can't find any information online. Does this mean that Phase 1: Lowest 20 stories Phase 2: Mid 20 stories, Phase 3: Highest 20 stories? (In relation to construction?) Or is it Phase 1: Planning Phase 2: Construction Phase 3: Selling/Leasing I'm quite confused, thanks!...
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Target schools for Real Estate FinanceThere's a difference in the top real estate undergrad programs versus the top finance undergrad programs. That leaves me wondering if there is a difference in target schools for REIB, REPE, REIT in terms of undergrad recruiting. I'm assuming most, if not all, of the target schools for regular IBD wo...
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"REPE Clientele" vs. The FieldQuestion for those who work/ed in capital markets (dept placement or investment sales), preferably in the NYC market: are essentially all of your clients REPE shops, big and small? Obviously if you're on the debt side, you may work with developers for construction loans. But besides that, are there ...
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2 year Analyst at Fam Office - Next Moves?I'm a second year analyst at a MF family office in a primary market. I do a fair amount of quant work, modeling, and deal sourcing but a lot of my day-to-day is operational. I handle tasks ranging from Asset Management to Entitlement, Legal, Team Management and more outside of my normal acquisitions...
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Should I get straight to the point in my cold email?Trying to network in to a position and I’m not really having the best success getting my cold email responded to. Would love your guys advice. So far my email has been Dear _____, I see you are x position at y company. I am a recent graduate from x university with a math major and cs minor...
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ACORE CapitalCurious if anyone can speak to what ACORE is like? I know they are a debt fund, but what is the company itself like to work at? Hours? Comp? Exit opps? ...
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RE / REPE - What is your typical day to day like?I thought it would be cool if guys here can give their "day in the life" from 9am to whenever of a typical day for them at their current role/company. I think it would be great for inexperienced guys like myself to see what is like formguys here from development to brokerage to REPE do on a daily b...
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Rockefeller Group International InfoDoes anybody have some info on Rockefeller Group International? Apparently, they are a subsidiary of Mitsubishi Estate and have ~$3B AUM. Looks like the project they're best known for is the development of the Rockefeller Center. Curious to know how active they are in acquisitions/development and po...
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How to Network Without PurposeHow do you continue networking without a real purpose? I'll explain my situation real quick. Recent graduate with a good gig for a developer. Love the company, love my job, don't plan on leaving till they take away my PPE. Nevertheless, I want to grow my network and I enjoy meeting new people and he...
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Company Interview: Goldman Sachs - Summer AnalystYou have a property with two loans. Loan 1 is for $10M, interest only at 10%. Loan 2 is for 5M, interest only at 15%. The property was purchased for $50M and your NOI is $5M. What is your cash-on-cash return? You have two properties located next to each other. The properties are physically id...
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Cortland PartnersI saw an opening in their multi family investment department that looked intriguing. Does anyone out there know much about them; reputation, culture, work/life balance?...
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HFF Drug Test Summer InternHi monkeys, I have an offer for a summer internship at HFF in a large city (think NY, LA, Chicago). When I signed my offer letter it mentioned a drug test. Do any of you have experience to know when it would be? Would it be in May/June before I start or sometime this month (I just signed the offer l...
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Senior Housing QuestionHi all. Was wondering if people could give like.. an intro to senior housing as it's one of the only products i have no experience in underwriting. For example, it'd be great if you can talk about the different types (assisted living vs. skilled nursing vs. etc...) and what they mean and which is pr...
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Why is multifamily seen as a product type that is less cyclical compared to retail, industrial, office and hospitality?Is that the case more for class B and class C as opposed to class A multifamily product? Thank you so much!...
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4th Interview at Boutique Retail CRE PE - Negotiating Salary Plus Preparation for the Job [Need Advice, Please]Happy Friday Everyone! I posted in the PE sub-forum and I think perhaps this forum might be more relevant seeing as I did not get any replies from yesterday. Background info: I graduated with a B.Comm in Finance, minoring in economics this June 2017. I ended up getting the chance to interview at ...
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Construction Management App Monkeys - we acquire/renovate approximately 2,000 - 3,000 apartment homes per year and are looking to grow our capacity. With projects spread across the Midwest, we're looking for a better system to manage all of our construction projects from the HQ and field level. To date, we've been using Sma...
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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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Tutorial: How to Model a Real Estate Development Construction Loan Monkeys, I am creating some free videos teaching you the basics and more advanced concepts in RE modeling. Please enjoy and feedback is appreciated ! https://www.youtube.com/watch?v=oddgUETdwLM ...
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Analyst Interview - Common QuestionsHi, I have a partner interview with a large commerical real estate firm, and I was wondering if anyone had any insight into what type of questions I should expect and how to best answer them. I've been told questions will be mostly fit questions. Any help will be greatly appreciated, and silver ban...
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Company Review: Jones Lang LaSalle - Learned a lot, good name in industry for your CVVery knowledgeable employees in general, everyone I encountered was willing to help and ask questions. Upper management is fairly insulated and it was intimidating to approach them for advice or questions...
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Psych Evaluation-What to expectI've got a job interview/ psych evaluation coming up, and am curious as to what to expect from this psych evaluation. Is it all about personality and so forth or are they trying to test how you think analytically. ...
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Newbie question, why do some big banks like Chase or BOA not have a Freddie license for multifamily loans?Is there something that I am missing or is multifamily not their main priority when you have so much competition from lenders likes Berkadia. Because, given the choice would not a lender want to sell the loan to Freddie as opposed to keeping it on their balance sheet. I also see several other big ba...
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Commercial Real Estate Appraiser (The Future of this Career)Hello All, I am a state-certified general appraiser licensed in Florida, and have been working in this career for the past ten years. I've been state licensed for over the past six years (roughly). While not one of the main careers or topics on here, I'd be glad to discuss the future of this career...
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Does Marcus & Millichap have the best training?As some of you may know I am a recent graduate trying to break in to CRE. I've been networking pretty heavy and reached out to an alumni that gave me the following advice: "Get a job at Marcus and Millichap as they have the best training" Whats your guys opinion on this?From browsing the forums I ...
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Real Estate Analyst - CareersI will be graduating in May with experience (through internships) with an investment sales firm and an office leasing brokerage. Ideally, I would like to be working as an analyst and not a broker. Can you list some of RE Investment firms (typically that hire entry-level)?...
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Why use an investment sales broker?My question is not intended as a criticism toward or devaluing of brokers. It is simply a curios question. Why do investment sales brokers exist (or exist with so much prestige)? I am a recent graduate at a small development firm, so I have extremely limited knowledge and experience. Nevertheless,...
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Who is lending on Malls right now?200k+ SF mall in the SW looking for floating rate loan. The word retail is a bit scary right now but who is active? ...
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Structuring QuestionAssume the following - **Example** - REIT A would like to buy REIT B with a $100M Market Cap. However, REIT A would only like to own up to 75% of REIT B and syndicate out the remaining $25M. Therefore, REIT A retains retains 75% ownership of REIT B and syndicates out the remaining 25% to REIT C. Th...
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WALT calc accounting for rent bumpsI am underwriting a three tenant (each tenant is NN) medical office building deal (3 doctors) and want to calculate the Weighted Average Lease Term on the building accounting for the 3% annual rent bumps over each of their respective lease terms. I know WALT is the sum of individual tenant rent (e...
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2018 Lasalle Investment Annual Does anyone have a copy of LaSalle Investment Management’s Investment Strategy Annual (ISA) for 2018? I believe that it came out within the last few days....
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Job Interview- I need a good excuse to tell my current boss I need the day off. I have an important job interview, and although I could usually just tell my boss I'm not feeling well, I have taken a couple of days off here recently for other interviews, and so I'm in need of some creative excuses to get the day off. Anyone got anything just out of the box that works. ...
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Any euro-monkeys apply for MSREI 2018 Off-Cycle Internship?Wondering if anyone has a telephone interview for the 2018 off-cycle position yet? Can I assume that since it has been 2 weeks since the deadline, it's been a ding?...
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What websites, newsletters, literature, etc do you read on a daily/weekly basis?I am tired of the fluff pieces on real estate where real estate is always going up and with only watching 3 episodes on HGTV your grandma can flip a 20 unit apartment building with 0% down. Market reports from brokerage firms, articles on Reuters and Forbes, etc are all just mouth pieces for Realto...
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Multifamily Mortgage BankerAnything you guys could tell me about this position. Haven't seen this job title in my job search (primarily searching for CRE Originations). Can't post link because I'm new to WSO... Job Description The primary role of the multifamily Mortgage Banker is to originate long-term, multifamily real e...
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REFM Private Equity Fund Modeling Self-Study CourseAs most of you probably know, GetREFM is having its end-of-year 50% sale on self-study courses. I've purchased an acquisition and development from the website and was happy enough with them (a couple of the more complicated formulas the narrator doesn't do a great job conceptually explaining them)....
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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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Development: All Finance or Down and Dirty?Background: I’ve been in RE development for 5 years as an “analyst”. I work for a developer with a corporate headquarter office and satellite offices throughout the country whereby the satellite offices use corporate as seed capital for pursuit/GP equity and satellite offices do the rest essen...
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Business plan outlining land assemblage opportunity for townhomes/multifamily development. If you were to put together a business plan in order to raise debt and equity capital for a land assemblage opportunity with the end goal of developing town homes or a multifamily development how would you go about preparing such a presentation. I've done plenty of market research reports on multifa...
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MSRE @ FordhamDoes anybody have any insight into the newly formed Masters in Real Estate that Fordham University is offering? I took an elective RE Capital Markets class via NYU, and my teacher (who was excellent) is on the board of the new program. Does anybody know of anyone who is immersed in the program? Tha...
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Where is Eastdill?I am confused as to where Eastdill Secured stands under Wells Fargo. Is Eastdill under Wells Fargo Securities or does it stand as its own entity under Wells Fargo. Is Eastdill part of Wells Fargo's Commercial Real Estate group? If so, how do these two entities differ in terms of products/services...
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Industry standard developer fee % and GC fee %I work for a private residential homebuilder and developer and as we analyze potential deals we consider several avenues for development and construction, as well as financing. I am in the process of creating a multiple scenario proforma for feasibiity analysis and needed the industry average for de...
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Mast CapitalAnyone know more details on this group. I know they are a smaller shop based in Miami with investments in S. Florida and D.C. They have some good relationships with institutional LP's, but any additional info would be much appreciated. ...
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Some statistics on RE grad programsI've went through mostly top 20 MBA and re masters programs data and put this table with #s of people going into RE, median base salaries and placement by locations (for all grads, not RE specific). ![RE][RE] [RE]: https://i.imgur.com/c3hXPtZ.png I'm not sure if REIB graduates are counted in real...
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Benefit of working for name brand brokerage for ISMaking a move into IS and was curious to any other IS brokers out there working for the big names (CBRE/JLL/Cushman, HFF, etc). What do you feel the company gives you (besides name recognition) that justifies them taking such an exorbitant amount of your commission? I understand getting started and ...
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Splits with Buyer BrokersI work in Investment Sales and focus solely on obtaining exclusives. I tend to be hesitant to offer up 50 / 50 splits with buyer brokers given I went through all of the brain damage and did all the legwork to secure the listing. Over the years, I have met and worked alongside other brokers that thin...
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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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Pros and cons of working for a large public real estate company compared to a 5 man development shopI've been working for a large public real estate investment trust, and have been very taken back in just how much this place doesn't have their shit together. Basically what I am wondering is it par for the course where in the commercial real estate arena things just take forever and thus there's ju...
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Analyst debt/lending at top CRE firm - 2018Hello all, I'm an avid reader of WSO and this is my first post. I have currently accepted a position at a top CRE firm in their multifamily capital markets group as a debt analyst and will be working with Fannie, Freddie, FHA, etc. mortgage products for multifamily portfolios. I am wondering what...
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Career advice PERE AnalystHi guys, I am a first year analyst/controller in European PERE fund. I got the full-time offer after completing a 6 month internship in acquisitions but I am now working in asset management/project dev. Most of my coworkers are much older than me and I would estimate that the average employee is ar...
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RE ModelingHey guys - looking to sharpen my RE modeling skills. I work for a developer and do some simple modeling/projections off of templates we have already used in the past. Mostly just to see if the development is going to make sense and then we edit from there to make our numbers work. Now I know there...
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Interest Rate Increase - Cap Rate Increase - Long Term LeasesCurious if anyone holds assets that have longer term fixed leases (i.e. credit office tenants/grocery anchors/etc.) that term out at the same time the underlying debt on the assets do and what your thoughts are on refinancing risk down the road. I know this is a question of inflation effect on inter...
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Starting your own Fund/FirmSo, this is something I haven't seen discussed on the site before in detail, only tangentially. Has anyone on here gone through the process of (or is knowledgeable about) starting your own real estate investment fund in detail? Obviously, things like strategy, fundraising, partnership structure, e...
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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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Working for RE Developer -trying to transition to NYC Hey guys, I am currently working for a RE Developer in a smaller market in New York State. Our company is involved in all forms of developing around the area as well as some deals outside of New York State. We do some great work from multifamily, office, residential, retail, etc. I previously inter...
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Can some real estate people take a look at my resume and tell me if I'm making a fool of myself or not?I'm a junior in a Canadian University looking to start networking so I can eventually land a summer analyst position for this upcoming summer. Hopefully, I can get something in commercial real estate lending, development, or a summer internship at one of the big brokerages. I've attached my resume...
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Abacus Capital GroupYoung team of ex-Greystar guys based in NY. Does anybody know anything about this group that they’re willing to share? Thanks...
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Anthem Properties Group: Anyone familiar with them?Curious if anyone has any color on the firm (culture, reputation, etc.) They're based in Vancouver BC. Appreciate any input....
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Convert Small Multifamily to AirBnbDoes anyone have experience partially or fully converting small Multifamily (4-16 units) to an AirBNB? Would love to hear about people's experiences, advice, or dissuasion on pursuing this....
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First time home buyersI personally think it's better to buy your home first, than an investment property. What are your thoughts? ...
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Anyone with insight on what it's like to work as a land analyst/ land acquisition manager for giant public home builderI have been talking to one of the giant home builders about a land analyst/ land acquisition manager role. I'm curious though what should I expect in a role like this. It seems that they are constantly scouting land deals, buying vacant lots and raw land in order to keep up with their growth. I feel...
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Anyone with a thorough understanding of California Rent Control / Stabilization Laws?Most of this applies for California at large, but I am specifically interested in Santa Monica, West Hollywood, Beverly Hills, Los Angeles. Does anyone have a primer they could share or are willing to answer the questions below? - **"Cash For Keys"** - This is a common moniker for buying our tenant...
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Company Interview: PwC PricewaterhouseCoopers - PwC Financial MarketsAsked me to describe the waterfall of CFs in a structured finance security. Required significant prep work to fully understand that before taking any fixed income courses at school. Would highly recommend you read up on CDOs, RMBS, CMBS, and Trust preferred securities before walking in the room with...
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Investment Sales - Day in the Life After reading through the REPE - Day in the life thread and gauging what it is like on the 'buy' side, I wanted to start a new thread to see if any of you in IS would be willing do the same, assuming there is a loose agenda to your day. REPE - Day in the life thread --> https://www.wallstreetoasis....
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Seattle Mixed Use Retail Market InfoAnyone have an approximation for what market rate is for TI ($/sf), and LC in the Seattle area? Mixed-use apartment ground floor retail. Any guidance is appreciated, doesn't have to be too specific, but if you could provide a source to reference that would be a major help. Happy holidays everyone....

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