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+47
Contrarian Thesis: Acquisitions is the Least Interesting Job In Real Estate

LReed

Feel like it's worth giving an alternate opinion, just because I see so much of the same notion repeated constantly that acquisitions are the best gig in real estate. What I do right now is 75% acquisitions, but I've worked on a lot of development, <abbr title="asset...

38
+32
Effective LP oversight of GP

wso_4

For deals that aren't going exactly as planned, what's an LP to do? I'm curious if anyone has examples of when LP's have had a positive influence on the ultimate outcome of a project, even if they were just pref equity and didn't have much legal standing in the operating...

44
+31
Let's Talk About the Pros and Cons of our Gigs in RE Finance

LReed

I'm not trying to rehash the debate about where the best place to start is or what career path within RE is the most promising. I just would like the community to layout their position and what they feel the pros and cons of their current situations are. Extremely eager to hear what the...

42
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WSO Hall of Fame: Real Estate Forum

WallStreetOasis.com

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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Replies
+1
Looking for career advice - Two different paths

LostInJungle

Hello, I am a recently graduated finance student staring down two different career paths. I recently got offered a position as a Capital Markets intern at a large CRE firm (JLL, CBRE, CW) on the West Coast (Secondary city). I would be an intern for 6-9 months and would be able to make analyst afte...

2
0
Effect of new industries on CRE

God Emperor Doom

What do you guys think will happen in the future with real estate in regards to new industries such as cannabis, eSports, etc. My advisor and I were talking about this the other day in regards to eSports for example. What will the plays be here you guys think?...

0
+9
Career Path - Development or Investments/Acquisitions

Toronto CRE Mandem

Hi all, I recently graduated from a top-business school in Canada, and have final round interviews next week with two companies. I believe I have a pretty good shot at getting offers from both (as the final rounds will both be my 4th interviews with the companies, and the HR Representatives have to...

12
+3
How to escape competition in RE investing?

Venturepapi

I often think about investing and entrepreneurship through Peter Thiels Zero to One framework of escaping competition through creating monopolies and unique distribution. Thinking about real estate through this lense for years i've shied away from going deep here until recently when I started to div...

4
+4
Los Angeles Real Estate Development Companies

REITDev

WSO, I found out today that my fiancée may be relocated to Irvine in January and I want to get to networking sooner than later so I'm not caught flat footed. I have been to LA exactly once in my life, so I am looking for any local insight into top LA or LA-area development shops - reputation, dea...

5
+1
NYPD Narcotics Officer Amasses $400M RE Portfolio

MiserlyGrandpa

https://therealdeal.com/2019/06/17/this-ex-nyc-drug-cop-has-amassed-a-400m-real-estate-portfolio/ https://www.bloomberg.com/news/features/2019-06-16/drug-cop-worth-400-million-after-bets-on-brooklyn-real-estate RE is one of those sectors with relatively few barriers to entry. We've all heard plen...

1
+26 17
0
Help structuring/naming new RE club at school --- other questions

bottles_n_models

I go to a well known non-target that currently has no RE club. I, with the stellar track record that I have, want to start one. It's a small school and I can safely say that I have a better understanding of CRE and it's many nuanced areas than anyone else still in undergrad here. That being said, ...

0
+4
Does anyone even like investment sales

ttlyt_1

I see so much hate on here for investment sales and brokerage and would like to hear from someone who actually enjoys it and why...

6
+8
Career Advice: Family Office (RE Developer) --> MBA --> REPE

SS22

I’ve been lurking for years and have tried to consume as much knowledge and advice as possible. And after reading the info on Post-MBA associates trying to break into PE in general, it definitely sounds like a long shot. But even with that said, I'm still trying to figure out the best way to move ...

17
+1
Exit Cap Assumptions

CRESerf

I was wondering what you guys do for exit cap assumptions and also where you might find some of the data/projections that fuel those assumptions. I am largely concerned with Multifamily underwriting here but of course would be happy to hear about all asset classes. Curious to hear peoples thought...

0
+1
CRE underwriting consulting project- how much to charge?

Scott-Paulson

I was wondering if anyone could provide guidance on pricing a consulting project involving underwriting and packaging a portfolio of ground up CRE development projects. I need to provide pricing for a multi-project commercial portfolio encompassing: - Conducting all market research - Develop underwr...

5
+32
Effective LP oversight of GP

wso_4

For deals that aren't going exactly as planned, what's an LP to do? I'm curious if anyone has examples of when LP's have had a positive influence on the ultimate outcome of a project, even if they were just pref equity and didn't have much legal standing in the operating agreement. For more experien...

44
+13
New NYC MF regulations

Edifice

Owners/operators/multifamily funds, what are you guys hearing in your world? State assembly reached an agreement last night in Albany. The new regulations, expected to be signed in the law: * eliminate vacancy decontrol (ability to bring up to market-rate when tenant leaves) * limit Major Capital ...

39
+4
Underwriting Reserves MF

lux21

What goes into calculating how many reserves/unit for multi family deals? I've seen past underwriting at 275 to 350 a unit so what makes it fluctuate? Thanks!...

9
0
Best Real Estate Development Book

CirclingBack

Wondering if anyone had a recommendation for the best book on learning commercial real estate development. Looking to really get a solid foundation of the process of closing on land, construction loans, LP relationships, and then options to Refi or sell in the end. ...

0
0
Goldman Combining PE units including RE

acb123

Does anyone have any insider knowledge on goldman combining their PE units? What does this mean for their real estate groups? Will they begin to look more like a blackstone type firm with a very large/influential direct investing group beyond what they currently have? ...

0
+31
Let's Talk About the Pros and Cons of our Gigs in RE Finance

LReed

I'm not trying to rehash the debate about where the best place to start is or what career path within RE is the most promising. I just would like the community to layout their position and what they feel the pros and cons of their current situations are. Extremely eager to hear what the various I-...

42
+2
Real Estate Private Equity Associate Programs

bobbyaxe

WSO- I am currently working in RE IB and am looking to transition into an acquisitions role at a RE PE shop. I was wondering how early recruiting for these roles begin if I am looking to start next summer. I also was hoping the group could recommend some well respected associate programs that wou...

0
+4
What is the most excited product/asset class in RE?

Venturepapi

Often hear people in multifamily talk about the product being boring. Curious what product/asset class is the most interesting in development? ...

7
+8
Carlyle Real Estate Associate Compensation

Ufgator10

Does anyone have an recent comp data for Carlyle RE? Also, what are the hours typically like? Thanks in advance!...

50
+1
Macro and Micro drivers of Commercial RE

rerelosang

What are some macro and micro drivers of real estate? A short explanation of a few would be really appreciated. Here's what I'm thinking macro: things like interest rates, GDP, unemployment, population growth, trade micro: supply/demand in given market, strong industries such as tech...

1
+1
CRE Brokerage is it worth it?

CREnoob

Just looking for some up to date insights on working for a Commercial Real Estate Brokerage in Tenant Representation. Pay? What to expect in the first year? Stay away? ...

6
+1
Sustainable RE Funds?

re.gab

Does anyone know of any sustainable RE funds with a social impact goal (similar to GS's Urban Investment Group)? ...

2
+9
Retail IS/Acquisitions: What should you know?

BecauseItsTangible

Monkeys, I have been told that retail "is its own beast" by a few family friends who work in CRE. Assuming this is true - 1) Are there any materials, links, references, tips, war stories, etc.... that could make the learning curve for someone starting out in retail IS/acquisitions more manageable...

11
+4
Future of commercial real estate brokerage

mbt989

There is a lot of talk about technology, AI, and the availability of information online disrupting the current commercial real estate brokerage model. Curious to get peoples thoughts on the future of commercial real estate brokerage. Is commission compression on the horizon? Are commercial broker...

5
+1
CBRE vs Goldman Sachs

ib.indy.nd

Hi everyone. Finished up my freshman year and interning in Occupier Advisory and Transaction Services with CBRE. Just saw that Goldman has their Real Estate Asset Management internships opening up soon, and I was thinking about applying. Wanting to do REPE or something in real estate after gradua...

2
+1
$5 Million in NYC

C.R.E. Shervin

I was just at a dinner with some buddies where we asked ourselves if we had $5mm in cash where in nyc and how would you invest. I said brooklyn, 3- mile radius of gowanus and harlem in and around 125th, I had a friend say Jersey City and Hoboken, Other than getting a 65% LTV loan, any other intere...

3
+5
Active Adult Apartments - Thoughts?

pvsanalysis

From what I have seen these projects are pretty much just age restricted (55+) apartments with weekly events, continental style breakfast (similar to hotel), and concierge service. The rents some of these properties receive blows my mind. I have seen some of these apartments get 30-40% rent premiums...

12
0
Blackstone recruiting 2020

John-Smith1234567891011121314151617181920212223242526272829

Does anyone know of Blackstone’s recruiting cycle for summer 2020? Is it too late? I am currently interning at a rival REPE firm and was interested in the tactical opportunities group at BX. Does recruiting for the summer start in the fall or have people started receiving offers already? I am a ri...

4
0
loan questions - can anyone help with these per chance for exam practice ?

tombo77

An investor is willing to purchase a property for $500,000. The investor’s equity investment is $100,000 and the balance will be financed by a 15-year fixed interest rate mortgage loan with a nominal interest rate of 10% per year. The loan is fully amortising and the mortgage payment is made on an...

0
+6
Cap Rates on Value Add vs. Core

ctanalyst899

Looking for some clarity/thoughts on differences in going-in cap rates between value-add and core deals (or anything in between). My initial thinking is this: For a core product, a lower cap rate is justified given higher quality asset, stabilized cash flows, less risk etc. On the value-add side, a ...

6
+2
Career outlook post-T15 MBA (RE+PE Concentrations)

cpgame

The topic of transitioning over to an opportunity fund has been discussed in various forms throughout WSO but my question is more less in regards to the "ideal" MBA summer associate role and post-MBA path that would set one up best for a long career at an opportunity fund. I did not touch finance be...

5
+5
Help Deciding Between Real Estate Textbooks

stevetdx

I've decided I want to pick up a textbook to read and develop a strong fundamental understanding of Real Estate finance and the Real Estate market in general. I'm trying to decide between "Linneman Associates: Real Estate Finance and Investments 5th edition" ($150) and "Real Estate Finance and Inve...

17
+11
Which cities do you think provide the most opportunities?

jayflip21

Curious to know what you guys think about the different markets/cities to work in here in the US. Every city seems to offer a uniqueness that can translate in to how easy it is to do business there, build a network, enjoy a quality of life, etc. We constantly hear about NYC, LA, SF, Boston, etc...w...

34
+2
Wells Fargo to Sell Eastdil

BubbaBanker

What are your guys' thoughts on this sale, especially with Wells keeping the bankers? https://www.globest.com/2019/06/11/wells-fargo-announces-sale-of-eastdil-secured/?kw=Wells%20Fargo%20Announces%20Sale%20of%20Eastdil%20Secured&utm_source=email&utm_medium=enl&utm_campaign=nationalamalert&utm_conte...

6
+1
Real Estate MultiFamily Model

Mickey-Mouse1

Was tested to build a multi-family model in under an hour, but I was unable to calculate EM because the interest in the loan didn't start until year 2, and didn't know how to deal with this. Anyone want to take a crack at it?...

1
+1
Improve tenant retention at property rentals in Edinburgh

lettingumega

Everyone loves perks, so you should offer tenant something special in your property rentals in Edinburgh. This initiative can grab the attention of more tenants nearby. **What tenant search in property rentals?** Help your tenant celebrate renewals by offering them something special but make sure...

1
+6
MF Debt Analyst Interview

throwmeinthetrash

Was wondering what I can do to prepare for a meeting/interview for a debt analyst position focusing on MF loans? The originator I will be meeting with/working under if I get the job seems to focus mainly on small balance lending Fannie/Freddie loans. What technical questions may I be asked? What cal...

10
+5
Asked for spreadsheet or something quantitative?

JFKLA

I some how managed to get an interview with a RE PE firm after submitting my resume online. I think the interview went well, connected with the interviewer and what not. As the title states, I was asked to send something quantitative that I’m proud of...whether it be a spreadsheet or whatever. I ...

7
+1
RE DCM Associate with no CRE experience - How to make it happen?

Venturepapi

Sup ya'll, There's an a DCM Associate role with one of the biggest brokers in my city and i'm not sure how to get this thing without any prior CRE experience. I have the capital markets component down and I understand CRE like the back of my hand from my own diligence in the industry but I have no ...

2
+9
The highest paying entry level position with a MS in real estate

ttlyt_1

What’s the highest paying entry level position for someone with a business degree and a masters in real estate?...

14
+1
cash for keys

famejranc

let us say that one hypothetically owns a rental property, and the tenant refuses to pay rent/also refuses to move out. what is the most you would pay said tenant, hypothetically, to leave (as a multiple of monthly rent or pure $ value)?...

5
0
the real estate game (poorvu)

famejranc

anyone know where to find a pdf of this book? saw a couple of people on here recommend it and it sounds good. maybe i should just buy it, but i will leave that as the last resort....

9
+1
What Is pest inspection?

rachaelangelese

A pest Inspection is your safeguard against costly damage. The CSIRO estimates that 20% of Sydney houses have had some degree of termite attack, and borer and wood rot are also common problems....

1
0
Why Your Home is not Assest

Lane_Genik

Buy a smaller personal home to keep your liabilities low, and purchase an income producing asset like rental real estate as well! In a few years you will find yourself much farther ahead financially....

1
+8
Failed Real Estate Acq Assoc Candidate Case Study

Lowdoggo

I recently sat for a second round interview for the role above with a very large US-based developer's London office. It was shortly followed by the recruiter "expediating the process" by sending me a case study that they have all of their hires do. I returned my product and received radio silence fo...

19
+3
VBA/Macros

C.R.E. Shervin

Hi Gang, So I'm trying to learn VBA for excel. While I hear it is not really THAT complicated I am having a hard time trying to find examples of how VBA in excel would simplify certain excel processes. If anyone uses VBA or Macros what do you use them for in a acquisition model or debt or equity ...

85
+8
Investing in Real Estate while working full time in banking

ForTheDream

Hi guys, I currently work in Trading but have always had an interest in investing my money in real estate, which I would like to start doing soon. As I am trying to decide between different strategies (buying and flipping, buying and renting, getting a mortgage, buying and then renting, etc.), I w...

27
+2
Calculate debt service - interview

rerelosang

if anyone could explain how to calculate the debt service, I would appreciate it: You buy a property: Value is $100,000. Cap rate 5%. (so NOI is $5,000). Bought it at 80% LTV. Cash-on-cash is 10%. What is your debt service? ...

2
+2
Hartman Income REIT

God Emperor Doom

Anyone here heard of them? I was screened today by them for a sales role. I'm in the middle of my MBA and I feel it would be some good experience to have on my CRE resume....

5
+1
What is your process for creating a new ARGUS template for new deals?

mbx1442

Curious as to all of your processes for running through a new potential acquisition and what your process / steps to tackle inputting the property into ARGUS. Sometimes can get lost in the weeds for a while going back and forth between adding new tenants to the rent roll + market leasing informatio...

1
+1
New to Brokerage: Day to Day

abc1324

Hello everyone, as the title says I'm new to commercial real estate. I joined a small brokerage in Chicago and will be an associate and was curious what I should be doing day to day my first week or two with no license. I have been put under a more senior broker who sends me OM's to learn and says I...

1
+6
Facial hair/beard in Commercial Real Estate

rusty1043

Just curious if anyone has facial hair/beard in CRE. Typically our business is a very old school and from what I have seen, everyone is clean shaven. I've maybe met a handful of brokers who have facial hair. Do you think its acceptable (obviously kept up and trimmed nicely) in our business? Thoughts...

25
+12
Full-time intern for 5 months - being taken advantage of?

TheTankF

First job out of school, I was hired at a boutique HFF/Eastdil as an an intern at $15/hr, 45hr/week. I was hired explicitly with potential to become "full-time" once our office hires another producer (which was slated for that quarter) but we've been focused on opening offices elsewhere. But here's...

20
+1
Exploring commercial mortgage broker career path

mbt989

I am considering a career transition into commercial mortgage brokerage. What can top commercial mortgage brokers make? How does this career path compare to that of commercial real estate broker in terms of day to day and earning potential? From the research I have done this job is tougher to bre...

1
+3
Rent Regulation and Affordable Housing in NYC

Jsb54

[Rent Regulation NY Times ](https://www.nytimes.com/2019/06/11/nyregion/rent-protection-regulation.html) I'm currently interning for a property owner/developer in NYC and everyone in my office has been talking about this this morning. I understand that people need to be able to afford housing, but ...

2
+1
Advice for moving out of appraisal internship

decembersveryown

Hey guys, I'm just seeking some general advice. I'm majoring in economics at a non-target and graduate fall 2020. I'm in a hot MSA for real estate, and I've interned at a CRE brokerage/developer (leasing/underwriting), a large regional MF developer (marketing, but it gave me exposure and the compa...

1
+1
Partner Buyout in development

C.R.E. Shervin

Anyone has any experience in modeling a buyout of an ongoing deal. We as the LP are looking to take out 3 out of 4 existing partners. How do i model the returns a quarter through the development process. what is the existing capital left in the deal from the 1 GP valued at? The trouble i have is...

1
+7
Rank these REPE Books

alberto.jg

I am trying to get into Real Estate Private Equity. Which of these books do you recommend the most? - The Real Estate Game (William Poorvu) - Real Estate Finance & Investments (William Brueggeman) - Commercial Real Estate Analysis and Investments (David M. Geltner) - What Every Real Estate Investor...

7
+2
Taxes on Multifamily Class A Development

bigreguy

How would I go about finding taxes for a multifamily class A development? .............................

9

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