Silver BananaTopicReplies
+12
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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MRED/MSRED Questions

ReDev-482

I'm currently working in real estate development at an associate level with a non-business background and am planning to apply to masters in real estate programs with the goals of broadening my understanding of real estate development (interested in shifting from a single asset class to mixed-use), ...

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WeWork?

Nousernamehere

Is it just me or is this firm moving and at a rapid pace which in my opinion may not end well..they are only 7 years running and in that time they have went from their core business of office coworking, to building a fund, elementary school and now are possibly going into retail and hospitality? The...

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Underwriting Analyst? Underwriter?

ayy

How is underwriting analyst different from underwriter position? What is the difference in terms of hour, work load, pay, etc? What do analysts do that is different from what underwriters do? Do underwriting analysts just analyze the information and report to the underwriters? ...

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Let's Talk Recession Risks in Real Estate

TXRE33

Have seen a couple posts on here about fear of recession. Wanted to get some of you guys' thoughts on the greatest signs of foreboding in our industry. Obviously interest risks and sky-high prices in construction and assets can be worrisome, but I wanted to see what other major / minor indicators yo...

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Careers During Economic Downturn

lf3871

Assuming a recession is coming in the next decade or so, which careers in real estate are the most vulnerable? I'll be entering the real world in the next few years and this might influence my career decisions coming out of undergrad...

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Retail Expenses in MU Model (w Office)

cpgame

I’m underwriting a mixed use development with office over retail. I’ve been told retail tenants will likely not pay their pro rata share of the CAMs for the entire building, but wanted to ask the forum how to best think through what building recoverable expenses CAN be assigned to the retail ten...

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Underwriting job sucks like mine or is my company just worse?

dinoRE

Im an underwriter for a GSE shop like Arbor, Hunt, Walker Dunlap, Greystone etc. Is it just my firm or are all GSE underwriting jobs like this... i get shitty properties around the country, class b and below, where i constantly have to go back and forth with the appraisers to try and make the deal ...

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Investment sales Training Materials

InvestmentSalesBroker

Does 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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REPE modeling for different RE asset classes

internationalbankingiscool

Hey all - thinking of pursuing REPE and trying to understand the differences between acquiring casinos, hotels, resorts compared to traditional office and residential buildings from a complexity / modeling perspective. Would you still be building 3 statement models for a casino given the casino part...

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**What would you do**

Ralph_Lauren002

What would you guys do if you were in my situation? I'm currently working for CBRE/NKF/CW in my home state, but just got done with my final interview in NY for another position at another firm. I have always wanted to move to NY after graduation and now 1.5 years later I may get the chance. Now ...

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Development Internship Interview Questions

CodyParkey

I have an interview coming up for a development internship with a large development company. What kind of interview questions can I be expecting? ...

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A CPA looking to break into RE investment & development

jasonlu0519

I am new to this forum so any advice will be greatly appreciated. I am a licensed CPA here in LA who has worked in public accounting (National CPA firm, not the Big 4) for 2 years now. First year in audit and second year in tax. I have always been interested in real estate and have decided to purs...

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REFM Certification

brosephstalin

Has anyone taken the courses and gotten the certification? I was told by a few senior people that taking this would look great on the resume and would help me lateral into an underwriting analyst role, since I am in an entirely different industry at the moment. Any thoughts or comments on this? Any ...

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General Conditions Rates

Parzival7

I am negotiating a GMAX contract with a GC and wanted to get some feedback if these rates make sense. This is for a $12M commercial project. I want to make sure that these are inline with industry standard. Project Manager about $13k/month BUILDING SUPERINTENDENT $14k/month ASSISTANT SUPERINTENDE...

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Multifamily Developers and Acquirers: What do you look for in property management firms?

bigreguy

Just curious to see what developers and acquirers of multifamily assets look for in property management firms? Or do you guys have connections with a single firm? ...

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What are some reasons that make sellers want to sell their investment property?

yayaa

Obviously there are many transactions that occur each day. I am just curious to why all these "smart" people in the industry would sell a property that they think is "good." Based on your experiences, did your firm ever question why a company was selling a particular property, and if so, why? Sh...

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HFF Drug Test Summer Intern

spunkyfunkymonkey

Hi 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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Quick Underwriting Question

JW199619

Hi all, I just graduated and started a new job as an acquisitions analyst and am underwriting a value-add office play. The property is NNN leased at 60%. Dumb question, but how would you go about valuing something like this? I know you take TI/LC into account, but how do you come up with purchase...

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capital markets comp and exit opp

RozzSchoolOfBiz

Difficult to found an accurate rating, what are typical comp/hours for analyst+ in capital markets and what are exit opps?...

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Any appraisers here in Philly?

Brody92

Have a very high level question on land value for a project in Southern Philly. Appreciate any help, thank you!...

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Is 2 Weeks Notice Too Little?

PDiddy-72

So I recently accepted another position and am starting my new job in a few weeks. I currently work at a mom and pop development shop who have about 250 employees, 95% of the employees are construction workers and property managers. I am the only financial analyst in the company. I gave them 3 week...

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Pearlmark Real Estate firm overview?

Yahoo_1

I’m interested in roles there, what’s the quality of the firm compared to say Harrison Street or Walton Street? I’m looking to send in my application, but I’d like to learn a bit more prior to doing so just to be certain. My end game is REPE and deal flow is my top priority. ...

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CMBS Traunch Understanding

cubemonkey08

Hey folks, Anyone have any literature on reading and understanding CMBS traunches from Bloomberg? Abbreviations, determining controlling classes, etc. Thanks for any help you've got!...

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Let’s talk REPE Comp

nycre08

Always found REPE compensation info to be spotty so looking to share. Market: NYC Experience: 7 years Role: Acquisitions Firm Size: $7B AUM Salary: $150k Bonus: 70%-100% of Salary Carry: N/A Hours: 45 hours/week ...

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Is Real Estate "Asset Management" Considered Back Office?

HarvardBoy

Just curious as Blackstone recently came to campus to recruit for the role. I did my SA stint at a Big 3 bank and will be going the Corp PE route out of undergrad, but I was just curious how sought after Real Estate Asset Management roles are? It sounded relatively back-office, with an emphasis on...

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Acquisitions Analyst Compensation

futureREmogul

I am currently working at a small RE investment firm (me, my principal and a partner who technically runs his own development company). Nothing to complain about the work, seeing a lot of deal flow, learning a lot about the market and overseeing the management aspect on some of the portfolio. Righ...

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Where to learn more about capital markets (prepare for interviews at HFF and others)

abc1324

Hi, As the title suggests, I understand the basics of capital markets but are there any books I can read to get a better understanding and be prepared for interviews at places like HFF, CBRE, etc. ...

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How to choose letting agents in Edinburgh

lettingumega

Most landlords will assign an agent to manage the rental and the selection is extensive. Take care of these things: **Choose the service level** Most letting agents offer three levels of service. Tenant-find, tenant find + rent and the full management. For new or less experienced landlords, the ful...

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First real estate job - Generalist at PE fund vs Acquisitions at Pension fund?

Leverup13

Just graduated from a non target in a suburban area and I am trying to decide between two offers to start off my career in real estate: -Acquisitions analyst at a top pension fund (think CalSTRS): fund is invested in half direct properties (JV deals/separate accounts) and half commingled funds -Ana...

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Rough mental return calculations?

g0ttag0

Hi all, I'm looking to improve my "deal sense" and am wondering about simple mental math calcs I can do to get a sense for returns when talk about deals? For example: Entry cap+constant growth rate=IRR (assuming same exit cap). So buying at a 5 cap with 3% growth over the hold period and exiting...

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Residential REITs to Watch?

ab1450

Anyone have some residential REITS to watch? Curious to understand the market and to look into the companies. ...

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NYU Masters Real Estate vs. Non-Ivy MBA

david927

I'm currently considering attending NYU's MS in Real Estate program part-time but have noticed certain job descriptions for positions within certain CRE investmente firms prefer or sometimes require either an MBA or CFA (outside of some REPE, i noticed a job for Allstate that mentioned this requirem...

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Calling all people in Development

yayaa

For all that work at a development shop, can you give us some light on all the hats you wear. How involved are you on the construction side? Do you work on bidding and coordinating with GC? Who checks up on the construction progress? How involved are you with communicating to the architect? Also ...

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Linneman - Real Estate Finance MBA Book

DC3

Just completed MBA semester, finished with the textbook and selling it. Its Real Estate Finance and Investments Risks and Opportunities 5th edition by Peter Linneman. Good book for beginning to fairly advanced info, or for MBA courses. Selling for $150 (shipping included). On amazon for $220+ link ...

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Post-MBA acquisitions at Starwood Capital?

okay24

Does anyone have any info on post-MBA acquisitions positions/trajectory at Starwood? Wondering about culture, comp, etc. Thank you!...

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How To Get Extra Space Storage In Singapore

karanjohar

How do you get the best solution to extra space storage in Singapore? Our business storage Singapore offers affordable long and short term self storage space units with extra space storage to your storage needs at cheapest rental rates. **Our D storage space are from 100 square feet up to 10,000 s...

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NYC Jr. RE ANalyst

C.R.E. Shervin

One of my contacts sent me this job posting, and I thought I would pass it along to the people on this forum. This position is based in New York, their office is located across from the Empire State Building in midtown. Junior Real Estate Analyst Established owner/operator/developer across all ...

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Model Debt Draws / Requirements + Waterfall

MCROWN

Does anybody have a model for a real estate financing deal, where you can actually book inflows - sales while you are constructing? the unlevered cashflows stack up, but I can't get the draws right, given that in some months the inflow from sales is higher than the outflow from building, which seem...

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Best work life balance jobs in RE?

Nousernamehere

What types of roles in Real Estate Finance/ Development provide the best work life with decent pay??...

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REIT comp

BESTRE

Let’s discuss REIT comp Market: West Coast REIT size: >$10b AUM Experience: 3-4 years Hours: 50-60 Title: Acquisitions & Underwriting Associate Salary: $65k Bonus: 10% Stock: ~$2k Other: Generous PTO, health benefits...etc...

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Investing in real estate question

tommhealyy

If you had x million and had to invest in real estate which country would you invest in and why? Also specify which type of real estate - commercial, residential etc. One answer has to be in Europe and the other can be anywhere in the world. ...

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Travis Kalanick starting a RE Company?

Flores1234

Looks like Kalanick is making headlines again, but too the surprise of many, for real estate: "CSS is a real-estate company looking to buy "distressed real estate particularly in the areas of parking, retail and industrial," as Kalanick describes it. He says $10 trillion worth of this kind of real...

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REFM Review - Real Estate Financial Modeling Courses 1-3

HopefulMogul

I just went through levels 1-3 of Bruce Kirsch's Real Estate Financial Modeling (REFM) and another monkey recommended I give a review... So here is a summary and what I though about the courses: Level 1 - starts off as simple formatting and statistics formulas (max, min, avg). Then moves into deali...

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+4
CAIA Study Material

ISellMoney

I 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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Capital Markets vs Asset Management

Research Rodger

I am currently looking to move from my current position in asset management at an MREIT to a more front office/deal facing role and found an opening for a capital markets analyst at a family office. Does anyone have any information on what the day to day for this type of position would look like as...

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AlphaCapitalCRE Chicago? Ever hear of it?

RozzSchoolOfBiz

In general, anyone have any info into Alpha Capital CRE in Chicago? Looks to be a smaller firm that still fends for its own.. I had a buddy intern there last summer but has yet to respond on experiences. Anyone know much about intern, full time analyst or firm in general? Is it truly respected or re...

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NYU MSRE - GC/Primary Sub to Finance

nycre01

Wanted to get some opinions on enrolling in NYU's MSRE program from the local CRE guys. Some background: 30 years old, BSME, 3 years in NYC RE with a GC as well as a facade contractor; prior project management experience in heavy civil equipment and commissioning. The ultimate goal is to fast track ...

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What would you study with $10,000 a year?

ayy

Hello, I am currently few months into a new job in GSE underwriting. I just found out that as a part of the benefit package, I can get an educational assistance up to $10,000 a year. I am a real estate newbie with huge passion, but I am not sure what to study or how to improve myself to stand out ...

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Resume help - transitioning from development to investment management?

REFinanceGuy

I'm a bit late in updating my resume, but I'm seeing some opportunities that I am qualified for and appeal to me on the investment management side of the business. I currently work in development as a 2nd year analyst. There are a couple private equity openings I am seriously considering, but in...

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Taking job at M&M as a broker when in talks with alumni and applying at other places (CBRE, JLL, CW) or to wait it out

abc1324

I have an interview with M&M coming up this week. I know people will say "you haven't gotten it yet", but let's just say what if. It's as a broker and from what I've found from this site it seems I'll most likely get an offer. My question is, should I decline this offer if I'm talking to a few alumn...

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Anybody interested in being a CMBS originator in Southern California?

kobebryant604

Hi WSO, Does anybody here know an experienced commercial real estate professional who would be interested in working exclusively as a CMBS originator in Southern California? I am a CMBS production analyst for a Canadian Bank. Our balance sheet business is well established and our institutional cli...

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CFA vs CAIA vs APC (finance specialism ) for real estate analyst?

samh1

I have the option to undertake either the CFA, CAIA or APC (finance specialism ). What qualification will be most beneficial for a real estate analyst?...

1
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HFF Financial Modeling Experience

RayIve

Hi all, new to WSO but wanted to open this question up to anyone who knows/works at HFF. I'm interviewing for a Debt Analyst position and a team analyst for an office/industrial team. Debt Analysts, from my understanding, don't necessarily need to have as much financial modeling experience as an ana...

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Is CBRE HR a dead end?

abc1324

Reached out to multiple brokers at CBRE. Two (in different cities) have offered to connect me with HR, as well as reach out to other brokers I can talk to. Is their HR a dead end? They've reached out in one city and asked for resume, cover letter, linkedin and see what openings they have. Please let...

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Lenders - How do you price spread/all-in coupon

capratetoolow

Lenders - I understand sizing of a loan usually depends on LTV, DY, DSCR (which takes into account of interest rate). How exactly do lenders price a loan? What I can't fully understand is the pricing consideration for spread/coupon. Are there any specific metrics/threshold lenders price to? Or i...

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Harvard MDes - real estate

ch66220

Does anyone here have any experience or thoughts on the Harvard real estate program? I know it is technically a Masters of Design degree, but it appears you can take courses in the business school, law school and at MIT which is interesting. Just wondering what the placement is like out of the progr...

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Somera Road

RobertMoses

Does anyone have insights on culture, deal flow, or reputation of this team? Any input is appreciated....

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+10
Trailer Parks & Un-Sexy Investments

willydale

Would love to hear some experiences/stories on investing anything considered un-sexy. Think tailer parks, billboards, Section 8, tax liens, etc. ...

55
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Real Estate Portfolio Management Questions

Ricky Sargulesh

for all these questions I am particularly interested in multifamily: 1) Could any RE PMs opine on their day to day work and what are the most important aspects of being a good PM? 2) Any textbooks or other reading material suggestions for learning more about RE PM? 3) Any suggestions of daily/we...

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3-4 Unit Rental Properties Under Trump Tax Plan

Pokemon Master

Is there anyway you can take out a residential mortgage for a business that owns 3-4 unit rental properties? If not, it seems like buying 3-4 unit rental properties no longer makes as much sense with the new tax code. You either need to choose between being a business that can write off interest and...

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Real Estate Financial Modeling (REFM, ULI, etc)

JBR88

Hey everyone, I'm a rising college senior who just finished up a summer internship working at a REPE. I'd like to continue working toward a career in real estate so I was wondering if anyone had any insight on solid RE modeling classes. My mentor recommended a certificate at the Urban Land Instutu...

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REPE SS to corporate PE, is this possible?

macral

Hello everyone, I know this question has been asked before but I haven't found an answer to the exact same situation: 2 years experience in Deal Advisory in corporate (B4), now offered to move to a REPE Special Situations/Distressed top tier fund (think Apollo, Oaktree) as analyst of NPL/REOs portfo...

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Non-Target -> MSRE

Shkreli4Prez97

Hi all, I've been an avid reader of WSO for easily 2 or 3 years now. With that said, I haven't posted before as I can generally find whatever info I am seeking by looking at previously posted threads etc. I have a more specific question that I'd love some help with. I go to UMass and am coming up...

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How to find interest rate, "average life over _____ basis points"

DBisnolongerBB

Monkeys, Hoping someone could shed some light on this topic. When a quote is received in commercial lending with the terms below, could someone ELI5: Terms: 5 Year Term $15,000,000 Loan 30 Year Amortization (No IO) Rate: **175 bps over the Average Life** No Prepay The mechanics behind average lif...

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Morgan Stanley CMBS Originations

Rufio

Does anyone have experience with MS in the CMBS originations group? I'm interested in learning about the culture, deal flow, hours, comp (analyst/associate level), etc. I've looked through past posts but haven't seen anything too recent or detailed. Thanks in advance....

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Real Estate Masters Programs Recommendation (Georgetown vs NYU vs UC Berkeley)

jerome10

I have been accepted to Georgetown, NYU, and UC Berkeley's real estate masters program. I was wondering if someone can tell me those schools' pros and cons. I have total one year experience in architecture firm as a project coordinator and I would like to pursue my career in real estate development ...

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Just got let go

CRErainmaker

Hey WSO, I am an acquisitions associate at a small family office in NYC and my boss told me today that they need to let me go due to company's performance and cultural fit etc. I'm not too bothered by it as I somewhat expected this would happen as I didn't see myself working here long term and hate...

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Looking at an analyst role that might include writing whitepapers

abc1324

As the title suggests, a possible position I'm looking into might include writing white papers. Are there any white papers from major companies (CBRE, NGKF, JLL, C&W) that provide public copies of white papers that are online and I can read. I've looked at Wharton's site for real estate writing, but...

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Property Rentals in Edinburgh: How to get the best deals?

lettingumega

It does not matter from where you are managing your property rentals in Edinburgh. You are satisfied when you have good tenants in your apartments, who take care of them like their own. A good property management company ensures that you get responsible tenants and best price by renting your apartme...

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Real Estate Investment Analyst Interview - Intelligent Questions

Quid to Buck

Hi Everyone, I'm interviewing at a commercial real estate firm soon and was given the advice to ask questions about their capital partners (they work with a lot of pension funds). However, I can't think of any intelligent questions to ask. Any help you could offer would be fantastic. Thanks....

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Cool Boutique Developers

SponsorPromote

Let's get a list going of very cool, boutique (or larger) developers. Always think it's cool to hear about these shops of just a handful of guys doing really badass projects. I'll start with a few: Scott Gillen (Malibu, CA) Plus Development Group (West Hollywood, CA) Aby Rosen (NYC) Michael Stern/ ...

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Deal of the Era

Red banana Wagon

I was reading about JMB Realty and how they had the defining/biggest deal of the 1980's real estate boom (Cadillac Fairview for $2.6 billion). It got me thinking, what has been the biggest or lost defining deal (or development) of this real estate cycle? The book mentioned how deals in the 90's we...

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Adventures in CRE Accelerator Program

MezcalAndMergers

Came across this Modeling program hosted by Adventures in CRE today and wanted to share. Have always been a fan of their models & videos so this seems like it could be a good deal, especially at the Initial Launching prices. [Accelerator](https://www.adventuresincre.com/accelerator/land-job/#prici...

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Calling everyone...Biggest 2018 Takeway

yayaa

What has been the biggest lesson you learned this year in your RE career? Has anything surprising occurred or any interesting moments/events/trends you’ve come across at work and witnessed in the estate field? How other players are reacting to the market? 1st year at your current job or industry t...

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Trammel Crow - Senior Dev Manager comp?

pere797

I am currently in a development role. Cradle to grave responsibility with $150m currently under development delivering this year. I have come to concede that my shop is not paying anyone out soon (in terms of anything other than a salary). I think I'll be stuck in a PM position long term plugging aw...

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WiredScore?

Skap13

Hi Monkeys, Anyone have experience working with WiredScore or interviewed with them? Any insights would be much appreciated. Thanks!...

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RE Acquisitions at MF vs. IBD at BB

dsc10801

Hey guys, Am an undergrad considering RE Acquisitions at a MF and IBD at a BB. After doing research on RE in general I am more inclined to pursue it but am held back by future prospects in PE post IBD. One of the biggest concerns is that I’m unfamiliar with the career path for someone starting...

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RE Development Costs and Yields

Wolfy22

Hello all, Curious what you all are seeing with regards to yields on cost in different types of development projects given fluctuation in commodity costs. Which property types/markets are people getting the highest yield on cost? Any change in construction cost estimates given recent collapse in...

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NYU MSRE- Anyone take Accounting with Dan Crowley?

jimmymc

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx...

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Move from RE to Equities

razir110

Hi all! I am currently working in RE AM (at first I though it was a PE firm however it ended up being an AM, the whole thing happened quite fast and I needed a job, so I didn't really do much channel checks on them,) but anyways.. The firm is a solid boutique with loads of $AUM and it's involved i...

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Breaking into REPE/development from appraisal

CodyParkey

Wondering what exit opps would be available with 1-2 years in appraisal with an MSF w/ RE focus from a decent university would land me? Assume that the appraisal gig would have good flow with good properties (MF, office, retail). Would REPE and development be in the question or would I need to do a ...

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To all the commercial real estate brokers out there...how much money do you make?

opus1723

Just curious, to all the commercial real estate brokers out there--how much money are you earning a year. Answer format below * Product Type * Investment Sales or Leasing * Geography (City, State or Region) * Commission after company and team splits * Company split % * Team split % * ...

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Senior Housing Question

itsanumbersgame

Hi all! I 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...

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