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+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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Allure of REPE/REIT Acquisitions

vintagegmt

I had an interesting conversation with a recruiter a few weeks ago about how many new college grads / those in their 20s in RE industry are "acquisitions or go home" in their career search. He felt this thought process is naive because he sees many successful principals that have both Asset Manageme...

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Senior Lenders - do you find doing lending work on stabilized assets repetitive? How do you get around that?

RdotEdot

I am just curious to see the community's thoughts on this topic? I've found doing underwriting work on stabilized assets a bit repetitive from time to time. Maybe mezz/pref might be a bit more interesting. I'm just worried that I will run out of motivation/interests in a few years. Thank you ...

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Non native English Speaker - Real estate Resume correction

bukos

Hello everyone, I am a non native speaker currently applying for jobs abroad, Even if I am confident in my english skills (not that much), I am not sure about my resume phrasing, Is anyone willing to help me to correct my grammar/english mistakes? I am obviously open to criticism/help! Thanks i...

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+1
How to sell my house fast in Oklahoma, USA?

oklahomarealestate

I want to sell my house fast for cash in Oklahoma, USA. Please let me know if you some one or some agency who can buy house as is. ...

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Altus Group Real Estate Valuation Analyst Video Interview

CodyParkey

I have been selected for a video interview for Altus Group for a Real Estate Valuation Analyst position. Basically I will have to answer questions that appear on the screen using my webcam. Does anyone know what questions might be asked or what I can expect? Or what can I expect and how to prepare f...

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+3
Let's Talk About Broker Compensation

SponsorPromote

How much do brokers actually pull in? I'm talking about your net of everything. So you pull in your commission and have a split with the company (anything from HFF/ CBRE to smaller boutique shops). Larger deals typically have multiple hands in the bucket (at least from what I've read- correct me i...

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Help with a Waterfall Structure

TXRE33

Quick waterfall scenario that I'm having some trouble with, though I'm sure it's not that difficult. Currently putting together a waterfall with the following structure: 9% accrual, non-compounding pref return on initial investment, then: 70% to LP up to 15% IRR, 60% to LP up to 20% IRR, 50/50 the...

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+5
Chrysler Building Sale

ThatGuyBalls

[BISNOW Link - Chrysler Sale](https://www.bisnow.com/new-york/news/capital-markets/rfr-set-to-buy-chrysler-sellers-taking-big-loss-97894?&utm_source=outbound_pub_6&utm_campaign=outbound_issue_1130&utm_content=outbound_link_15&utm_medium=email) Anyone have the inside scoop on what went wrong here? I...

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Non-Recourse CA Bridge - Banks?

PacNumber

I have a coastal value-add MF project in escrow in San Diego. I've got some great bridge loan quotes at 60% LTC in the low 5% range. My sponsors are studs with 7000 renovated units under their belt. Equity appears to be in hand as well. To my surprise, my sponsor doesn't like loan quote. The re...

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Recommendations for First Deal

accountingbyday

I have some cash on hand that I'd like to put to use in Real Estate. I've become convinced that I'd really like to put it to use in the Multifamily space, but struggling with the best way to do it and looking for recommendations from those of you with more experience. I can sit and tell you about ...

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Deal Structure For First Deals

Stoo

Hey everyone, I was curious to know how you structured your first deals that you did on your own or how you would structure deals you do on your own in the future? (This is assuming you have investors and it wasn't all your own money) Some additional questions for those of you that have done a fe...

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Northwood Investors - Any Info Appreciated

Bigrepeguy

I have an upcoming interview with a REPE firm, Northwood Investors, but I haven’t been able to find out much about them online. I’m trying to get a sense of their reputation, what the firm’s culture is like, compensation relative to competitors, or really any information whatsoever about the c...

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Phoenix/Scottsdale Real Estate Professionals

ReFutureMogul

Anyone from the area or have any insight as to who the players are in town. Seems to be ripe for growth but a very non-institutional city. ...

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Moving from RE Operator to REPE

ReFutureMogul

Any success stories out there on moving from the operator side into a private equity role without an IB background? ...

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Thoughts on Small Balance Commercial Loans?

azchaser

I recently noticed that Angel Oak acquired a small balance loan shop. Large PE shops like Lone Star have dedicated teams for small balance loan. I am just wondering what makes small balance loans different from traditional senior mortgages. Also, what's growth potential and/or exit opportunity for...

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You have one city to invest in. Which city and why?

yayaa

More specifically if possible, which neighborhood and asset type? Value add, development or stabilized play? Wonder what everyone’s investment thesis is regarding the environment we are in today. You are the President of your own shop and get to call the shots. What city are you buying in?...

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What is the timeline for full-time hiring out of undergrad in REPE?

goskins5

Hey guys, I have been feeling a bit lost recently. I completed an acquisitions internship at a Top 5 REPE shop my sophomore year and have since accepted an offer for this summer at a top debt group. My original thinking was to get some debt experience (since I had already spent a summer in equity) ...

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Choosing a Role: MM Acquisitions vs Megafund Asset Management

heedi0

I currently work as a RE investment analyst at an institutional shop and am making the move to an opportunistic fund. Currently I have 2 options and having a lot of trouble choosing which is best: * Acquisitions analyst at a ~5bn AUM firm looking mostly at single asset acquisitions, sector agnos...

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Real Estate Start-Ups: Do They Carry the Same Exit Opps and Clout as Traditional REPE/REIT Shops

The Assman

Hello Monkeys, A friend of mine recently inquired about a job at a real estate start-up along the lines of WeWork, Crowd-Street, etc. He is curious if working for a non-institutional start-up, in the RE Investments arm will add just as many feathers to his cap as working in Acq at a REIT or REPE sh...

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Developers: How much time do you spend on excel vs other tasks?

Cadmonkey117

Wondering about the typical day of a developer and how much time you spend crunching numbers on the computer vs. talking to people / getting your hands dirty on-site, and if this amount of time is different or if there is a progression for entry-level positions vs. higher ups, or at small firms vs. ...

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Re circulation of Equity

Bananas1987

If you have a two phase development project that don't overlap (Phase I doesn't start cash flowing until after you've put all your equity into Phase II) what are some creative ways to recirculate equity to reduce your equity contribution?...

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Dubai Real Estate

bhomes

Dubai Real estate, the one related to its gallant kings and forts being embedded in its history, is now realty and found a firm place on the UAE reality and investment map! Betterhomes established this in Dubai, UAE as an agency....

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How Would You Structure This Equity Swap?

MastersinCRE

**Scenario** * Investor Group A owns a 100ish unit complex built in 2016 with a market value of $19 million. * Investor Group B owns a 200ish unit complex built in 1990 with a market value of $19.2 million. The 1990-built asset offers significant upside through unit renovations, but the 201...

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REIT purchasing properties using 100% debt

jackp10

Can REITs purchase properties using 100% debt? I know a lot of them are highly leveraged. Can REITs in the single family rental market acquire properties using 100% of debt capital that they have raised. Does a down payment have to be made for every property. ...

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Difference between Acquisitions and Asset Management

jackp10

I understand what the Acquisition Team of a real estate company does but what does the Asset Management Team do? What is the Asset Management Team responsible for? ...

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selling a rental property -- looking to convert to UPREIT

plitins

I'm in the process of selling my rental property. Initially it was my primary residence and eventually I rented it out. About half of the value is a capital gain. A strategy that was recommended to me is a two step 1031 and subsequent UpREIT (721) conversion. My question is: Do I have to con...

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Breaking into the real estate industry?

frnzs95

What's the best way to break into the real estate industry? I'm interested in the finance side of Capital Markets, but would also be interested in any kind of investment analyst position. I'm trying to network as much as possible. I really don't love my forensic accounting position in Big4 and wan...

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CMBS Pay Structure at BB

Tego987

deleteddeleteddeleteddeleteddeleteddeleteddeleteddeleteddeleteddeleteddeleteddeleteddeleteddeleteddeleted...

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single big deal comp

earthwalker7

hey guys, I need to find stats on single-deal compensation. Hope you can advise. My co-worker just closed a deal that netted our firm (a large family-owned real estate developer/owner) about $12mn without us putting any money at risk. Basically he found a big deal, and since we're too small to...

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We might be at the bottom in Multifamily (MF)

PacNumber

It was just a few months ago when treasuries were at 3.25% and it appeared that 6% interest rates were a year away...5 caps in major markets appeared to be upon us. Then it didn't happen. Since I got in the business in 1995 one thing has remained true, we never raise rates to previous high's and w...

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House in Upstate NY: talk me in or talk me out

Mostly Random Dude

This not really a RE finance question, but I am sure people here can opine. I am considering buying a "recreational property" in the Hudson Valley ( specifically the New Paltz area). The idea is to work from there during the extended summer and get out there on the weekends so my doggie can roam th...

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Comp for Development APM

West_coast_guy

All, I am curious what you think comp would be for an Assistant Project Manager at a RE Development company in NYC. I am trying to figure out what to ask for when negotiating my salary, and it really is tough to find data to inform my decision here since this is such a niche section of the industry...

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Projecting who your take-out buyer will be?

egold70

Think it’s always prudent to at least contemplate the type of buyer who be there to sell to at the end of the hold period. I’m specifically looking at a Multifamily development in SoCal (good submarket) which is being built as entirely large 3 bedroom townhouse style units. Given a realisti...

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Online MBA Programs - Are they worth it?

TheCRELife

For context, I have three years of experience. Two in Acquisitions and one in Asset Management at a brand name, multi-billion AUM REPE Shop. However, I have a no-name school for undergrad and would like to attach myself to a better branded school. I have considered exploring the standard two year ...

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How to choose what asset type to work with in investment sales?

CodyParkey

I could not find a specific thread on this topic, so curious to hear yalls input. I'm very interested in getting into investment sales but I do not know which asset type would be best. I am leaning towards retail since I kind of already have a few connections in that area, but don't want to rule out...

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How to choose an Edinburgh letting agents

lettingumega

Ongoing, it’s much more familiar for renters to choose the property, not the letting agent. But when Which? Went covert to inspect letting agents, we found a difference in the quality of service they offer. Where possible, do your research on letting agents, and find a good one before searching fo...

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Chatham Financial Culture? Exit Ops? Comp?

Geoff_Icarus_Peterson

Does anyone know about much about Chatham Financial? I've look at a similar old post but it isn't too helpful. ...

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Can Someone Please Explain This To Me: GP, LP, Sponsors, Principal Investor & Who Plays What Role

The Assman

Here is my understanding: The GP of a project is the group like Bozzuto that will maybe put up 2% co-invest but otherwise will source and bid on a deal and then seek financing through capital markets that makes up the other 98% of their equity. They execute the deal and all the LP provides is the c...

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MSRED/MRED 2019 (MIT vs. USC vs. Columbia) WHICH ONE?

yoko1

I've been accepted to MIT/USC/Columbia MSRED/MRED programs and would like to get feedback from industry professionals, anyone who is going through the similar process, and recent graduates. Since yesterday, I have been contacting my acquaintances in the real estate industry to gain their opinion and...

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Are most deals done where LP is paid back in full + their promote before the GP takes any promote?

basementflat02

Of course the GP would be taking their say 1% annual management fee, but aside from that, do they generally not get paid until LP has been made whole including preferred?...

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Real Estate Investment Mortgage Conduit (REMIC) vs mREIT?

jackp10

I currently work for a Real Estate Investment Mortgage Conduit (REMIC) who specializes in the acquisition, securitization and sale of MBS pools. I really want to label the company as a Private Mortgage REIT on my resume because I feel that no-one knows what a REMIC is. Is there really that much of a...

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How to successfully transit from Asset Management to Acquisition within the firm (REPE)

Miaospirit

Hi Everyone, I will start my first day in a small multifamily REPE firm (Current AUM $300M) in two weeks. My position is Financial Analyst/Junior Asset Manager and during the interview they had expressed the possibility to go to Acquisition side if I do well (They currently have a senior associate ...

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RE Asset Management vs. Acquisitions

CRE12345

I've seen a few discussions on this topic already, but most are outdated. I'm curious in Real Estate, whether commercial or a large multi-family owner (EQ, GID, etc), which typically pays more between asset management and acquisitions, starting from the analyst going all the way to an EVP etc. I'v...

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Future of Multi-family/Retail?

monkeyseemonkeydoo

I've been giving a lot of thought to the future of real estate investing, and what it means for my next career move. I'm currently working with a well established sector agnostic private real estate developer in North America, but I'm beginning to contemplate exits. I've been in conversation with tw...

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Dry Powder and Cycles

Temujiin

Does anybody know of a study that has been done on the relationship between dry powder in real estate funds and the real estate cycle? Any insights would be helpful!...

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Do you think it's justifiable to ask for 25% of the GP for being the fund raiser for the projects?

basementflat02

I may be able to bring an LP who is willing to commit essentially more capital than we could possibly put to use with the size of our projects. I haven't yet finalized my compensation structure with the GP, and I have done some sensitivity tables of what I would earn based on potential IRR's of the ...

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Internship Advice Please!!!

sterlinghudson25

Starting off by saying my situation's a bit of a shitshow - I'm a current economics major junior at a top 20 school with pretty solid GPA (3.65) and extracurriculars as fraternity president. I've always known I've wanted to go into finance somewhere but have never been exactly sure where, yet saw a...

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Other Learning Areas

Subphive

Hi all - I've been in a little bit of a lull after starting a new job with a lower than expected workload. Trying to be positive and stay at the firm (fairly large institutional shop with reputable name) for ~1 year before really switching companies. With the free time on my hands, a higher up at th...

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Acquisitions Analyst/Associate Bonuses

futureREmogul

To all of the acquisitions analysts/associates, I am at a small private/family-owned firm (multifamily) with a salary negotiation coming up soon (I have 1 year of acquisitions experience under my belt) What should be my base be? how are your bonuses structured? As in general bonuses at end of year...

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TAMU MLPD program?

loanshark

I see that a lot of people on here recommend Texas A&M's MSRE program. I was wondering though, does anyone have experience with the Master of Land and Property development program? Is it as entrepreneur-oriented as they say? ...

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Favorite Podcasts

Crankerr

What are some of your favorite real estate/investing podcasts? There seems to be a lot of garbage podcasts out there when it comes to real estate mainly for retail investors trying to do build their own small portfolio. There aren't that many podcasts that I have been able to find with valuable mark...

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Distressed Debt/NPL Case Studies or Deal Stories

Merchant_of_Debt

Working on an assignment for class. Does anyone know of any interesting Distressed Debt/NPL case studies, deals, or anecdotes in the real estate space? Please share. I've done some googling but figured I might be missing something. ...

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Move to Dream City w/o Job for relationship or take Brokerage/REPE offers

RF2323

I have a few months until I graduate undergrad at a non-target and I'm quickly approaching a point where I will have to decide to either turn down several offers I have received over the past couple months (in two cities I have no interest in working in) or I can move to my dream city(SF/NY/LA) (lik...

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Acquisitions in Institutional Shop vs. Private Firm

MultipleFamiliesHousing

Title says it all. Given similar comp, location, etc... Would you take on an Acquisitions Analyst Role at a Top shop (e.g. CBRE Global Investors, Blackstone) Or an Analyst role directly supporting a principal at an investment firm that has a decent portfolio looking to expand? Said principal plans ...

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What discount rate would you assign GP promote?

basementflat02

So the general giste is you have boutique all-suite hotels from a first-time hotel operator and investor (used to invest in apartments and airbnb/str single and some multi-family). In growing markets like Portland, Austin, Nashville, Asheville etc. The promote structure is 9% pref 80/20 to 13% 70...

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Portfolio Management Analyst Role in RE

Crankerr

Does anyone have any insight on the portfolio management analyst role at a megafund. The general understanding that I have is that they value the different funds and asset classes within the entire aggregate portfolio. That being said what are some resources to help gain a better understanding - as ...

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Multi-Family Value Add Overheated?

TheDebtStar

I'm currently applying/interviewing for companies in the multifamily sector. Seems like the companies that do value add are a dime a dozen. I would imagine that many of the OMs for these types of properties have Pro-formas with the "added value" already baked into the offering price. Was curious o...

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Real estate to... ...Aviation Finance (Aircraft leasing) How to make the change?

razir110

Hi all! A super-exotic one for you lads, I am working at a REAM firm in Investments and my dream job is to work in aircraft leasing. It's a very niche industry with a few key players employing just over 2000 people controlling 1/3rd of the world fleet. I read here https://www.mergersandinquisi...

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Hotel Cap Rates and Sales

Bananas1987

When selling a Hotel Property do you Cap the hotel EBITDA after FF+E reserves? For other property types you don' capitalize cap ex, but all Hotel Proformas I have received have FF+E reserves as part of the NOI....

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Any leads on Development openings in DC area?

theray

Throwaway account. Was recently accepted at Georgetown Masters in RE from far out of state. Looking for a full time job at a developer shop to help with living expenses. My background is 3 years in architecture, any leads on places I could apply to or inquire for an opening would immensely help as ...

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Origination Fees on +$100MM Loans

Debt From Above

Fellow Monkeys, I work in investment sales currently and focus on private client transactions. Our mortgage brokers will place debt on deals that typically range between $1MM and 30MM and will charge anywhere from 1-2% in fees for doing so. My question is what is the typical market fee for placin...

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Initially rejected from firm..

Nousernamehere

Delete..................................................................................................

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upcoming projects in chennai

raadhikabhatia

Do we want to get updated with all the project? if we are the one who is planning for a new home. Recently I got an update from this beautiful project providing all facilities with luxurious living lifestyle. ...

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Best books for helping to structure real estate investments?

basementflat02

I saw some books on amazon that was all about real estate term sheets and PPMs, but little reviews on em https://www.amazon.com/s?i=stripbooks&rh=p_27%3ANick+Jevic&s=relevancerank&text=Nick+Jevic&ref=dp_byline_sr_book_1...

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Retail Leasing or Investment Sales to Development

abc1324

Delete......................................................................................................................................

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Looking for Timeshare financing [email protected]

mrnyre

Would like to review financing model on timeshares?If anyone has a suggestion...would be appreciated....

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Multifamily - Opportunistic investing at this point in cycle?

AB84

Hello all - I would value your input on a crossroads I am facing. I work for an LP fund that focuses on multifamily and student housing. We have been on the value-add train, slowly shifting to core-plus (like everyone else). Deals are getting harder to find, the compensation sucks, I'm not learning...

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Sydell Group

NealCaffrey

Does anyone have experience with this group? Hotel developer/operator behind the NoMad among others. Thanks...

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Non-Compete for Debt Brokerage

The_Muffin_Man

WSO, I just received an offer to start out as an analyst with a boutique mortgage brokerage shop. The idea is that I would do that for 12-24 months and then move into production once I get a handle on our various lender's criteria, etc. The offer comes with a pretty strict non-compete, and I wanted...

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AMA: Real Estate Acquisitions Analyst. Uni -> BO -> Mtg Financing -> Acquisitions

KClubs

Graduated 2017. Had opportunities in consulting, commercial banking, and real estate. Gambled on real estate route by starting in back office role. After ~2.5 months in BO, transitioned to more "front office" analyst role. Did that for ~18 months before a recruiter got in touch and recently (less th...

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CRE Appraisers

russianpowerwilltakeover

I am working for a CRE appraisal boutique shop covering all New York. Wanted to learn more how much other appraisers in New York make ( whether it is a fee split or a fixed salary) and how much you bill per year. I am trying to see whether or not I am being underpaid. I bill 300k a year and make 60k...

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Argus Enterprise Non-Cumulative Expense Caps

jackyt

I'm having trouble modeling expense caps that are non-cumulative in Enterprise. I can model cumulative expense caps fine by using a reference operating expense that is a % of other line item with the capped expenses and a max ceiling, but when it comes to non-cumulative expenses I'm not quite sure w...

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Common Co-Living

NYYCRE

Anyone here know anything about this new co living firm? Also what are your guys thoughts on co living?...

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Construction to Development

texag1020

Hey guys. A little bit about me, I am currently an assistant project manager for one of the largest GCs in my market. I am currently working on a ground up high rise residential tower for a large national developer. While I enjoy my job and am learning a ton, I would like to eventually transition in...

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PGIM Real Estate Finance Superday Preparation

LeveredLlama

Hi all-- I applied for a position with PGIM Real Estate Finance as a Real Estate Investment Analyst and passed the first couple rounds. Now I have a superday, which is comprised of four interviews: principal, two directors, and an investment analyst. Each interview is scheduled to be thirty minutes...

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NNN Build To Suit financing

adam_6

Hello I have seen many posts looking for a lender that offer NNN build to suit, well go no further, our core product is NNN build to suit Please allow me to introduce New Era Capital We are a Nationwide Direct Lender for Institutional Capital providing financing for: NNN Build To Suit/Constr...

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In a JV, how often does the LP co-guarantee the loans?

basementflat02

In my real estate private equity book I've been reading, it seems like it happens from time to time, especially if the LP can secure lower rates, but I'm wondering in practice how often this really happens. I would have thought LP's would be extremely reluctant to take on any guarantees. Thanks....

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How can I start-up In Real estate

abbasrizvi918

Hi, Currently I am in my second year of civil engineering. I literally don't envision myself working from 9 to 5 for some company. I intend to be an entrepreneur. Any ideas how I can start-up in Real estate in context of civil engineering. By start-up I mean from zero. Not zero I can afford some st...

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Rolling Up Multiple Asset Models

NonRecourseLandLoan

WSO - how do you guys usually go about rolling up the cash flows for a portfolio? Often times our models are so complex that it doesn't make sense to just build the proforma in another tab, rather, we have individual worksheets for each asset and then link to the other worksheet for the rollup. I...

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What happens to old crappy apartment complexes?

Swedish_1

I live in the suburbs of an up and coming area that has seen a ton of recent growth. And there are these 30+ year old apartment complexes that are long past their prime. The apartments are on excellent land have a really good location next to some affluent areas, but these apartments haven't been up...

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