+149From Real Estate Finance to Founder of Development Company - AMA


I've been an observer on this site for a few years. In my mid-40s but use the site to keep current on how younger guys look at the business, career expectations, etc. Thought I'd do this AMA in order to pass on what I've learned (though it's your call as to how much you...

+127The Real Estate Job Hunt - How are people doing?


I'm curious to see how other WSOer's job search for <abbr title="commercial real estate">CRE</abbr> is going. Are people seeing a lot of success or struggling?

+126MD Asked to Bring Him Olive Oil during Meeting


Dear Fellow Monkeys, Just wanted advice on how to solve this issue. I've been tasked many personal/assistant matters like today, getting pulled to a meeting just to bring olive oil possibly for their lunch and I'm aware of what an analyst job might entail a lot of times. I've...

+120What 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...

+87Why do so few go into Real Estate?


Theres no statistical evidence for this but, why is real estate second to most other financial services jobs? Most people in business school are primarily looking for <abbr title="investment banking">IB</abbr>, consulting, <abbr title="asset...

+86Life in Acquisitions (Analyst/Associate)


I've had a couple of people PM me about what I do in <abbr title="real estate investment trust">REIT</abbr> acquisitions and what the deal process looks like. I figured I'd post this for people's future reference. I work at a fairly large <abbr...

+69Best Resources For Raising Capital For Emerging RE Developers?


What are some of the best resources for starting to raise capital as an emerging RE developer? Often times people start with friends and family in country club deals but I was wondering what institutions back smaller deals for small RE developers (if any at all).

+64The market is turning rapidly...


In the last 60 days I've seen so many deals fall out. Not just mine but other brokers across several asset classes. Buyers are hyper critical of everything. Sellers still want crazy money...Apartment investors selling at 4 caps and trying to buy retail at a 6. They see the end in...

+63Life at Mega Developers


Can anyone speak to what it's like working at a Hines/Tishman/Related in a flagship office (NY/LA)? Somewhat curious about comp, hours, culture and all that, but far more interested in the actual quality of the work and what the impact is on your career. As an analyst at one of these...

+58Calling everyone...Biggest 2018 Takeway


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...

+54Analyst won’t bring me my olive oil anymore


Hi all..I am an MD at a shop and my new Analyst is now refusing to bring me olive oil during my lunch time anymore. He use to do it no problem but is now giving me a hard time. I’ve been marking up his pitchbooks and models for shits and gigs with fake markups. At the end of the day, I just...

+53Real Estate Compensation Google Doc


*THE GOOGLE DOC IS GETTING TAMPERED WITH AND CHANGED* shouldve expected it. So I created a google form and the link is below. If you submitted your info on the excel just fill this out. It literally takes 2 seconds and then every night ill post the line by line...

+53List of all US Real Estate Developers and REITs

Trunk Yeti

I'm beginning my MRED in the Fall, and am starting to wind up my networking efforts. I figured a CapIQ screen of every developer in the nation sorted by State/City would probably be a good start. I hope that anyone else in a similar situation finds this useful. Let me know if you have...

+50What Do You Tell People You Do?

Pokemon Master

So.... I'm kind of getting sick of explaining to friends and family that I'm not a realtor. Plus even when I do try to explain the concept of being a real estate investment analyst at a family office, it just kind of flies over everyone's head and they still assume that I'm a...

+46Let’s talk REPE Comp


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

+46You have one city to invest in. Which city and why?


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?

+46Amazon HQ2 Location


Alright folks, let's have everyone's best guess (or inside knowledge) of what city the new Amazon HQ2 will be located. I am going with Denver and Colorado Springs. The culture is really great Marijuana is legal Plenty of other large corporations have their HQ there The cost of...

+45Becoming a Principal


For many of us who are still younger on this page, it is an intended goal to become a principal. As I think it would be very helpful, for those who are principals (on the younger side): * How did you get to where you are now? * What route did you take career-wise? * What obstacles did...

+44Contrarian Thesis: Acquisitions is the Least Interesting Job In Real Estate


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...

+41Your worst work experiences


Curious to hear some of your stories with firms in your career in the RE industry. I'm sure a lot of you had worked at small firms where it might have been a cluster fuck or you got hoodwinked into a position that wasn't what you thought it was.

+4130-year-old Real Estate Billionaire


Read this article last week and was impressed by this guy's story. Something that struck me: I just read through the thread about how tough it is to get...

+41How does Trump influence your opinion about RE developers / investors?

5 million

For the record: I'm anti-left, so this isn't some liberal rant. Every time I listen to Trump I am astonished how incoherent he is and how we answers questions. He seems like a sub-120 IQ person to me. He simply does not sound like an intelligent person. I suspect some of this is due...

+39What cities will be the top places to live in the next 5-10 years?


It seems as though many people are fleeing California because of soaring rent increases, weak infrastructure/high traffic, high taxes, and lack of water. Where will the top places to live and develop real estate be in the next 5-10 years? It seems as if the best places would be business...

+38Excel Formulas you use constantly on the job?


Was wondering what formulas most of you are using on the job? Thanks. I have excel tests that I will have to do for some final round interviews so was wondering if there are any recommended websites to practice.

+38Principles; What Are Your Main Governing Principles in Navigating Life and Your Career


Always good to reflect and share the collective wisdom gained on this site. Really just looking for what people feel like their main takeaways and principles to abide by are, while navigating this jungle. Try and keep it to your top 3 in bullet point format for a user-friendly read. Threads on...

+38Analyst Interview - Common Questions


Hi, 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...

+36Value add - multifamily ... RENTS, TAXES, WTF??


I am seeing a ton of shit OMs from brokers labeling everything value-add for multifamily. This is nothing new but who is the potential buyer pool for these shit class B & C assets? To my main question, is it realistic to expect rents can be doubled at a property in 18 to 124 months at a 50...

+36Real Estate Industry in a bubble?


Was speaking with someone in my network (M7 <abbr title="Masters in Business Administration">mba</abbr> student, soon to be working in RE) about the amount of RE interest/activity on <abbr title="Wall Street Oasis">WSO</abbr> and he responded...

+35The future of LA


Curious what SoCal guys think the future holds for LA. The change here is staggering. Tech companies are flooding in. Snapchat, Amazon, Google and others all have major presence in Venice, playa vista, and South Bay. Not to mention SpaceX and Tesla. Downtown has a new skyscraper going up...

+35Career Paths/Exit Opportunities


I think this would be very beneficial to a lot of people on this forum, so if you could list your career path to how you got to your position you are currently in now from undergrad, as well as the firm or at the least the size, it would be very appreciated. Ex: investment sales (think...

+34What 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...

+33Analyst Modeling Test


Figured 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.

+32A Discussion on Interest Rates/Macro Fundamentals (Long OP)

Non-PC Broker

While there was a recent thread about buying in a rising interest rate environment, I'd like to have a thoughtful discussion about where you're predicting interest rates to be in 1-2 years and how that will impact the market, if at all. To preface the discussion: I first entered...

+32RE / 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...

+32Dress Code in Real Estate Asset Management

Don Johnson

I want to share an experience I just had on my third week of being a first year analyst in RE <abbr title="asset management ">AM</abbr>. To give a little background, I work in a second tier east coast market (Atlanta, Charlotte, Miami, DC etc) working at a large <abbr...

+31HFF Drug Test Summer Intern


Hi monkeys, I have an offer for a <span class='keyword_link'><a href="/guide/wso-internship-guide">summer internship at HFF</a></span> in a large city (think <abbr title="New York">NY</abbr>, LA, Chicago). When I signed my offer...

+31WeWork: The Bull(ish) Case


I’m working on a mammoth multi-part Google post and WeWork ties in nicely with the overall theme. *(To be clear, I have no opinion on WeWork as an investment - and I have zero knowledge of real estate - but I saw [this...

+31Real Estate Private Equity Technical Qs


So I have been offered an interview with a top real estate private equity firm but don't know much about the technical side of it. How do you calculate <abbr title="free cash flow">FCF</abbr> when looking at real estate? I know the formula when analysing companies...

+31AMA: 2nd Year REPE Associate


Wanted to do this since I have recently seen a trend of more <abbr title="commercial real estate">CRE</abbr> posts in general, and quite a few about REPE specifically. Brief background: -Not really sure if there's such a thing as a 'target' tranche for...

+31WSO's Best Real Estate Books


People ask about the best real estate books to read on this forum almost daily and we're happy to toss <a...

+31Real Estate Side Hustles


What types of real estate side hustles do people have? My intention is to work in real estate in a full-time capacity, but also have a side hustle like owning my own commercial properties or being a broker. I would like to hear of anyone's experiences with their real estate side hustles and...

+30AMA - Master of Real Estate


I'm seeing a lot of MSRE/MRED questions lately as people are either choosing between programs, getting ready to start programs in a few months, or thinking about applying for 2018. I am a recent Master of Real Estate graduate and I know we have a lot of current and former students on...

+30Common Hotkeys - What do you use?


Monkeys, I've been trying to find online if there are any macros or hotkeys for the paste formula option. I find myself using this option all the time in my modeling and really can't find another method quicker than just right clicking and clicking paste fx. If anyone has any advice on...

+29Biggest mistake

Commissions and fees

What is the biggest mistake you've made on the job? Curious to see how bad things have gone and how they were handled.

+29Niche Real Estate Products


Ok, fellas. I'm bored to tears in real estate and am looking for new interesting paths and new challenges. What are some niche real estate products that people rarely think about? Self-storage was the trendy niche that, in my view, is now overbought in a lot of U.S. markets. What are some...

+29Family Office - Exit Opps

The Duke of Wall Street

Curious if anyone knows someone or has worked within a Family Office (~$2bn in equity) and what exit opps look like? Specifically, how it would look to Business Schools, REPEs, and potential investors if one was to open their own fund one day.

+29How strong is Marcus & Millichap?


Since Marcus & Millichap is known to be competent at representing both the seller and the principle (correct me if I'm wrong), why is it not considered to be one of the top brokerages to work for as an Investment Sales associate? Is it because of the fact that they don't provide...

+29Why not GSE lending? Stigmas?


I’m 2 years out of college and have been working in GSE underwriting and now production. I read on here a decent bit about people advising to avoid the GSE groups at banks/lenders if possible. Why is that? My office does pretty much all GSE but other offices in the firm do balance sheet, Mezz,...

+28Let's Talk About the Pros and Cons of our Gigs in RE Finance


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...

+28What Would You Build In The Hood?


I want to do a little brainstorming on the topic of redevelopment in emerging neighborhoods. I don't want the standard "cash advance, cash for gold, gun shop, liquor shop" response or the ever so cliche micro-brewery. What kind of cool developments have you seen in rough areas...

+28Moron Manager!! What to do???!


Would kindly appreciate your feedback. I recently joined a boutique real estate firm after 4 years on the debt site to do acquisitions and development. it's a small shop with three principals, an acquisitions manager (aka moron from hell) and me as acquisitions associate. Here is...

+28Breaking Into Commercial Real Estate


I want this forum topic to be more motivational than anything........ Back in mid 2015 when I was at a crossroads in my career so I decided to embark on the journey of finding my place in Commercial Real Estate. I had a mentor growing up (and still to this day) who was very successful in the...

+27What 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...

+27Careers During Economic Downturn


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

+27Let's Talk Recession Risks in Real Estate


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...

+26How many of you actually plan on going independent?


I have the desire to one day start my own development business and I read a lot of comments on here where people mention that they plan on one day starting their own shop or that's "that's the dream." I was just wondering how many of you are taking the steps to make this...

+26Market Drastically Turns. How Do You Pivot?


Listen, I'm no doomsday guy. But let's talk about the thing on everyone's mind. Acquisitions folk out there - you get dumped during a capital markets freeze - what do you do (take a less prestigious job, change industry, wait it out, etc...) For those older Monkeys (much...

+26Firms that have been “eternally” looking to fill a position….

Kurtis Blow

In honor of C.R.E. Shervin’s brilliant reply to the DLC Mgmt thread - - I noticed through my years of browsing career websites, like Select Leaders or Indeed, that there is a significant amount of companies that are always marketing an...

+26Costa-Hawkins Repeal (California)


Any of you nerds tracking it? Looks like it will be on the ballot in November (should be confirmed by June 28th). Could be bad news bears for a lot of California resi guys (yours truly included). Considering buying the July puts on Essex.

+26Best Property Type


Now I know this is a question that does not necessarily have a correct answer however I would be curious to hear what everyone thinks is the "best" property type. Assuming you can only develop an expertise in one property type and that will be your niche for the rest of your career...

+25Real Estate Q&A


<em>Mod note: <strong><a href="// ">Click here</a></strong> to see all of our q&a's and interviews</em><P> So the deal I...

+25JLL / HFF Merger


You heard that right.... thoughts? See the full article [here](

+24Favorite real estate icons


I'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...

+24Ask Me Anything: REPE Investment Professional


<em>Mod Note (Andy) - as the year comes to an end we're reposting the top AMA's from 2015, this one was originally posted 1/6/2015.</em> Hi Guys, I've noticed there's been a lot of unanswered questions about REPE on the forums lately. Given that <abbr...

+24Is it possible to fix the TRUMP Brand?


Please note: This is not a political debate on Clinton vs Trump, please dont start. We know that Donald Trump is one of the most controversial candidates to ever run for President of the United States. His opinions, views and speeches have caused chaos all over the globe, he has made a lot of...

+24CRE Trends That Are Emerging Now and Will Prevail Throughout Our Careers


What are some of the emerging trends that you all think will prevail throughout our time in the industry? For one, I think cheap debt will be a thing of the past when we look at the steady decline that the 10-year treasury has been on since 1981. How this will affect the identification and...

+23Effective LP oversight of GP


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...

+23Career Path to Real Estate Private Equity


Quick question. What would be everyone's suggestion for the best career path to end up in real estate private equity for someone starting off? Just graduated from college and want to start somewhere. Real estate development? Real estate acquisitions?

+22Starting your own Fund/Firm


So, 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...

+22What is the strangest deal you've ever worked on ?


1st-year Analyst here, MD just asked me to underwrite a mixed-use property with a cricket stadium as one of many income streams within the property. Definitely one of the strangest deals I've come across. What's yours ?

+22Dream Jobs in CRE


I have been in the <abbr title="commercial real estate">CRE</abbr> industry with a top brokerage firm (CBRE, CW, JLL) for almost 2 years now as an analyst and I wanted to see what type of positions are most sought after in this industry. Brokers seem to have it pretty good...



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?...

+22Starting a Private Equity Fund/Firm


I doubt any one here has started a real estate private equity firm, but given my access to some institutional money ($+-200M) I might--MIGHT--be in the process and, to be completely honest, there really aren't any better real estate forums that I'm aware of, so I figured this would be...

+22Worst Places to Start in Commercial Real Estate


Like the title says, I’m trying to figure out the worst first job you can have in commercial real estate. That way users can know to avoid it and aim for something equally easy to get but less hindering to your career. Based off what I’ve read here, appraisal and DUS lending seem to be...

+22Can we get a STICKY for our RE board for a) Underwriting models to be posted/shared; b) Current salary comps across industry


What do you guys think? This would be very useful to many of us.

+22Best work life balance jobs in RE?


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

+22Are there any articles, podcast episodes, interviews, etc. you'd recommend people interested in RE look at?


I know we've had similar threads for books (and frankly I'm sure we've had similar threads related to exactly what I'm asking), but while I was looking at various real estate youtube videos/podcasts/articles/anything a lot of what came up was trashy or just came off like an...

+21What happens to old crappy apartment complexes?


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...

+21Getting Started as a Broker


I have spoken to brokers in my market about what they did starting out, but understandably nobody wanted to get too specific. Since this is an anonymous forum I figured I'd see if you guys could help me out. How did you handle the financial strains of the first 1 or 2 years of being a...

+21Building an REPE Shop

International Pymp

So I've recently begun to think in more detail about how to set up my own REPE shop - realistically starting 5 to 10 years from now. One thing I am struggling with is how to finance the early days of the operation. I'm realistically going to be able to contribute say $2-$3 million of...

+21Self Storage Investing

The Duke of Wall Street

Does anyone have experience or even a primer for investing in this space? Thinking more at the owner-operator level and less at the REPE/Institutional Investor level.

+20Why does everyone want to be an analyst not a broker making way more money?


It seems everyone wants to be an analyst and not a broker. Am I missing something? A broker often makes over an analysts entire salary in one deal. It appears a good broker with a top 5 shop in most major markets is making 250-1,500,000 a year. Mediocre ones are still pulling over 100k. On...

+20Trying to understand the concept of IRR


Hey everyone. So I have been having trouble understanding the concept of <abbr title="internal rate of return">IRR</abbr>. From my understand it is simply known as the discount rate that makes the NPV = 0. However, if the <abbr title="internal rate of...

+20Promote vs Carried Interest vs Catch up


Can anyone explain the difference between carried interest, promote, and catch up, if there even is a difference?

+20"Walk me Through a Deal You Worked on" Interview Question


There is almost a guarantee you'll get this question if you are interviewing for a job on the principal side coming from Investment Sales / Debt Brokerage / Lending, and I feel that this question is harder to answer if you're not already in acquisitions. IE in lending we're...

+19Why do you enjoy working in real estate private equity?


Hey guys, Why do you enjoy working in real estate private equity and why did you choose this career? Do you also think that real estate debt is interesting, if yes or no why? Looking forward to your comments

+19Open Discussion: CRE During a Downturn


I want this thread to be a way to think out loud about how we do business during trying economic times. It seems many (most?) of us on this forum are newer to <abbr title="commercial real estate ">CRE</abbr> and have never been in the industry during a...

+19Real Estate Job Market - What's the Temp?


Have been looking to make a lateral transition in the institutional acquisition/asset management space for some time now (analyst/associate level). Turned down a few offers towards the end of last year think I could get something better, it feels like the opportunities are definitely a lot...

+19What does an old car say about a Sr. Analyst?


I recently landed a Sr. analyst position at a <span class='keyword_link'><a href="/finance-dictionary/what-is-a-real-estate-investment-trust-reit">large <abbr title="real estate investment trust">REIT</abbr></a></span> in a...

+19Greatest Minds In Commercial Real Estate


If you're on the <abbr title="Wall Street Oasis">WSO</abbr> real estate forum, surely you've heard about Peter Linneman and his text Real Estate Finance & Investments... but I'd be interested to find out who else is out there. Who are some of the other...

+19How do you feel about the current state of CRE?


Through the past few months after deciding I wanted to start my career in <abbr title="commercial real estate">CRE</abbr>, I've spoken with people in the industry and read a lot of insight on this forum, and it seems like every one loves what they do and have a...

+19Opportunity @ PERE Top 50 Firm

Big Riggerson

Hello <abbr title="Wall Street Oasis">WSO</abbr> community, I am moving on at my company (Bridge Investment Group) into a different role, which has opened up an opportunity on our Investment Strategy & Research team. The Investment Strategy & Research team is...

+19Let's Talk About Broker Compensation

Malta Monkey

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...

+19Best path to Development?


I know real estate as a whole has no direct path but someone with not really any full time experience relative to development/<abbr title="commercial real estate">CRE</abbr> finance..what is the best way if one can't get a Development Analyst type role off the bat? I...

+19Splits with Buyer Brokers


I 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...

+19Has anyone here built wealth through FHA 3.5% downpayment 4-unit loan?

5 million

[quote] FHA will finance a 4 unit home with only 3.5% down. The rental income of the 3 remaining units is calculated as income and assists buyer for qualifying. Like all FHA home loans this is for owner occupied homes only meaning you will need to live in the property. There is no maximum...

+19MSRE vs. MBA decision - looking for opinions based on my situation/interests

Anonymous Monkey

I know the MSRE vs. <abbr title="Masters in Business Administration">MBA</abbr> topic has been discussed here multiple times, and I have read through the old posts. I wanted to share my situation/goals and see if anyone here could shed some light on some of my thoughts....

+19"Pre-Stabilized" Investments - Multifamily


Looking to discuss / get recommendations on an interesting (and seemlingly new) investment strategy that is growing in the multifamily space. The strategy (as its name suggests) is to buy a newly constructed assets that are not stabilized. You get a brand new asset at a discounted price, and...

+19Cool Boutique Developers

Malta Monkey

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...

+19The Fallacy of Homeownership as a Vehicle for Wealth Creation


I spend a lot of time at work thinking about the value proposition of housing, and wrote this bad boy up when I was bored... Interested in any thoughts/criticisms. The mortgage banking industry is the largest consumer lending industry on the planet, responsible for $6 trillion in loans in...