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...
@CRE" will be hosting an AMA on the WSO Instagram tomorrow (https://www.instagram.com/wallstreetoasis/). He will start answering questions around 11:00 AM ET, and you can start sending in questions tonight around midnight. His background: - Real Estate Development Manager - Poli...
Been giving some thought to this lately as I'm at a point in my career where I'm starting to think about the next move. I'm still at the analyst level but getting to the point where I ought to start thinking about where I ultimately want to specialize in. My main considerations...
Still a sophomore in undergrad but have the task of helping design a RE development internship program for a company that does not have a formal one. In my situation how would you all structure it and what aspects of development would you want students to experience and what skills would you try...
I just got an offer from a large <abbr title="commercial real estate">CRE</abbr> (think JLL, CBRE, Cushman). for its Valuations dep. What can I expect to be working and how and what should I prep for? I bought some real estate modeling courses online what else can I do?
Just curious to hear everyone's stories as to how they survived their first 1-2 years in brokerage, specifically when it comes to lack/inconsistency of income. Also, did you end up staying in brokerage or transition into another role after the 1-2 year mark? Thanks!
Curious how others perceive the current real estate job market? Little surprised to find I'm getting less interviews and looks with 2 yrs of experience than when I was in my senior year of college with 0 experience. Would love to hear how the market is treating others.
Let's cut to the chase, is an MSRED (MIT/Columbia/Cornell) worth the substantial price tag? $95k+ and cost of living. Does it pay off? It seems like RE is so relationship driven, it would be more worth my time to work hard, make connections and hustle my way to the top?
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...
Under what circumstances would you use a cap rate to value a property and when would you use price per square foot to ascertain a valuation?
How common is that? I work for a bank focussing on CMBS originations. Few years ago, Walker & Dunlop launched a CMBS origination platform and formed a joint venture with a fund managed by an affiliate of Fortress Investment Group. The benefit to Fortress was the robust deal flow resulting...
What's the cheapest cost of capital in the market? Cost of capital essentially drives deal flow so I am curious to hear who has the cheapest capital out there.
I work at a debt fund, and we are beginning to get asked more and more how we are financing our position when we provide a quote. Obviously a lot of lenders have gone the CLO route in the last year or so (my firm hasn't), which has had a clear impact in lowering the cost of capital/spreads...
I know for investment banking the valuation methods for companies involve precedent transaction, comparable company and <abbr title="discounted cash flow">DCF</abbr> analysis. What are some valuation methods for properties?
Any one have any insight on co-GP structures? For example, $100M deal with 60% LTV. You go to a <abbr title="private equity">PE</abbr> firm to raise $35M of JV equity and co-GP puts in $5M. How do you structure this amongst the co-GPs? how are fees split? Do you...
I have an interview coming up with the Goldman Sachs Private Real Estate group for the analyst position. Any insight into the group/interview process would be much appreciated. Any idea how to prepare for the excel modeling exam assuming I have one? And should I expect a lot of technicals?
Had a couple of basic question relating to how to work the contingency line items in a typical development budget/proforma. Assuming both a hard cost and soft cost contingency, if a GMP contract is utilized, once the contract is executed, shouldn't the hard cost contingency effectively...
I have an interview set up for GS's RMD Asset Management. I am wondering if someone can talk to me about their culture, lifestyle, hours, base+bonus (Associate level), exit opps/promotion opportunities, etc.. I know they recently switched offices to Downtown Dallas. I've seen...
I currently work in <abbr title="commercial real estate">CRE</abbr> capital markets at a Tier 2/Tier 3 brokerage shop. I am looking to make the switch into a buyside position, but have not been having much luck cold applying to online posts. I know networking is the...
Hello, Started my real estate career working on the acquisitions team at a large pension fund. Although I am gaining exposure to a lot of deals, I am looking for a little more hands on experience in sourcing and underwriting transactions as a lot of the modeling/underwriting of our equity...
Aside from Starwood and Related, anyone happen to know who are the big institutional REPE/Operator's in Miami? Do any investment banks in town have a RE Principal vertical - trying to compile a list.
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Hey Everyone, When comparing Oaktree to some of the other megafunds, how does Oaktree rank? I know they're renowned for their success in credit, but I don't know much about their real estate platform. Can someone tell me a bit more about this firm's real estate group? Thanks in...
Hey guys, there isn't much on the company as a whole on this site, what is there is a little dated. From what I understand, Situs is used to outsource grunt work or "consult" with to get off the book employees in the CMBS/underwriting space. My questions, for someone that has...
I am working on a <abbr title="megafund">MF</abbr> development deal in Brooklyn and the numbers are tight. Other than alternative means of construction and increasing leverage, and 421(a)/Affordable New York, are there any other programs that could help us get over the hump?
I've got an interview coming up at a major <abbr title="New York City">NYC</abbr> real estate services company (CBRE, JLL, C&W) for their consulting practice. I have been told I'll be taking a "lease modeling test" during my final round. Anyone have...
I recently changed careers from working at <abbr title="Goldman Sachs">GS</abbr> as a <abbr title="fixed income">FI</abbr> trading assistant to real estate. I’m now working at CBRE Industrial Brokerage. I have a background in finance but know I have...
As the title suggests, I have an Argus test coming up for one of the brokerage firms. I have not used the software since undergrad and have not used it on the job yet either. I am planning on buying one of the packages Argus has before the test so I can brush up a bit. Haven't committed to...
I have an upcoming interview with an investment sales company that focuses mainly on STNL/NNN and expanding to multi-tenant retail shopping centers. I have done a phone interview with them already, now I am meeting with two people from their HQ, then if I make it past that interview I will have...
I am currently looking at a firm that does a JV with a megafund. The firm specializes within the region hence their involvement. How often do megafunds partner with smaller shops on separately managed accounts? In this case the firm is the GP and the megafund acts as the LP but the terms are...
I graduated from college 1.5 years ago and was doing front desk work at a corporate bank for almost a year (I hated it, was way too intelligent for it, but it taught me to speak on the phone). I have always had an interest in real estate, and I finally just started a position being an assistant...
I have an interview coming up for an analyst position on JLL capital markets team in a big market (NY, Chicago, Boston) the recruiter just called and informed me that there would be a two-hour assessment before meeting the team that required me to have my laptop and a graphing calculator. Does...
Hi everyone, I'm headed to Kansas City on May 12-14 and Dallas 15-18 if anyone is interested in meeting up and discussing the real estate environment there i'd love to meet with you! Thanks everyone!
I was curious if anyone has a solid RE backed non-performing loan (NPL) case study worth sharing? I am trying to prep for a final round interview and trying to find a good one worth looking over beforehand.
Hey all, Another twist on a topic thats been brought up.. I had been working as a commercial appraiser mostly for myself as of recent. Part of me has always wanted to transition to asset/management/management/acquisitions. Wasnt successful in finding something in my current location. Well,...
Interested in investment sales in <abbr title="New York City">NYC</abbr>. Trying to figure out the process, how does one pick an area. For <abbr title="New York City">NYC</abbr> let's say you want to do multifamily investment sales how do you...
I've seen a number of threads about CMBS origination exit opps, but haven't seen anything about capital markets. Let's assume that I'm working within CMBS Capital Markets at a <abbr title="bulge bracket">BB</abbr>. Has anybody heard of anybody...
Anyone able to shed some light on these guys, esp the acq team? Have a few informational interviews set up with alums that work there. I know that they do a lot of large coastal mixed-use projects, both ground-up and re-dev, and via <abbr title="real estate investment...
First-time poster here, so we'll see how this goes! I am looking for some pointers on breaking into the RE <abbr title="investment banking">IB</abbr> industry post-grad. I am a current <abbr title="Masters in Finance">MSF</abbr> candidate at a...
I have an interview for a large scale developer and then afterwards on same day, I have to complete a 1 hour Excel modeling test. Should I expect anything different than say a typical REPE test with a stabilized asset and creating a model after given rent roll and assumptions? I have zero...
Which one is better? I am currently an student and thinking about make my first investment. Can someone tell me their pros and cons?
California broker here. I am sure many other brokers here have been in similar situations so I’d appreciate any feedback or advice... - I am the landlord rep at a building - I have been working with a potential tenant for the space for a while - I have provided the tenant a reasonable...
Can someone explain in detail the process of what needs to go into buying a property? From submitting an LOI to the closing. For example, let's say it is a 6 unit multifamily property. Thanks!
Reference; adventuresincre (dot) com/advanced-amortization-table/ If you enter an amortization period of 360 mths, 36 mths and term of 396 mths, the loan should fully amortize out evenly over the entire term (you need to extend the list downwards to go further than 360, but that's not an...
What are you guys thoughts on PropTech? Been getting more interesting in the field as I love RE but also tech.