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...
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...
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...
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...
*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...
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
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...
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...
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.
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?
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...
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...
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...
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.
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...
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
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...
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...
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.
In honor of C.R.E. Shervin’s brilliant reply to the DLC Mgmt thread - www.wallstreetoasis.com/forums/dlc-management - 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...
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...
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...
You heard that right.... thoughts? See the full article [here](https://www.prnewswire.com/news-releases/jll-to-accelerate-growth-in-capital-markets-business-through-acquisition-of-hff-300814708.html).
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...
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...
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...
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...
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...
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....
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
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...
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...
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...
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...
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...
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...
What are your thoughts on not wearing a tie to an interview in real estate? Generally think of real estate as less "formal" than your traditional finance positions. Do you think it is acceptable to interview without a tie? Maybe just the suit jacket/pants? Thoughts or automatic ding?
Commissions and fees
Brokers are doing their job well. In an environment where deals fall through off rising rates, which I assume means they were too sensitive to debt anyway, properties are trading at cap rates where even with aggressive leverage, they will likely deliver sub 15% IRRs, and sub 8% coc returns after...
So things just got VERY hairy at my work. I am an analyst at a multifamily real estate development firm. I work on underwriting potential opportunities as well as project MGMT related tasks. My coworker (superior) just got an offer at another firm. His position at our company is called...
So I get that everyone's read the <abbr title="Wall Street Oasis">WSO</abbr> guide on how to walk an interviewer through a <abbr title="discounted cash flow">DCF</abbr>, <abbr title="leveraged buyout">LBO</abbr>, etc., and...
How did you end up at your current job? Was it through a contact you knew? Graduate school? A website you recommend? Any advice for someone who is on the quest for landing a solid job. Thanks.
I found myself wanting to have a deeper understanding of the property characteristics of industrial buildings, and really went down the rabbit hole on research. I aggregated a good bit of information for future reference, and thought this may be of interest to others. If you've ever been...
Obviously, there are stigmas about certain prominent industry players, especially in regards to brokerage shops. I get the prestige associated with certain firms, but for those with legitimate experience/knowledge re: working at or with Meridian: could an analyst there get similar (or even...
I have a coffee meeting with an SVP at one of the big brokerages. This is supposed to be just a chat about the industry, but I will definitely be implying that I'd like to work there. What should I wear to the meeting? It's pretty cold out right now and I was thinking of just wearing...
I received an offer letter for a Financial Analyst position yesterday located in the company's corporate office. Currently I am working onsite as a leasing agent. The promotion would be an internal transfer which is rare considering I only have 1 year experience working onsite right out of...
For anyone either working at a RE company (REPE, Family office, <abbr title="real estate investment trust">REIT</abbr>, small shop) or even buying for yourself, what specific factors convince your investment committee to buy properties in today's environment? How...
In real estate, similar to wall street, once bisnow is covering a "hot market" it's usually a little to late. Not always, but generally speaking brokers have managed to mark up underwriting assumptions to a point where the upside is definitely limited. Curious whether anyone...
**1st Year Analyst (started in June) after UG** How should I prepare for the year end review that will happen in December? It goes without saying, obviously I’ll keep doing what I’m doing, working hard, learning, and improving my skill set. I understand it’s several weeks out,...
Hi <abbr title="Wall Street Oasis">WSO</abbr>, for the past year, this community has been extremely helpful to me, helped answer some of my stupid and basic questions on real estate finance. I have now secured a summer internship at a solid <abbr title="bulge...
Hi there, I am doing research on real estate available source for buying a house. How many real estate company outside there? If I got a real estate license, which real estate company I should work with?
I have a job offer on the table for a senior RE consultant position that pays fairly well ($150,000) in the Mid-Atlantic *considering it would allow me to work from home* after a 12-month intro period (not super high comp, but lifestyle of working remotely is hard to beat). Although, I'm...
I landed my first analyst job with a major <abbr title="commercial real estate">CRE</abbr> firm (think JLL, HFF, Cush) in a major market and it feels great. Coming from a non-target school and having to face 7 months of frequent rejection, I can finally say I found exactly...
I am looking to see how others here approach networking while they are already employed. I understand that being involved in organizations such as ULI, Naiop etc can really help but besides that what are you doing? I am currently on the brokerage side working in research, and eventually I...
Would love to hear some experiences/stories on investing anything considered un-sexy. Think tailer parks, billboards, Section 8, tax liens, etc.
What is your PTO in RE? Example of my situation: Position: Analyst Field: Development PTO: 10 days If you have any other interesting set up, like unlimited non-paid time off, let us know. If there are any other interesting perks you have, that would be cool too.
I have an internship offer for Hines within their acquisitions team in a European country. How are the exit opps and pay? I read that pay is less than <abbr title="investment banking">IB</abbr>, but they place into <abbr title="megafund">MF</abbr>...
Something that isn't discussed as much on this forum is Residential Development. I am curious as to see if any of you guys would ever consider taking a job in this field? Knowing what you know now would you tell your younger self to consider going this route? Think for a major company such...
Hi all. I started my REAM investment analyst job at a 50-people <abbr title="asset management">AM</abbr> firm in Europe some 2 months ago and I just hate it. During the recruitment I was given the impression that I would be learning fin modelling, taking part in...
Recently I was invited to an interview where I was asked on the spot to build a real estate financial model with the following assumptions: NOI of 1 million Purchase at a 7% cap rate Expense margin of 45% Revenue Growth Yr 1: 7% Yr 2: 6% Yr 3+ 3% Expense Growth: Yr 1: 5% Yr 2+...
**Conundrum:** I'm wondering what the benefits are from both a risk-management and cash flow (tax) perspective of organizing an LLC to make my first few property investments, versus owning the houses in my name. I am about a year away from the process of actually putting down money and feel...
How do you guys go about showing of your modelling capabilities, to potential employers, without sending them an actual model you have constructed? I'm looking at approaching companies that are not specifically recruiting right now but I'd like them to see first-hand what I can do...
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...
Hey <abbr title="Wall Street Oasis">WSO</abbr> - long time lurker, first time poster here. I'm wondering if anyone has some good insight on the <abbr title="confidential information memorandum">CIM</abbr> Group's development team,...
Before I get the "Use the Search function" reply. I already did that, as well as google. I currently work on the GP side of a company focusing on acquisitions. I'm curious about what a day for someone on the LP side (analyst/associate level) is like. My assumption is that...
Would be interested to hear any disclosed figures + outline of AUM of your fund. Also after which year it is attainable. Thx
Its Free Real Estate
<abbr title="Wall Street Oasis">WSO</abbr>, I have a pretty cushy analyst job on a decent investment sales team, working about 40-50 hours per week with a nice boss and making about $100k a few years into my analyst stint. I do not see myself staying in IS long term since...
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...
CNBC released [an article](https://www.cnbc.com/2018/08/22/us-existing-home-sales-fall-for-fourth-straight-month.html) describing the current state of the housing market: * Rising building materials costs, as well as shortages of land and labor, have left builders unable to bridge the...
@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...
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...
Wondering which career path makes the most money in <abbr title="commercial real estate">CRE</abbr> - REPE, development, or capital markets brokerage?
I’ve done a few informational interviews in the past with recent college grads and friends of friends that want to know the commercial real estate world so hopefully I’ll be able to answer anything that comes up. <h3>My background:</h3> I’ll keep my background brief....
I am starting a new role as an analyst in 2 weeks (the role is focused on underwriting opportunistic acquisitions across Europe - primarily offices, retail, industrial, and residential). Do you have any advice for new analysts in terms of setting up good long term habits (organisation, excel...
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?
Hi, I am a recent graduate from architecture, interested in real estate investment and development (PE, Project Financing, etc.) Fortunately, I got two junior position offers from the real estate service firms: Cushman & Wakefield, CBRE, JLL, Savills First one is **Capital Markets...
[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 do people generally wear in real estate development, brokerages and REPE? Do they usually require a suit and all that jazz or are they more relaxed and allow business casual or a nice shirt and dress pants and shoes?
I have been interested in real estate development for the past 6 years and have been reading/studying the business on nights and weekends while working full time in the construction industry as a project estimator and now a project controls manager for a heavy industrial contractor. I want to...
All, recently spoke to someone and they mentioned they were getting an uptick of interest adding mezz debt to their deals that might look a bit more attractive than the rising rates of traditional financing alternatives. What are you seeing in your particular markets/asset classes in regards...
What's up everyone, first time post here. So to summarize, I currently work at a large real estate firm and work as an analyst in their multifamily department. My job mainly entails managing a large portfolio of mortgage loans and monitoring/reporting their operating statistics, as well...
Dumpster Fire Yuppie
Hi All, I'm coming from a fairly technical background with about 3 years of experience; 1.5 years at a major GC and 1.5 as a CM in CapX for a multifamily and healthcare developer. I'm curious about approximately what % of my work overlaps with most DM scopes would be. I've...
Hi guys, I am seeking some career advice from some more experienced folks on here. I'm currently working for a fairly reputable <abbr title="private equity">PE</abbr> firm doing <abbr title="asset management">AM</abbr> - Angelo...
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...
Throughout my discussions with investment and financing professionals within the real estate industry, we have reached the stage of the cycle where most seem convinced we still have “room to run”. The most common reasons and rationale I hear about why a downturn is not imminent is...
If there is a either a general whatsapp group or one for different cities, it could help create a more tight knit community, facilitate meet ups, etc.
We work's losses more than doubled last year to about $1.9 billion, even as its total revenue also doubled to about $1.8 billion. Article->https://www.nytimes.com/2019/03/25/business/dealbook/wework-loss-billion.html
I have been calling My leads on Mondays and Tuesdays and periodically throughout the weekdays for many years. I have been using the T-Max Predictive Dialer that works great by reducing all the ring time and just giving me live people.....but wondering if there might be potential on the weekends...
Does a correct answer exist here? Does saying no effect my shot at landing the job? I don't have any family in the industry, would they prefer that i did? I know I might be overthinking this but any input would be appreciated.
Hey monkeys, I’ve gotten to that stage in life where I’m looking at purchasing my first property. I’m looking into buying a 3-flat property with 2 beds and 1 bath each unit, and living in one of the units myself. What are the some of the benefits/risks to this type of investment? How...
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...
Currently in multi family acquisitions and hate it. I would probably like it more if ground up dev. Looking to transition into more office. Which do you guys enjoy/hate?
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...
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...
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...
This is something that has puzzled me as I’ve moved from the AEC side of the business to the finance side. There is a group of elite, prestigious RE companies. They tend to hire from target schools, and many of the posters here would like to work for them. You know their names: Hines,...
Hi all, I am an asset management associate (two years of experience) working at a lower-MM <abbr title="commercial real estate">CRE</abbr> asset manager with exposure to basically all asset classes on both the debt/equity side. Long term I want to (A) go to a great...
Curious to know how some of you landed your first job and any subsequent jobs in commercial real estate. And by "how" I mean what METHOD did you utilize to get you the interview and ultimately the job? 1) Did you see the job posted online, send in an application and get...
I am currently deciding whether to go into investment sales vs. being a debt/equity broker. If you could be as specific as you can, what are the differences between the two. Comp., time it takes to break out, exit opportunities, what are some companies to start for <abbr title="New York...
If a RE firm raises a fund from a group of investors and invests that money as GP alongside a larger LP, how does the RE firm itself typically get paid promote? I understand the basic promote for the GP/LP where the GP and LP are pari pasu up to a pref return and then the GP gets a bigger...
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 <abbr title="New York">NY</abbr> for another position at another firm. I have always wanted to move to <abbr...