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...
Hi Everyone, I read a lot of these forums a couple years back and they helped considerably in terms of realistic expectations about day to day life as an analyst. I was hoping to return the favor by answering a few questions (if anyone has any) about life as an analyst at a buy side real...
I love hearing about clever strategies developers and investors have employed, especially value-add deals and repositioning of previously underutilized properties!
See the picture below of this monstrosity that got mailed to our office today. The thing weighs ~5 lbs. All thick-cut paper with high-gloss sheen. I just don't understand. This example isn't even the worst: I've been mailed hardcover book-bound OMs before as if these are...
Been reading threads on here for a while and am recently in a posistion where I would appreciate some guidance. Little background, I am in a 5 year <abbr title="Masters in Business Administration">MBA</abbr> program and wrapping up this spring while I work for a value add...
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...
Had an interview a while back and this question came up. Couldn't believe it was asked as if it was necessary for the job. I want to go into the industry because of other inspiration and experience not because of some family tie or influence... How many of you started out not knowing anyone?
Hey <abbr title="commercial real estate">CRE</abbr> Monkeys... I know that not only are there numerous buy-side <abbr title="commercial real estate">CRE</abbr> guys but there are a few brokers out there. I'd love to start a forum where brokers...
I've been trying to get into the industry for over 6 months now with no leads or interviews. Finally got a lead back in October for a Credit Analyst position at a large bank in their lending department. Had my final interview earlier this week and haven't heard back. Just saw exact job...
I find a lot of the rags to riches real estate stories hard to believe. How can you go from having absolutely nothing to being worth $500 million? I get how this happens when you own equity in a business and it grows at extraordinary rates, but real estate has somewhat of a capped equity...
For those of you with experience working at a debt placement, what is the most you've seen a broker make in total fees? When he/she finds financing for a $400 million construction loan, what do they typically make? Half a point?
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,...
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...
Hi Gang, Currently modeling a slug of pref equity that sits pretty low in the capital stack(75%-80% LTV). I have have not yet gone out to equity funds to get pricing. What should the waterfall look like for this soft pref equity? Just the pref then residual split? Should the pref be pari...
Hello, I have to take a test for an interview as a financial analyst at CBRE. Does anyone have any advice on what is asked in the test? It's a "real estate and finance" test, while I'm comfortable with both areas, this is a very broad description and I was hoping someone...
Hi all - although I haven't posted much, I've been lurking in the shadows for a while now. After mooching off of all the amazing posts, I figured it was time to give back as there have not been any posts related to a Day in the Life of a net lease investment sales broker. ...
<abbr title="Wall Street Oasis">WSO</abbr> has provided me tons of valuable information over the years and helped me break into real estate a few years ago. Now it's time to pay it forward. I am going to be 100% full disclosure on everything (except compensation). I...
Shows them my humour etc. Basically people call me this name at school because I'm a beast in excel and RE. People call me it when I walk by them in the hallway. Some kid I didn't even know called me the Machine in a class earlier this year. For example here's a sample use:...
Saw the great post on compensation in real estate finance (here: http://www.wallstreetoasis.com/forums/what-is-your-compensation-in-real-estate-finance) but wanted to drill down to the lending side of the business. Industry: Middle market lending Title: Analyst Market:...
As the title describes what areas do you think will pop in the next 3-5 years both domestically and internationally. My pick is De Moines Iowa and Newark NJ. I think growth in these areas is inevitable.
Just wanted to say this has got to be the worst-named real estate company on earth. Worse than 'World Class Capital.' https://www.sec.gov/Archives/edgar/data/1645873/000114420416110667/v443339_424b3.htm https://www.richuncles.com/ I feel bad for whoever takes this job...
So you see/hear a lot of people talk about getting into REPE, but outside of the occasional person who mentions in an acquisitions role, you don't hear much about specifically what people mean when they say getting into REPE. I was hoping someone could elaborate on the various roles at...
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 want to turn to this forum for some clarity. ** Thank you in advice for any advice! ** First a little background on myself… I am a junior at a non-target studying finance and accounting. I have developed an interest in RE Finance and have hit the networking trail hard. I have secured an...
I am curious to know from those in the GP space, about the timing of the promote splits. I know its easier when you have fixed NNN lease, but how does it work when the cash flow is sporadic. Example: Let's say there is a hotel, where the total equity from the GP/LP is $2 million. The...
Hello Everyone, I am curious to know how everyone underwrites and models a multi-family(mixed use with retail) development project. For example, if you or your firm is looking to acquire a current income producing project(future development site) and has plans on taking it down in the future,...
If you're trying to get into the hundreds of millions in net worth through real estate, how do you go about doing this? I was looking at a real estate companies financials today and saw that the owner had like 7 million in equity, and then there was non-controlling interest equity around 50...
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 have seen this question bandied about on other analyst/investment forums and was curious about what percentage of us <abbr title="Wall Street Oasis">WSO</abbr> Real Estate members working in the industry pass this benchmark (and at what title/position and asset...
Believe it or not, a lot of people have a hard time answering this question. I personally love real estate because it has played an integral part throughout my life. It allowed my immigrant family have a stable lifestyle, and allowed me to have a stable childhood. It's not only one of...
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...
Hi everyone, I will try to make this short and sweet, just wanting to get some insight on what some more experienced in the industry may think of RE career paths. I am currently an associate at a public <abbr title="real estate investment trust">REIT</abbr> and really...
Where do you get your real estate news and information? I am talking about local and national deals as well as where you get information for determining supply and demand for different market types and regions. I follow Bisnow, Commercial Property Executive, <abbr title="private equity...
I was previously an acquisitions analyst who enjoyed the works of creating JV,Waterfall, Real estate models, using ARGUS. I was wondering how much more technical real estate can get and which firms are the most technical/prestigious. What do these prestigious firms do? I understand that at...
In another thread, a poster brought up an acquisition interview question (predominately for REPE) and I thought it would spark some good discussions here: If I gave you $100 million, where would you invest it and why? For the sake of this argument, lets say you have to place the $100 million...
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.
So I graduated from a master in RE last December and started working as an analyst. I am 26 years old going to be 27 this year. I realized I am pretty old as being an analyst. I studied in engineering and worked in different industry before I moved to RE and I wasted 2-3 years of my life....
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...
So, I've been trying to find an actual Investment Committee Memo from a real deal. I randomly asked for one on an existing thread on this board and someone told me it was too "proprietary" for anyone to share. Fair enough. So I took to the magical, wonderful Google! Started...
I'm an associate at a <span class='keyword_link'><a href="/finance-dictionary/what-is-a-real-estate-investment-trust-reit"><abbr title="real estate investment trust ">REIT</abbr></a></span> and have been told by a number of...
To all Real Estate Finance professionals out there. I am applying to B-School next year and would like to concentrate in RE. Would you agree these following MBA's have the strongest RE programs with strong RE recruitment for IBRE and REPE? 1, Wharton 2. Columbia 3. NYU - Stern 4....
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...
Why is every one saying the real estate market is at the peak of its cycle and is about to crash? I understand that there will be more interest rate hikes, and in some areas, some housing prices seem over inflated. What other reasons are there though?
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>...
Is anyone out there looking at the new tax law's Opportunity Zones? How do you think the regs will shake out, and in what time frame? What's your take on how much interest they will generate? Is the deferral of cap gains sufficient to attract investors?
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...
The market cap of my publicly traded <abbr title="real estate investment trust">REIT</abbr> is trading (and has been for a while) at about $5B less than our assets are worth. What's more, we are highly UNleveraged. I'm confused why a larger fund hasn't bought...
So I just finished my undergraduate career at a target university this week with a degree in Real Estate development/finance. I have two job offers on the table that I have to make a decision on by Monday. Option #1 is financial analyst position at <span...
Hey guys- trying to find my next move in my job career. Ended up with a Developer and it really just isn't anything I expected. Lots of sitting around and doing nothing. No training, modeling or anything. Looking to learn more and take on way more responsibility. So I am curious where you...
I created these interactive Debt Sizing Matrices after I observed that my colleagues and I were continually running the same calculations when trying value a property and/or size a loan. Feel free to post/send some feedback.
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...
I am currently an Associate at a developer. I have $50,000 to either invest in value-add real estate deals (2.0x over 4 years) or to use as a down payment on a condo/house. What would you do and why?
Would love to hear some experiences/stories on investing anything considered un-sexy. Think tailer parks, billboards, Section 8, tax liens, etc.
I'm senior at a semi target school currently working as an intern for a small REPE. This could lead to a full time offer but they are a really small fund and I think I would like to take a shot at REIB. Other than <abbr title="bulge brackets">BBs</abbr>, I've...
I'm sure most of you here have a passion for real estate, and that's why you work in the field or are trying to get into the business. But I have a controversial question... Skip to the last paragraph if you don't want to read my rambling examples in the middle. For the...
Would be interested to hear any disclosed figures + outline of AUM of your fund. Also after which year it is attainable. Thx
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,...
Hey everyone, I just want your advice on my given situation at work. So I joined an financial firm as the only intern, and then another intern came in a month after. However, he got through because of a friend/family connection, and he now works on a "team" with his connection....
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...
In the next 6-12 months or so my company (a family real estate owner/operator/investor w/$1B+ in assets but only, like, 4 non-family member employees) is going to be hiring an analyst to help with acquisition and disposition analysis, internal valuations, re-development analysis, and similar...
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....
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...
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...
**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...
*"So why would a real estate firm invest in a company that focuses on getting people from JFK Airport to Manhattan in five minutes?"* Uber and various tech companies have been looking to change the ways we deal with transportation. Cheaper, on-demand taxis and autonomous vehicles...
Wondering which career path makes the most money in <abbr title="commercial real estate">CRE</abbr> - REPE, development, or capital markets brokerage?
I have been offered a position with a prominent <abbr title="private equity">PE</abbr> firm working on the asset management side. I would be managing / overseeing our development partners and projects where we are the LP. This firm invests in pretty high profile...
<img src="https://imgur.com/Q9mOL9R.jpg" class="img-responsive center-block"> <br></br> <p>The Wall Street Oasis <strong>Real Estate Hall of Fame</strong> provides a comprehensive collection of some of WSO's best discussions...
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...
I've received a lot of PMs over the months about how I switched from Big 4 audit to <span class='keyword_link'><a href="/finance-dictionary/what-is-a-real-estate-investment-trust-reit"><abbr title="real estate investment...
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...
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+...
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?
I entered real estate for primarily one reason and that's because I really enjoy it and want a career in it and know that eventually if I work hard enough...I'll be financially fine. But sometimes its a little frustrating to work longer hours than my roommates, essentially have a...
Can anybody in the industry comment on how they forecast the LIHTC market during the next recession. I feel like the last recession isn't the best comparison because banks' financial structures are stronger now. Any insights?
For acq analysts and associates: how many deals have you personally been underwriting and closing a year recently? Likely to be a lot of grey area here depending on your definition of "underwriting", but let's just say at a minimum it means having a model done and can support...
So I been reviewing some deals by a couple of the brokerage firms we work with on a regular basis. They seem to have added some younger brokers who I have been in contact with and seem to be really douchey. I mean they all feel like they are entitled or they seem to treat every offer not at...
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...
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...
How do you recover or re-brand a multifamily property after a fatal shooting has taken place? Specifically, I am looking at a large multifamily property for sale (in excess of 100 units) that has had a fatal shooting on the premise with a strong correlation to a 15%+ drop in occupancy shortly...
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...
Is anyone else in multifamily space doing a lot of development deals right now (i.e. preparing to close on new sites, rather than stuff that's been in the works for 12 months +)? If so, what tolerance for yield spread does your shop have over prevailing cap rates? In my shop, we are very...
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...
Hi Guys - thanks in advance for any info/insight provided. Have a modeling exam coming up for experience hire at megafund's real estate equity group (BX, Carlyle, <abbr title="Kohlberg Kravis Roberts & Co.">KKR</abbr>, Fortress, etc.). Can anyone shed some light...
Anyone have any models they can share about this topic? Looking to buy properties for quick turnover or cash flow and need some models to see if they are worth the investment. Thank you kindly.
I just started with a <abbr title="middle market">MM</abbr> <abbr title="private equity real estate">PERE</abbr> firm - which is a dream job of mine. Some background: I graduated from a "non-target" state school I have internship...
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
[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...
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...
I haven't seen it posted here and I used to post them annually, so here it is - the 2015 real estate private equity rankings, made up of all the names you would expect. Still, there are some newcomers (Greystar, Almanac) and a couple of big falls and rises. If nothing else, it's good...
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...
After some recent interviewing and many second and third rounds I started to ask myself a question... Do interviewer's know if they are going to hire someone immediately? As an example if I were to ask at the end of the interview did I get the job, would the interviewer have to...
Where will the dispossessed migrate to? What will this mean for real estate in the Houston area? Will surrounding markets, Austin, Dallas, NO gain? Opportunities to buy? Looking to start a general discussion. EDIT: Sorry to anyone I offended; this was a poorly timed and worded question.
Read em and weep boys. I think it was just published today. <a href="https://www.perenews.com/uploadedFiles/<abbr title="private equity real estate ">PERE</abbr>/Non-Pagebuilder/Aliased/News_And_Analysis/2017/May/Magazine/PERE0517_Pere50.pdf">Top 50...
For example, you did 2 years as an analyst at HFF, then 2 years REPE, maybe 2 years in development, then left to start your own little shop or successfully learned enough about RE to live off your own personal RE investments?
Hi all, I'm in need of some recommendations on ways to beef up my resume post undergrad. I've always been pretty heavy on the extra curriculars, from Elementary to College and now that I'm out I am lost. After a recent job interview, it became apparent to me that most of the...