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...
So I have an interview coming up with Eastdil for an Analyst position and was told I will need to be able to create a full <abbr title="discounted cash flow">DCF</abbr>, with levered/unlevered <abbr title="internal rate of return">IRR</abbr>, and a...
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?
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...
There has been a ton of talk about which <abbr title="Masters in Business Administration">MBA</abbr> is the best, how do I get to a <abbr title="megafund">MF</abbr> right out of school, and other prestige-related discussions at length.. Yet there are...
I'm a little confused over how the finance community defines "developer fees" when financing a deal. I would appreciate the financing community responding. I found an old thread on this forum from 2014 on "developer fees" could go as high as 9%, but there seemed to be...
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...
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...
Was talking to some buddies last night going over our interviewing process when applying to jobs. There was one question that virtually all were asked: "What is the relationship between cap rates and interest rates?" I'm sure you all have had this question in an interview at...
I'm thinking on taking a couple CM courses or even getting a certificate in it as I really want to learn more about the industry as I am currently in a Construction type environment at my current RE firm. Also, I feel it can be incredibly useful for investing in small multifamily on my...
I'm looking for a tutorial on UPREITS. Primarily I would like to set up a <abbr title="real estate investment trust">REIT</abbr> with my existing property - a stable foundation for the <abbr title="real estate investment trust">REIT</abbr>, and...
I was looking at the Cornell and USC Real estate masters program in addition to their <abbr title="Masters in Business Administration ">MBA</abbr> programs. Does anyone know someone whose gone to these or any prominent real estate program? These program websites don't...
I'm currently considering attending NYU's MS in Real Estate program part-time but have noticed certain job descriptions for positions within certain <abbr title="commercial real estate ">CRE</abbr> investmente firms prefer or sometimes require either an <abbr...
What's up <abbr title="Wall Street Oasis">WSO</abbr>. Long time lurker here, but I've recently been put in a pretty conflicting position and wanted some advice or reassurance to talk me off the ledge. Basically, I've always wanted to work in Real Estate...
Trying to network in to a position and I’m not really having the best success getting my cold email responded to. Would love your guys advice. So far my email has been Dear _____, I see you are x position at y company. I am a recent graduate from x university with a math...
Louis Winthorpe III
Hey guys. Somewhat recently a top broker from our firm jumped ship to another major brokerage. Made me wonder what kind of incentives may be offered to poach a very solid producer. Is it keeping more commissions? Notoriety of being under a CBRE/JLL/Colliers banner? Are there any perquisites that...
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...
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,...
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...
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...
I'm confused. Do REPE firms, or even other <abbr title="real estate investment trust">REITs</abbr> do this? Do large investors even buy shares in REITs? Do large investors buy ETFs?
Any thoughts on Greystar ? Seem to be growing (recently acquired Monogram REIT) and were on the <abbr title="private equity real estate">PERE</abbr> 50 for a few years. Appear to be most active in the south and west US Would this role pigeon hole you in multifamily...
I come from the equity side so i am <span class='keyword_link'><a href="/finance-dictionary/what-is-asset-management-AM">familiar with Asset Management</a></span> in regards to property assets. <span class='keyword_link'><a...
Hi All! I created a single family rental model because I'm interested in creating some rental income down the road. My model is attached. It's annual rather than monthly, and my assumptions are noted in the cells. The red text contains the input variables. Tear it apart. Constructive...
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?
RE seems to have such a wide range in # of hours worked. For the people that are concerned about choosing a path with good work/life balance, I thought it'd be interesting to get a thread going with anecdotal cases of how many hours you work and what type of firm/position you are in....
2016 real estate private equity rankings. (See attachment inside the post)
Hi guys, What are some unique value-add strategies you've implemented in your multi-family assets? I am talking beyond the typical lipstick on a pig upgrades. Some things I've experimented with lately are minor technology upgrades such as Nest thermostats, built-in wall USB plugs,...
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...
I've went through mostly top 20 MBA and re masters programs data and put this table with #s of people going into RE, median base salaries and placement by locations (for all grads, not RE specific). ![RE][RE] <!-- Images --> [RE]: https://i.imgur.com/c3hXPtZ.png I'm not...
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...
Hi monkeys, hope your summer is going well. My firm is going to need some underwriting analysts. We're a mid market agency (Freddie/Fannie) underwriting shop. Previous agency experience is preferred but not required. Will teach you how to underwrite and my goal is to get all my analysts...
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.
So about 2 months ago I joined a group that does about $1 to 1.5 billion per year in commercial and commercial real estate loans. Our entire production and underwriting group is comprised of about 25 people. I've looked at a few dozen deals now that have made their way to my desk after...
How do you all view going into acquisitions at this point into the cycle or going into a private debt fund? Do you have reservations making a move? Or are you content going into either or if it's a big enough shop?
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...
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...
Hi, I was wondering if anyone on here had some good real estate resources / primers / articles they were willing to share? I'm looking for articles / resources that go a bit deeper than just scratching the surface of the topic. Whether it's retail, office, hotel, yield, yield...
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.
I've heard plenty about <abbr title="Chartered Financial Analyst">CFA</abbr>, CCIM, etc...but don't see much talk about the CRI designation and I'm curious if anyone has any insight or opinions on it. I'm currently in brokerage (4 years) and trying to...
I mean with some of the people out there raising funds, why couldn't we do it? Also, hotels are not part of the real estate industry. They are a service industry pretending to be cool.... like tgi fridays pretending to be an in n out burger.
I am a junior at a public state flagship university (definitely non-target) in the midwest. Double major in finance and accounting, 3.92 GPA. I am very interested in going into real estate development or possibly real estate finance. Internships at State Street Real Estate Services, a <abbr...
So I've been trying to figure out who owns this particular office building in DC that I'm affectionate for, 1801 K Street, and I finally found out - a company called Somerset Partners that I had never heard of. I was checking out their principals and one of the co-founders is this...
As I'm graduating Spring of 2019, I'm preparing myself to answer the common "why CRE" interview question (while I'm also trying to answer the question for myself). Currently, I don't have a great answer, I just know this is what I want to do for my career. I like...
For all developers / value-add investors on the forum, have you looked at any opportunity zone deals? Given pension funds are not taxed on gains, high net worth LPs seem to be slated for the greatest benefit to these types of deals. Has anyone studied the relative “hit” to LIRR/EM an LP...
Hi all, I most recently came across select leaders and wanted to see if anyone has had any success landing a job from any of the posts. I've applied to a handful of companies on there but haven't really heard back but from 1 or 2 companies. Any success stories?
Hey guys - I am a first year analyst straight out of college working in real estate <abbr title="asset management">AM</abbr>. I started in late June and for the first month that I was on the job basically had very little responsibility. Recently, the team I am working with...
Have any monkeys worked there/have familiarity with them? I know they're notoriously difficult to even get an interview with, but they have a posting on a private job board that I have access to so I'm guardedly optimistic that I can land an interview.
If you look at the housing prices in Manhattan, it costs more than a whole average mortgage payment to rent and millions of dollars to buy. How can a normal person with a college degree afford to live this way? I am not talking about people with already millions or billions of dollars to invest...
I've been reaching out to people in the industry to network with and talk to about what they do, how they got there, etc. How do I respond when they ask to see my resume? Yesterday, I had a guy on the phone and he said I should send him my resume so he could pass it on to his MD. Now,...
I am tired of the fluff pieces on real estate where real estate is always going up and with only watching 3 episodes on HGTV your grandma can flip a 20 unit apartment building with 0% down. Market reports from brokerage firms, articles on Reuters and Forbes, etc are all just mouth pieces for...
Question for experienced real estate people out there... If you're trying to start a new opportunistic REPE firm from the ground up and you're looking to pick up say 2 deal guys to help you and your 1 other cofounder get going, with their primary focus being on sourcing and executing...
Current role is unfulfilling with no growth and an all around depressing environment for myself that I'm willing to quit with nothing lined up. I've got resources to support, should I be without a job (family and savings). However, I'm wondering if there is value in continuing in...
This is a bit early but still curious, I'm looking to make the transition out of brokerage roles to lender/fund side. What are the differences in modeling required? I am used to making a 10 year <span class='keyword_link'><a...
I could not find a specific thread on this topic, so curious to hear yalls input. I'm very interested in getting into investment sales but I do not know which asset type would be best. I am leaning towards retail since I kind of already have a few connections in that area, but don't...
When I was in San Francisco for the ULI Fall Meeting I had the pleasure of attending a lecture on and a tour of Salesforce Tower, a joint project by Hines and Boston Properties that will be the tallest building west of Chicago upon completion. It was an incredible presentation and tour and the...
"Why are you interested in real estate?" This seems to be a common interview question. I understand the answers would be geared to the hiring firm be it development or acquisitions and their product type. What are your typical responses when confronted with this? Or thoughts in...
For those of you who are LP's, what kind of IRR's are you looking for? What would you actually expect to get in say a ground-up hotel property?
Seeking a high-level explanation to explain the relationships among cap rate, <span class='keyword_link'><a href="/finance-dictionary/what-is-internal-rate-of-return-IRR"><abbr title="internal rate of...
I am in charge of doing due diligence on all acquisitions/refinances for a company that buys and sells strip malls on the west coast. We are the GP on all of our deals and our LPs consist of HNWI and sometime partner with institutional investors on larger deals. Is this considered REPE?
Real estate, like many industries, is changing at a fast pace because of new technology. Startups are the drivers of new technology usage and recently I feel like I have stumbled upon innovative RE startups more and more. Some names I have run across include the obvious (WeWork, Zillow, Airbnb)...
As a senior in college, I'm hoping to be narrowing in on a position by the time I graduate in May. I've been doing a lot of networking, and my focus has been on firms with great reputations in my target market... really just trying to meet and speak with the smartest and most...
stay thirsty my friends
Hey guys - I accepted a new position and have some time before I start. As a condition for taking time off in between, I agreed to get certified in Argus. I'd like to maximize my travel time but need to book flights, accounting for the time it will take to complete the...
Has anyone been made to take one of these(or more) that my multiple choice tell the potential employer something about yourself. These things are infuriating, although I believe in Myers Briggs, some of these questions and comparisons are ludicrous. E.g. would you rather gather information or...
I have a year left at a state college (Texas State University) and would would like some input yall think I would have any issue getting hired after college. I'm thinking either analyst or appraisal for a few years and save some money and become a broker. Facts/assumptions: - Age:...
Reached out to multiple brokers at CBRE. Two (in different cities) have offered to connect me with HR, as well as reach out to other brokers I can talk to. Is their HR a dead end? They've reached out in one city and asked for resume, cover letter, linkedin and see what openings they have....
Fellow RE Monkeys, Wanted to hear everyone's thoughts on Opportunity Zones. Personally, I'm very skeptical this program will work for 3 reasons: 1) Required Hold Period - material tax advantages only kick in after 10-yr hold period. For anything shorter, basis step-up is nice,...
Does anyone have PDF copies of Marcus & millichap training materials? Or any other material on investment sales? Or can you point me to any sales training materials that would be helpful?training for both private capital and institutional sales would be great. Nothing in the marketplace...
There's more and more chatter about more CMBS shops going under heading into risk retention. Who have you guys heard so far?
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...
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...
Hey everyone- I don't really have a mentor in the industry and so you guys are really all I've got to go to for this. I am extremely unhappy with my job. To give you guys some background, I work for a smaller development shop in a secondary market and handle leasing and...
A developer just proposed to me a structure as follows: * 7% pref * 7-12% (overall return to equity) 50/50 split * 12-17% 25% to LP, 75% to GP * 17%+ 10% to LP, 90% to GP As well, 5% development fee for GP, invested into the equity of the deal. Does that seem unusually GP...
How hard will it be to break into a <abbr title="real estate investment trust">REIT</abbr> after undergrad this May? Does anyone know much about this?
This is in regards to a ground-up multifamily deal. Do investors (in this case, institutional equity partners) look for a healthy spread between these two metrics? I would imagine if the levered <span class='keyword_link'><a...
Anyone here ever incorporate Monte Carlo methods into their models? If so, what are some positives and negatives you've encountered in doing so? Anyone willing to share a few spreads would be greatly appreciated. thanks guys,
Hi All, I'm at a bit of a crossroads. My long-term goal is to work my way up at a top-tier PERE50 firm (something along the lines of Carlyle, Starwood, or Brookfield) and am wondering which of these 2 offers would give me the best prospect at breaking in. **Option 1** is to take a...
More geared to my <abbr title="New York City">NYC</abbr> folks on this page. Looking to get my start in brokerage as I just recently graduated in May. I have had trouble trying to land something at one of the big shops like NKF/CBRE/JLL/Cushman so wanted to hear opinions on...
Hey guys, as I start to progress in my career I am starting to think about more ways to add value beyond the analyst level to the acquisitions team at my shop (MF developer). What did you do to start taking a more active role on the acq/deal sourcing side? Currently I do everything, but...
Anybody here that's about my age (39) and older will remember the mid to late 90's resi lending as being far more aggressive than the 2000's. In 1996, at age 19, after working for a large consumer finance lender (similar to TransAmerica), I got in the mortgage business. Times...
WSO, I'm sure everyone has heard of the recent Bitcoin craze or made a few bucks dabbling in it. Outside of Bitcoin, blockchain technology does create some disruptive opportunities. Specifically in real estate it could create a quasi-crowdfunding market. Check out the article below....
The Duke of Wall Street
Debt or Acquisition Folk - How do you think through what type of debt (Conduit, LifeCo, Debt Fund, Balance Sheet) to place on your acquisition? While this applies to all product types, I imagine it's more relevant on Office deals given the increased risks (vacancy, lease-up, capex) of the...
My friend is an independent commercial real estate broker (she literally rents her own office) who does investment purchases and sales, and tenant and landlord leasing representation across most asset types and classes, although about 50% of her business is retail tenant representation. Rather...
Would kindly appreciate folks sharing some deal structures they have seen in the market place for LP capital on one off transactions. The structure I am familiar with seems fee heavy but want to know what others are seeing in the market place. Below are terms I have seen a syndicator use for...
Looking to learn more about what's the average day like, the type of work you do, the salary and the type of exit ops you have afterwards. There's a few posts about Big 4 RE advisory but I'd love to more about JLL/Avison Young/Colliers advisory or diff between Big 4 TAS RE and...
I'm in final rounds w/ two REPE firms (acquisitions). One is in <abbr title="New York City">NYC</abbr> and the other is in SF. Nothing is set in stone yet. I'm hoping to hear from people who have worked in one or both cities - why did you decide to move there, and...
How much finance should I be comfortable with? I am in the verge of registering for <abbr title="Chartered Financial Analyst">CFA</abbr> Level 1 Exam. Should I rather spend my money and time going thru Real Estate Financial Modeling course or Argus certification? I...
Can someone give me a rundown on mezz debt? 1) What term will mezz lenders do? 2) Is it always interest only or do they also amortize in some circumstances? 3) Are there ever holdbacks in the loan? Is it always fully funded upfront? What if it is for construction? 4) What total DSCR, LTV,...
As I sit here at my desk procrastinating by flipping through Urban Land magazine, I'm peppered by images of Boston Properties/Hines' Salesforce Tower, a top ten list of buildings with technologies that add versatility and conserve resources, and a description of how Related's...
Up n coming
Incoming Senior at Target Non-Ivy looking to enter REIB. What are some groups that should be on my radar, whether it be RE groups at <abbr title="bulge brackets">BBs</abbr> or more boutique firms. Relatedly, if my end goal is REPE, is REIB the most logical first step or...
I have been after the entry level real estate analyst position for about 5-6 months now. I have received no job offers, no formal interviews, and no help. I had no corporate internship experience in the field. Only experience I have is my family's development company that is not large...
I am currently working on figuring out my finances and how attending the Columbia MSRED program plays into it all. There isn't much data out there in terms of positions and salary/compensation for post-MSRED. Any information regarding positions and salary/compensation (especially post...
Can anyone tell me what Fannie Mae calls their originators? I know Freddie calls them them Producers but haven't really been able to find the position title for the same role at Fannie.
I'm, admittedly, still comparatively new to real estate, so I apologize if this is a dumb question. I'm interested in starting to invest in cities I don't live in (especially since the city I do live in is insanely expensive). I'm, at the same time, a bit unsure of where to...
I am currently working as a development associate (it is an entry-level role) with a very cool, smart, agile developer on the smaller side in a major US city (not <abbr title="New York">NY</abbr>/SF). I am learning a very great amount in my current role, enjoy my team, etc....
A majority of us are analyst/associate level. I've read through the salary thread on this forum and most of the postings are from junior level. I thought it would be beneficial for most of us to see what jobs down the line are making. Obviously, these are not going to be spot on and be...
Is now a good time to invest in residential real estate in major markets? (SF, LA, <abbr title="New York City">NYC</abbr>, Chicago, etc.) If and when interest rates rise, how will it impact housing prices and rents? REITS and <abbr title="private...
Obviously there are many transactions that occur each day. I am just curious to why all these "smart" people in the industry would sell a property that they think is "good." Based on your experiences, did your firm ever question why a company was selling a particular...