Just curious as Blackstone recently came to campus to recruit for the role. I did my <abbr title="summer analyst intern">SA</abbr> stint at a Big 3 bank and will be going the Corp <abbr title="private equity">PE</abbr> route out of undergrad, but I was...
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...
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 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...
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...
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...
I've always really been interested in the financing side of real estate more than the operating/building /physical DD side of real estate. Brokerage sounds a bit sexier to me in that you spend more time arranging financing, building models, studying capital markets and meeting with clients...
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...
I work for a smaller development firm where basically all the senior front-office folks are principals (they had a long hiring pause post-recession). I started as an analyst and am now being promoted, but since there isn't much precedent for my position I'm in the unique position of...
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...
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 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?
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...
What’s the highest paying entry level position for someone with a business degree and a masters in real estate?
I know it's NOI/Value, but how can it be given? How can people say, "cap rates are really high right now" or "we're underwriting it at a 6 cap, building to a 7 cap, selling at an 5 cap." How is it anything more than a ratio?
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...
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....
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...
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...
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.
After years of working in real estate, I still haven't gotten tired of the travel. It's actually one of my favorite parts of the job. Wondering what its like for everyone else. How often are you traveling for work? Do you travel to fun cities? What kind of expense account are you...
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:...
<abbr title="Wall Street Oasis">WSO</abbr>, I found out today that my fiancée may be relocated to Irvine in January and I want to get to networking sooner than later so I'm not caught flat footed. I have been to LA exactly once in my life, so I am looking for any...
I don't see a lot about real estate development on here and the career paths that you can take as well as the pay offered at each stage. From what I've read the most money can be made in development. Also for those who chose development why did you do so over brokerage/acqusitions? Can...
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...
Georgetown's tuition is substantially lower than other programs. Obviously, there are far more factors in ROI calculations other than just tuition cost, but Georgetown looks a solid option, if you want to work in DC area. You could intern part time during masters, land <abbr...
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...
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,...
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....
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...
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...
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...
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...
I am currently about 6 months into my first full-time role working as an analyst on a debt and structured finance brokerage team in a major metro area. The group has relatively robust deal flow and my day-to-day responsibilities include performing due diligence on potential transactions, as well...
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,...
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?
There's more and more chatter about more CMBS shops going under heading into risk retention. Who have you guys heard so far?
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...
How did your salary progress/change throughout the course of your career? I think it will be interesting/helpful to see to show younger guys what's realistic. EX: Acquisitions (Dallas) **Year 1**: 60k + 10% bonus + $5k signing bonus **Year 2**: 67k + 20% bonus etc.
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...
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?
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...
I got my acceptance to Clemson's MRED program about a month ago, but have been hesitant to pull the trigger on it. My main concern is the cost (55k for 18 months). I'm just not sure if I can justify taking on that much debt without having a better idea of what entry level pay is. ...
Toronto CRE Mandem
Hi all, I recently graduated from a top-business school in Canada, and have final round interviews next week with two companies. I believe I have a pretty good shot at getting offers from both (as the final rounds will both be my 4th interviews with the companies, and the HR Representatives...
The Duke of Wall Street
This is a question commonly asked in interviews and would be helpful to this forum. Plus, it would be interesting to hear the opinions of the members of <abbr title="Wall Street Oasis">WSO</abbr>.
Monkeys, I have been told that retail "is its own beast" by a few family friends who work in <abbr title="commercial real estate">CRE</abbr>. Assuming this is true - 1) Are there any materials, links, references, tips, war stories, etc.... that could make...
stay thirsty my friends
My CEO has tasked me with quantifying certain esoteric deal making decisions and I'd like to know if anyone else has done the same. Sounds somewhat Bridgewater-esq and I'm sure it's been attempted so opening up the conversation for advice. Example - In the past we have not made...
What would be a good estimate for compensation for an analyst at a major metro REIT? Specifically on the acquisitions/development side of things. a) are bonuses a thing? b) what can be expected in a base salary? c) if it is on the low end of the range, should I counter - will I be...
I have seen many discussions out there of condo conversion, but I am wondering if anyone knows anything about turning a condo into multifamily units. The condo I had in mind is an eye sore in class A location and it is pretty clear that the HOA is broken. There is always the slow option of...
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...
Does anyone have an recent comp data for Carlyle RE? Also, what are the hours typically like? Thanks in advance!
I'm a project manager with an opportunity to work on luxury high rises for a relatively small development shop, and they have a line up of towers I could work on for the next 5-10yrs. These guys are shaping the skyline of my city (2-3 million population). Base pay is 25% less than what I...
Hi everyone, I am an underclassman at a top 25 school on the west coast, and I need some advice on what type of <span class='keyword_link'><a href="/guide/wso-internship-guide">summer internship</a></span> I should take if I want to end up in...
Hi all, I currently have a modelling test lined up and I suspect it will be a development model. Most of my experience is investment/income producing assets so I haven't really modelled much development in my time although I think I understand most the concepts.... I found the...
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,...
I'm fairly new to the world of private debt. While I feel fairly comfortable building out a model, I find I have been struggling quite a bit with all of the due diligence. How did you all learn to go through this process? Or what is the process for due diligence at your...
I'm thinking about getting a Real Estate Development Certificate that my school offers. It's four extra classes and wouldn't delay my graduation. The only downside is I pay an extra $2000 for tuition, and it might hurt my already fragile GPA. I'm also thinking about...
Hello everyone, After a couple of years working in RE and about to start a top <abbr title="Masters in Business Administration">MBA</abbr> program I am very very confused, so I hope to find some advices and ideas from you guys. I am Italian, 29, I worked one year in RE...
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...
I'm interested to see what the consensus is here on whether we'll be hit by a recession by 2018. If not by 2018, then when? Would also be interested to hear what people think will be the catalyst.
Well, it's now 2019 now and online graduate degrees are getting more diverse and accepted. What are your thoughts on the Georgetown "Master's in Real Estate" program? Do you believe this program is on par with online MRED programs? What it boils down to is that I am 5...
Curious if anyone has any experience in this asset class, seems to be fairly niche similar to affordable housing, but is the general underwriting at all similar to multifamily? I'm assuming it;'s more yield driven due to property cap rates, locations, etc?
As some of you may know I am a recent graduate trying to break in to <abbr title="commercial real estate">CRE</abbr>. I've been networking pretty heavy and reached out to an alumni that gave me the following advice: "Get a job at Marcus and Millichap as they...
<h4>My Background:</h4> I'm a Navy vet (4 years) and just graduated from a semi-target (Texas school that places okay in IB). I did 5 internships from sophomore year till graduation. <abbr title="private equity">PE</abbr> > Loan Portfolio Analytics >...
What's your experience interviewing with firms out of town? I found a role through a recruitment agency but its not in my area. I'd need to move several hours away to be at this job. So far the recruiter has pushed my resume/info to the firm and they've shown interest in me and...
I'm currently working in real estate development at an associate level with a non-business background and am planning to apply to masters in real estate programs with the goals of broadening my understanding of real estate development (interested in shifting from a single asset class to...
Gentleman and Scholar
Wanted to touch base and have a discussion regarding deal pipeline. How active are your groups? When was the last time your group closed a deal? If not very active, what have you been doing in your downtime? Would be helpful if you could list: 1. Are your deals debt or equity 2. Main...
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....
From what I have seen, real estate modeling (at least on an asset level) seems to be relatively rudimentary in comparison to almost all other financial sectors, could anyone possibly speak to why very few firms utilize advanced modeling techniques and probabilistic modeling in real estate? Or if...
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...
First thread! Undergrad looking to get into real estate here. There are so many different kinds of real estate--retail, multifamily, industrial, hotel, office, etc. All of these types can be vastly different in terms of how they function, how they're analyzed/valued, basically everything...
Hello All, I'm currently a senior in college at a North-Eastern semi-target school deciding on two offers for my full time job. My long-term goals would be to work in acquisitions at a top real estate private equity fund / hedge fund but was unfortunately not able to break in out of...
There was a question in the forums a few weeks ago about what life is like working at operating partners for Private Equity firms. My current firm specializes in land development and we often do JV’s with real estate private equity firms. In these deals they provide the majority of the capital...
Will be reaching out to a SVP at a bank (10B+ AUM) that told a family member of mine to do so. Apparently he has some connections in <abbr title="commercial real estate">CRE</abbr> and wants to help me out. After looking into his bank, I saw that they have a credit analyst...
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...
With companies like JC Penney and Sears having done progressively worse over the past ten years, a large number of department stores have closed in the past year, with plans for more to close in the near future. Since most malls depend on one or more of these stores to bring in customers, it...
hey guys, I need to find stats on single-deal compensation. Hope you can advise. My co-worker just closed a deal that netted our firm (a large family-owned real estate developer/owner) about $12mn without us putting any money at risk. Basically he found a big deal, and since...
As the title states, I-Sales blows. Been an analyst in <abbr title="New York City">NYC</abbr> for a while and have been trying nonstop to find the positives but this experience has shown me that there is no way i could do this for the rest of my life. Curious to hear others...
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...
Deal guys specifically - what commission rates are you currently charging/seeing in west coast markets? Brokers, what are you asking, and acquisition/disposition folks, what are you agreeing to pay? I'm trying to get a feel for the different rates in different markets across the west for...
Hi guys, I have been working on sizing loans. While I work on <abbr title="comparable analysis">comps</abbr>, cash flows, pre lim underwriting, I dont get to work on structuring/pricing a loan. So, I am trying to learn how CMBS loans get priced. We have a break even...
First off, I want to thank all of you for providing me with a plethora amount of responses and discussions to read and learn from. A little about myself, I am 21 years old, <abbr title="Masters in Business Administration">MBA</abbr> Candidate at a <abbr...
I'm currently modeling a development scenario where the developer would either sign a ground lease with the landlord or acquire the land for a specified price. While the legal and market value-related aspects require some further thought, I came up with an issue regarding how to model in...
What are some of your favorite real estate/investing podcasts? There seems to be a lot of garbage podcasts out there when it comes to real estate mainly for retail investors trying to do build their own small portfolio. There aren't that many podcasts that I have been able to find with...
I would love to hear different people's opinions on this topic. I have talked with several different people recently and many seem to think we are approaching the end of this cycle (maybe less than 12 months until a pullback). The markets are flooded with capital chasing deals and yield....
Hey all for those in development or who have been in the development side of things before.. how did you ultimately decide that was where you wanted to be or didn’t want to be and how can one decide if that is the right path for them?
Hi, So basically I'm an undergrad now set to graduate next semester and trying to get a job at a brokerage firm in the area. My Dad is a developer and owns A LOT of land, however is making me figure out things on my own before he will help me out in this industry. He said he would let me...
Hello all, I have been a long term lurker on the forum but just recently decided to create an account. I am about to be a senior in undergrad majoring in real estate finance and was curious when it would be acceptable to start applying for full time financial analyst positions at companies like...
Hey guys, I have about 2 years exp. out of a top tier UG in the Arch/Eng/Construction industry (mech. eng), and am starting a MSRE at Georgetown next semester. Is it likely that the route I am taking to get a MS in Real Estate will help me break into an associate/asst. pm position at...
Just wondering about this, does it ever make sense to not use any debt for a real estate project? Say for example, you're having a difficult time deploying capital because cap rates are super low, but you've found a decent investment. So you want to deploy as much of your equity as...
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...
I recently spoke with a Principal at a family office and he mentioned that it's not uncommon to refi almost all or at least close to the equity outlay put into a deal on his ground-up <abbr title="megafund">MF</abbr> deals. How common is this? I am not well versed in...
Through my real estate MS program, I've been granted access to Argus <span class='keyword_link'><a href="/finance-dictionary/what-is-a-discounted-cash-flow-DCF"><abbr title="discounted cash flow ">DCF</abbr></a></span> for...
Like the title suggests, I'm curious to see what kind of path you had envisioned for yourself versus where you are now. I think it would be interesting to get some insight from the more seasoned guys, this way we can get an understanding for how spontenous the market and expected career...
Curious to get thoughts on how to look at multifamily rents. I find that rents per square foot per month aren't always the best when comparing assets. I find comparing per unit rents is more informative. What do people think about this? I definitely do not feel this way when it comes to...
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...
The King Bert
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...
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.
Graduated 2017. Had opportunities in consulting, commercial banking, and real estate. Gambled on real estate route by starting in back office role. After ~2.5 months in <abbr title="back office">BO</abbr>, transitioned to more "front office" analyst role. Did that...
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...