Silver BananaTopicReplies
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Excel Formulas you use constantly on the job?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....
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Anybody here familiar with Peer Street? Any opinions?They essentially are trying to be the Fannie/Freddie of the hard money space and creating a secondary market. Has the hard money space traditionally not had a secondary market? They appear to be successful, it is my understanding that the loans they are purchasing have been received well by investor...
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PDF to Excel for Commercial Real EstateWhat tools do you use to extract data from operating statement, Rent Roll and TTM to populate excel loan model? And how much time does it take normally?...
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Are there any resources that will help a Development Analyst?What resources are available as far as textbooks, modeling, videos to help learn the Development game? No real prior RE experience unfortunately, but I want to learn what I can to make me better at my job and be well rounded for whatever exit ops may be presented to me down the road. /1st Year De...
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NYU MSRE vs Fordham MSRE* ThoughtsI was recently accepted in NYU (42 credits) but considering Fordham (36 credits) due to the credit and tuition difference of $20,000. My goals are to network and transition from Property Manager to Finance. I am interested in reading some thoughts and opinions on the subject....
3
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Woodridge Capital PartnersDoes anyone know anything about Woodridge Capital (besides the Century Plaza redevelopment)? What is their reputation like? There is very little information about them online....
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Consultant says you have do Phase II for Off-site ConcernsConsultant says you have do Phase II for Off-site Concerns - This is one that can be tricky it needs to be vetted out before a call is made. I would say that generally speaking off-site issues are often times not really concern but it does happen. I review a ton of reports and here are some of the r...
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Dry Cleaners Environmental Due DiligenceIf you worked on retail property with Dry Cleaner it likely caused a problem in the due diligence process. I have worked on 100s of deals with dry cleaners and they can be the real problem for some. If you get a site with dry cleaner reach out to me I can walk you through the process. If sampling ...
3
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Comp, culture, etc at these firms for a senior analyst/associate?Hey guys, Just curious if anyone has info on comp and culture/office life at any of the firms listed below for a senior analyst/associate doing acquisitions? Interested in the LA offices if getting specific. AEW Capital Management CommonWealth Partners Clarion Partners Kennedy Wilson Any inpu...
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RE Firms to apply for SA 2019?Besides the usual (and extreme Blackstone, Starwood) Jll, CBRE, What are some other Chiraq or NYC firms to apply to for summer internships for 2019 that actually consider Big 10 State School kids? Also, what are some that are DONE w/ recruitment and simply have yet to update their website's app?? Ne...
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Dealing with Dry Cleaners Environmental Due DiligenceIf you worked on retail property with Dry Cleaner it likely caused a problem in the due diligence process. I have worked on 100s of deals with dry cleaners and they can be the real problem for some. If you get a site with dry cleaner reach out to me I can walk you through the process. If sampling ...
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How analyst are adopting to CRE Tech?There are multiple tools for real estate analyst. What tool are you using? and how is it helping you?...
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Engineering/ConstructionAnyone have insight on working in a transaction advisory type role for an engineering/construction managment firm? It seems like a project management type role. Financial modeling is a part of the role while you work to advise clients on real estate and infrastructure projects. Clients are a mix of...
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development to acquisitions or REIB?I have lurked for about a year but never posted so bear with me. My background: I recently graduated UG with a great GPA from a pretty good state school. I interned for ~8 months at a very reputable niche development group. Ideally, I would love a role in acquisitions at an owner/operator or for ...
8
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Real estate M&A - generation of shareholder value?Hi, In the current low-yield environment I imagine lots of firms look to corporate consolidation through M&A in hopes of generating shareholder value and improve stock performance. I have little to no experience myself doing M&A, and would really appreciate if someone with more experience could ela...
2
The RMR Group - Interview - GeneralistThey asked if why I specifically had an interest in real estate and what I knew about the market. They also asked if I knew about any current articles in the real estate market today and what article I found most interesting and why. They asked me what I would invest in. They asked where I see mysel...
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Fort Worth Property Taxes?Anybody have multifamily in Fort Worth (specifically Tarrant County)? We've been u/w a deal at $2200/unit which is what we believe comps to be and then have been told they could go as high as $4100/unit which kills this deal? Any insight? We have deals in TX, but not in this area....
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Cambridge University now has part time Real Estate mastersWhat do you guys think about this programme? **Degree granted:** Master of Studies (MSt) in Real Estate **Programme established:** 2016 **Offered by:** Department of Land Economy **Duration:** 2 years **Tuition** 20,600 GBP = ~ 26,000 USD **Profile sought:** *"This is a two-year part-time masters ...
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Construction APM?Hi all I wanted your thoughts on what you think of being an APM in construction management for a GC or construction department of a real estate owner? I currently may have an opportunity to be an APM, however it is for tenant fit out and capital jobs not ground up projects. My main interest is devel...
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How do you define a “vanilla” asset?I see this term a lot here in regards to some LifeCo companies and such. What is the meaning behind it? Is it basically a Class A asset say office, that is stabilized with long term leases and not much value add opportunities?...
6
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Leaving FT Job for InternshipAll - Currently, I am working in retail leasing. I work for a company that has a great name and is very well known in the industry, but my office is on location at one of the assets and I barely get to meet anyone. I am an email address to 99% of the company which is making me feel like I have no c...
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JV Equity Capital Provider (<$5M)All: Would anyone kindly share the experiences and/or recommendation for a capital provider(s) who considers JV equity request which is less than $5M? The subject is a workforce apartment building in IN with value-added strategy. Most capital providers have a minimum placement of $5M. The total...
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Capital Markets vs Acquistion vs Debt Equity PlacementHello, I have been following this forum for a year or so now. I have an internship at a small Private equity shop in Florida. As I am starting to network and look for jobs I am just confusing myself. I am trying to figure out where to put myself and just have a couple questions. 1.) is capital mark...
3
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Mast CapitalAnyone know more details on this group. I know they are a smaller shop based in Miami with investments in S. Florida and D.C. They have some good relationships with institutional LP's, but any additional info would be much appreciated. ...
3
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Reel Estate Coaches and Trainer / Sharing experiencesI’m compiling a resource guide which incorporates a list of the Best RE Coaches and Trainers. Could recommend valuable figures, please? Interested in local ones. Already reached out the Top ones...
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NYC Real Estate Sub 5mmIf you could purchase anywhere in NYC, any building under 5mm or 20 units what neighborhoods would you buy. What neighborhoods are undervalued and which ones is there still upside. At what cap rates or whatever return metrics would you use. I'm looking for all answers, but especially outside the ...
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Data for Tenant Rep BrokersHas anyone found any good databases for unearthing market-specific information that would help tenant rep brokers prospect demand rather than supply? The idea is that CRE tools like CoStar and LoopNet do a great job of exposing supply, but they do not have the capability of depicting demand. Demand...
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REPE modeling practice?Hey guys, looking for the best place to find case studies or scenarios to practice modeling? Haven't found a lot of places that give scenarios to practice with....
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Anybody here use Fuel CRE or Assess RE as Argus Alternatives? Fuel CRE- http://www.fuelcre.com/ Assess RE-https://www.assessre.com/ Any feedback, thoughts? Appreciate it. ...
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Getting into a great MSRE programBackground: I am currently working as a residential re agent. I help manage my families residential and commercial porfolios for the past 10 years. I also help clients buy, sell residential re and help manage/lease a 10 unit multi-family for the last 5 years. I have gained all of this experience in ...
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buying a rental property with a friend - how to structure?I know this isn't a high-finance/commercial real estate question, but a friend of mine has a little bit of money and wants to buy a small rental property (a house), and he wants to do it with me. He knows I have hardly any money to bring to the table, but it'd still be a fun learning experience to ...
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CBRE - Review - Real Estategreat team with lots of young and talented peers, very good vibe within the department. good exit ops and highly regarded in the sector.. workload is not always divided equally over peers. the better you are the more work you get, but bonuses are the same....
Cortland Partners LLC - Interview - InvestmentsThe questions were all behavioral. No technical questions in the beginning, at least as far as I'm concerned. Need to have a solid story on why you're interested in the position (and in my case, why the transition from consulting to real estate), and the relevant skill set I have. I heard through my...
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Data CenterHi everyone, We are looking at some data center deals, including both new developments and stabilized ones. I wonder if you have any resources/primer on investing in data center that you could share. If you have any experience with this type of assets, please share things that are unique or requi...
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Self-Made Real Estate Millionare at the Age of 22.https://www.youtube.com/watch?v=KTKoNEWqbBI Guy claims to be a millionare at the age of 22. Did wholesaling + flipping. Do you buy his story?...
10
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Goldman Realty Management InternshipIm going into my junior year, applying for internships for thr summer between junior and senior year. What do people think about this as a senior year internship? The application says its typically for the second year of study. This a definite no? Or still worth applying?...
1
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Finger CompaniesAnyone have experience with this multifamily shop in Texas? I just read the glassdoor reviews and although most of it sounds like experiences from property operations it sounds like a terrible place. Wanting to know if someone can confirm....
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Opportunity Zones in New Tax LegislationIs 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?...
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Appraisal Reduction CMBS 1.0hey all, Looking for help on PSA on CMBS 1.0 deals, where on liquidation of an REO , the ASER recapture amount is routed to Interest Shortfalls. What happens when the tranche below the 1st interest shortfall tranche is zero. Does that subject tranche receive the cash as a principal write up, or d...
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Real Estate PE Technical Interview Question - Case StudyRecently 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+ 3% Acquisition clo...
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AIG commercial real estateIs anyone familiar with AIG based in NYC, how does their group run what types of deals, good rep, exit opps, the usual. Any interview questions, modeling tests?...
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2019 RE Internship/SA Thread Hi guys, I know this has been generally discussed and that most major RE companies don't stick to a set recruitment cycle as an industry like IB does. My interests in RE lie mostly in debt/equity capital markets and currently looking at shops like HFF/Eastdil/JLL etc for next summer (two years lef...
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Real Estate Modelling Test PracticeHi all, Is anyone aware of any commercial real estate modelling tests (free or at a cost) (preferably non development) on the internet? I've found the PGIM case study on WSO and the free one on REFM but both are multifamily which is not the industry I am trying to get into - moreover, I am already...
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Investment Sales InsightsI know there's a lot of threads on this already, and I've read most if not all of them and I am still confused. If someone that works in investment sales as an analyst or broker, or has in the past, could share some insight that would be great. I'm very attracted to starting as an IS Analyst as I've...
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DLC ManagementAnyone know anything about this retail owner/operator located in the NY area? I think they are only retail....
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Breaking in CRE BrokerageHi everyone, I'm a young entrepreneurial 21 year old that is going into my junior year of college and I'm breaking into CRE brokerage. I'm pretty gun-ho on brokerage and I haven't really thought of going down any other path in CRE, but I definitely have opportunities to do so. I'm fortunate enough...
3
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Risk Retention Tranche InvestingAfter the Risk Retention Rule of the Dodd-Frank Act has been put into effect, Risk Retention Tranche(B-Piece) for CMBS or Debt of SASB type of asset(Single Asset Single Borrower) has been actively invested by KKR, Rialto, etc. Im currently working at a RE PE firm preparing for this risk retention ...
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How hard will it be to transition from multifamily/residential to other asset classes?Working at a fairly small company that does real estate developments/investments/land development and focuses mainly on residential and small multifamily apartments. Will it be difficult to transition to other asset classes such as retail or senior living if I decided I wanted to go in that directi...
1
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2019 RE SA (botique, MM, BB etc) ThreadI know there has been a few, but not many that are fully comprehensive/extensive besides the usual Wells, C&W, Jll, and CBRE on the list. Comment below with open apps/apps to open soon. 2019 Summer Analyst RE...
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The MD of a brokerage wants to help me in. What can I do (etiquette/persistence-wise) to get in the door?What are some tactics you'd recommend for sizable companies where you know there's gotta be some opportunity if you push. For example: I'm in a top-three market, was a summer intern at ~4th/5th largest brokerage. The MD there has expressed interest in helping me get a job there. I'd since been inte...
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How much time does an real estate analyst spend in data extraction from financial documents on a daily basis?How much time do you take to collect data from Rent roll and OS pdf to excel? Do you use any particular tools?...
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Non Recourse Loan - Guarantor Net Worth and Liquidity Requirements?Is there any rule of thumb regarding what non recourse lenders will require for net worth and liquidity requirements, as it relates to the total loan dollars borrowed? i.e. if loan size is $20MM, how much net worth and liquidity would a lender require, plus or minus?...
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RE Finance to AM/ConsultingI'm currently interning for a real estate developer doing market feasibility work and creating proforma models for potential investments/developments. I like the work I'm doing but not positive it's something I want to do my whole life, so I potentially want to get some broader experience doing cons...
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Does sustainability lead to higher property value?All, When looking to acquire or develop/re-develop a property, do you look to see if being energy-efficient is going to lead higher value rather than trying to reduce costs? Other follow-up questions that may help answer the main question: • If it does help drive value, how is sustainability qu...
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Quit indefinitely or wait it out?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 my current role unt...
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Seritage Growth PropertiesAnyone have insight on Seritage Growth Propeties (SRG)? They've begun to prove out their business plan of redeveloping Sears' vacated stores but wondering if any one has had any interaction with them on deals or has any color on their culture, work flow, etc. ...
1
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Valuation of Land in CaliforniaHey everyone, I just got a land listing and am looking for anybody who has insight or experience to selling raw, undeveloped land. It has no improvements on it and is way out in the desert area. Based on a comparable sales approach I was able to ballpark a value. I am guessing cost approach would be...
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Debt & Equity Placement Exit OpsI am an analyst at a boutique debt and equity placement shop. About half of what we do is multifamily debt placement, be it a stabilized agency acquisition, a value-add bridge acquisition, or a cash-out refinance. The rest of our deals span the asset class spectrum (with a lot of ground up dev) and ...
3
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Palmer Capital Does anyone know anything about this group? What’s their deal? Looks like they push a lot of institutional quality office product in Northern California. I find it strange that of all places they’re based out of Roseville in the Sacramento MSA. ...
4
Jones Lang LaSalle - Review - MarketingThe people, including current full-time employees and other interns, are friendly, helpful and know how to have a good time. The Center City office is also in a current location.. I have not had the opportunity to complete "real" work during my internship, which has been frustrating. I also can obse...
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2019 FT Recruiting AnalystHey all, I noticed that the IBanking side of WSO has a FT 2019 recruiting, but we haven't had anything yet so I thought we might as well get it started. As of yet, I know that Starwood Capital and Blackstone have opened their applications. I will continue to update this as more firms open their a...
4
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Transition Opportunities from Agency Lending Hi All, I just started a position as an analyst for one of the big 4 brokerage firms Cap Market, specifically CRE Lending. All of the deals that come to us are agency loan requests, so UW and all other aspects of deal prep and research are in tune with agency standards. I have started to notice ...
4
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From Real Estate Finance to Founder of Development Company - AMAI've been an observer on this site for a few years. In my mid-40s but use the site to keep current on how younger guys look at the business, career expectations, etc. Thought I'd do this AMA in order to pass on what I've learned (though it's your call as to how much you want to generalize from my ...
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REFM Private Equity Fund Modeling Self-Study CourseAs most of you probably know, GetREFM is having its end-of-year 50% sale on self-study courses. I've purchased an acquisition and development from the website and was happy enough with them (a couple of the more complicated formulas the narrator doesn't do a great job conceptually explaining them)....
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Math behind pricing a CMBS loanHi guys, I have been working on sizing loans. While I work on comps, 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 spread in our model. Right now, its 180-185 bps for a lot of my loans ...
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Cushman and Wakefield - Review - OtherYou learn a lot in this internship, and the people here are very supportive when it comes to networking . -The industry seems a little volatile with commissions, and the work hours seem long, but this is the case in any industry worth working in...
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Switch from MM M&A to CRE?Hi everyone, I currently work for a boutique middle market M&A firm in Chicago. I like my job, but have been approached by a friend of mine regarding an opening at his CRE brokerage firm for a junior position. At this point, I know next to nothing about CRE and am looking for guidance from you on ...
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Bombed my first modeling test. How did yours go? How did you underwrite your assumptions?Officially took my very first modeling test for an interview yesterday. I think I bombed it. How much of a modeling test is more about the approach to actually nailing all of the inputs/calculations? I thought I understood how to do simple MF modeling (in reality I do). Don't get me wrong, I know t...
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Loans to GP / DevelopersExcluding lines of credit that one can acquire through a bank, do specialty lenders exist that just lend out to just RE developers that need capital for the GP piece of the equity stack? I know its fairly common for seniors at PE shops to draw on a line of credit at a bank to commit capital to their...
3
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Real Estate Masters in the UK for IB?Hi, Just wondering if anyone has any opinion on RE masters courses in the UK? I know of MPhil Real Estate Finance in Cambridge which seems to stack up well for IB & REPE but are there other courses people would recommend? I'm currently studying a RE undergrad and plan to graduate in 2020. Thanks ...
3
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Getting Started as a BrokerI have spoken to brokers in my market about what they did starting out, but understandably nobody wanted to get too specific. Since this is an anonymous forum I figured I'd see if you guys could help me out. How did you handle the financial strains of the first 1 or 2 years of being a broker? Did ...
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CBRE - Review - Valuationbig brokerage firm, exposed to lots of different sized deals, upper management is very helpful, . company is very vertical, not much inter-department communication, pay could always be more, could use more vacation days...
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Has anyone heard of Newcastle Limited based in Chicago?Hello monkeys. Have recently seen this firm post an analyst position on SelectLeaders. Seems like an interesting local based developer/investor in Chicago. I'm not really looking for a new opportunity right now but was curious to learn more about this firm. Any color would be appreciated, thanks!!...
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MBA Required for REPE?I know real estate is less structured than IB, but is getting an MBA still a requirement for moving up the ladder at REPE firms? Can you succeed in this industry without one or would you be at a serious disadvantage, especially at one of the PERE 50 firms? If anyone has any insight on the MBA hiri...
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How to decide if Development is for me?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?...
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Exit Opps from Zillow?Was wondering what all of your thoughts were on Zillow. If you worked there as an asset manager/portolio analyst what would your exit opps be? Would you be able to transition to CRE? Thanks....
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Bellwether AMWhat do WSO West Coast folks think about this firm? Some headhunter reached out about a role here and I'm trying to gather info about this firm since there's not a whole lot on their website... What is pay like here? What is their reputation in the West Coast? What type of people work here? What ar...
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Retail REIT QuestionsGoing in for a analyst position at a retail REIT. National REIT, just owns retail, looks like a mixture of outdoor malls, anchored by usual suspects (like Target, Whole Foods, etc). Curious if anyone has experience in these interviews or good retail based questions besides "how the heck are you go...
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Invitation Homes - Interview - Investment ManagementHow do you assure cooperation with different departments that are differently incentivized than you are? The interviewer (Div Head) went on to describe a situation where different departments (Field Property Management) will have different incentives (pay) to report information to the investment man...
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Greystar Information Is anyone aware of their compensation / lifestyle? What are the advancement opportunities and compensation at the more senior levels (VP/MD). I was hoping someone could shed some light on this. Thanks!...
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Greystar -Any info? Any thoughts on Greystar ? Seem to be growing (recently acquired Monogram REIT) and were on the PERE 50 for a few years. Appear to be most active in the south and west US Would this role pigeon hole you in multifamily moving forward? ...
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Acquisition Fee (bonus on closed deals)Curious if anyone on the acq side has a bonus structure that pays an acq fee % on deals closed? And if so, how many basis points are you getting, and what is you typical deal size in dollars? Thanks...
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Fannie / Freddie 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....
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GSE underwriting analyst INTERVIEW HELP!!I have an interview coming up for underwriting analyst position at GSE. Please help me with any insights and any feedback on what I should prepare. What kind of technicals should I be expecting? Please HELP!...
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Atlanta Commercial BrokersIs there anyone here in Atlanta who'd have the urge to start their own brokerage practice. I don't meet the 3 year active license requirement yet to get my brokers license, but I'd love to start brainstorming about setting up a boutique type firm based here in Atlanta. If anyone has their brokers li...
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BROKERS: What Is Your Compensation In Real Estate?Seen similar posts about RE comp in general. I'm very curious to hear from the brokers/IS/Analysts at brokerage shops (all markets, asset classes, different sized shops) in the current market. How is your comp structured? On average, what are you pulling in year 1 and subsequent years? Do you get ...
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Jobs as a Commercial Real Estate Appraiser Suck?I want to preface this by saying that I'm not trying to be a dick to appraisers, so just correct me if I'm way off here because honestly this is just what I know from what limited sources I've heard from: The vast majority of what I've seen and heard of CRE Appraisers is that it's a much different ...
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Greatest Minds In Commercial Real EstateIf you're on the WSO 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 best minds in commercial real estate? Which titians of our industry do you look up to ...
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Real Estate Generalist Exit OpsI work for a real estate focused family office and my job is incredibly diverse. I do everything from acquisitions, development, asset management, and even a little bit of property management. This is across industrial, office, multifamily, and retail product types. We even do some LP investments w...
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Mezz Debt vs. Traditional Debt FinancingAll, 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 to th...
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WF selling Eastdil Secured?Wells Fargo is considering the sale of Eastdil. The articled went on mention that it would only be the institutional investment sales group on the trading block. What are your thoughts?...
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Rent Concessions - Getting Credit at Closing?Curious how these types of credits are structured (same can be said for TI and LC credits). Assuming the owner just signed a major lease to bump up the occupancy and then wanted to sell. New tenant has commencement date 6-9 months down the road, but the TI and LC dollars as well as free rent (10 m...
3
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The Real Estate Job Hunt - How are people doing?I'm curious to see how other WSOer's job search for CRE is going. Are people seeing a lot of success or struggling?...
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CRE Noob looking for a place to start. I've recently decided that CRE is an area that I am interested in pursuing a career in, however having only recently discovered the industry I don't know what area I am most interested in. Having read about the various areas I'm interested in Acquisitions, Brokerage, REPE, and REITs. Any suggestions...
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