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+44
Contrarian Thesis: Acquisitions is the Least Interesting Job In Real Estate

LReed

Feel like it's worth giving an alternate opinion, just because I see so much of the same notion repeated constantly that acquisitions are the best gig in real estate. What I do right now is 75% acquisitions, but I've worked on a lot of development, <abbr title="asset...

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+28
Let's Talk About the Pros and Cons of our Gigs in RE Finance

LReed

I'm not trying to rehash the debate about where the best place to start is or what career path within RE is the most promising. I just would like the community to layout their position and what they feel the pros and cons of their current situations are. Extremely eager to hear what the...

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+23
Effective LP oversight of GP

wso_4

For deals that aren't going exactly as planned, what's an LP to do? I'm curious if anyone has examples of when LP's have had a positive influence on the ultimate outcome of a project, even if they were just pref equity and didn't have much legal standing in the operating...

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+9
Georgetown Online Master's and Other Online Graduate Programs

SLCCRE

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 years into my career at a Li...

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+6
Calculating Ground Lease: Rule of Thumb?

real_Skankhunt42

Anyone know if there is a rule of thumb for determining how much ground rent should be on a retail property? I'm looking at an empty retail lot that the owner wants to keep with a ground lease on it but is willing to sell any retail improvements. I'm trying to get an idea of what the ground rent sho...

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+3
CRE Lending at a big LifeCO, what are the exit opportunities like?

buffalo1

What would the exit opportunities look like for a mortgage lender at a large LifeCo. Is it possible to transition to the equity side or a debt fund? ...

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+2
Different Structures for LPs

Markertmaker

How often are there different structures for LPs? For example, 1 LP doing 1 mil, another wants to do 20mil but at a different promote structure? Does that have to be disclosed to all LPs? Can it even be done?...

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+1
CRE positions following masters

Cal15

Hey. This is my first post after browsing and gleaning a huge amount of info from you guys. I am looking for advice here. My current position is, I have just graduated with a 3.8 with degrees in finance and real estate from Florida State University. I have accepted an offer for a graduate assistants...

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+1
Residential Mortgages Asset Management (RMAM) Trade Analytics Role at GS

Dharkland

Hey guys, Have a friend who has already received an offer for the position in the title and she is heavily contemplating leaving her current role in the settlement side of Operations (also at GS, internal mobility). As I don't think I've seen too many threads on this particular team, was wonderin...

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+7
Leveraged Buy Outs in RE?

Atlantic Cap

Do any Real Estate shops (REPE in particular) use leveraged buyouts? It looks like the big names such as Blackstone and Apollo have done LBO’s to buy and takeover a company (Caesar’s for example). Does this strategy work on a single asset? Is this the same as a value-add strategy and just a ...

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+2
REPE Acquisitions interview - advice

throwaway531531

Hi all, I’m a current TMT IBD Analyst that has just been headhunted today for a real estate private equity acquisitions position at one of the large cap funds (BX, Starwood, Brookfield, Lone Star, Carlyle). The role sounded amazing and I want to prepare as much as possible, however I wasn’t gi...

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+1
iStar

_Axelrod

Anyone have insight on iStar? See a couple job postings for their NYC investment team and curious if anyone had any insight. I know they've been focusing on building out a ground lease REIT for a while which is interesting....

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+1
Property in Australia?

hamiltonproperty

We are the property bunch you ave been hunting down. You have most likely spent quite a while around. Each one of those online quests under 'Housebuilders Melbourne' or ' New home developer Melbourne and Victoria' even Australia-wide. For more information visit our site...

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+2
Covered Land Play - GP/Manager promote/performance incentive structure

Doekim

I'm in contract on a stabilized cash flow deal that has the potential to add 70% additional units to the existing site. The deal is going to be funded by friends and family so I'm trying to conceive a deal structure that allows me to achieve a performance bonus should I achieve my entitlements. The ...

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+10
Investment sales Training Materials

InvestmentSalesBroker

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 seems to be ...

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+1
ARGUS Enterprise Case Study Manual

jayCRE11

Has anyone ever purchased the ARGUS Enterprise Case Study Manual from their website? Is it helpful and worth purchasing if so? ...

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+7
I just went through the interview process and they offered me 2k a month for the first few month trial. This seems like a scam.

Super7duper

What is the expected pay now and later for an analyst at a real estate firm. couldn't find any data anywhere! ...

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+4
Career Paths Out of Undergrad???

BruhMoments

Hello, Im a current high school senior looking to focus my academic efforts and goals for college next year. Im very interested in working for myself at some point, creating a small group in real estate acquisitions buying, flipping and holding properties long term. I have previously been interested...

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+5
Affordable Housing Development - LIHTC - 4% Bond Financial Model

REValuation

Anyone active on the GP/LP side of affordable housing? If you have funded or developed any of these deals, please feel free to share your experience or thoughts on profitability, risk, or unique structures. I figure it's a long shot but I am trying to get my hands a 4% LIHTC Bond financial model. A...

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+1
Travel Expenses for Interviews

AbeerwithCarlSagan

Question for the forum. Is it standard practice for a firm to expect the candidate to pay for travel expenses associated with in person interviews? I have had a couple first round interviews for both Summer Associate and permanent roles where this was the expectation. It was my understanding that if...

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+6
Backing out after accepting an offer

IRRturbo74

This topic has been "beat up" a little bit elsewhere, especially in more of the IB forums, but am curious in RE given how small the industry is. So here's the situation: Got an offer from Company B, my second choice, in the middle of last week. Its a good job and definitely a step up from my curren...

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+2
How far in advance should one start the relocation process?

babybaboon

How far in advance would one recommend networking/setting up discussions for relocating to a totally different city? Networking within a city/looking for a new job is one thing, but logistically harder when you're talking about a move to a new city. Aside from the roles that are 'open to relocation'...

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+1
How can I land a REPE Associate title with Tech IB experience?

unclebiff

I graduated from a non-target school in May 2018 and I"m almost done with my first year in a Tech IB group at a large Canadian bank in NYC (think largest Canadian). I'm not interested in tech and I want to move into REPE on an acquistions team, but I'd rather not go the route of making a lateral mov...

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+2
DC REPE Firms

HornsCRE

I got approached by some headhunters regarding a position in Washington DC at Iron Point Partners. Anyone heard of them?...

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+2
Exit Opps for Corporate Real Estate

brandonmcartney

Im in the RE dept of a F500 helping manage acquisitions, dispositions, and leasing for the corp portfolio (20M+ sf of office, industrial and retail). What are my exit opps? How simple is it to transition to the investment side?...

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+1
LaSalle Investment Management Research & Strategy Analyst Prestige and Exit Ops

wolframhead

I graduated from a top ten public university this past January with a Bachelor's in Econ and long-only asset management internship experience. Resume has strong grades and test scores etc. During my internship, I did some work on REITs and a few other companies with significant exposures to regional...

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+1
JLL Analyst Excel Test

ET50

Hey All, I have an interview coming up with JLL's Hotels division & they require a financial modelling test to be completed - one that's focused on several areas of testing but not case study based. I've only had experience modelling general CRE investments but I'm assuming its constructing a cash ...

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+1
Deal Structure with Cell Tower Revenue

JW199619

Figured it out. Figured it out. Figured it out. Figured it out. Figured it out. Figured it out. Figured it out. ...

1
+2
Deal flow questions - Been an analyst for almost a year and have not closed on a deal (REPE). Underwrote 50+.

Realestatequestion7

As the title says I’ve been an analyst at a large REPE 50 firm ($15B+ AUM) since summer 2018 after I graduated from college. I’ve underwritten and worked on many live deals however my group doesn’t really get crazy aggressive and can be restricted due to the LPs and various fund requirements...

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+4
Compensation heavy on bonus than salary

creflow

What is your take on the following compensation structure for someone with 5-10 years of experience. $115K base. 15% of acquisition fee (for $10M acquisition with 2% fee, that equates to $30K) with 5% promote at sale. Only catch is promote has a 3 year vesting period after each acquisition. For ...

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+2
Any info on Realty Income?

BESTRE

Doesn’t seem like there’s much info on culture, comp, exit ops ...etc. on this REIT, can anyone provide some insight? Looks like they currently have some interesting openings...

7
+1
Buying Rental Properties in other states

ConservativelyLeveredCat

I've been intending to move away from investing in equity and start buying rental properties in other states. I just want to do simple all cash purchases and get the income from the property I own along with my other investment. Is it possible to hire a property manager to take manage the rentals wh...

2
+29
Niche Real Estate Products

real_Skankhunt42

Ok, fellas. I'm bored to tears in real estate and am looking for new interesting paths and new challenges. What are some niche real estate products that people rarely think about? Self-storage was the trendy niche that, in my view, is now overbought in a lot of U.S. markets. What are some other inte...

118
+1
Thoughts on Rialto Capital Management Commercial Property Group?

InvestmentChap

Hi all, I wanted to get opinions on Rialto Capital Management and specifically their commercial property group. I have an opportunity to intern there and I am curious about its reputation. I would mostly be doing acquisitions and some asset management. I am a sophomore, so this would be my rising...

5
+1
Morgan Stanley Credit Risk Analyst - Capital Call Subscription Facilities & Illiquid Collateral Lending

Gregd1202

Does anyone know more about this division/role at MS? What could the potential compensation/exit opps be? What is the MS Purchase, NY office like? Couldn’t find much online. Any help would be appreciated. Thanks! About The Role The Morgan Stanley Private Bank is seeking an Analyst or Associate t...

4
+2
PERE Learning Materials

tastypack

Hey all, incoming REPE SA in acquisitions for an EB, looking for some good resources to learn more about the industry and work I'll be doing. Whether its websites, case studies, books, etc. all advice/contributions would be much appreciated. Thanks!...

3
+2
Post Interview Response Time

CodyParkey

Have been interviewing with a few companies the past few weeks. Wondering what the typical amount of time it takes for a company to reach back out? If I'm told it will take 1-2 weeks by the interviewers, and a week to a week and half has gone by, what does that say? Or am I thinking too hard about i...

9
+4
Pros/Cons - Mezzanine Debt vs. Preferred Equity

InVinoVeritas

Let's say you are an investor looking at an opportunity to capitalize either mezzanine debt or preferred equity to fund the development of an apartment building which will cost $100m. 65% construction loan, 15% mezz/pref, 20% common equity. Whether you choose to capitalize preferred equity or mezz...

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+31
WeWork: The Bull(ish) Case

CuriousCharacter

I’m working on a mammoth multi-part Google post and WeWork ties in nicely with the overall theme. *(To be clear, I have no opinion on WeWork as an investment - and I have zero knowledge of real estate - but I saw [this thread](https://www.wallstreetoasis.com/forums/weworks-losses-swell-to-nearly-...

61
+1
Convene

NYYCRE

What are your guys thoughts on working for a Convene? Obviously falls in line with say a WeWork but alittle more reputable and different business structure. Would working as an Analyst there have any exit ops? Would it be just underwriting office leases?...

4
+5
Advice For A High School Senior Interested in RE Development

BrickMonkey

Hi everyone! I'm graduating high school this month and I want to one day become a real estate developer. I am currently looking for a summer internship that's related to the real estate industry to build a better resume, but a lot of internships are only available for current colleges students or a...

16
+1
LIHTC tax credit underwriting

psteur

Hi. Is anyone familiar with CRE tax credit groups (DUS lenders)? I am currently working for one of the big banks as a credit analyst in business banking which is fine but I'm looking for bigger deals to work on. I have an interview with the real estate group of one of the big DUS lenders for an u...

3
+7
What are the Roles within Real Estate Private Equity?

Anon163862

Hi I’ve seen a lot of discussions on REPE I.e people working in REPE Asset Management wanting to move into REPE Acquisitions etc.. but I don’t fully understand the differences and what the key roles are within Real estate private equity? Please could someone explain what the key functions/sub d...

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+4
Gemdale USA?

Analyst10242017

Hi, Does anyone have any experience or knowledge about this company? They're an international developer and I wanted to see if there was anything WSO could shine light on as to reputation, track record, compensation, etc. It would be for an acquisition position. Thanks....

21
+3
Investment Sales Analyst exit opps/becoming a broker after analyst years

CodyParkey

I had a pretty good second round interview with an investment sales firm that focuses on net/NNN lease properties (retail/office/industrial) but also does some multi-tenant retail. I expect to at least make it to the third round and may possibly get offered by them. I'm very interested in starting i...

8
+3
When is it appropriate for undergrads to start applying to analyst positions?

acb123

If a Junior year undergrad sees a FT analyst position posted when is it reasonable for them to start applying, does it change if they may be able to graduate a semester early?...

6
+31
AMA: 2nd Year REPE Associate

MonkeyWrench

Wanted to do this since I have recently seen a trend of more CRE posts in general, and quite a few about REPE specifically. Brief background: -Not really sure if there's such a thing as a 'target' tranche for CRE/REPE in undergraduate schools, but I went to what would probably be grouped as a semi...

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+4
Adventures in CRE Accelerator Program

MezcalAndMergers

Came across this Modeling program hosted by Adventures in CRE today and wanted to share. Have always been a fan of their models & videos so this seems like it could be a good deal, especially at the Initial Launching prices. [Accelerator](https://www.adventuresincre.com/accelerator/land-job/#prici...

12
+4
UNC MBA w/ RE concentration for Development/PE, yes or no?

JuulFiend

Currently a junior analyst at a mortgage banking shop and looking at UNC's MBA program. Looking to get into development or PE. Would this program open enough doors? I know it is not a top MBA, but it is T20. How is the alumni network for real estate? Also considering MSRED programs but I am thinking...

5
+1
Argus usage for single-family rental REIT?

enterprisevalued26

Could a single family rental REIT use Argus to underwrite properties? If you had every property as a single-tenant? Could I then insert every property into a portfolio? I feel that this could be useful for the dispositions of portfolios? ...

4
+5
How to choose a REPE firm

EUROPETARGET

How to choose from multiple REPE firms for an internship/ potential FT offer withing their acquisitions team? How important is culture vs AuM? And does it make sense to start off in REPE or should I go first with a T2 IB (Nomura, Houlihan Lokey, Jeffries, etc.). This are my options: 1. Firm with $2...

8
+8
Carlyle Real Estate Associate Compensation

Ufgator10

Does anyone have an recent comp data for Carlyle RE? Also, what are the hours typically like? Thanks in advance!...

49
+1
Argus Valuation Walk Through? URGENT INTERVIEW TOMORROW

enterprisevalued26

I have an interview for a real estate analyst position at a private equity firm tomorrow. The firm is looking for a candidate with Argus experience. I am unsure if it is DCF or Enterprise. I have never used Argus before but would like to say I have some experience or at least am aware of its functio...

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+1
Job Market Update

REPE_Guy123

Just want to check in since most firms have done their budget? How's everything doing in the market for those who are participating? Please list: -City -Position -Target compensation -Size of the firm -Timeline of the process...

1
+26
Firms that have been “eternally” looking to fill a position….

Kurtis Blow

In honor of C.R.E. Shervin’s brilliant reply to the DLC Mgmt thread - www.wallstreetoasis.com/forums/dlc-management - I noticed through my years of browsing career websites, like Select Leaders or Indeed, that there is a significant amount of companies that are always marketing an “available...

82
+1
Financial Analyst role with REIT

NYYCRE

Hey guys I wanted to get your input..does anyone know anything about Finance roles with REITs? Is it really just FP&A or also AM type stuff? Role I’m looking at says Argus modeling, lease analysis, CapEx projections, Corp level reporting etc Last thing I want is a Corp level reporting role with n...

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+11
How common is "work from home" in real estate?

Swedish_1

The number one perk for a job to have in my opinion is being able ro work from home regularly. I used to work in a large asset management office where we all got to work from home once a week and it was amazing. I have since left to go to a development shop where we are not allowed to work from ho...

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+12
RE loan assets management

dinoRE

I come from the equity side so i am familiar with Asset Management in regards to property assets. what does asset management for a loan / portfolio of loans entail? ...

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