Silver BananaTopicReplies
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RE Model case study completed - PGIM multifamilyHey guys - a few posts ago there was someone who used the attached model case study for critique. I did this relatively quickly during my down time - so I'm sure there are errors to be caught. However, I feel that I have done enough modeling and underwriting to have a decent grasp of how to comple...
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CBRE - Review - GeneralistGreat first internship with a wide range of activities planned. Volunteer activities, speaker panels, and office visits throughout the summer.. The work was not very intensive, and there was a lot of downtime in between assignments. The projects seemed at times very basic....
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Purchase OptionsWhat are the benefits for the buyer and seller, when entering into a purchase option for commercial property? Recently screened a deal between two family offices/boutique investment firms that agreed upon a purchase option for a mixed-use property in Soho in 2014 and are now moving forward with the...
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Retail Leasing; Day in the lifeCan I get some insight on what the day in the life of a Retail leasing broker (entry/junior level) at a big brokerage shop is?...
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Capital RaisingAnyone have any good capital raising techniques to get single (retail) investors for real estate deals? ...
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BlackRock - Interview - Real EstateDescribe how you solve problems. Do you tend to discuss the problem with other team members or try to solve it on your own? This is a question to reveal your personality and leadership style. It is not really a difficult question but you do not know how your answer will be evaluated because there i...
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Allianz RE case study (excel test) for second round interviewdelete delete delete delete delete delete delete delete delete delete delete delete delete delete delete ...
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Deutsche Bank Graduate Program: Global Markets - Commercial Real EstateJust wondering if anyone has heard back from the Commercial Real Estate position at DB. Are they running behind?...
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BI software when presenting model outputsHi all! Has anyone here used BI software like Power BI integrated with their excel models to present model outputs to clients at any stage? I ran the idea past my managers last night and they seemed positive about incorporating this in. If anyone has done something similar, any feedback/advice yo...
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Acquisitions Analyst Advice - New AnalystsI am starting a new role as an analyst in 2 weeks (the role is focused on underwriting opportunistic acquisitions across Europe - primarily offices, retail, industrial, and residential). Do you have any advice for new analysts in terms of setting up good long term habits (organisation, excel formula...
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Asset Values - Historical data?Could anyone point me in the right direction for finding historical, national level asset value data? Specifically, I am looking for how multifamily values changed during the recession. Is anyone aware of any reports available that would have this information?...
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PGIM Interview HelpI have a first round OCR interview with PGIM for real estate and real estate finance. Wondering if anyone who has been through them could shed some light? Are they mainly behavioral or technical? if technical, what kind of technicals? Im pretty new to real estate, so do not know what to expect. Than...
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Anyone looking to hire a RE Investment Analyst? (Asking for my cousin)Hi all, I hope this post finds you well. As a bit of background, I have a cousin that resides in Philadelphia, PA. He's 28 years old, and currently owns/manages a very small portfolio of residential/commercial properties. My cousin has an accounting degree from a non-target school, knows ARGUS/mod...
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HFF M&AMonkeys, I'm curious to know your thoughts regarding HFF's M&A division in terms of hours, culture, and pay as I can't seem to find much regarding the salary for this division. Is there potential for buyside exit opps? What is the divisions deal flow like? How do they stack against major competito...
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Wells Fargo CRE InterviewHey everyone, I just found out today I have been selected to interview with Wells Fargo for a 2019 financial analyst internship in their commercial real estate division. This means I could potentially be working in anything from REIT finance or capital markets to commercial mortgage servicing ...
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Looking for complex waterfall models, have lots to trade/share Hi guys, Looking for some more complex waterfall structures. I'd like to see models with both an IRR & equity multiple hurdle as well as any kind of catch up/claw back provisions. Please PM me if you have any of the above (or different, other complex waterfall distributions) - have lots to trade. ...
5
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Starting a Private Equity Fund/FirmI doubt any one here has started a real estate private equity firm, but given my access to some institutional money ($+-200M) I might--MIGHT--be in the process and, to be completely honest, there really aren't any better real estate forums that I'm aware of, so I figured this would be as good of a p...
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Starting your own real estate private equity companyI just recently graduated college and I know this is VERY far down the line but eventually, my goal is to start my own REPE company. I would love to hear as much as advice as I can. Whether is what experience I should be getting, whom I should be networking with, and if there are any Master's degr...
4
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RE IM to RE PEHi, I just got a return offer from one of the top RE IM firms by AUM size for a Investment Analyst position in Portfolio Management team (Core, Open-ended) I am generally satisfied with my salary and the team (Though I am in the portfolio team, we have small regional team which allows me to be inv...
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CRE Relationship Manger Role?So I'm currently in school wondering what kind of entry level role leads to working as a RM at a firm? Are there differences between working as a CRE RM and a RM at a community bank? Also what is the salary and work-life balance of these roles typically on the CRE side? What types of internships sho...
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How do I answer this interview question? How do you go about explaining in an interview not getting a return offer from a previous internship? I'm currently a senior in college looking for a full time job. The past two summers I interned at a well-known real estate company, but did not receive a return offer at the end of this summer. I've...
2
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Negotiating Offer as a lateralHey guys, Got an offer for a role which I'm lateraling over to with 5 years of experience. Been unemployed for a couple of months. This role requires 2-5 years of experience, can you justify you deserve the right-tail of the curve given five years of IB experience (as a lateral)? Or do you scale i...
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Should I quit my back office job?Currently at a boutique doing back office. Job duties includes office mgmt, IT, corporate accounting, account recon/banking, and several other back office functions. Started full-time at $35k no bonus last spring. Got a bump up to $40k at the start of this year, no bonus. In a high COL area so I com...
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Management Fee differentiation as a percentage of EGIHey All, Curious if you had some insights on this. Had a mentor of mine question the causation and correlation between management fees and overall operation of a MF property. We talked about the different indicators and factors that would equate to a higher or lower management fee. I don't have...
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Are cap rates still compressing?What are you guys seeing with Cap Rates? While the price of debt continues to rise, it seems like the cap rates (in stuff I'm looking at) have not followed suit and in some cases appear to still be compressing. Curious on when you guys think they start to catch up and move the same way as the debt...
15
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Rent Roll/Lease Analysis (Lending Side)Curious as if anyone on the commercial lending side has a template/uses a program that makes analyzing leases/rent rolls a little less cumbersome and time consuming outside of the initial data entry part? Currently, my department has an excel spreadsheet where we enter basic lease info (start date,...
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Help 1st year analyst decisionWhat would you choose? Working as 1st year Analyst at Freddie Mac in production and sales, or for Wells Fargo doing Balance Sheet lending. Taking into consideration Comp/Hours/Deal Flow/Exits. Any more info on either would be appreciated....
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Missed OpportunityThe fund I was mid-interview-process with just informed me that they won't be taking on any new analysts until late 2019 as they aren't sure any potential acquisitions they make are safe with the current political climate in Mexico. I just went from my ideal RE career start directly back to square...
2
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Building Sensitivities and Scenarios out of Argus ExportsHi All - I know this is a loaded question: What is the high-level modeling process of taking my argus exports and being able to sensitize metrics (occupancy, rent, expense ratio, cap rate, etc.) in order to see different scenarios ?...
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Juniper SquareHey Guys, Are any of you or your companies familiar with / use Juniper Square for your Investor Management or deal sourcing for your CRE deals /syndications? Just curious to know if anyone has any experience with this new software, as we are looking at implementing it. Thanks...
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REPE Acquisitions Analyst SalaryI am a college senior who was recently given an offer to work as an Acquisitions analyst at a ~$5B REPE firm in NYC. I was told the comp will be "market" and don't have much experience with the RE industry/RE forums so I am not sure what market comp out of UG is exactly. Google searches, payscale, g...
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Asset-Based Lending Gives You the Power to Say YesAsset-based lending provides new opportunities for residential mortgage brokers. Many residential mortgage brokers have discovered that arranging investment and commercial property loans can significantly enhance their earning potential by servicing an entirely new client base to replace or suppleme...
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West Coast RetailAnybody here have experience with retail on the West Coast. I'm in MF development and a lot of the deals we are looking at now have some sort of retail component that is required, but I don't have a great source for retail comps (I have CoStar, but don't think its the best since everything is all ov...
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REPE + Growth Equity Hybrid FundWhat do you all think about a hybrid PE fund that combines real estate PE with a growth equity component for small businesses. For example, a fund could acquire a shopping center and fill one of the vacancies with a small business you take a stake in. The fund would provide the space at no rent and ...
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What waterfalls are you seeing in today's market for developments you're working on?Pretty self explanatory title. List product type of developments you're working one, market tier, investment term, and whether your on LP or GP side. **Product Type:** Industrial Spec Development **Market:** Primary **Term:** 3 year horizon (modeled) **LP side** **Waterfall:** 10% Pref pro rata, ...
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RUBS Utility Programs in CA I am underwriting a lot of older CA multi deals, primarily in LA area. I understand that implementing a RUBS system on new construction/development is not legal effective Jan 2018 (ie submetering utilities is required). Does anyone know if a RUBS system can be introduced to an existing building that...
2
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Who in this forum went to Graduate School? For those in the real estate field, have any of you got a MBA or MS? If so, when did you go back to get your degree? How many years after undergrad? Also, which program did you attend and why? Were you happy there? What was your biggest takeaway from grad school and was it what you expected? Las...
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GCP Capital Group/commercial real estate originatorAny info on GCP Capital Group? Reputation? Working there? Hiring process? Dealflow? Also what are some exit opps of being a commercial real estate originator?...
1
Cushman and Wakefield - Review - GeneralistThis job was very flexible. I was able to go to school and work at the same time. You must be a self starter and be ready to cold call. . Everybody works independently. There isn't much professional interaction as most people are running their own deals. ...
+6
Does Marcus & Millichap have the best training?As some of you may know I am a recent graduate trying to break in to CRE. 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 have the best training" Whats your guys opinion on this?From browsing the forums I ...
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American Realty Advisors ("ARA")Does anyone have insights into the culture at ARA? I've heard distinctly differing opinions, some saying the culture is terrible and a sweatshop while others say its a great shop. Thought some of you may be able to provide some color. ...
14
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Cornell Online CRE Certificate for No Exp, Non-Business UG?I'm trying to break into CRE acquisitions/development with 2 years of non-related work experience and a bachelor of arts (economics) for my UG. I've been applying to jr fin and fin analyst positions, and I've been going through the interview process for a Jr. Financial Analyst position in acquisitio...
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What is the importance of real estate accountant in real estate accounting?The role of real estate accountant is y important in real estate accounting, which helps to entrepreneur in their business. ...
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REIT Analyst Modeling AssessmentI have an upcoming assessment for a REIT analyst role specializing in retail. A quick description of the role include: Assembling / Maintaining property pro-forma models; Analyze potential leases with CF projections and sensitivity analyses Analyze potential lease deals for value HR mentioned an ...
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Bank of Montreal - Review - Corporate BankingMy team was very nice and helpful Many opportunities to meet senior bankers in networking events Mentorship program available. The work in corporate banking could get boring depending on certain deals Training program was new and could be improved upon ...
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Duff and Phelps Real Estate Advisory GroupCould anyone give me some info about the Duff and Phelps REAG? Looked online for some news but couldn't come across anything. Is it mostly steeped in valuation? Also, has anyone applied recently for the Analyst position and heard back? Thanks in advance....
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Earnings Analysis - Multifamily Sales Broker Vs. Office Leasing BrokerWSO, I recently got into a friendly debate with a Multifamily broker in my office (we're a CBRE/JLL/CushWake in a fast growing major southeastern city) on what kind of earnings over the course of an entire career be made by a top producing multifamily investment sales broker vs. being a top produci...
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Real Estate Financial Modeling for beginnersHey guys, I’m trying to build a solid foundation for RE modeling in the hopes of eventually applying to a REIT or REPE fund down the road. Any suggestions on how to build up my financial modeling skills? Assume I’m a complete beginner. At the moment, I’ve been advised to look at Adventures i...
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Top debt brokers-rankings?Hi guys, does anybody know if any organization like the MBA posts a rankings/database of the top debt brokers in the country? NREI posts the top sales brokers, but I am interested particularly about debt brokers. Any advice would be much appreciated, thank you!...
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Company decided to push back filling position for 60-90 days. What should I say? This is after a phone interview with a small debt/equity broker. They said they'll check if I'm still interested then. Anyone ever heard of this? Would you advise trying to meet him for coffee in the meantime? ...
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Commercial Real Estate Underwriter to acquisitions?Hello, First job out of college I've been underwriting for a few months for a MM bank, mainly underwriting REIT, institutional and senior housing deals. I also have internship experience in KeyBank's real estate capital group. Looking to get into acquisitions and was wondering if the underwriting s...
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Looking to transition from corporate real estate. Help?Hey all, I have a bit of a winding career path that started in BB operations which I was looking to get out of before I even started. I ended up working for a developer basically by accident. For some incredible reason, they hadn't ran an operating budget in 5 years, so my job was to get that proc...
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The future of LA Curious what SoCal guys think the future holds for LA. The change here is staggering. Tech companies are flooding in. Snapchat, Amazon, Google and others all have major presence in Venice, playa vista, and South Bay. Not to mention SpaceX and Tesla. Downtown has a new skyscraper going up every wa...
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Community Development Banking SalaryTrying to get a gauge on the correct salary range for an experienced (~4 year) associate within the community develop banking realm under a BB. The role will be around evaluating affordable housing equity investments including the pricing/structuring of it. Should I use commercial banking and CRE ro...
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Opinion on current multifamily market in DC?Tempted to buy a multifamily unit (under $7M) in DC at sub-5% cap rate myself, and I wonder what’s everyone’s opinion on the current market? Personally I always tell people the market is better than ever, but i am really not sure anymore when it comes to my own money...
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Anyone Familiar with Freddie Mac Multifamily Analyst Program?Currently interviewing for the Freddie Mac Multifamily Analyst Program. Would this be a good position coming out of undergrad, and would I have good exit opps? Looks like I'll be interviewing with the Underwriting Division. Thanks in advance! ...
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Value add - multifamily ... RENTS, TAXES, WTF??I am seeing a ton of shit OMs from brokers labeling everything value-add for multifamily. This is nothing new but who is the potential buyer pool for these shit class B & C assets? To my main question, is it realistic to expect rents can be doubled at a property in 18 to 124 months at a 50 to 150 ...
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What's your $0.02 of Bigger Pockets RE forum? Anyone familiar with the RE forum Bigger Pockets? Seems to be potentially legitimate, but haven't sourced any deals from it yet. ...
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Would I get hired after graduation? 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: 24 - Degree: Co...
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CRE Mortgage Brokerage - Breakup feesAny of you guys here writing in break up fees into your engagement letters? Alternatively, have any of you sponsors seen these? Under what circumstances do we think it warrants a break-up fee being paid? Furthermore, how the language being worded? Please let me know WSO - thanks! ...
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CBRE - Interview - Real EstateWho is your role model? As of right now, what accomplishment are you most proud of? Being a recent graduate, my answer couldn't be something like "I received a promotion within 6 months of starting my first job". Instead, I focused on something recent that I thought would set me apart from other c...
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Note on Note Financing Anyone here familiar with note-on-note financing in the CRE space? I'm hearing a lot about debt funds getting this type of loan from traditional commercial banks. Seemingly.. banks can't compete with the debt funds, so now they are just joining forces. Would love to get an overview of the mechanics...
1
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GMAX Contract ins and outsCan anyone shed more light on g-max contract for office project construction? The project is roughly $10MM to $12MM. What are some of the things to watch out for? Should there be multiple GC's considered? Please provide input on following (I like to understand what the market is): - General Condi...
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What should go on my resume and cover letter in my circumstance for internship applications (RE specific) I'm a non-finance major (BBA in computer information systems) senior with no RE experience, and only one internship last summer at a non-RE related position (basically doing web site design, some excel work at an online marketing firm). I have never applied to anything this far ahead in time, so I...
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Brokerage vs REPE Asset ManagementHello 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 college. I'm...
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Few Networking Questions(mods pls don't move this to job help, can be specific to industry.) Got some really good networking advice from some of yall this Summer, really appreciate that. Got a few more that have been on my mind as I've been making my list for some new people to reach out to this month. 1. What "level"...
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Compensation Structure for New Acquisitions/Development GroupLooking for help structuring comp for a newly formed real estate group (about 3-4 people). I currently have about 7 years of experience in acquisitions and finance. Current title is Acquisitions and Development Associate. The role I would be stepping into would be more of a Director level. Respo...
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At what point does CRE pay become decent compared to workload?I'm working for a fairly large firm in Canada, in CRE. I'm not exactly a veteran admittedly, but I'm not brand new either. I'm wondering, at what point does salaries actually become comparatively decent to workload? Don't get me wrong, I'm not paid peanuts, but the workload is kind of huge. Like, at...
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REPE Fund Portfolio ModelingDoes anybody have a decent fund management model template or recommendation for consultant-type firm? Anybody try out REFM's model? I'm decent at excel, but the modeling required is a little above my skill level right now. Here's complexity I'm managing. I'm modeling realized assets, unrea...
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Yield-On-Cost (development yield) Hi, I've seen discussions in this forum regarding yield-on-cost (development yield), and saw the proper calculation should be: NOI (stabilized year) / Construction cost What bothers me is in this type of calculation, that we don't take into account the number of years in which the property will co...
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I listened to your advice - now I’m applying!Thank you WSO for your wonderful feedback so far. I want to prove how appreciative I am by putting action behind your words. I’m now applying to CBRE for a sales/brokerage internship (slot opened yesterday) in order to learn some hard skills there (hoping they’ll use me as an analyst in some fo...
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Mid career architect adviceLooking for a bit of career advice. I've been lurking off and on for a long time and thought that being active here would be a good start. I'm a 35 year old Architect with a wife and 2 small kids who is basically wants to make some "real" money vs the 75k I'm getting in a traditional arch. firm no...
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CRE Broker to Development PathI’m interested in working in development and eventually working for a developer to learn and start out on my own after. I’m currently a senior in college and have been contemplating different paths. Right now I’m looking for positions in property management, construction, and commercial broker...
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Chronological Order of ResumeCurrently a senior at a top 15 state school set to graduate in December. I'm currently applying for jobs and have sent out my resume but gotten no replies. I've had four RE related internships throughout college. In chronological order, my first internship was at a local tenant rep firm, second as a...
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Job Opportunity - Structured CREMy current firm is looking to hire an associate, so posting it here first as a small token of appreciation to the WSO community. Generally speaking, in addition to passing the obvious excel and non-idiot tests, we're looking for someone with 1-2 years of CRE experience, preferably with acquisitions,...
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RE Debt | Workouts/Taking Back PropertiesHas anyone ever worked in a workout group or been in a position where they worked at a fund that actually took back a property? I'm curious to hear what that process looks like. When taking back properties, do the borrowers just hand you the keys and say "good luck" or are they responsible for p...
1
Goldman Sachs - Review - Financial ServicesGreat Company! I really like everything about the company and the people and the firm. Work was great!. Little Direction. I wish I ws given more direction. There was a lack of direction when I needed help, sometimes. ...
NewMark Grubb Knight Frank - Review - Real EstateAs a private partnership company, Knight Frank LLP genuinely listens to its employees. Having the opportunity to sit next to an equity partner makes a monumental difference to the impact each person has in the business. . As an adviser (and not principle) you are subjected to demanding clients for l...
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Excel help - CREI have a list of 10 multifamily properties including the subject asset in column A (property 1, property 2, property 3, subject, property 4, ..... property 10) and rents in column B in descending order. I want to use the "=LARGE(B$1:B$10,1)" function in a different table but also want to exclude th...
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The market is turning rapidly...In the last 60 days I've seen so many deals fall out. Not just mine but other brokers across several asset classes. Buyers are hyper critical of everything. Sellers still want crazy money...Apartment investors selling at 4 caps and trying to buy retail at a 6. They see the end in sight of the ...
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Thoughts on Aviva Investors Real Estate Division (UK/EMEA)Primates, For anyone with knowledge of the European RE Investment sphere, what is the reputation of Aviva RE within the industry? Any knowledge of exit opps and compensation etc for graduates working on a combination of acquisitions, Asset Management and fund management? (American monkeys might be...
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CIT Bank - CRE Underwriting AssociateHello WSO, I've been working in CRE for about two years now, as an underwriter of Owner Occupied CRE for a smaller "regional" bank as I call it. We do well in the space, but are a fairly small group. I get a huge amount of deal flow and have been the lead analyst on over $1bn in applications in the...
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Rialto Capital Management - Review - InvestmentsIncredibly smart team. Interesting Transactions and excellent deal volume. Industry leading investors . Lots of attrition on the investment team. Really inexperienced, immature middle management. lower comp than competitors. Most people are awesome but a few very difficult personalities on both the...
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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 ...
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Raising Capital/Small Fund behind family & friendsWhat type of investors has been the best to deal with? (Beyond your friends and family) I have found success with dealing with doctors but what other professions have you guys found success in?...
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Graduating in 2 years, what path to take?I’m graduating in two years and currently work in residential real estate. I want to join commercial real estate once I graduate and eventually end up managing funds for a syndication or REIT. I have a lot of super newbie questions so please bear with me. First, I just transferred to a school (UC...
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