Silver BananaTopicReplies
Marcus and Millichap Real Estate Investment Services - Review - SalesOne of the best training programs for brokers. New York office is a very collegial atmosphere and nobody really feels like their working for a higher up. Brokers work very hard as they are the only office in NYC that cold calls that sources their own deals.. Brokers paid by commission and make virtu...
Marcus and Millichap Real Estate Investment Services - Review - GeneralistGreat environment and very laid back. Nearly everyone you talk to wants to help as it is a tough business for noobs. . Salary very low as the majority of firm is based on commission. Benefits make up for this is some way I supose...
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Tips for sorting broker rent rolls?Does sorting messy rent rolls drive anyone else crazy? Looking for any tips/tricks you all use to sort through the messy rent rolls! Would really appreciate any insights ...
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Marcus and Millichap Real Estate Investment Services - Review - Debt Capital MarketsVery laid back job where I got to work directly with an executive and learn a lot. Overall very beneficial while modeling.. Sometimes have busy work such as data entry. Building out an entire database of contacts which utilize a CRM....
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Cushman and Wakefield IPOWanted to find out what everyone thinks about the Cushman IPO? After the weak IPO of Newmark do you think that they will also come up short?...
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Switch from Investment Banking to Commercial Real Estate?Is making the switch from an investment banking job to a commercial real estate job realistic/easy? I am a college student considering investment banking, however I think if i dislike investment banking I would pivot to commercial real estate. Is this something people do?...
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Greystar: culture, comp, exit opps?Hi all, Wanted to see if anyone had feedback on this firm at the analyst level on the investments side. 1. Culture 2. Comp 3. Exit opps 4. Other info Any help would be greatly appreciated ! I know they are a decent sized real estate firm; not sure if they focus on private equity investments or ...
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Why do you enjoy working in real estate private equity?Hey guys, Why do you enjoy working in real estate private equity and why did you choose this career? Do you also think that real estate debt is interesting, if yes or no why? Looking forward to your comments...
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Overview of RE, IB, AM, and PEHi all, I'm currently a junior lawyer in Canadian big law, specializing in real estate acquisitions, development, and leasing. Lately, I've been thinking about a career switch. I've been been looking at applying to analyst/associate positions in real estate investment (e.g., investment analyst pos...
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Single Tenant Retail Development ModelDoes anyone have a single tenant retail development model that they can share? I'm helping a buddy of mine on the analytics for a single tenant NNN JV he's attempting to put together. The seller will be contributing the land as his equity basis and my buddy will be putting up the remaining pre-const...
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Anyone have experience with private investment platforms like Cadre / EquityZenCurious to see if anyone has experience using these platforms (i.e. investing in private real estate / later-stage private companies)?...
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JV PartnersAnyone have a list of JV Partners that they are willing to share? Institutional players in all asset classes?...
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PERE: What's your carry?Would be interested to hear any disclosed figures + outline of AUM of your fund. Also after which year it is attainable. Thx...
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PJT Partners - Interview - Real EstateNo question was really difficult. It was mostly behavioral. They asked why I was interested in real estate and why I was interested in Park Hill. They also were focused on my interests, asking me about basketball and what I did for fun. Because it was a small team, I guess they were looking for some...
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Using PACE loans as Mezz Had a group come in an pitch us yesterday about using a PACE loan as the Mezz debt on a ground up deal. The loan sits on the tax role instead of the title. The rate they were quoting was 7% vs the 14% mezz rates. The loan term is also based on the useful life of the clean energy items that are added...
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CBRE - Review - Real EstateGreat program with weekly guest speakers and events Treat you like a full employee depending on your group. Work can be slow depending on the year Wide range in intensity between different teams Rampant nepotism...
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Eastdil RE Analyst Interview Coming Up - Excel TestSo I have an interview coming up with Eastdil for an Analyst position and was told I will need to be able to create a full DCF, with levered/unlevered IRR, and a full amortization schedule. Was hoping that someone might have some materials either specific to Eastdil or anything else that would help ...
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How can I learn about the inudstry as a complete beginner? (Possibly stupid question)Apologies in advance if this is a dumb question. So, I'm currently a law student and my goal is to enter a field of law that doesn't pay well, and on top of that a job that pays even worse (it's a dumb passion thing. Don't ask.) Things being as they will be, I'm interested in ways of supplementing ...
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Projecting Op-ex for Value-add Obviously, this will vary for product type, but I'd love to hear how other monkeys who are w/ value-add funds go about projecting stabilization over several years, if for example, you're looking at a property that is currently 50% occupied. My thought is that items like property tax, insurance, an...
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CBRE - Review - Portfolio Management- Great company brand to start in CRE - Office in Chicago is in a great location - Learn from Industry leaders - Work across multiple industries. - Not structured - Lack of mentorship opportunities - Projects get monotonous - Lot of travel to client sites is expected, no reimbursement for travel ...
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How do I respond to people asking for my resume while networking? 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, another guy to...
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Goldman Real Estate Groups--Private Real Estate vs MBD REPIAAs the title states, can some shed some light on the difference between the following two groups in terms of comp, culture, business plan, day-to-day? 1. Merchant Banking Division: REPIA 2. Investment Management Division: Private Real Estate Group The two descriptions sound similar enough in terms ...
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Starwood Capital Group 2019 Acquisitions Video InterviewGot an email to complete a video interview and it says it will take about 18 minutes. All of my other video interviews have been less than 10 minutes so I am trying to gauge what kind of questions to expect. Any technical or all behavioral/ fit?...
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shot in the dark here, would appreciate any helphi guys, I know this is a very long shot, but would anybody here have an appraisal for a data center by any chance? I would love to read it. Atleast the market info and the valuation information. Will be grateful for any help, thank you so much!!!...
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Pepperdine MSRE any Value?It seems to have a very practical applications based curriculum. I understand it is a lower ranked school, but could this help snag an acquisitions analyst position? ...
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Do's and Don'ts - First Time Analyst Gig on the HorizonI landed my first analyst job with a major CRE firm (think JLL, HFF, Cush) in a major market and it feels great. Coming from a non-target school and having to face 7 months of frequent rejection, I can finally say I found exactly the right gig working on my desired asset type (office). With that b...
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Help Deciding Between Real Estate TextbooksI've decided I want to pick up a textbook to read and develop a strong fundamental understanding of Real Estate finance and the Real Estate market in general. I'm trying to decide between "Linneman Associates: Real Estate Finance and Investments 5th edition" ($150) and "Real Estate Finance and Inve...
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ReonomyJust saw that this co. raised $30mm in VC funding. Hadn't heard of them before, but a little bit of research makes it sound/look like it's basically CoStar? Has anybody used it? What are your thoughts on relative merit vs. CoStar?...
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Negotiating Participation - Boutique SoCal Development shop I currently work at a boutique RE investment/development firm specifically focused in Souther California. When I say boutique I mean *very* boutique. Besides our back of the house operations (accountants, property managers, etc.) it is the principal of the company and myself doing all the deals. The...
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2018 | Thinking about Acquisitions or Debt at this point in the cycleHow do you all view going into acquisitions at this point into the cycle or going into a private debt fund? Do you have reservations making a move? Or are you content going into either or if it's a big enough shop?...
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Exit Opps for entry levelI think this would really give me insight on which path i would like to take as well as help others. I am considering a few opportunities and wanted to know potential exit opportunities for reach, as well as their salaries, ALL NYC Acquisitions Analyst (Family Office): would learn a lot as it is on...
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Goldman Sachs - Interview - Real EstateTell me about yourself? Why real estate? Why Goldman Sachs? Given a capitalization rate, net operating income, loan-to-value, and interest rate, how would you calculate the unlevered yield and levered yield (aka cash on cash return)? Talk to me about your last internship? How did you like it? ...
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Is there an ideal spread between Unlevered and Levered IRRs?This is in regards to a ground-up multifamily deal. Do investors (in this case, institutional equity partners) look for a healthy spread between these two metrics? I would imagine if the levered IRR and untrended yield-on-cost meet investment criteria, the unlevered IRR would not matter. The boss ha...
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Interview coming up w/ CBRE/JLLI have an interview coming of for a RE Finance Intern position. What can I expect in terms of questions and excel test? ...
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A10 CapitalDoes anyone know much about A10 Capital? Any brokers have experience interacting or closing with them? Any borrowers have experience with them? I've heard they are expensive and have a lot of guys running around trying to do smaller bridge deals. Good originators? Any feedback would be much apprecia...
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What are some great and also good real estate firms that I should look into in southern California?I'd love your input on some solid shops that hire straight out of undergrad down there. I'd love to be in acquisitions, but I'd also go into REIB or debt and equity placement. I'm currently interning in asset management at a private equity firm that has revenues between 1 - 2 billion in the east c...
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CRE Finance - BB Lending groupsWhat is the deal flow currently at these groups ie MS, JPM and what are FT interviews like? Thanks!...
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Investment Sales CareersDoes anyone know of any brokerages that offer some sort of salary to entry level investment sales/capital markets brokerage roles. I believe Newmark does as well as Ariel Property Advisors....
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NewMark Grubb Knight Frank - Review - Real EstateInternship program was run very well and organized. They really treated the interns as full time employees.. Wish there was a entry-level rotational program for college graduates that some of the competitors have....
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How to buy a house? Hi there, I am doing research on real estate available source for buying a house. How many real estate company outside there? If I got a real estate license, which real estate company I should work with?...
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ARGUS Certification - Which Study Materials to Use?I have bitten the bullet and signed up for the AE Certification course. My question to those who have already gotten the certification is whether the eLearnings and certification book are both necessary or if I really should just be spending my time on one of them and not waste it with the other? ...
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U.S. Garden Style Value-Add Multi-Family Case StudiesDoes anyone have any U.S. garden-style multi-family case studies that they would be willing to share? Ideally something that spans the whole cycle from acquisition, repositioning, to disposition....
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Cap One/Freddie Mac/Walker DunlopIn the interview process with 3 companies in underwriter or asset management positions: Cap One Freddie Mac - 2 positions Walker Dunlop Right now I might have a favorite but haven't been sold on one yet. Any thoughts on the companies, progression, pay? Any recommendations would be helpful....
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Rent or SellHi, I purchased a rental property 4 years ago for 72000 cash. My tenant just moved out. To date I have recouped 57000 dollars in rent (after taxes, etc). Therefore, if I make another 15000 I will have recouped my initial investment. I am trying to decide if should sell the property at a projecte...
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Residential LendersCurrently conducting diligence on a Residential Debt Fund who would provide 60-70% Leverage to Homebuilders. While this is obviously a large subset lender industry, I am less familiar with the largest players in this space. Therefore, would be interested if anyone in this forum had some experience w...
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Anyone need a job in Westchester, NY?My company is looking for Acquisition and Asset Management Analysts. If you are interested feel free to message me. Some of the requirements are below: 2-3 years of full-time experience in finance, or real estate with a high proficiency in Microsoft Excel and Argus. ...
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Real Estate SMMReal Estate Agents and Brokers What social network do you using the most for lead generation and/or sales?...
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Analyst Modeling TestFigured I would give back to the community. I have a modeling test I was recently given for a debt/equity shop that I am happy to share. PM me and I will send it over. ...
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When to start the job search (in college)Mods, please don't move this to the "job search" section as the answer to this will vary by industry a bit. I'm going into my senior year of college and will be graduating Spring 2019. Should I start searching for positions during Fall semester? During Spring semester? Trying to see how much time ...
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Who here invests in Data Centers?As title says. Development or acquisitions. Would enjoy hearing more about it. Definitely an interesting space. ...
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Strategy in applying for positions that are junior to my experience levelHave been applying and interviewing the past few months since my last firm decided to shut down all three of their regional offices (including mine in SoCal). While many have commented that the job market (at least in SoCal) has been fairly healthy compared to other markets, it seems like most posi...
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Life in Acquisitions (Analyst/Associate)I've had a couple of people PM me about what I do in REIT acquisitions and what the deal process looks like. I figured I'd post this for people's future reference. I work at a fairly large REIT (>$10billion AUM) so this process may be different for smaller shops. We also exclusively focus on CRE: ...
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Tutorial: Ground-up Development CashflowMonekys, I'd like to share with you again a free modeling video. For some this will likely be too basic but if you are just getting into real estate it could be a big help. My goal is to spread the word and eventually become a big resource such as Adventures in CRE, so please let me know what yo...
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Marcus and Millichap Cold callingWhere do investment sales brokers go to find phone numbers for building owners at places like Marcus & Millichap? Anyone know?...
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Argus Enterprise (AE) Certification Exam Testing Experience + Related QuestionsHey there fellow primates, I am planning on taking the Argus Enterprise Certification Exam soon and was wondering what the testing experience will be like. I know there are 75 general MCs and the case study with 15 MCs but what can you tell me beyond that? In particular, I was wondering: 1) Can yo...
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Multi Family Investing - New York CityThought this would be a good place to post some general questions as a real estate novice and gather some perspectives from people in-the-know. Currently in IBD, and in the near term (~1 year), I’m looking to diversify my income stream by adding a multi-family income-generating investment property...
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My Gift To WSO: Investment Committee Memos....Or Something Like ThatSo, I've been trying to find an actual Investment Committee Memo from a real deal. I randomly asked for one on an existing thread on this board and someone told me it was too "proprietary" for anyone to share. Fair enough. So I took to the magical, wonderful Google! Started out with: investment me...
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Internship Opportunities in the IndustryClass of 2020 looking for firms with opportunities for summer experience. Currently involved in a class A, Core Asset firm during this summer and looking elsewhere for more options. Are there any suggestions for the commercial classification that would make sense to break into the industry? ...
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Greystone Group - Interview - Real EstateNo real difficult questions asked. HR mostly wanted to see how you communicate and your motives for getting the job. I applied for an originations role so they were ostensibly looking for someone who could sell themselves. Most questions were open-ended, soliciting a good amount of elaboration on th...
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From Real Estate Investment Sales to DebtHi All, I'm currently spending my Junior summer interning at a commercial broker (think HFF/Eastdil Secured). I've realized I find the debt aspect of real estate more interesting than acquisitions or investment sales. I'll be recruiting for a full time position and will be applying to the different...
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Marcus and Millichap Real Estate Investment Services - Interview - Real EstateThere were no real difficult interview questions that were asked. It was pretty easy. They started by asking about my background and education and experiences. After some brief discussion about my background they moved into why I though I would be a good sales agent. They asked if I was comfortable ...
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Will RE Modeling Ever Go Away?Like the title, curious of everyone's thoughts of Excel modeling and its importance/value in the future (maybe not 5 years, but 10-15 years down the road). This is purely a debate, and I don't think there's no right or wrong answer. Personally, I don't see anything out there that currently takes Exc...
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Argus Enterprise (AE) Retake Certification ExamHas anyone retaken the Argus Enterprise (AE) Certification Exam? Is the case study at the end the same or does it change?...
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REIT Compensation at the Analyst level?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 successful i...
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Multifamily new construction developers?Anyone work for a multifamily developer or an equity firm that invests in multifamily new construction multifamily developments? Please PM me as I’d like to talk with you about how you underwrite your deals and working with outside equity. I work for a primarily affordable housing development grou...
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Up and coming REPE firm vs top REPE firmSo I'm currently an intern at a smaller REPE firm with AUM of around $250 million. With it being a smaller firm, I help the asset management team as well as help out with underwriting in acquisitions. This firm is also starting to get capital from institutional investors as well as getting noticed b...
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United Bank - Interview - Real EstateNothing too crazy. They base their interviews on their core values of the company. They have 4 base questions on their values which are - Integrity, Hard Work, Teamwork, Caring. From there they ask to describe a time where you have demonstrated those in the work place, in detail. They want you to go...
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Cold Calling for off market opportunitiesI'm interested to hear if any of you guys know where commercial brokers source their cold calling lists from, whether it be going after multifamily, land, office. or industrial opportunities. If anyone has any special websites, soft ware, or companies that they use to build specific cold calling lis...
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Any opinion here on working for non traditional real estate companies like Realty Mogul or Peer Street?I get that at its core, Realty Mogul, Peer Street or any of the crowdfunding companies are not too different from a traditional real estate shop or a lender. They help raise debt or equity and from a required skill set perspective, its the same old valuation of real estate- property, market, sponsor...
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First Real Estate Investments: Benefits of Forming an LLC or Direct Ownership**Conundrum:** I'm wondering what the benefits are from both a risk-management and cash flow (tax) perspective of organizing an LLC to make my first few property investments, versus owning the houses in my name. I am about a year away from the process of actually putting down money and feel like an ...
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Capital StackHi Guys, I am looking to learn more about the Equity & Debt capital stack of a real estate deal. I want to learn it conceptually and then apply that to modeling to further enhance my skills for the future. Of course I know debt and equity but I want to know how the capital stack works in more compl...
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Buy-side or sell-side in Real Estate?I am nearing the end of my SA gig at one of the top CRE sell-side shops (think Cushman/HFF/CBRE/Eastdil) on the east coast and am fairly confident that I'll be receiving an offer as a full-time analyst in the next 2 months. I know that I 100% want to end up on the buy-side in REPE acquisitions, bu...
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Real Estate Valuation & Accounting Internshipdoing an internship in real estate valuation/accounting for a large well regarded hedge fund (10B+). What is the perception of an internship like this? Will it pigeonhole me as a bookkeeper, or could i use my valuation experience to push toward the acquisitions/investments side of things? Thanks in ...
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Financing Data Centers- any idea on debt pricing?Hi. Has anybody here used debt to finance data centers? Would you happen to know anything about the pricing your seeing in the market from a financing perspective for: Stabilized cash flowing data centers with credit tenants with long term leases. Semi transitional centers or non credit tenants Gr...
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How long does it take to get the offer? In general: what happens when you get rejected? What happens when you get offered? What is the typical timeline for each? Is there any clear way to know you have been rejected? What does it mean if they do not stick to their timeline to a T, but remain responsive? Neutral?...
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AMA: From MO Risk at Big 5 Bank to Real Estate DebtI worked in market risk reporting supporting mortgage backed trading desk and interest rate trading desk for approximately 2.5 years. At this point I decided I did not want to be part of MO and exit to S&T seemed very rare. Somehow by applying to everything I saw, I landed a gig in retirement hous...
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Should I get a Real Estate License?A developer in my area that I have networked with says I should get my license to open up opportunities before I focus on anything else. It is definitely achievable this fall, but I was hoping to use the free time to study for the GMAT and get a good score for when I want to go to business school. ...
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Empire State Realty Trust - Interview - Financial Planning and AnalysisThere were really no unexpected interview questions. The questions asked were: Why real estate? Tell me about yourself. Walk me though your resume. And for technical questions I was asked simple things like what is a cap rate and what is it generally used for. I was also asked about prior experience...
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Walker & Dunlop underwriting Looking for some info on Walker & Dunlop's multifamily underwriting team (Bethesda)... Will be my first job out of school and want to make sure I will be in a good place to learn and build connections with strong exit opportunities. Ideally (for now) I'd like to transition to a MF owner/operator ...
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Help needed - How do you value a REIT investment? Hello, REIT dummy here. I am just wondering how do you usually value a REIT investment? My approach is to look at FFO or price to book (using a comp/multiple approach). How often do people use bottom-up/asset approach? What are some other ways to look at REIT investment? What are some other imp...
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Small Shop DevelopersTo those of you that work in a small-med size development firm... Are there such things as interns? How did you land your role? How do salaries differ from the large developers and national corporations?...
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Majestic Realty Company: Familiarity?Is anyone familiar with Majestic Realty Company? They're a large development firm in California (in a little known city called City of Industry). It's owned by Edward Roski, who is a pretty famous RE guy in CA and a multibillionaire. They seem to heavily recruit at USC (just from my personal LinkedI...
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Featuring local vendors on own websitesDoes anyone feature local vendors on own websites? And do you charge these vendors anything? Thanks for advice...
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Digital sphere in Real EstateWhat is the main issue you've faced with in digital sphere: 1) Developing/launching your professional website 2) Its SEO optimization 3) Leads generation ads 4) Social media marketing...
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How does walmart's inhouse real estate development team model/analyze projects?Like the title says, Walmart has an inhouse real estate development team that chooses new locations to build more stores. How do you think their modeling/ analysis is structured? Considering that they will use 100% of the property for their own business and won't lease it out and have no intentions ...
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CRE Salary ProgressionHow 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. ...
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I need to become an expert in real estate accounting.Like this weekend. I’m building a model to measure impacts on financial statements caused by operating/finance leases, lease restructures, owned assets, sale-leasebacks, ground leases.. the works. Asking for study material recommendations beyond FAS13/ASC842. Help is greatly appreciated and di...
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Modeling Cost Distribution in the Construction Phase of a Development Project - ExcelThis is a pain in the ass question. I am rebuilding a Monthly Pro Forma that I intend to use for all multi-family ground-up development deals going forward. What I am trying to achieve here is the ability to change two key inputs ("Construction Start Date" and "Months of Construction") and create a ...
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Help with marketing analyst consulting businessI have been working on my own to create a real estate financial analysis consulting business. Basically, trying to find clients (brokers, investors, entrepreneurs, etc.) who need help putting together financial models, offering memorandums, pitch decks, etc for their projects. For all of you out t...
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Brokerage Graduate Intern ProgramsAnyone know if large brokerage shops (CBRE, JLL, C&W) have internship programs for graduate level students? Starting a MSRE in August after not having luck landing a role at any of these firms. Currently in a job in the industry that I would leave for this. ...
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