Silver BananaTopicReplies
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RE Valuation Analyst / Appraiser Exit OpportunitiesHello WSO, I'm considering going the route of valuation analyst/certified general appraiser and was wondering what the exit opportunities there are? Or is this career pigeonholed quickly? Also, what's the typical career path of this route? Thank you in advance for the help. ...
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Best Asset Class for Entrepreneurial DevelopersIf someone wants to eventually go out on their own and start a development company, what’s the best/most feasible asset class to develop? Assuming they won’t be inheriting any substantial land or funds. Initially my thought is multifamily. Finding a half acre and developing 5+ townhomes seems ...
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Research analyst interview questionsHi everyone, I have a second interview for a junior research analyst position at CBRE and I wil be tested on Excel, data interpretation and writing skills. Any advice or experience about it? Will it be doing pivots tables, graphs,.. based on a huge excel database and write something about my observ...
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JD's in Real Estate?Why is it that many of the most successful real estate legends have JD's? I'm thinking about guys like Thomas Barrack, Sam Zell, Mortimer Zuckerman, etc. Does it make sense to get a JD if you want to go into real estate? A career path like "UG>JD>Real Estate Law>Real Estate Development/Finance>Cr...
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Walker & Dunlop Analyst SalaryI was wondering if anyone has worked at Walker & Dunlop or worked with Walker & Dunlop and could tell me anything about the firm. I am a junior looking to intern there but I can't find much information about the firm. I would also appreciate if someone could give me an idea about what to expect the ...
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NYC M.S. RE candidate - summer internship searchHey all thank you for taking a look and offering your advice. I am currently in my first semester of an M.S. in Real Estate program in NYC (one of the two top schools, do the math) and am seeking a summer internship. My previous experience includes 1.5 years in CMBS, and a recent spring associat...
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CMBS/RMBS - How to break into?A little background about me - I'm doing my MSRE at a non-target. As I'm interested in structured products, I feel like MBS is what I really wanna do. So I guess my question are: 1. As Dodd Frank risk retention rules imposed at the end of 2016, is CMBS market shrinking and less opportunities for ent...
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Looking for an Underwriting Analyst - Washington, D.C. AreaHi all, I posted on here late last year and was able to hire two underwriting analysts at my firm. We might have a need for another analyst here in the D.C. office. If anybody is interested, please send me your resume and what you're looking at for compensation to [email protected] We're a mid...
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Help with Present Value calculation of Rent.Hi there, I need help calculating the PV of contracted rent
given the information below. Demise: 10,000 sf Face rent (p.a.): £20 psf* Lease term: 5 years Discount rate: 8% * Assumed paid quarterly in advance. The answer is: £838,080. Could someone please explain how this answer has been re...
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Walker & Dunlop Multifamily Finance Internship Vs. JBG Smith Development InternshipWalker & Dunlop Multifamily Finance Internship Vs. JBG Smith Development Internship? I need some insight on which internship I should choose. ...
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Real Estate Development ModelingHello Everyone, I am curious to know how everyone underwrites and models a multi-family(mixed use with retail) development project. For example, if you or your firm is looking to acquire a current income producing project(future development site) and has plans on taking it down in the future, how w...
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Need help with Salary ExpectationsWhat would your salary expectations be for the following position: Asset Manager overseeing the For Sale Condo or Multifamily, Office, Retail Developments ($250 million+ core A+ projects). Company is highly respect with billions in cash for investment / currently in existing deals NYC...
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Looking to hire Intern to do quick MF analysisIm looking to hire intern/student or similar to do quick financial analysis of a small multi-family complex. Basic stuff, cap rates and pro-forma of current operations and also projecting out numbers after a full rehab. Anyone?...
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In-House Leasing Compensation Curious what the Compensation structure looks like for an in-house leasing team for a big developer? Think (Tishman, Boston Properties, Vornado) What can someone at the bottom make (Leasing Coordinator, Leasing Manager) and then what do the top guys bring in? (Director, etc.)...
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Buying REO from Special Servicers.................................................................,,,....................................
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Emigrating to a different market?Real Estate being such a regional and network based carrier, I'm curious about any stories and details you might have about graduating from or working in a certain market, and either through fortuitous events or a continued effort wound up in a completely different market or even country as you orig...
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Massimo Group Training Does anyone have experience with the Massimo Group's broker training platform? There is not a lot out there in terms of reviews and I have not ran into many at all that have tried it. I receive their free email blasts with "tips" but they seem to be a bit generic or bait to buy something from them....
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Debt to Equity AnalystI'd like to start off by saying that WSO has been a great resource at school and after, great advice here about pretty much everything, especially interview help and industry information. I know this question has been asked before, but the last thing I was was from 2016 so I'm not sure if it's stil...
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Real Estate Jobs: Which will be replaced by technology and which won't?There's pretty much been a consensus agreement that a large number of jobs face a high likelihood of being replaced by robots and/or automated functions. For example, a large number of accounting functions across many industries will be automated. Additionally, more and more service jobs (taxis, foo...
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Why IRR is so high on a compressed timeline?Hi everybody, I am currently underwriting a 13 units condo development project that has total length of 15 months from close to sale. 15% return hurdle and 70/30 promote slit. The problem is that the IRR comes out 38% with a 1.65x. If I would adjust the IRR lower, to 23%, multiple comes down to 1....
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Multifamily Property Tax ProjectionsHi all, I had a question on underwriting projections on property taxes for certain states, which 1) do not have a maximum limit on the YoY increase in assessed value and/or 2) use a mass appraisal system that factors in all three market, income, and cost approaches. In particular, I've had trouble...
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CBRE - Review - N/AGreat company with great overall management. Interns were assigned to individual teams and from there they split off on their own. This led to more one on one training.. Nothing too negative to share. As with any internship, tasks can get somewhat monotonous when it comes to data entry but at the sa...
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"Basic" Technical Questions Every Analyst/Associate Should Know For Interview?Happy Monday. I've had a few HR interviews in the past with nothing too technical aside from: do you work in Excel/what type of analysis do you do on a daily basis? Aside from basic technical questions (calculate IRR, NOI, CoC, walk me through a DCF, etc.) what else should anyone interviewing for ...
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implicit host What is a good idea to solve all these conflicts inside you when you find out this kind of truth? ...
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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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UG/MSRE combined degree entry level positionsHi. I'm graduating a top 50 non target with an UG in finance and MSRE combined degree. I've worked 3 prior CRE internships. I was just wondering what kind of entry level roles I can expect with an MSRE as opposed to just an UG degree. I am also Argus certified if that helps. Thanks all....
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Tutorial: How to Model a Real Estate Development Construction Loan Monkeys, I am creating some free videos teaching you the basics and more advanced concepts in RE modeling. Please enjoy and feedback is appreciated ! https://www.youtube.com/watch?v=oddgUETdwLM ...
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CRE Brokerage Best Practices? National CoverageQuick question here for those of you brokerage guys who are not able to meet your clients in person due to geographic barriers. I started in investment sales and I'm so used to trying to just get a meeting with owners to establish a relationship. Now that I've jumped over to the debt side, and I hav...
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Jones Lang LaSalle - Review - BrokerageVery sharp coworkers overall, meaningful projects were assigned and you could see the big picture of your work.. Management should make more of an effort to get facetime and otherwise interact with team members more....
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Invesco Real EstateAnyone have insight on Invesco’s Real Estate group? Specifically in Dallas? ...
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Fitch Ratings - Review - Collateralized Mortgage Obligations (CMO)Great exposure to CMBS Excellent learning opportunity and exit options - can go to either balance sheet or CMBS lending Great work life balance. - limited opportunities for advancement within the firm - ratings not a long term play if you are more ' deal-orinted mindset. - pay is below banking...
Morgan Stanley - Interview - Real EstateThere was a TON of mental math (i.e., calculate property value given cap rate, rent psm and total sqm, and moreover I was asked to calculate WACC given a set of assumptions. I was also asked how I would invest 100m if I had to. What my investment thesis was, and then more specifically my investmen...
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Exit opps for Investment Sales Broker? What exit opps would two solid years doing investment sales (mixed use residential: ground floor retail with resi above; deal sizes from 5mm to 35mm) in Manhattan provide? Two years of sourcing off market deals, creating relationships with major owners throughout the city, etc. Thanks,...
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Graduate School and Real Estate DeveloperDoes graduate school quality make any difference in becoming a successful real estate developer (M7 school or some small or unknown business school)? I know some graduate school don't require GMAT, but going to graduate school that doesn't affect my future success as a RE developer? I got an advice ...
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Graduate SchoolHello, I'm now in undergraduate school, and after receiving advice from people working in financial services, it seems like I should embark in real estate field to achieve my long-term career goals. However, I've been studying psychology in my university, and my interest is real estate development, ...
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Impact of VAT and Transfer Tax on RE DCF's Gross/Net Market ValueHi everyone, I am new to Real Estate Valuation and currently try to wrap my head around the impact VAT and Transfer Taxes have on a property's gross & net market value following a DCF approach. I would really appreciate some help! In the terminal value calculation, should the impact of transfer ta...
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Would you move from real estate development to asset management?I have been offered a position with a prominent PE firm working on the asset management side. I would be managing / overseeing our development partners and projects where we are the LP. This firm invests in pretty high profile projects. I am not sure about this move (because I seem to hear mix b...
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Analyst for top Broker team or Underwriter?Want to get a quick discussion here. I don’t have these offers but I’m genuinely curious as to what you guys would choose, and think it could help some people on this forum. Let’s say you have two job offers from the same brokerage company (think HFF\JLL\CBRE) for : A: One of the top broker...
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Graduate School (MSRE)My goal is to become a real estate developer based in either in US or Europe and have connections with Asia and Africa. I'm considering on MSRE after I graduate, but do you recommend I should seek MSRE in US or France?...
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Marcus and Millichap Real Estate Investment Services - Interview - GeneralistThe most difficult question asked was probably between the case study of the aerial shot or the first few questions. The first question was: What is something on your resume that is not there already The second question was: How would your friends describe you. These are fairly generic questions, bu...
Duff & Phelps - Review - Real Estate1. No Strict Schedule since it's a project based environment 2. No micromanaging; a lot of autonomy if you prove you're reliable/ on top of things 3. Great Exposure to a wide variety of property types (all commercial property types actually), Clients (primarily fortune 500 companies including major ...
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Best MBA/MSRE Programs for REIB/REPE JobsWondering what MSRE/MBA programs have the best exit opps in the REIB/REPE spaces. And when I say REIB/REPE I am more curious to hear about placement into larger firms that crank out deals (on the REIB side)/have lots of capital to deploy (on the REPE side) than smaller boutiques. Obviously M7 MBA ...
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Can someone give an explanation to this transaction?How does the deal below make any sense for the buyer. Are they buying to lose money? The sellers are having a field day... 50 million in 24 hours. http://rebusinessonline.com/rodeo-drive-retail-property-sells-for-110m-double-the-purchase-price-from-24-hours-earlier/...
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Public accounting to RE - Advice?Hey all, I posted on here several months ago looking for advice on how to break into the RE industry. Quick rundown on my background. Graduated from an SEC school with a double major in accounting and finance. Average GPA (right at a 3.0). Interned in the audit department of a regional accounting ...
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Lease Abstract-Office and RetailHi guys, I am comfortable with abstracting lease info for multifamily. It's probably the easiest product type to summarize a lease. The most important things that I summarize in my lease summary for multifamily is 1. types of product 2. average square feet and avg rent for each product type 3. W...
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Cushman Wakefield Associate vs HFF Analyst?I have been interviewing at Cushman Wakefield for the last few months with the BizDev team for an "associates" role but would be limited in terms of deal exposure. I am also in talks with HFF regarding an analyst role. I have no ARGUS experience but I think the experience at HFF would make me more v...
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Variable ExpensesWorking on the acquisition of a fully vacant office building that will be chopped up and subdivided to multiple spaces and leased up over 3-4 years. Wondering if anyone had any good data about variable expenses, particularly office and what might be reasobable to expect of Utilities or other items ...
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Interview at CBRE and have to take test, advice?Hello, I have to take a test for an interview as a financial analyst at CBRE. Does anyone have any advice on what is asked in the test? It's a "real estate and finance" test, while I'm comfortable with both areas, this is a very broad description and I was hoping someone could help me narrow down w...
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Forward Funding Excel ModelHi All, Working as a lone analyst at a small REPE shop in the UK and have been asked to look at creating a forward funding model for one of our schemes. Looking into forward funding the concept is pretty basic but the variables in underwriting a deal seem to be plentiful. I was wondering has anyon...
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UBS Real Estate, Leisure and LodgingInterested in opinions on the group. Does anyone know where the analysts have placed? Are you pigeonholed into real estate therafter, or are options still relatively broad after 2 years?...
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Jones Lang LaSalle - Review - Real EstateCool Offices. Friendly co workers. Well recognized name and respected in the real estate industry. . The job itself was not as advertised in the interview. My position was mainly cold calling Senior Living Facilitys shopping them for information. Was miserable. ...
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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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Nuveen Asset ManagementHas anyone in the forum worked with Nuveen or have any knowledge of their GRE team that works deals on the east coast? I understand they are an arm of TIAA with over $950B AUM.......
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Why wouldn't a fund do a leveraged buyout of an undervalued REIT?The market cap of my publicly traded REIT is trading (and has been for a while) at about $5B less than our assets are worth. What's more, we are highly UNleveraged. I'm confused why a larger fund hasn't bought us out yet... it seems like it would be so easy to lever up, sell all the assets, liquidat...
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How is the market feeling from a transaction velocity standpoint?Seems on our end like transaction velocity is slowing down drastically. Anybody else seeing the same thing? Just curious for those that are doing deals what everybody is seeing going into Q2....
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Urban Dwellers NYC - Interview - Brokerage1.Tell me about yourself. ... 2.Where do you see yourself in five years? ... 3.Why should we hire you? ... 4.Why do you want to work here? ... 5.What do you know about us? ... 6.How do people describe you? ... 7.What is your greatest strength/ greatest weakness? ... 8.Describe the current market 9.W...
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firms in real estate development/finance in DC areaWe are a retained executive search firm looking for a development/finance officer for a boutique real estate development company in the DC area. We are interested in recruiting from similar firms in the area or from investment banking real estate professionals. We are interested in getting names o...
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Articulating Internship ExperienceHi Everyone, I just graduated from DePaul University with a finance degree, 3.9/4.0 GPA, and capital market research internship experience (CBRE, Newmark, Cushman type company). Applying/seeking for analyst gigs at CRE investment firms (preferable in AM or acquisitions). Also interested in valuatio...
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Declining an MSF full-ride to have equity in a RE company I caught the finance bug late in life and have recently starting interning at a small RE company doing book work for them and odd jobs. The three investors in the company all have other jobs and are about to close on a 102 unit apartment deal, about 5x their biggest to date. They are not yet at the ...
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Finding Origional Loan Based on Current Principal Balance in ExcelGentlemen, I am getting a little jammed up on this and am very curious if anyone can figure it out. I am looking to create a clean model to back into an origional loan balance based on a principal balance at X year into 30 year ammortization. example: The principal balance 5 years into a 30 yea...
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Loan Amortization TableHi all, So I tried to find amortization tables on the web for real estate but most of them do not account for loan curtailment (early prepayment) so I was wondering if anyone could provide guidance on how a proper one is made. Also, in terms of amortization per year, is it just 1 divided by the amo...
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Georgetown Masters in Real Estate OnlineHey everyone! I am new to these forums but I wanted to hear from some people that have or are currently going through Georgetown's online masters in real estate program. I saw some previous posts about this but nothing within the last couple of years. I am heavily considering doing the program even...
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MBS QuestionHi there, What is the answer to this question? VPS holds a pool of commercial interest-only mortgages. The annual independent default probability for each mortgage is 8%. VPS intends to pool 4 mortgages into a collateralized mortgage obligation (CMO) vehicle, which then issues securities structure...
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home can depreciate in value? I'm considering to buy a property but I wanted to know if a home can depreciate in value? Thanks! :)...
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Ackman-Ziff - Interview - Debt Capital MarketsNothing was too difficult as there were no technicals. The 2 hour interview with 4 people consisted of primarily fit based questions. Looking back, there were no behavorial based questions, truly bizarre. I have no idea how we spent two hours as there was nothing substantial learnt during the time. ...
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Chase RE BankingI applied for a position with Chase Bank's RE Banking team for a Junior Originator position; basically assisting the senior RM. Does anyone have any insight on this group? Deal types, volume, culture, pay, etc. Also, any tips for the interview? Is there an excel test?...
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What are the steps necessaryHey guys, Long time lurker, thought I'd finally post something as I am in need of some advice. I am currently in an unrelated field (software sales) and have been in the role since about six months, out of school a little under a year. I have completed both the BIWS and REFM modeling courses. I jus...
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Real Estate Modeling QuestionDear Sirs, Could someone please help me with the following questions. A private property developer fund has been offered a site on the edge of a city (with a guide price of £8million) that has planning permission for a new retail park. The site requires £1.2million site clearance and infrastruct...
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Finding New JobsHey guys- trying to find my next move in my job career. Ended up with a Developer and it really just isn't anything I expected. Lots of sitting around and doing nothing. No training, modeling or anything. Looking to learn more and take on way more responsibility. So I am curious where you guys are l...
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Real Estate Side HustlesWhat types of real estate side hustles do people have? My intention is to work in real estate in a full-time capacity, but also have a side hustle like owning my own commercial properties or being a broker. I would like to hear of anyone's experiences with their real estate side hustles and if it is...
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Value of a Rice MBA??So I've been accepted into the Rice MBA program, but without any scholarship. I'm debating whether it will be worth the 110k tuition, especially since I also have the option to go to the University of Texas at Dallas with full scholarship. My goals post MBA are to work at a REPE shop or at a REIT, ...
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Cushman & Wakefield 2018 UpdatesAll, read plenty of info on CW and other brokerage shops. Looking for an update since the last Investment Sales Analyst related info seems to be a few years old (unless I'm missing it). Looking for info on CW investment sales analyst in NYC: comp, hours, deal flow, general market that you're seein...
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Final Interview - Associate Position - Cold Email Hustle Success (Hopefully) After hundreds of emails to CRE professionals, countless coffee meetings and phone calls, my lucky break for an entry-level dream job in a major market with one of the big three CRE services firms may have just come through. The team asked me to fly out and meet them this week. For me, this is the ...
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How do LIHTC developers make money?In the process of discussing a VP level position with an affordable developer (mostly 4% LIHTC deals). My background is primarily market rate value add multifamily and commercial. I was curious if they comp structure for affordable groups is similar or less than what it would be for a pure play eq...
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WSO Happy Hour DC Area: Thursday, 4/28, 8pm @ Roofer's Union in Adams MorganLooking to put together an event for those of us in the DC area. Drinks and a light bit of networking @ Roofer's Union in Adams Morgan on Thursday 4/28. Respond if you guys would be interested/available. -Alex...
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Barings (Cornerstone) Real Estate AdvisorsFormerly Cornerstone Real Estate, now called Barings after being acquired by MassMutual. Anybody know anything about this group? Specifically interested in their equity platform....
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MSRE(D) Applicants Fall 2018I wanted to start a thread related to MSRE application for Fall 2018. I think it would be great if you guys could share where you have applied to and on what stage of the admission process you guys are currently in. Thanks! NYU / Admitted MIT / Waiting for response Cornell / Interviewed Columbia ...
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Travis Kalanick starting a RE Company?Looks like Kalanick is making headlines again, but too the surprise of many, for real estate: "CSS is a real-estate company looking to buy "distressed real estate particularly in the areas of parking, retail and industrial," as Kalanick describes it. He says $10 trillion worth of this kind of real...
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BB REIB (Companies) vs Brokerage REIB (Properties)I'm trying to figure out more about the benefits of working at a BB REIB group that works solely on real estate companies vs working at a REIB group at a brokerage that focuses on properties. From my perspective, doing BB REIB would give you a more broad finance experience correct? And the deal si...
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Anybody have any scoop on CIBC's real estate business?Would really appreciate any insight or help. There is very little info available on their deal flow on the real deal, commercial observer. Thank you!!!...
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Career Pivot via Masters in Real EstateHi all, have been a reader of a lot of the RE forums but first time posting. I am currently three years into working as an electrical engineer for a Medium~Large MEP engineering firm in NYC. I have been involved with several of the firms ground up construction projects which have included both com...
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2018 ICSC ThreadWanted to get an ICSC thread going. Who is going out to Vegas? What do you do? I'm in capital markets. Currently at school but will be returning back to work in the fall. ...
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CRE Asset Management Learning MaterialsHi everyone, long time lurker and beneficiary of the information dispersed on this forum here. I've recently accepted a role as an Asset Management Associate with a lower PERE30 fund (think Angelo Gordon/Ares/Fortress/Cerberus) in NYC. The fund invests in all of the four major asset classes, as well...
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Ares Management - Review - Real Estate* L.A.-based company with great culture. * Treats its employees well. * Opportunity to work with very smart and talented people. . * Would like greater ability to work with other groups within the company. * Hard to affect change given how large the company is. ...
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Regrets About not Going to Corporate Finance?I'm sure most of you here have a passion for real estate, and that's why you work in the field or are trying to get into the business. But I have a controversial question... Skip to the last paragraph if you don't want to read my rambling examples in the middle. For the Brokers, do you ever wish ...
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MBA Programs for Real Estate To all Real Estate Finance professionals out there. I am applying to B-School next year and would like to concentrate in RE. Would you agree these following MBA's have the strongest RE programs with strong RE recruitment for IBRE and REPE? 1, Wharton 2. Columbia 3. NYU - Stern 4. Northwestern - Ke...
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When interviewing, is it ok to say that my nickname at school is "The Machine"?Shows them my humour etc. Basically people call me this name at school because I'm a beast in excel and RE. People call me it when I walk by them in the hallway. Some kid I didn't even know called me the Machine in a class earlier this year. For example here's a sample use: Person A: "Oh man, I ha...
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Life at Mega DevelopersCan anyone speak to what it's like working at a Hines/Tishman/Related in a flagship office (NY/LA)? Somewhat curious about comp, hours, culture and all that, but far more interested in the actual quality of the work and what the impact is on your career. As an analyst at one of these firms, are you...
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Home Buying ProcessOnce you have already taken the first step to buy a home, that is getting a pre-approved loan, what is usually the timeline or how long would it take to finally buy your own home? Please help. Thanks! :)...
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