Trending Content (see all)Replies
+44
Contrarian Thesis: Acquisitions is the Least Interesting Job In Real Estate

LReed

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

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

LReed

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

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+23
Effective LP oversight of GP

wso_4

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

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+3
Negotiating down sales price after offer acceptance

wso_4

While you're doing DD or under contract, how often is the sales price negotiated down, and what are the most legitimate grounds? It seems like the results of a Phase 1 can be a solid basis for negotiating an adjustment - what else? I'm curious how frequently a buyer would offer over their highest pr...

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+3
Institutional Seeders for Emerging Developers?

wallstreetballa

What platforms (if any) are there for emerging developers looking to raise institutional money for projects? The consensus is, there's more money than there are "good" deals and new developers raise through family and friends but what if you don't want to deal with family and friends, what options...

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+1
Private Mortgage REIT?

enterprisevalued26

Are there any private mortgage REITs. If so what are there names? I have searched online and only found publicly traded mortgage REITs. ...

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+9
Brokerage vs REPE Asset Management

SteelGun

Hello 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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+1
Ready Capital Structured Finance (RCS)/State of Bridge Lending?

Mandelbaum_Mandelbaum

Hey guys- I was wondering if anyone could shed some light on the bridge lender Ready Capital Structured Finance. I work for a seller/servicer in SBL lending and had a recruiter reach out to me about an underwriting role there. I was able to find some information on the types of deals they do (most...

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+3
Construction/Capex Cost, Operating Expense, and Other Income Sizings

REAcquisitionsnyc

There are a number of readily available resources out there to pull from for rent/sales assumptions, leasing assumptions, and capital markets assumptions. Real estate taxes, insurance, and management fee assumptions are either standardized, or fairly easy to determine as well. I am curious as to how...

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+1
Advice Needed: How to move from Project Management to REPE

nicks593

Quick background on my experience... I spent a few years right out of college working for a Commercial General Contractor, made a switch and now work for a Real Estate Developer as a Project Manager. I will be starting on my MBA this fall at Rice (weekend program). I would appreciate some insight on...

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+1
CIM Group Interview Excel Test

TactialTrader

Hello, I have an interview as an analyst coming up with CIM Group and I was told there would be an excel test during the interview. I will have an MS Finance in about a week, so I have experience with financial modeling but I am a little concerned as we did not cover any real estate in our progra...

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+4
Debt Funds & CLOs

clydebot1

I work at a debt fund, and we are beginning to get asked more and more how we are financing our position when we provide a quote. Obviously a lot of lenders have gone the CLO route in the last year or so (my firm hasn't), which has had a clear impact in lowering the cost of capital/spreads that they...

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NPL and Whole Loan Valuation

sav248

I've made it past 2 rounds of interviews with a medium-large distressed credit shop (~$20bn AUM). They have a small but rapidly growing structured products group and the position is for an analyst/pm/trader with some light dev work mixed in. I have a modeling test next week but have no experience wi...

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+2
Which Job Would You Choose?

crellama

Hello everyone! I'm 23 and have been working at a boutique tenant rep. brokerage for going on 2 years now. My current role is essentially a transaction coordinator/analyst hybrid and I have been recently thinking about making the switch to the principal side. A little bit of information regarding 2 ...

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+2
List of Strategies/Plays for Real Estate?

laherag212

Hi, just finished my first Internship in RE. I didn't end up getting a job at the REPE I interned at for 6 months due to 'cultural fit issues,' which basically means the senior analyst didn't like me enough on a personal level. So I was hitting the books so I can get a job next time around right...

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+5
Real Estate Private Equity - Underwriting Template | Development | REPE | Credit |

dollarstrong

My fellow Monkeys - Trying to gauge how the industry would react to another excel model prep course. I have been working on a pretty kick-ass underwriting model that I use daily in my REPE role. Keen on finding some way to generate income from the file. What type of price point are people comfor...

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+4
Interest Only Structuring

C.R.E. Shervin

It seems I've overlooked one aspect of modeling partial I/O in excel and wanted to double check with everyone. given a 30-year amortizing loan with any amount of period of I/O greater than 0, assuming term is irrelevant the loan amortization table from the above would not have a 0 End of Balance in...

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+14
AMA on the WSO IG tomorrow with @CRE

famejranc

@CRE" will be hosting an AMA on the WSO Instagram tomorrow (https://www.instagram.com/wallstreetoasis/). He will start answering questions around 11:00 AM ET, and you can start sending in questions tonight around midnight. His background: - Real Estate Development Manager - Poli Sci/Econ Undergrad ...

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+5
What separates top Commercial Real Estate brokers from the rest?

wallstreetballa

Curious what separates top Commercial Real Estate brokers from the rest outside of natural abilities and skills? Trying to understand if certain regions/areas of focus/organizations play a big role in the top 25-10% of CRE brokers vs the bottom 50%. ...

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+3
Reputation of Kane Realty and other major developers in Raleigh, NC

TheMasterBuilder

Hello all, NC student in undergrad just wondering if anybody knows of the reputation of Kane realty, a development firm based in Raleigh. In addition, if anyone has any insight on the other major developers in Raleigh that would be much appreciated....

5
+8
Covered Land Play Ideas

boomemlr

Considering the current cap rate environment, what are some solid covered land plays you have seen in the market in terms of operating businesses, product type, attributes, etc., that can be pulled off with relatively low investment capital? Mainly thinking about high growth markets (Austin, Denver,...

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+3
Multifamily Debt/Equity Modeling Process Question

bottles_n_models

Starting a SA stint in June and had a few questions hoping someone could help me with: 1. What are daily responsibilities for a SA at Multifamily Debt/Equity shop? Will be reporting to head of Structured Finance & Equity and head of Debt Placement (at least what I was told, analysts/associates on b...

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+5
Advice for a high schooler interested in RE

Bobby Axe

Hey guys, I’m currently a high school student from the Bay Area trying to get into real estate. I’m most interested in becoming a real estate agent, but I’m also interested in becoming a developer/investor. I’ve always been an hgtv kid and I’ve always been into the business side of things...

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+1
Start Up Fund: Salary & Upside Negotiation. What should I be making?

Highly_Liquid

I currently work at a quasi debt fund in RE structured finance in one of the bigger cities in the Midwest. Our company is myself and the CEO. We're selling a brand new product and watching the secondary market form in front of us daily - there's going to be huge upside on a sale. The market is takin...

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+2
Entry level Investment Sales vs LIHTC?

Wicker

Thoughts on entry level roles as a financial analyst in a niche asset class with a solid investment sales/cap markets team (CBRE, etc) or investment analyst/underwriter at a MM bank in their LIHTC fund team? Long term, I feel I would enjoy the LIHTC role/work more. But, if I were to seek an exit o...

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+11
CAP RATE Interview

rerelosang

You have two identical buildings - one with an above market lease and one with a below market lease. Which one do you use a higher/lower cap rate for? Explain please. ...

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+12
CoStar is blowing it

PacNumber

I think CoStar offers a very unique, hands on service. This thread is more about their handling of Loopnet. CoStar is hell bent on getting rid of the #1 CRE site in the country and calling it CoStar for some reason I will not understand. Grandmas, students and all walks of life now know the name...

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+14
LIHTC during the next recession

Re.Monkey

Can anybody in the industry comment on how they forecast the LIHTC market during the next recession. I feel like the last recession isn't the best comparison because banks' financial structures are stronger now. Any insights?...

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+1
Property Owners Liable For Gun-Related Attacks

babybaboon

Saw this article: In Active-Shooter Events, Building Managers And Owners Are The Predominant Legal Targets Read more at: https://www.bisnow.com/national/news/commercial-real-estate/what-building-owners-and-property-managers-need-to-know-about-live-shooters-your-liability-is-not-limited-98605?utm_so...

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+1
What is Real Estate Consulting? NY Consulting Team

Realzstates96

I've been interviewing with several NYC real estate shops for a first job out of college, and have come across several jobs on real estate "consulting" teams at firms like JLL and Newmark. What exactly do these consulting teams do? Do they get contracted out to other companies like Big 4 real estate...

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+3
Hotel Cap Rates and Sales

Bananas1987

When selling a Hotel Property do you Cap the hotel EBITDA after FF+E reserves? For other property types you don' capitalize cap ex, but all Hotel Proformas I have received have FF+E reserves as part of the NOI....

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+5
Coding in CRE

Jsb54

Looking to get some opinions on this. I’m trying to figure out my schedule for my last semester of college in the fall. I can either take a Python class (which I’ve always wanted to take because everyone says coding is useful but I’ve never been able to fit it in my schedule) or a real estate...

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+22
WeWork?

Nousernamehere

Is it just me or is this firm moving and at a rapid pace which in my opinion may not end well..they are only 7 years running and in that time they have went from their core business of office coworking, to building a fund, elementary school and now are possibly going into retail and hospitality? The...

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+1
Want to pick strategic condo in Singapore? Here the updated MRT map for you

toapayohlady

A different kind of MRT map! Discover all the latest and upcoming launches within 500M of MRT stations. Download the high-res PDF version here by helping us out with a 1-min survey. Click http://tiny.cc/1wvn5y to get started ...

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+1
Non Compete for Investment Sales/Retail Leasing

abc1324

Recently received some offers from brokerages. One has a non compete that outlines two years of not working in a similar industry (guessing just IS and retail leasing as that's what they do). It seems this is common in production roles, but is it really enforceable for someone right out of undergrad...

1
+5
Cheapest Cost of Capital

WEAJS

What's the cheapest cost of capital in the market? Cost of capital essentially drives deal flow so I am curious to hear who has the cheapest capital out there....

22
+4
Co-Investing in your firm's investments?

CTLax45

I'm assuming that if this is possible, it would be more feasible and likely at smaller shops. Do many shops out there allow you to co-invest on acquisition or development deals whether you are at a small REPE or development shop? If so, how many years in would you say it would take to be able to do...

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+6
Interview Question - What property would you use debt for

rerelosang

For what property would you be more inclined/likely to use debt - a multifamily property or a four tenant industrial property. Please explain your reasoning. Was recently asked this in an interview. ...

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+1
Can LP Investors Use Capital Markets to Find GP Business Planning the Same Way GP's use Capital Markets to Find LP Financing

LReed

Hey All, Quick question here. My general understanding of the way that most deals go is that the GP comes up with a business plan and overarching financial model of how things should go, and then goes to capital markets to find an LP who screens the deal and chooses whether or not to invest. My ...

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+2
PGIM RE Finance Analyst Interview

abigreguy

Hey guys, I finished a first round interview call last week for a 3-year analyst position with PGIM RE Finance and have been asked to do a second round video interview with two Directors next week and complete an assessment. The assessment has no information as to what it is about and the email sa...

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+4
Determining Discount Rates?

Debt From Above

When you are tasked with choosing a discount rate for the DCF analysis of a project, what are your key considerations? Are there any industry best practices? I’m ...

10
+9
Does Georgetown Masters offer better ROI than other RE masters programs? Tuition comparisons

5 million

Georgetown's tuition is substantially lower than other programs. Obviously, there are far more factors in ROI calculations other than just tuition cost, but Georgetown looks a solid option, if you want to work in DC area. You could intern part time during masters, land FT and then finish degree whil...

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+4
Joint Venture with a bank and a debt broker?

Brody92

How common is that? I work for a bank focussing on CMBS originations. Few years ago, Walker & Dunlop launched a CMBS origination platform and formed a joint venture with a fund managed by an affiliate of Fortress Investment Group. The benefit to Fortress was the robust deal flow resulting from a str...

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+1
FFO AFFO and EBITDA

enterprisevalued26

What is the purpose of FFO? Do REITs use it instead of EBITDA? What is the main difference between FFO and AFFO?...

2
+6
25 yr old looking to begin career in RE

Matt_Nagy2020

Hi Everyone, I am 25 yrs old, currently working at a large CPG firm in an advisory role (3rd yr at the company, second role). My current role focuses on evaluating business performance (product sales performance, profitability of merchandising, effectiveness of shelving) and recommending to vendor ...

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+4
Dealing with shady principals as a broker

Merchant_of_Debt

There's has been quite a bit of chatter over the years about shady or questionable brokerage practices. However, I haven't heard much from the other side regarding some of the antics from the principal side. Let's be honest - these characters exist on both sides of the closing table. I have seen an...

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+1
Abstract Thinking: The effects of the NYSE leaving New York

AitchGee

What would happen to the New York/Greater NYC economy if the NYSE moved to a different city? Yes, the probability of this happening is extremely low, but thought it would be a good mental model exercise. ...

5
+8
Best Asset Class to Start Out in, in Real Estate

LReed

Been giving some thought to this lately as I'm at a point in my career where I'm starting to think about the next move. I'm still at the analyst level but getting to the point where I ought to start thinking about where I ultimately want to specialize in. My main considerations are what product type...

31
+1
4 More Things You Learn as a Rental Property Investor

Pinkpoloshorts

A few weeks ago I wrote about 5 things I learned while I went through the process of purchasing an investment property. I have now been an investment property owner for several months and I thought the next logical step was to write about 4 more things you learn as a rental property investor. 1) Ge...

25
+2
Goldman Sach RMD Asset Management - Dallas

AmNat

I have an interview set up for GS's RMD Asset Management. I am wondering if someone can talk to me about their culture, lifestyle, hours, base+bonus (Associate level), exit opps/promotion opportunities, etc.. I know they recently switched offices to Downtown Dallas. I've seen talk on older thre...

5
+5
Firms that don’t give case study/modeling tests?

REguy311

Has anyone landed a role or went through all interviews without having to a modeling test? Just curious....

22
+1
Networking in Kansas City, MO and Dallas, TX

elok

Hi everyone, I'm headed to Kansas City on May 12-14 and Dallas 15-18 if anyone is interested in meeting up and discussing the real estate environment there i'd love to meet with you! Thanks everyone!...

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+2
ASC 842 - Lease Accounting Standard Change

boomemlr

What are you guys thoughts on ASC 842 - how companies must display long term leases (>1 year) on their balance sheet. To what extent will this affect our industry? See article below for additional info: https://www.bisnow.com/chicago/news/office/the-single-accounting-change-that-will-bring-2-trilli...

2
+9
Interviewing timeline somewhat of a rant*

Jiggy95

My interview process for a significant brokerage/IS team (Eastdil, CBRE, JLL, HFF, C&W) in a top market is going on one and a half months. At a rate of 1 interview a week. In person ever since the phone screen, these interviews consist of multiple team members each sit-down. Who else can I expect to...

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+3
In a JV, how often does the LP co-guarantee the loans?

basementflat02

In my real estate private equity book I've been reading, it seems like it happens from time to time, especially if the LP can secure lower rates, but I'm wondering in practice how often this really happens. I would have thought LP's would be extremely reluctant to take on any guarantees. Thanks....

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+3
Help Deciding Between Post-College Job Offers

Realzstates96

I currently have full-time offers from two groups in NYC, one as a capital markets broker securing debt and equity placements, and the other as an analyst on consulting team at a JLL/CBRE/Newmark/C&W tier real estate shop. My long term desire is to either get into REPE acquisitions or asset managem...

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+4
What internship will help set a junior year internship in Real Estate investments/REPE better: Fortune 50 or boutique IB?

Underdog1999

Hi everyone, I'm a sopohmore currently attending a non-target. I am very interested in getting into real estate investments at a BB or REPE. I have two internship offers this summer: 1) Financial Analyst internship at a top Fortune 50 company. Great company name. 2) Boutique IB Summer Analyst i...

7
+2
Preparing for investment sales interview

CodyParkey

I have an upcoming interview with an investment sales company that focuses mainly on STNL/NNN and expanding to multi-tenant retail shopping centers. I have done a phone interview with them already, now I am meeting with two people from their HQ, then if I make it past that interview I will have an i...

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+1
Commercial real estate development

Mickelsonstitties

Would anyone be willing to share development models ? I have an upcoming case study for developer/equity group. ...

1
+1
Big 4 Real Estate Advisory?

cluelessmonkey

Hey guys, I am based in Australia and going into my final year of university. Managed to receive an offer for a graduate position with a Big 4 Real Estate Advisory team. Was ecstatic at first, but further research on these forums (and elsewhere) seem to indicate that the role might be more focused...

1
+1
Should I stay in real estate or move to tech?

epooqeo

I graduated from college 1.5 years ago and was doing front desk work at a corporate bank for almost a year (I hated it, was way too intelligent for it, but it taught me to speak on the phone). I have always had an interest in real estate, and I finally just started a position being an assistant to a...

5
+4
Need Help Deciding Between 2 Real Estate Job Offers

RE115

Hi Everyone! I was hoping for some insight regarding two job offers I have. I am a finance major and will be graduating in May. I need to select an offer by this Monday. My ultimate goal would be to end up in acquisitions or be a self-employed real estate investor/developer, and would like to pick...

10
+1
Hines

highrise10

Good evening everyone, Does anyone have any feedback or insight on Hines or their investment platform? I know they are a premier global private real estate investment firm, and from their website one can see they have a number of investment and development funds with different strategies and geogra...

25
+1
Tenant Rep Analyst Compensation

ABCAIDA95

I’m trying to gauge if I’m in a good spot to ask for a substantial raise… It’s a touchy subject because in tenant rep brokerage, many guys made it on a draw or with no salary at all, and might get offended if I ask for more money. I am currently a Financial Analyst in a major market (NYC, ...

1
+25
JLL / HFF Merger

Merchant_of_Debt

You heard that right.... thoughts? See the full article [here](https://www.prnewswire.com/news-releases/jll-to-accelerate-growth-in-capital-markets-business-through-acquisition-of-hff-300814708.html)....

58
+4
Graduated in December, accept job in boutique brokerage or wait

abc1324

Graduated in December, been applying to jobs and am waiting on a few to get back to me. My end goal is development, but to start I've been looking at brokerage. I have an opportunity at a boutique commercial brokerage in a big city (retail leasing or investment sales). Should I take it or wait, I'm ...

11
+5
Common Co-Living

NYYCRE

Anyone here know anything about this new co living firm? Also what are your guys thoughts on co living?...

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+1
Good questions to ask during interviews

jtc_CRE

One of the biggest things I've seen how far good questions go during an interview. I have some upcoming interviews in Brokerage, Develpment and REPE and was hoping to get some help on some good questions. I've added a few below and would appreciate any others! Looking for Developer questions too. ...

1
+1
Help: Modeling Yield on an investment into another REIT

PeteRoseAllIn

Asked by my MD for this, have a case of the Mondays and need some guidance. Please show a scenario showing what a 10 million dollar investment in XYZ REIT would yield at Friday’s closing price of 1.15 dollars per share. I think their dividend payout is around 18%. What would the return be if yo...

1
+1
"Lease Modeling Test"

Realzstates96

I've got an interview coming up at a major NYC real estate services company (CBRE, JLL, C&W) for their consulting practice. I have been told I'll be taking a "lease modeling test" during my final round. Anyone have an idea of what sort of model/questions might be asked? I'm assuming it will focus on...

4
+6
Surviving Your First Year In CRE Brokerage

aznpersuasion

Just curious to hear everyone's stories as to how they survived their first 1-2 years in brokerage, specifically when it comes to lack/inconsistency of income. Also, did you end up staying in brokerage or transition into another role after the 1-2 year mark? Thanks!...

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Single Tenant Retail Renewal Rates

Debt From Above

Monkeys, I need help coming up with the probability that a single tenant fast food franchise will be renewing their lease (not long left). What are some other considerations that I must take into account when calculating the probability my tenant will renew? The tenant is a national fast food chai...

4
+1
Besen Group Interview in NYC: Advice

abc1324

I have an interview for investment sales/retail leasing position with the Besen Group in NYC. Any advice on interview prep? It's with 3 people from the office and should be around 2 hours. Anyone that's worked there that has any information on what the interview will be like? ...

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+1
CRE resume template/advice

capitalconsultant

Does anyone have a decent template for CRE? As well, what keywords stick out and recruiters looking for? I have an upcoming credit analyst intern at a CRE firm this summer. ...

1
+16
My 8-month real estate finance internship journey + some general thoughts on NYU's MSRE

sam1992

Hi WSO, for the past year, this community has been extremely helpful to me, helped answer some of my stupid and basic questions on real estate finance. I have now secured a summer internship at a solid BB in their real estate finance group, I could not be more grateful and wanted to post about my jo...

15
+2
Overall reputation of Brokerages, REITs, REPE

REIndustrial25

I recently changed careers from working at GS as a FI to real estate. I’m now working at CBRE Industrial Brokerage. I have a background in finance but know I have the ability to sell. Since I’m new to RE I want to know who has the best reputation in the business in all areas of the business. ...

4
+13
WeWork’s Losses Swell to Nearly $2 Billion as It Seeks Global Expansion

Brody92

We work's losses more than doubled last year to about $1.9 billion, even as its total revenue also doubled to about $1.8 billion. Article->https://www.nytimes.com/2019/03/25/business/dealbook/wework-loss-billion.html...

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