Silver BananaTopicReplies
+2
Second Interview at Quasi-PE Real Estate Investment & Specialty Finance Firm

AssManager

First WSO post so I know I may get ripped for not posting in the right threads. As the title states, I have a second interview for an Investment Analyst position with a Southeast-based firm. The firm primarily serves as LPs (mezz debt, pref, and joint venture equity) to sponsors and operators for th...

1
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What to do? Role changed overnight to Real Estate Development from Back Office Accounting / Finance

bananatoro

I spent the past year working in an accounting/finance role at a small firm ($1BB in asset value) that initially was PE but also starting to enter the development business. Several months ago, my boss (one of the senior execs in a different city) tasked me to low-key begin building the local devel...

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The CEO of T-mobile’s house has been on the market for a while now, here’s a look into this.

Giants123

The CEO of t-mobile is selling his luxury New York City penthouse located in the Central Park West neighborhood. His house has been on the market for a while now, in February the Wall Street journal reported that the house had been selling for $22 million, now he’s asking for about $18 million, a...

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+1
Argus AE for Asset Management

JackyD

Does anyone use Argus for asset management? I have always used AE for acquisition, but am trying to get full utility from the software. Would love to hear how your shop utilizes it....

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+4
Multifamily DD Terms - What are you seeing?

The Creature

Question to all the monkeys who work in MF out there: Have you recently seen a dramatic change in DD terms whether it's deposit amounts (hard money up front or just stupid $), DD periods of 10 days or less, contingency periods of 10 days or less, or just other super aggressive/whacky closing terms o...

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Real Estate “Production Analyst”

Jiggy95

does anyone have experience in this role? I’m very confused on the difference between this and that of a business analyst. Any help would be appreciated! ...

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Buying an Apartment in NYC

ComplacentCareerStudent

First time buyer here currently looking at studio condo apartments in NYC in the ...

39
+8
Most Innovative Real Estate Projects and Companies

CRE

As I sit here at my desk procrastinating by flipping through Urban Land magazine, I'm peppered by images of Boston Properties/Hines' Salesforce Tower, a top ten list of buildings with technologies that add versatility and conserve resources, and a description of how Related's Hudson Yards uses "big ...

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+1
Wells Fargo Summer Financial Analyst offer turnaround time

Cali-CRE

How long after your interview for an internship with Wells Fargo did you hear back? Couple days, next day, several weeks? I’ve heard it varies by office but any insight would be great. Please provide location, position and how many days after superday you heard back. Thank you! ...

3
+1
Transitioning into an equity side asset management position

dinoRE

My background... i was previously a multifamily valuations analyst for an equity shop, i am currently an multifamily debt underwriting analyst. I am interested in and am looking to to switch over to and asset management analyst/associate role on the equity side. im in nyc but during my job search im...

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+2
Baupost RE

swaggerisaliability

Anyone know anything about the RE group within Baupost? Wrt comp / hours / culture / strategy / reputation / AUM dedicated to RE? Have an informational interview with someone there this week, and want to get a baseline level of knowledge beforehand. Thanks...

9
+26
Analyst Modeling Test

ChangedMyName

Figured 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. ...

83
+1
REFM Financial Modeling Advice

WSfinshackedatbowlsdaxasdf

Recently started at a top firm as an intern and am hoping to learn basic financial modeling and heard REFM was a great resource. I am trying to decide between Real Estate Self study course "Principles of Commercial Real Estate" and the levels 1,2 and 3 bootcamp. Any recomendations would be apprecia...

2
+3
Need to ace REPE Model Test on Tuesday - best prep/coaching?

leonmaximus

Hi guys, I am interviewing for a post-grad analyst position at a REPE in Europe next Tuesday. It's a third round interview and will include a 2h model test. I know that it will be an acquisition and I am supposed to build a "dynamic cash flow model including a rent roll (existing leases, renewals,...

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+3
How would you value a single tenant office building with the tenant being AAA rating versus BB rating?

Miaospirit

Hey guys, I am trying to value a single tenant office building but the tricky part is the value would be very much different if a AAA rating tenant comes in versus a BB rating tenant comes in. So I need to present two scenarios. What would be a reasonable way to value it in real world? Now I have...

6
+4
SL Green - Comp, Deals

NonRecourseLandLoan

WSO - I'm sure you've heard of SL Green. My experience is that they can do a lot of different kind of deals and have a ton of flexibility for REIT. Few questions: - What does comp look like at place like this? How about Vornado? Analyst, Associate, VP? - Do these guys have other funds they manage?...

17
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Project Based Section 8 - Underwriting compared to Market Rate

SoCal-RE

Underwriting my first projected based deal with 100% of the units under a HAP contract (two phases with separate HAP contracts for each, one expiring in 2019, the other in 2021). Deal is located in a major CBD market, in a decent area of the city (i.e. not the "projects", there are decent market ra...

9
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What should I do with that land?

French35

Hello guys! My grandfather is 91 and my grandmother just turned 80. When my grandfather was younger, he was working in the construction field and the company where he used to work failed. His boss did not have the money to pay him so he offered him a backhoe. During few years, my grandfather build ...

4
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Opex for full gut rehab - Multifamily

PacNumber

Assuming 1970's construction Class C apartment building in San Diego. Decent neighborhood. Full gut renovation with 2019 plumbing, electrical, roof, windows, everything, Is it possible to hit 30% expenses due to the effective age of the building being nearly new? Some basics are below. 30 Units ...

7
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REPE - Capital Allocator or Vertically Integrated Owner/Operator

NonRecourseLandLoan

WSO Member - Anon account. Do you learn the most at a traditional capital allocator (e.g. REPE 50) or at a vertically integrated owner/operator/sponsor? Has anyone here made the switch from one to the other? What did you learn in one and not in the other? Background: Finance/Banking (2-years). Cur...

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Entry level job help/advice

futureREmogul

What are your guys' thoughts on going into a startup private real estate investment firm less than 1 year out of college? When I say startup, I mean less than 5 or fewer employees. The role would be focused on raising capital from HNW, UHNW, and smaller family offices. Eventually, once there is mo...

11
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Argus & Base Year Reimbursements

Chum-Bucket

I am an experienced Argus user and have always had an issue (previously with DCF and now with Enterprise) with the way Argus models base year reimbursements. I have never seen discussion of this issue so I am wondering if there is a obvious workaround I am missing. The issue: Typically, in a new FS ...

7
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HFF Second Round Interview

CRE_Friar

Just found WSO, so far this is an incredible resource. As the title says, I have my second round interview with one of the major market HFF offices later this week. Does anyone have any experiences with HFF, or general 2nd round CRE interviews? I appreciate any and all help and advice. ...

6
+2
Arel Capital

Mandelbaum_Mandelbaum

Curious as to whether people have any insight into this firm. NYC-based but are heavily focused on multifamily in secondary/tertiary markets. Founded by former HF guys and seem to have been very active since their founding about five years ago. ...

3
+26
What cities will be the top places to live in the next 5-10 years?

greekmyth

It seems as though many people are fleeing California because of soaring rent increases, weak infrastructure/high traffic, high taxes, and lack of water. Where will the top places to live and develop real estate be in the next 5-10 years? It seems as if the best places would be business friendly, ...

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+4
CREFC CMBS E-Primer

PHLrealestate

Any real estate monkeys out there willing to share a copy of the CMBS E-Primer? I'm an analyst at a RE debt and equity brokerage shop and am doing more CMBS business than at my past company. Looking to better understand the mechanics of CMBS. Certainly have RE related educational content to swap....

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Commercial Credit Analyst to REPE...experience advice?

JS_Kitz1

Background- non-target undergrad to commercial CA at a large regional bank; have been in this role for a year and half now. Just finished a 4 month interview process for two smaller REPE firms in a smaller Midwest metro. Just received emails yesterday and today notifying me that I didn't get the...

4
+1
Wells Fargo FAP CRE

NYYCRE

Hey guys.. I have a phone screen next week for Wells Fargo Financial Analyst program specifically for CRE. Originally thought this was for recent grads but figured I’d apply and ended up being reached out by HR. I know WF is notorious for behavior questions on initial screens and then technicals f...

4
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Commercial Banking RE Group

OverCompensatedTeller

Hello everyone - I am fairly new to the RE thread on this site and have read some interesting threads on real estate the past couple of weeks. I haven't seen a lot of information/threads/posts of people who work in the real estate group at a bank. I'm sure some people here have experience in this ...

7
+1
Short-Term Rental Renovation TV show now casting

castingbytony

Now casting: Homeowners who want to create or renovate a short-term rental for their property. Have you ever dreamed of operating your very own short-term rental that could produce extra income? Or is your current short-term rental property struggling and in need of a creative revamp and redesign?...

1
+9
Showcasing Modelling Abilities

Capital360

How do you guys go about showing of your modelling capabilities, to potential employers, without sending them an actual model you have constructed? I'm looking at approaching companies that are not specifically recruiting right now but I'd like them to see first-hand what I can do on a specific ass...

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How long after you started your first job did you wait to start reaching out for your next move?

RERobert

Going for REPE, just graduated this past June. Currently in a development role at a top shop. Most recruiting happens in the fall, some may be complete already by now. When should I begin reaching out to firms regarding my next move?...

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+1
How to Compare Model Utilities

CryptoEnthusiast

Hey Developers out there, I got assigned to come up with an effective way to compare our model units from various project when it comes to utility usage. What would be the best way to compare the totals on an apples to apples comparison? Can't look at total bill because of different square footag...

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Charlotte, NC Area Real Estate Meet Up

PHLrealestate

Would anyone be interested in a real estate meet up in the Charlotte area? Please respond or message me if you would be....

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New salary data - Adventure in CRE

bukos

Adventure in CRE has released its new salary report, Here is the link for it, https://www.adventuresincre.com/salary-commercial-real-estate/ Have a nice day! ...

1
+1
U.S. Bank Commercial Real Estate Credit group

jkl123

Does anybody have any info on U.S. Bank's Commercial Real Estate Credit group. Recent deals/typical deal size/etc. Thanks...

4
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CMBS Originators vs Balance Sheet Originators.

Brody92

While speaking to a senior CMBS originator today who has been in the business for more than 20 years, he told me that if I crush it in volume as an originator, I would make more money being in the CMBS group as opposed to the balance sheet group at our bank. Any idea why? Anything to do with profita...

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Breaking into Real Estate

rlxpng

Hi Guys, So I need advice a little bit as I am sort of at a crossroads in my life/career path. So to give you guys some background, I am a junior at a large state university with a top undergrad business school which I am not a part of (couldn't get in). My GPA is definitely not great (although th...

1
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Best Real Estate firms for starting your career

rrefinn

What are the best real estate firms to start a career with in terms of going down the PERE space? Would it be better to start in brokerage or in an actual PERE shop that is around 10-20B AUM...

2
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Coffee with MRED Alumni

Cadmonkey117

Hello all, I will be getting coffee with an alumnus of a program I am interested in soon and wanted to ask for advice on appropriate things to ask them. Questions I plan to ask: did the program compliment your skills do you feel like you had access to useful connections / good firms and did you l...

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URGENT: How can I convert this model to monthly?

Steam

URGENT request to help me try to figure out how to convert this model to a monthly calc vs. yearly. Figure it's a easy change; Thanks!...

4
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small loans debt fund

Yakehito

anyone have a positive experience working with a debt fund that does loans ...

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List of MM REPE in New York or LA?

OptionsProdigy

Does anyone have a list of REPE firms that are not the top of the market like The Carlyle Group, Blackstone,...etc I really want to end up at one of those top firms, but if I am not able to secure a position at them I am looking for firms to target as fall backs so I can join them and then eventual...

10
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propco llc model

zacksc11

Having come from corp fin sector (restructuring IB) for several years, i'm used to LBOs/3 statement models as I personally find them cleaner than project finance models wihch are very messy. So I built a propco LLC model that mirrors a standard property lbo + turnaround project. Does anyone else b...

8
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Opportunity Zone

futureREmogul

Thought it would be very helpful for the more junior employees on this forum. Could someone explain how the opportunity zones work in a more simplified way then the gov. is explaining it?...

4
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WSP REIT or BIWS REIT or REFM Modeling, which course is better ?

Sobol1

WSP REIT or BIWS REIT or REFM Modeling, which course is better ? to learn how to build and value a real estate listed company ?...

10
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Seeking RE Career Advise

RE Seeker

CRE Lending -> B-School -> REIB -> REPE. Is this a realistic transition? ...

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Carlyle Real Estate Associate Compensation

Ufgator10

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

47
0
Technosun and modeling software

realestate_crew

Has anyone out there used Technosun to build a pro forma and evaluate development deals and acquisition opportunities? We've had a couple of calls with them and I tend to be skeptical of software that claims to be able to simplify a process that really isn't very simple and is different for every de...

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RE Compensation Negotiations / Expectations

CRELA-LONGMORE

There has been plenty of posts about junior level jobs within RE I wanted to reach out to see if anyone with more experience could provide me any insight. Been working at a REPE firm with about $2.5B AUM for about 2 years currently investing out of a $650mm fund. Was recently told I would be promot...

7
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2018 Returns for Home-builders

rothbard814

[Link](https://twitter.com/charliebilello/status/1055303369013764096) Interesting post by Charlie, scrolled through his timeline a bit and he seems to have a lot of good content. RE people, do we think this is systemic a la 2008, or is it more so just a correction? Looking forward to some discussio...

3
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REPE: asset management vs. acquisitions?

RERobert

How do these roles differ in terms of job tasks and responsibilities? I’m talking a top REPE firm, what is the role of each at the analyst/associate level? Which one is more sought after? Which one is easier to break into from development? How does the comp differ between them both now and ...

1
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PERE: What's your carry?

Fairmove

Would be interested to hear any disclosed figures + outline of AUM of your fund. Also after which year it is attainable. Thx...

28
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Acquisitions Analyst Offer REPE

CRERab

Hello Everyone, I need to make a decision ASAP for an Acquisitions Analyst offer I received from a small / mid sized REPE firm in a major East Coast market. I have 2.5 years of real estate experience appraising MF properties at a large publicly traded brokerage firm and working as an analyst on the...

4
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Interviewing while having a current job

young real estate mind

So I have been looking at options to leave my current job and about 2 weeks ago I called in "sick" to go to other interviews and the company that I interviewed at wants me to come in again. I recently had to take another day off unrelated to the interview. Is it weird for me to take another day of...

22
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Choosing between locations with the same employer

SilverandBlack

Hey all, I'm not sure if something similar is out there but here it goes. Currently going through recruitment for an internship and for the first time I have interview options. For the sake of talking this through, let's assume I can field offers, as I'm confident with my background and experience....

1
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Industry term for small ass cities?

Ronclue

I'm writing my resume after my summer internship at the moment, and I did some work on some properties that are not in major cities (but still large properties $10m+). Is it called "tertiary markets"? Here's my sentence: • Assisted in creating CIMs for properties in tertiary markets by conduct...

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REPE vs Private real estate investment company

futureREmogul

Is there a difference between a REPE and a private real estate company? What do you think separates the 2, if you believe there is a difference? Because I have seen companies that label themselves as a private real estate company but still raise outside money from private investors....

12
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Blackstone Real Estate Debt Strategies: phone interview experiences?

The Wolf of Auckland

Hey guys, has anyone had any experience interviewing with this group? I have a phone interview tomorrow & can post questions right after- just struggling to prepare other then researching stuff related to the group....

108
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NYC Hard Costs

Mandelbaum_Mandelbaum

Does anybody have any good resources on where to find the current average of hard costs for construction in a particular market (NYC in this case)? Would really appreciate feedback on this- thanks. ...

13
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Interested in a role in Development/Acquisitions (Baltimore/DC Area)

shoestore24

I've been in real estate in one form or another for 5 years. Looking to transition into a role in development and acquisitions. I recently went and got certified for Argus on my own. I would like to find a role with a company that has a solid track record and training program. I have been apart of...

9
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Architect Contract

Parzival7

I am looking to sign a contract with an architectural firm for construction documents, bidding and construction administration, etc. This is a standard AIA document B101 -2007. I have increased the liability to their insurance maximum. Is there anything else that I need to watch out for or include...

16
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HVCRE

C.R.E. Shervin

Does anyone have a handle on understanding equity requirements for HVCRE? It seems not very many senior people are sure of the equity requirements etc that go into a loan....

4
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Resources for learning the doc/legal/diligence side of RE deals

bananaboat333

Hey guys, been in an excel-heavy role in a small REPE shop for a while as an analyst and really like my team. Think I have options to move up internally as its fairly small, but I don't have much of a strong foundation for the key diligence items in the RE underwrite (siting/zoning/etc). Does anyone...

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+5
What skills are most valued in CRE?

bakerbanker

Different industries require different skills. For example, if you're in Hollywood as an agent or actor you gotta be good with people. If you're a lawyer you gotta be detail-oriented, well-versed with politics and the law as well as being a good public speaker if you're a litigator. That being sai...

8
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Real Estate competing job offers Atlanta out of college

ace.j.marino

I will be graduating in December from a large southern state school with a major in Real Estate and am mulling competing offers. One is from a large real estate services company (think JLL, C&W, HFF, CBRE) as an analyst, while the other is from a regional development shop (think LPC, Cousins, Majest...

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RE Development to Oaktree Capital Management

CryptoEnthusiast

Hi, I graduated 4 months back and have since gotten a job at a family developer (~90 employees) as an acquisition/financial analyst. I want to get a position at Oaktree Capital Management (or a similar company) as an analyst/associate in their RE group. How should I go about doing this? Thanks!...

11
+4
Ozarks

Mandelbaum_Mandelbaum

I know there was some talk re: the state of construction lending and BOZK in particular on this form a little while ago. So, I thought I'd share this new [Bloomberg article](https://www.bloomberg.com/view/articles/2018-10-19/bank-ozk-earnings-small-lender-could-spell-trouble-for-big-ones) for those ...

13
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Best Real Estate Finance Course Online?

gpaone97

I am looking to get into real estate development but have a minimal knowledge in real estate finance. I am aware that in order to enter the field a satisfactory knowledge of real estate finance is necessary. What is the best course I can take online that will provide me the necessary real estate fin...

15
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M&M in dream city or a Boutique in a better long-term city

loanshark

I've two options. Move to my dream city and work for Marcus and Millichap or move to the city I see myself long-term and work for a boutique. I get the impression that the boutique is doing well, but I cannot they are killing it. Both are tier one markets. What would you all choose?...

5
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Which RE modeling program is for me?

RERobert

Landed a gig in development. Doing a fair amount of modeling/underwriting. Excel skills are decent. I understand equity research in theory through the CFA program in which I’m a candidate. I’ve never worked IB so the modeling skills lag. I want to EXCEL in my current role and set myself up ...

4
+28
WSO's Best Real Estate Books

CRE

People ask about the best real estate books to read on this forum almost daily and we're happy to toss Linneman and Bowman their way, as well as all of the terrific ULI books, but @Whats the Comp" today asked specifically about non-textbook reads and it got me thinking that we should build a list of...

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HFF Securities Superday

WallStJesus

Has anyone heard back from HFF Securities M&A group? I interviewed with them this past week, and was curious to know what I can expect in regards to the superday. ...

2
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Inflection Point - Commercial vs Residential

Kevin-Loh1

Hi All! I recently found this site and was amazed, literally the perfect place for me at this moment. I wanted to introduce myself to the community; I'm currently a residential real estate broker in the NYC market. I started out in the rental leasing before working my way up to sales. With experien...

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Interview at CBRE and have to take test, advice?

jaanders

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...

65
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What Exactly Do Asset Management Analysts Do on a Day-To-Day Basis?

The Assman

I'm not asking this to be condescending or douchey at all, I'm just genuinely curious, because of the way my firm is structured. At my shop we have an acquisitions team to nail down DD and acquisitions, we have a leasing to churn out lease analyses and keep properties stabilized, a property manage...

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