Silver BananaTopic
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Prudential Mortgage CapitalDoes anyone know how the Recruiting is structured for PMCC? I never see any Analyst postings for them however I always see even off cycle postings for their equity PGIM arm. Mainly speaking towards NJ/NYC....
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REPE - any use for engineering consultants?Hi all, As an engineer who works at a top structual engineering firm (think AECOM, WSP, SNC Lavilin) for a few years, is there any use for our type in REPE? I plan to work here for 10ish years to get to the level of a PM and have some deal flow. I would be very in tuned into the value of land, co...
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Company Interview: JPMorgan Chase - Commercial Real Estate AnalystExplain the different components of a property's income statement and how they fit together? Know the general market trends in the national real estate environment and in the market you are interviewing for. Be prepared to talk about why you want to work in commercial real estate, and why you wan...
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Company Interview: Morgan Stanley - Real Estate Summer AssociateMost of the questions I was asked were about my specific background, why I was interested in the role, and why I selected the business school I am attending. The interviewer asked me a couple of technical questions - first to explain a cap rate, then to value an asset with a certain NOI and cap rate...
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Transferring from Property Management to REIT or similar.I am posting this as I have done plenty of research on my potential career paths, however, I would enjoy getting feedback from those that have made careers in real estate. My big question is what would I need to do to advance my career into public or private REIT firms? Currently, I have been an on...
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RCLCOSearched the threads in this forum for anything on these guys, but couldn't find any info. Anyone have any insight on this group? Perception in market, working for them, recruiting, exit ops, etc?? Thanks...
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Ditch banking for real estate development?Need some help/advice, guys. I'm a junior economics major at a well ranked, but not target by any means, liberal arts college. I thought I wanted to do IB, but I just found out that none of my summer plans are going to work out. I had an IB internship during last semester, but I can't work there t...
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Real Estate Analyst Internship TorontoHey guys, I've been looking around and can't seem to find any internships that mix real estate and finance in Toronto. Do RE companies in Toronto offer these types of internships or similar ones if not what would be the "standard" path to a real estate analyst. I'm in third year and have previous i...
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Company Review: Colliers International - Colliers International - Internship ExperienceFairly laid back company atmosphere, with a headstrong CEO who pushes the company forward. Organized corporate structure and was easy to get any information to complete required tasks.. Did a lot of the same reports. For example creating TAO's and typical marketing materials for real estate brokerag...
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WeWork?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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How do I prepare for a RE Capital Markets interview?Greetings all, I was just wondering how I would go about preparing for a capital markets interview for a multi-family development firm. What kind of questions do you think they will ask? What kind of questions should I be asking? What kind of preliminary information should I be aware of/exposed t...
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How does your company/senior management evaluate property?Hello Everyone, I know there are multiple ways to look into a property and come up with an analysis depending on property type and strategy. But can we get everyone to list their property specialty and what metric/important indicators the company's senior management looks at when making a decision ...
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CRE for New Graduates - How to Hit the Ground Running?I am currently in my final year of my undergrad degree (business) and I am leaning towards CRE brokerage for my first job post-graduation. So far I've completed a 4-month internship as a Research Analyst with a boutique brokerage that specializes in retail - I would consider working here after gradu...
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MBA Advice - Cornell 1-Year Full-Time MBA vs. Indiana Part-Time MBAFrom past responses on this forum, I'm going to assume the response to the below question is to network and land a job in the chosen field then get the MBA at Cornell few years later.....but had to ask the question anyways. Graduated in 2015 from Cornell University with a Bachelor's in Electrical a...
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Och-Ziff Real Estate PlatformHi guys, would anyone be able to shed any light on the culture/strategy/reputation of Och-Ziff's real estate group? Have an informational interview with someone pretty high up there coming up and was hoping to glean some info that couldn't be found on their website or the news. Most of the info I fo...
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PIMCO Real Estate TeamDoes anyone know culture/comp/reputation of PIMCO's real estate team (BRAVO funds)? They seem to have raised a ton of money ($1.5B? not sure if they're on/behind schedule for the targeted $3-4B). They're hiring for a few positions right now so curious for anyone's thoughts. Almost every post here is...
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Grad school programs for RE investment careers in Texas?What would be the best programs for RE investment careers in development or acquisitions (REPE or REIT) in Texas? Main purpose for getting into grad program: move from Europe to USA.I have a choice of doing MSF/MRED with 2 years of RE development experience or waiting 1-2 more years and doing MBA. ...
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Arizona State MRED, transitioning from residential brokerage I've been accepted into the MRED program at ASU for the fall of 2018 and am wondering if any of you can offer any insight on the program. I will be attending a few events to speak with alumni and faculty but am hoping to get some good neutral advice on here. I am now 26 (27 when I finish the progr...
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Anybody here interview at PNC for a summer internship at their RE banking group?I had a phone interview with a recruiter three weeks ago, still waiting to hear back if I am selected for a second round in person interview, anybody here in the same boat as mine? Thank you!!!...
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Does anyone have any Eastdil or HFF OMs they could send?Does anyone have any Eastdil or HFF OMs they could send? I've found a few full OM's online. However, the majority of the other OM's I've found only include the teaser/executive summary portion. Thanks...
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Residential land development I'm looking for a template that home builders use when they are evaluating a land acquisition. Basically are they just doing a thorough analysis of the competing communities and demographic research of the area. I'm looking to present a land deal to investors and would appreciate any help on how to ...
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Cantor Fitzgerald -- Real Estate Does anyone know anything about the real estate arm of Cantor Fitzgerald? I understand that they recently launched a few non-listed REITs and have been trying to branch out into the investment management business. What are peoples thoughts? What is the reputation of Cantor in the RE World? ...
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Real Estate Capital Markets QuestionCurrently looking to figure out comp/responsibilities for a CM analyst in a secondary market that specializes in Multi-family. Also how is RE CM viewed relative to Real Estate Finance/what are exit opps within RE CM. ...
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How do you incorporate tenant credit quality when underwriting a multi-tenant building?To the all the acquisitions analysts out there...when you are underwriting a multi-tenant office, retail or industrial building, how do you incorporate tenant credit quality when underwriting the asset? For instance, how do you incorporate the credit of one or more tenants into the overall discount ...
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Valuing a propertyHi guys, I just wanted to get a comprehensive answer on how to best go about valuing a property. I know that there have been other threads about this, but if someone could provide a single answer that contains all necessary components it would be greatly appreciated. More specifically, I am in the ...
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Office Lease questionI am working on a case study and not sure how to handle this question. A tenant needs to terminate the lease early in exchange for a fee. But they do not have a termination right under their lease, and 5 years of remaining lease term. How do I determine the termination fee based on this situation i...
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Company Review: Frost Bank - Intern AustinThe company has a great office culture and the analysts are very sharp people always willing to help. The work can be dull at times and sometimes there is not even anything to do so you really have to seek out work...
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Colliers InternationalCan anyone tell me about Colliers International's reputation in NYC. Is it a good place to break into the industry? Are there a lot of big players working there. How do they structure their teams? Any insight would be appreciated!...
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Why is CRE so underpaid at the entry level?I entered real estate for primarily one reason and that's because I really enjoy it and want a career in it and know that eventually if I work hard enough...I'll be financially fine. But sometimes its a little frustrating to work longer hours than my roommates, essentially have a similar rigor of wo...
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Underwriting Retail/Multi-Family PortfolioCurrently reviewing a 20 property portfolio and each property has a seperate tab that lists rent role, noi, and assigned cap rate provided from seller (so 20 seperate tabs). How do I go about underwriting this as a whole to gauge debt potential for a incoming buyer? ...
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Making it in NYCI'm beginning to think NYC is not for me and I am getting sick of the nepotism and prestigious school dominance that overtakes most positions. I understand RE as a whole is family dominant, but NYC has to have it the most. Is just networking even enough? Everyone and their sibling has a MSRE/MSRED f...
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Should I switch majors? Currently 1/2 way through my Real Estate degree in appraisal. Should I switch? Should i do a second major in accounting or finance? ...
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LOC versus Refinance What are the pros and cons to pulling out a line of credit on a building versus refinancing? Wouldn't refinancing be more beneficial since you can individually pocket some of the funds tax free? I am aware that refinancing increases LTV and mortgage amount but I believe you can still take some home...
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Running out of depreciation expenseHow big a factor is "running out of" depreciation for long term property owners? It would seem to me that anyone who purchased property 25+ years ago, not being able to use depreciation vs. cash flowing an asset that has probably gone up in value many times over, depreciation isn't going to be the ...
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Harvard MDes - real estateDoes anyone here have any experience or thoughts on the Harvard real estate program? I know it is technically a Masters of Design degree, but it appears you can take courses in the business school, law school and at MIT which is interesting. Just wondering what the placement is like out of the progr...
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Federal Realty Investment Trust (FRT)have any of your RE fellows heard of Federal Realty Investment Trust? i got approached for an opportunity there and just don't know too much about them. i think a ton of people recentley left (hence all the job postings at once). what do you chaps know about their culture, work load, growth opportun...
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Company Interview: Christies International Real Estate - Real Estate BrokerThere were no specific questions. Broad industry discussion. Hindsight, I assume the interviewers were looking for my general knowledge of the market. I was also asked: why I wanted to join their firm; what specifically that they offer interested me; what I see myself doing in two or three years. Th...
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JRK Property HoldingsLooking for any insight into this firm, particularly their acquisitions team in LA. Culture, work environment, how the firm is viewed by its peers, those sorts of things. Thanks as always....
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Real Estate Private Equity CaseHi there, is there anyone who knows what I can expect with a case in the PE RE sector? I watched some youtube tutorials and gained info about the waterfall analysis with a promote structure. My background is from a perspective of single tenant triple net leases. ...
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Anyone's company here hiring summer interns in Canada?I've been looking for internships for this upcoming summer in the commercial real estate industry. Found a few in the big banks and applied to no avail (so far). CBRE/JLL/CW don't have anything posted yet either. What's the recruiting look like in this industry for internships? ...
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Brokerage vs Starting a Development CompanyHey all. Long time lurker, first time poster. I am currently in commercial construction in a top ten CRE market. I am looking to make a career change and I have it narrowed down between doing brokerage or starting my own little development company. I like the idea of the “eat what you kill” ...
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How do lenders size floating rate debt (DSCR)?How do lenders determine what the debt service is in their DSCR sizing, particularly on floating rate debt? Do they use the LIBOR curve to project debt service, or are there other, more conservative methods?...
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MF deals on the sideAny MF development or acquisitions guys have any experience doing smaller deals on the side? I'm the acquisitions/development analyst for a sizable local shop and have the opportunity, given my skillset, to essentially be the sponsor in a smaller-scale (...
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Timing on Year End Bonuses?Just curious on when most of you know what your bonuses will actually be and when your firm actually hands them over? I've been used to some form of December "performance review" where my bonus amount was provided and then typically mailed out in check form towards the end of December. First yea...
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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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CrossHarbor Capital Partners: Analyst Experience, Reputation, CompIs anyone familiar with CrossHarbor? REPE shop based in Boston. Seems like a good firm. Trying to get a sense of their reputation, comp, exit opps. Let me know....
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JV'ing on Core or Core Plus?Curious if anyone is seeing this happen. I suppose it could be structured as an incentive management type of arrangement given the fact that it's hard to justify a promote on a core low IRR deal. Even if the operator sources the deal off market, would an LP be willing to do this?...
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Company Review: Fannie Mae - Fannie Mae Review Room for advancement in some groups. No expectation of long hours or weekend work. Generally nice people to work with, low stress environment.. Limited mobility to move around at junior levels if not in associates program. Expectation for work quality is low, leaving room to advance but sometimes di...
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Do analysts at top debt and equity placement brokerages create models from scratch?Do analysts at top debt and equity placement brokerages ever create models from scratch or do they just use or rework the client's models? Thanks...
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Analyst Position at a Private Developer in Orange County for Retail/NNN/OfficeI am going to start a job soon as a Jr Financial Analyst at a small private firm and already done so light analysis on 2 properties just for them to see if I had the chops. First starting out at the bottom rung of the ladder, how much knowledge is expected from you managers/principals out there? I...
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Typical Investors Terms....To anyone who has substantial career experience, whether in a small, mid size firm to REPE, what are your terms for LP's/ Joint Ventures as the GP that make your fund attractive? For example, do you usually have a preferred return and if so, what is the Pref % as well as the IRR? Additionally, what...
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Construction knowledge for DevelopmentHow transferable (if any) is construction process knowledge from the capital construction project side, transferable to development?...
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Internship at more reputable company over full time offer?Would anyone suggest taking a post-bachelor's internship at a larger, more reputable company (CBRE, JLL) over a full time brokerage position at M&M or a smaller office?...
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List of all US Real Estate Developers and REITsI'm beginning my MRED in the Fall, and am starting to wind up my networking efforts. I figured a CapIQ screen of every developer in the nation sorted by State/City would probably be a good start. I hope that anyone else in a similar situation finds this useful. Let me know if you have any trouble...
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Goldman Sachs RMD QuestionI went through GS recruiting and was offered a full-time position in the Realty Management Division. I was wondering how prestigious this division is when compared with some of Goldman's top divisions such as IBD, IMD, etc. How would it compare to top divisions at other BB/MM? I understand that R...
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Compensation range for development associate with arch backgroundI just finished a graduate degree in Real Estate Development at top 5 program. I have 4 years experience in architecture at a midsize development firm, and am looking to expand into development role at the firm. I'm looking for a compensation range I can request as I transition...I'm currently makin...
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Starbucks Build to Suit budgetI have a client with a free standing 2000sqft building Starbucks is interested in leasing. They want some numbers from us on asking rent based on their BTS standards. I was sort of blown away when our contractor, who only does freestanding restaurants came back with $700k of TI/build out. Contrac...
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Torn between two job opportunities So I just finished my undergraduate career at a target university this week with a degree in Real Estate development/finance. I have two job offers on the table that I have to make a decision on by Monday. Option #1 is financial analyst position at Wells Fargo with their CRE lending team. They've go...
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Modelling a Portfolio of Non-Performing LoansHi, I'm interested in learning how to value a portfolio of non-performing real estate loans, although any information on modelling other non-performing loans such as credit card receivables would be most welcome if that is something you are more familiar with. Even some starting points would be very...
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Benefit Street PartnersAre they just another middle-market bridge lender? They seem to have a stabilized product as well? Does anybody work with them?...
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CBRE - Underwriting Analyst or Valuation AssociateI was hoping someone who works in the industry might be able to help me out with this, there are two jobs available right now at CBRE and i was hoping someone could give me a little more insight in the two of them. My ultimate goal is to purchase cash flow properties and get into development on my ...
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CBRE - Transaction Specialist v. Valuation AssociateAnyone familiar with these roles at CBRE? If long term goal is to work in acquisitions/development and acquire my own portfolio of multifamily and commercial assets, which role would be better? Which would have more modeling exposure? Better just to get my foot in the door in some capacity and go fr...
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What information do lenders look for and pay attention to in a loan request package/OM?I've read through a number of OMs and loan request packages and it seems that a lot of the information in the documents is somewhat superfluous and can be ignored. As such, what portions of a loan request package do lenders pay attention to. Additionally, what information are they generally looking ...
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What software do you guys use?I am at a multifamily shop with about 2K units and we manage in house. We use basic yardi for pm but I feel like we are lacking overall in the technology space. I think we can do better than excel with construction management, project management, asset management and acquisitions...
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Intern for local developer or move to bigger market?Interested to hear your opinions on this. I am a recent math and computer science graduate in a small Midwest town, with no real estate internships. We have a few local mom and pop development shops, but nothing super big. My ultimate goal is to work as a development analyst in the Dallas/Houston/Sa...
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CRE loan structuresQuick question I’m looking a little deeper into understanding the debt on some of the deals that we look at in our investment sales brokerage shop. So if a loan term is 5-7 years what happens after you refi or renew loan, do you ever actually pay off the loan if it’s not a fully amortizing pr...
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Creating a RE Modeling CourseMonkeys, I am in the process of making a RE specific modeling course. I wanted to know if you have thoughts regarding where certain programs are lacking details or could be improved. I've done both the BIWS and REFM courses and plan to use the case study style of BIWS and also cover all the bas...
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Walker Dunlop- Anybody here a previous summer intern?I am interested in interning over the summer at Walker&Dunlop, anybody here familiar with their capital markets summer internships and is kind enough to share their experience? Would really appreciate any help. Thank you!...
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REIT Associate Salaries? (Credit/Underwriting)What would be a good salary for this role? Assuming $7-10B in assets, Atlanta/Dallas/Houston/Phoenix. Single tenant properties....
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CBRE Production AnalystAnyone want to provide some insight as to what this job title really means? Can't really find anything about it online, but wanted to see if any of y'all have heard of the title. The description for their production analyst jobs are very vague. If you want to look yourself, go to CBRE's job listing...
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Model/Materials Exchange - Anyone have models and other stuff to trade?I've got some models/reference materials that I'd like to trade for other stuff. I'm looking for ground up development models with waterfall analysis for all asset classes, and acquisition models for anything but multifamily. I have all lessons/models from an NYU RE financial modeling course, the ...
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Entry Level Roles in NYCI graduated over the summer from a top 25 school, and recently moved to New York. I have two solid acquisitions internships on my resume, and a pretty solid GPA. I've been searching for a job over the past few months, but nothing has worked out so far. I'm thinking about taking one of the brokera...
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Exit Opportunities From Boutique IS BrokerageI am essentially looking at exit ops from my boutique investment sales brokerage of which I have been in just south of a year. I have two years of residential experience previous to this in mortgages. I have an idea of what I think I could look into but am curious to see what you all think. I want t...
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Anyone work with younger brokers?So I been reviewing some deals by a couple of the brokerage firms we work with on a regular basis. They seem to have added some younger brokers who I have been in contact with and seem to be really douchey. I mean they all feel like they are entitled or they seem to treat every offer not at asking p...
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HFF Analyst PayHow much is total compensation for a 1st year analyst at HFF? (Salary + Commission + Bonus?) Assumptions: South East City, Debt/Equity Placement Team Any insight/thoughts would be great, thank you in advanced!...
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What are the skills that make for a good debt/equity placement analyst at a top shop (Eastdil/JLL/HFF)What are the key skills and attributes that make for a successful debt/equity placement analyst at a top shop like Eastdil/JLL/HFF? Also, what does the day-day look like for these roles? (I realize every day is going to be different, so please give a general day-day.). Thanks...
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Learning Argus and moving jobsCurious from hiring managers or interviewers out there. If one says they do not use Argus daily, how much does that hurt your chances? Everyone says you can learn it. Can real estate experience outside of Argus like accounting and fair value experience and education like an mba help? Or is Argus...
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IS vs Debt Placement at a major shop (think Eastdil, HFF, JLL)Long time reader, first time poster, huge fan of the site. My question is this: I know at the Junior level that the work can be similar at times. However, as someone who wants to stay in CRE long-term, I am curious as to the major differences in day-to-day work as you climb the ladder, and just i...
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RE JV equity placement agent (FINRA licensed?)Hi guys, Can anyone who specializes in JV equity placement for RE investment projects talk about the necessary skill sets and qualifications? I am a debt broker in a small shop and would like to explore this equity placement channel. The shop does not do any equity placement. I've done some rese...
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Is this job at Goldman Sachs RMD/RMAM a MO or BO based on this job description?Is the following a MO or BO role? From my understanding, due diligence (risk, it seems) is MO, but please correct me if I'm wrong. Would it be possible, at all, to join the FO from this role? I've read that GS does not allow anyone from MO/BO to ever go to FO. Is that true? Thanks in advance. Goldm...
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Start-up Real Estate Fund Opportunity - Figuring out Managing Member EconomicsTo all, I have been lucky enough to be potentially seeded by a wealthy investor who wants to lock me up for 5 years on a new venture. He is going to give me an offer sheet this Friday (12/15/17) and I want to make sure that I get the best deal without appearing greedy. Initial base is $120K year 1 ...
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Define the promote in an equity waterfallI have seen the promote on the equity waterfall structure defined two ways. Although both ways benefit the sponsor, one way clearly favors the limited partner and the other benefits the general partner. I have included those two scenarios below. Which of these scenarios do you most commonly see in y...
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Which of the PERE 50 2017 hire out of undergrad?I'll update this list below, so far I believe the following hire out of undergrad: Blackstone Brookfield Starwood Capital PGIM Morgan Stanley REI AEW Capital Management [Link to article](https://www.perenews.com/pere-50/)...
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Politics At a big shop What are some words of wisdom for younger analysts working in big institutional shops in regards to politics? Being a relatively new analyst, I am starting to learn the landscape a bit, and am realizing politics drive the show....
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TI Buyout DealI have to calculate the $ for a tenant to buyout their TI vs rolling it into the lease rate. This is a new development deal and the tenant has agreed to pay a higher rent for 20 years in order to get a turn key space. Now after the building is almost complete the tenant came back to us and wants ...
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Georgia Mega Rail - Market EffectsA podcast I was recently listening to mentioned mega rail that will essentially connect the port of Savannah (4th largest in the nation by volume) to markets across the US. This would allow containers to be shipped to some markets at an increased rate (reduce time by up to 24 hours). How do you s...
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How did your acquisitions career evolve?Hey guys, as I start to progress in my career I am starting to think about more ways to add value beyond the analyst level to the acquisitions team at my shop (MF developer). What did you do to start taking a more active role on the acq/deal sourcing side? Currently I do everything, but it is all...
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CRE Portfolio Management Analyst QuestionsI just started this position as an analyst at a large co. and need some help understanding how this fits in the grand scheme of things. More so starting off in this position in comparison to a credit analyst for example. How is portfolio management seen by the rest of the departments in Commercial R...
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GPA on resumes? Fresh Grad with 1 valuations & advisory experience [REAL ESTATE]What's your guys' opinion on putting your GPA on resumes? Especially if you're a fresh grad. Thanks in advance :)...
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Real estate internship in LondonHello everybody, I m currently a student doing a gap year and I m currently doing an internship as a strategist assistant. However I am realizing that I m not a market driven person and I need something more down to earth. I already had some interviews with JLL or CBRE and had a great time talking ...
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How to break Into REIT Acquisitions/DispositionsI am looking for information for breaking into a REIT Acquisitions/Dispositions position. I have been working for the past year on a boutique firm's investment sales platform as a broker, I have two years of experience previously in residential real estate as well. Not sure where to start or how t...
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Analyst Skills Test QuestionHey all, applying from a front office position into more of a back office role (analyst) as I am realizing I do not enjoy sales as much as I thought I would. My question is what would is to be expected with the the analyst skills test (excel test typically I hear), do they usually do it in person? I...
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What exactly is REPE?Long time lurker here and hopefully I don't get too much monkey shit thrown at me but I had a discussion with guys in my team today as to what REPE actually is and there seems to be quite a bit of confusion/disagreement... I appreciate it really doesn't matter at the end of the day but I was just qu...
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CornellNevermind!! Answer found... .............................................................................

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