Silver BananaTopicReplies
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Anbang Hospitality Portfolio SaleI've come to learn that the Chinese Government is unloading Anbang's hospitality assets which include some trophy assets in a handful of markets across the US. Rumors has it that this is strictly being marketed as a portfolio transaction and they have only approached 5 potential buyers. I've heard t...
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Verizon - Interview - Real EstateTell me about how you approach problem-solving. Walk me through your step-by-step thought process and why you follow this method. In both the online video interview and the superday, all questions were behavioral and no technical questions were asked. Questions were not that related to Verizon eith...
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RE Model case study completed - PGIM multifamilyHey guys - a few posts ago there was someone who used the attached model case study for critique. I did this relatively quickly during my down time - so I'm sure there are errors to be caught. However, I feel that I have done enough modeling and underwriting to have a decent grasp of how to comple...
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Excel Date Formatting questionI'm sure I'm gonna feel dumb after I get the answer to this but I've been staring at this all morning. I am analyzing a MF rent roll and need to count the leases expiring each month. Below is the the function argument dialog box and it looks like its not reading my dates as dates? I'm getting a...
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Cap Rate & Bond Yield SpreadsCan anyone help explain the intuitiveness between the spread cap rate and bond yield represent? I know the spread itself represents a risk premium. But saying spreads between cap rate and bond yields have shrunk historically for commercial assets - does this imply, a lower risk return profile? Just...
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Real Estate Sponsor FeesQuestions about appropriate sponsor levels fees come up on this forum more than almost any other topic. I recently came across an article that succinctly describes what typical market rates are and the rationale behind sponsors charging them. This is beneficial for all: Note - I don't believe we ca...
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Why Real Estate ?Hello everyone. I am new here and in Real estate business. Maybe I have simple questions but i really want to get deep in this business. And first question that comes to my mind is Why should someone invest in Real estate, when it is expensive, and income is slowly and not so big? ...
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New Job - Questions to ask HRHello everyone, Proud to say i got a new job in REPE. I know my role, am familiar with the company, met with the team, live in the city. HR is expecting an email from me and my question is what good things could I ask them and what should I know going in? Thanks!...
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Question About InternshipI'm currently a senior graduating from a non-target in May. I want to get a job as an acquisitions or asset management analyst postgrad. My past internships include summers as a capital markets analyst, investment sales analyst at a small mom & pop, and intern at a landlord rep shop. All of my past ...
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Class A Office Building Debt Service Reserves?I'm working through a model and have to make an assumption for an appropriate amount of debt service reserves for a fully leased class A office building in a major market. Does anyone have insight on what a good assumption would be?...
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Jones Lang LaSalle - Review - CommercialPseudo HQ with CEO and N.A. President seated in the office. Iconic office building in heart of DC. Enjoyable time. . Large office with several fields in it. Interaction with senior management lower than expected, but was okay. ...
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Anyone have WSP REIT Modeling or BIWS REIT Modeling ?looking for Real estate modeling course, does anyone review WSP or BIWS and can recommend them ? thanks in advance...
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From Real Estate Finance to Founder of Development Company - AMAI've been an observer on this site for a few years. In my mid-40s but use the site to keep current on how younger guys look at the business, career expectations, etc. Thought I'd do this AMA in order to pass on what I've learned (though it's your call as to how much you want to generalize from my ...
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RE Asset Management Analyst exit oppsFor someone starting a career in RE Asset Management as an Analyst, what exit opps are available after working a year? I hear the transition to acquisitions in pretty smooth, but what about entry into ibanks and advisory roles? ...
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Incoming REIT Analyst | Preparation & Staying Up To DateI'm an incoming analyst at a REIT coming from a broader corporate finance role (think FP&A or valuation). In preparing for the start of this new role, I've been keeping abreast of general news involving larger REITs (and the one I am going to work for), but I was wondering if there is anything more ...
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CBRE - Review - Real Estategreat place to start, lots of exposure to the market and direct contact with key decisions makers in real estate capital markets. job is not that challenging, concepts of real estate are easy to grasp, would like to be more in a leading role, but takes time i guess...
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Real Estate Investment Banking Interview CaseHi I have a 2nd round interview with a global asset manager in their Real Estate Investment Banking group (think of hybrid between a bank's real estate coverage group and brokerage services). I was told that there will be a case study component where I have to model some high-level returns in Excel...
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Monthly vs annually dcf in feasibility studyHi guys, I recently had an opportunity to conduct a feasibility study for an upcoming condominium project. I base outside of US, so some terms and practices may be different(and my English may not be perfect) I will try to be as clear as possible. The project's expenses occur on a monthly basis (...
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Asset/Portfolio Managers - what dababase system does your shop use?Say you need to store rent rolls, operating stmts etc... what database does your shop use to store and pull these data to excel? Anybody uses SQL or have expert knowledge in SQL as a result of the job? Also, please let me know the Approx AUM and size of your fund, just trying to get a sense of what ...
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Praedium Group?Curious if anyone here knows much about them and what they are doing. Know they have been active for at least a few decades, and familiar with them previously doing JV deals with operators. Sounds like they continue to raise equity funds, but not sure what they are focused on. Reputation, etc?...
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Construction Loan - Financing MemoAnyone got their hands on an old construction loan OM? Need to get my eyes on one for a project I am working on. Please let me know. Thanks!...
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Construction versus Bridge LoanWhen would you use a construction loan to perm versus a bridge loan? I would appreciate if anyone can offer their 2 cents on when to use each scenario. If you purchase a value add property that is vacant, how would you finance this and how would the banks look at it? Thanks....
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NYC multi debt marketHey everyone, I have two question, my lender has recently raised their rates and cut down on I/O. What are your favorite lenders in the 2-20mm range for NYC multifamily who do either or low rate of 3+ years of I/O. I'm looking for a new bank or two but it could be a FNME/FMAC product too....
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Morgan Stanley Real Estate Investing (MSREI)Anyone have experience with modeling tests for analyst/associate position here? They mentioned it would take 4-5 hours in total. Not sure what that would entail....
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Condo Development Pro FormaAnyone in the residential field willing to share a rental/condo development proforma (clean of input assumptions)? Started building one already but would really like to see how it stacks up against one used by a residential builder/developer. Any help would be greatly appreciated thanks....
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Following up after applying?Is there etiquette around this? I recently applied to a boutique repe shop and am contemplating reach out to the hiring manager via linkedin....
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Cash MultipleWhat is the correct way to calculate a cash multiple? Let's use an extreme cash to illustrate my point. I buy a property for $10. Then cash flows are as follows: Year 1: -$1,000 Year 2: $2,000 Year 3: -$4,000 Year 4 (Sale Year): $8,000 I have seen formulas that only treat purchase price as "inve...
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Can I change my job title to better reflect my responsibilities? I am currently job searching for real estate positions in a new City. My current title has Director in the title, however my job position is closer to what the industry calls Managers (Project Manager, Development Manager, etc). I feel like I am being passed on jobs that I am applying for because ...
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1st year Analyst - Advice/Help I've been an analyst for almost a year working for a multi-family group with a large national portfolio. I'm on a regional team (office in NY) that's responsible for sourcing 3rd party property management business. Our team did not close any deals in 2017 which led to no bonus pay out. I'm earning a...
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Student Housing ModelDoes anyone have a student housing model they'd be willing to share. I've got a bunch of models I can share as well. ...
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RE Interview Round 2 PresentationI have a round 2 coming up in a real estate asset management firm in their private capital group. The presentation is required to be approximately 20 minutes. However, they would only like to see opportunities and challenges presented for the firm going forward. I'm curious and want to get an opin...
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Is AE worth it with no experience?Hey all, I'm in Real Estate Advisory at a MM Accounting firm and am enrolled in an Argus Enterprise two-day workshop that the Altus Group offers ($1250 cost). I'm hopeful that I can transition into acquisitions, but with my current position, I don't do any financial modeling and for the most part, ...
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Full-time hiring at this stage in the RE recruitment cycle?Hey, Does anyone have insight on full-time hiring at this stage in the recruitment process? I'm a college senior and since the Fall I've interviewed for a ton of acquisitions/AM analyst positions in RE (mostly PE, REITs, and a few developers), but haven't had any luck yet. I'm wondering if anyone e...
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Condo DeconversionI have seen many discussions out there of condo conversion, but I am wondering if anyone knows anything about turning a condo into multifamily units. The condo I had in mind is an eye sore in class A location and it is pretty clear that the HOA is broken. There is always the slow option of buying ea...
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Thoughts on Portfolio Management in REPE?Recently offered a job in portfolio management at a REPE fund (about $1B AUM). It wasn't the original job I applied for but they think I would be a good fit there. From my understanding, once a property is acquired, I would be "managing the investment" (ie. periodically adjusting the models for any ...
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Cushman and Wakefield - Review - Real EstateLots of autonomy Property Tours Ability to get comfortable on the phone Exposure to players in the industry. Low Pay Undefined team structure No feedback or reviews Repetitive work, little ability to do other things...
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Why do some banks like BOA or Deutsche not have Freddie/Fannie licenses?Out of the 25 or so lenders that have freddie or fannie licenses, they are predominantly non bank lenders like Berkadia, CBRE, Northmarq, Hunt. The few banks that have either Freddie or Fannie license are Wells, PNC, Capital One, Citi, JP Morgan. Why dont most banks have them?The reasons I could thi...
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To all the commercial real estate brokers out there...how much money do you make?Just curious, to all the commercial real estate brokers out there--how much money are you earning a year. Answer format below * Product Type * Investment Sales or Leasing * Geography (City, State or Region) * Commission after company and team splits * Company split % * Team split % * ...
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Career Move from Canada to the USHello Monkeys, Has anyone here successfully jumped to the US after working in Canada at the analyst/associate level? I’m curious to hear what networking tactics worked the best for you, whether REPE employers are even willing to sponsor visas, and your opinion on using head hunters for this type...
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Okay so I've got an offer. Now how to negotiate a higher offer?delete ......................................................................................................................................................................................
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Career Advice, Please Advise (starting out in CRE brokerage) I was hoping I could get your opinion on a particular matter. Through coffee meetups, I was offered a job with a Commercial Brokerage Division. In the job, I am working under a broker in their mentorship program which lasts about a year. It seems I will be expected to generate my own business via me...
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Technical QuestionsHey guys- was wondering if anyone had a list of technical questions that one might expect to be asked during a CRE interview. I have seen some IB questions but curious what kind of technical questions might be asked during an interview for an analyst position of some sort. Thanks...
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Typical day for brokerage analyst?Can anyone who was/is an analyst in IS,debt or whatever, with a top brokerage shop like a CBRE/HFF/Cush, describe typical day is? From my understanding, Analysts spend most times creating pitch books and updating models. Do they create models from scratch? Do they attend any client meetings or is t...
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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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Compensation Estimate of a Vice-President at a Top REIT? I've looked through the RE Finance Compensation thread, but I can't find a single data-point for anyone above an Associate. Gotta believe there's a reason these guys aren't letting us amateurs know how much they pull in. All-in, what do you think a VP at a top REIT or solid REPE in a major market is...
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Commercial Property InsuranceWhat are the exact types of property insurance that a commercial property will have? Is it generally included in one policy or are there normally separate policies for fire, flood, hazard, landlord insurance etc.?...
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Transition from trading to private equity REI've spent the last six years as a commodity options trader at a bulge bracket firm. I'm now interested in transitioning to private equity real estate. I've crafted a story to sell my background (which includes taking real estate as one of my concentrations in undergrad), and am leveraging my alumni...
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Entry Level Asset Management Analyst comp in NYCThere doesn't seem to be very good info on this in Glassdoor. I have seen some estimates online, but I'd love to ask the community on this from personal experience. This is assuming comp at a solid but not elite REIT or PERE. Thanks!...
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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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Offer from PWC Real Estate Corporate FinanceHi all, I am 28 years old, finished my master degree in finance 2 years ago and have been working for a small start up, not relevant in Real Estate. I have average grades from a non degree university and have struggled with my job search for a year. I have primarily been looking for jobs within In...
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MM capital markets or Lifeco -> REPE?If the long term goal is acq at a repe fund or developer/REIT, which would be a better opportunity? - MM capital markets brokerage with good regional client base from what I gather - debt origination/analysis at major lifeco - equity AM with a major lifeco...
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Real Estate Asset Management Associate Salary at Multi-Billion FundHi everyone, long time lurker and beneficiary of the information dispersed on this forum here. I've recently gone through multiple rounds of interviews with for an Asset Management Associate role (~4 years of experience) with a lower PERE20 fund (think Angelo Gordon/Ares/Fortress), and the point per...
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Who are the top 15 to 20 low income housing investors in NYC?Who are the top 15 to 20 low income housing investors in NYC? Any information would be appreciated....
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**Top Real Estate Advisors in New York**Hey Everyone, I wanted to get your opinion of the top real estate advisory firms I can find in Manhattan. I'm trying to network outside of my university's alumni and get in contact with some new places. And I'm not talking about capital markets or broker type stuff. I know places like BBs, eas...
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HFF vs Eastdil Comparison (anticipating future UK dynamic)With the advent of HFF setting up shop in London at the beginning of this year, I thought it would be interesting to see a detailed comparison of the two firms over in the US to gain an idea of the likely dynamic once HFF establish themselves. Working culture? Services? Exit opps? Deal Size? Domina...
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Interview- Modeling Test!I have an interview coming up with a RE development company. They want me to do an excel test and said it will consist of an excel competency test,"basic" cash flow modeling and calculating returns. My question is: How basic do you think it will be? Does anyone have any examples of what they would ...
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Wells Fargo and Company - Review - Real Estate-Excellent group with a well structured financial analyst training program -Highly talented team -Opportunity to grow within the company -Ample opportunities to move around within the bank.. This was actually my top choice job and I have no real downsides to share. There are some regulatory/complian...
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Free research CMBS Are there any sites or free services that allow you to search for terms on a loan in a CMBS, or terms on agency loans? ...
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Condo CompsDoing a land residual analysis on a potential land acquisition. Wondering what sites / resources you guys use for finding condo / for-sale resi comps? Other than zillow, trulia, etc., are there any better tools out there? Costar's only coverage (that I'm aware of) for resi is MF. Any help much a...
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Eastdil InterviewHi everyone. I need some insights on how Eastdil conduct their interviews. I have some contacts over there and was invited to an informational interview with some of the executives and analysts. The process, according to one of them, starts late September. However, I was invited to a technical inter...
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Lincoln Avenue CapitalHi. Anybody here familiar with Lincoln Avenue Capital- a low income housing developer and investor. Any idea on culture, salaries, would really appreciate any insight, thank you so much! ...
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How hard is it to work up from the bottom in CRE?I have a tentative offer to work at a boutique Real Estate Development and Property Management firm (8m sq. ft.) for a summer internship but the title isn't that lucrative and the work would be due diligence and paperwork mostly. I'm more than willing to start at the bottom and grind my way up to th...
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Anybody here work at M&T bank?Hi all, anybody here work at M&T bank's CRE group? I Would really appreciate and be grateful if I could connect with you, thank you!...
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Spreads on New Multifamily DevelopmentIs anyone else in multifamily space doing a lot of development deals right now (i.e. preparing to close on new sites, rather than stuff that's been in the works for 12 months +)? If so, what tolerance for yield spread does your shop have over prevailing cap rates? In my shop, we are very focused on ...
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RE Career Advice Hey guys I am currently working at a regional bank doing originations for construction & bridge loans (average size of 30 million). I like looking at various asset classes, enjoy the business development side, and the fact I have lots of deal coming across my desk. Its just really hard to close an...
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Headhunted for CBRE Investment Analyst from BIG4 valuations teamHey everyone, I have been given the possibility to take an interview for CBRE as an investment analyst. I am currently working in the BIG4 valuations team in a Nordic country and I am not sure whether this would be a suitable transition and therefore ask for some feedback. First of all, is CBRE co...
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Shared-Equity Contracts: A SCAM or "a new way to profit from rising home prices"An [article](https://www.wsj.com/articles/silicon-valley-explores-a-new-investment-your-home-1518955201) published on WSJ talked about a new way for people to buy homes using equity financing: [quote]A handful of companies, including those backed by marquee Silicon Valley names such as Andreessen H...
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Family Office - Exit OppsCurious if anyone knows someone or has worked within a Family Office (~$2bn in equity) and what exit opps look like? Specifically, how it would look to Business Schools, REPEs, and potential investors if one was to open their own fund one day....
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Am I pigeon - holing myself? What's up guys, I'm in a Tier 1 A Market, east coast U.S (Philly, Charlotte, Washington DC, Miami, Atlanta) at a top brokerage working in office leasing. I interned with the same brokerage during college , got a FT offer in research and shortly thereafter got bumped up to a leasing team as a junior...
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Real Estate ExamHey guys! I am looking to get started on preparing for my real estate exam. For those of you that did the pre-courses online, what is the best website for this preparation? I looked into the sites listed below, however I am open to suggestion. I'll be taking this for the state of Pennsylvania. ...
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New York Life - Review - Real EstateGreat work life balance. the job is not complicated , work is easy, people are friendly and willing to help. no future, slow , low pay. Management is not willing to progress employees in additional coursework or designations...
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Promote StructureIn the process of syndicating a deal on this side and having some difficulty agreeing to a promote structure with a group of our investors who's advisers think the following structure is fair: They don't seem focused on fees but fees are as follows: 1% acq. 0.5% at refinance 1% at disposition 1% A...
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Best Ways to Hedge Cap Rate Risk?I'm with a firm that specializes in short-term opportunistic and value add investments. Basically flipping commercial properties. With interest rates set to rise this year, we may see cap rates starting to rise as well. We normally don't worry too much about moves in cap rates as we buy deep value ...
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Any guesses as to who this firm is?Some headhunter has the exact same job posting for two locations - one in [Santa Monica](https://retsusa.com/jobs/jobdetail.html?jobOrdrNo=5986&companyuser=rets&akken_jpage=jobdetail.html&akken_rpage=&akken_cpage=candaccount.html&akken_cppage=candprofile.html&akken_url=http://retsusa.com/jobs&akken_...
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Real Estate AIG Excel TestI have an interview with AIG, and they scheduled a 45 minute Excel test session. What does this entail? Please help....
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Eastdil Secured - Review - GeneralistYou work with some of the smartest people in the RE industry. The best training program in the RE industry.. You are required to work long hours, weekends, and whenver you need to to get the deal over the finish line,...
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What websites, newsletters, literature, etc do you read on a daily/weekly basis?I am tired of the fluff pieces on real estate where real estate is always going up and with only watching 3 episodes on HGTV your grandma can flip a 20 unit apartment building with 0% down. Market reports from brokerage firms, articles on Reuters and Forbes, etc are all just mouth pieces for Realto...
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Mezz/Pref Equity CRE Lender VS Boutique M&A shop Hello friends! I recently graduated college without a CRE background, and strangely found myself with offers with groups ($3-5B AUM) focused on preferred equity, bridge, and mezz CRE. They also have arms that deal with acquisitions and AM, although I would be on the lending / equity side. I was w...
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HR&A Advisors Anybody have any insight/opinion on them? What are the exit oppos for a consulting firm like HR&A. Have no idea what spending two years as a analyst here could set you up for- I dont see lending or acquisitions being a good fit. Maybe development? Really appreciate any insight or help, thank you!...
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Bridge Investment GroupDoes anyone have any input on Bridge Investment Group in terms of reputation, salaries, culture, ect.? Thanks...
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Sourcing Development DealsGiven there is magic to everyone’s unique process, are there any development guys/gals on here that would care to share some of the avenues they regularly take to source development opportunities? ...
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WeWork- real estate analyst?Anybody have any insight on the work experience you will develop as a real estate analyst at a place like WeWork? What are the exit opps? Really appreciate any help or insight! Thank you!...
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Wells Fargo and Company - Interview - Commercial BankingThe most difficult question that I was asked was, "how would you lend out money to someone who has bad credit"? Also, "what market would you invest in if you had a million dollars". If you understand the markets and credit, these two questions are fairly easy; however, they want to see your thinki...
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Senior at a Non-TargetHello! As with most students right now, I'm trying to lock down an internship for this coming Summer and I am having a hard time. I'm interested in CRE finance, but studying Real Estate isn't an option at my school. I'm majoring in Finance and Economics with an unflattering 3.2 GPA from a non-targ...
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How should I prepare for my first annual review with my boss coming up?My firm does annual reviews the first quarter of the year (I believe includes revealing annual bonus). I just started out of undergrad this summer and I have a few questions in general as I've never been through an annual review. Background is that I'm an analyst at a (~1B AUM) REPE firm and will be...
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(Networking) Good questions to ask?I've got a few phone calls lined up with some guys in Capital market groups at some top brokerages. I'm trying really hard to land to couple interviews and so I definitely want to come off sounding as intelligent as possible. What might be some good questions to ask about their jobs? Similarly, I ...
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