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+8
Why do the most prestigious RE firms focus on huge, class-A buildings in top markets?

BeaconStreet

This is something that has puzzled me as I’ve moved from the AEC side of the business to the finance side. There is a group of elite, prestigious RE companies. They tend to hire from target schools, and many of the posters here would like to work for them. You know their names: Hines,...

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+7
We might be at the bottom in Multifamily (MF)

PacNumber

It was just a few months ago when treasuries were at 3.25% and it appeared that 6% interest rates were a year away...5 caps in major markets appeared to be upon us. Then it didn't happen. Since I got in the business in 1995 one thing has remained true, we never raise rates to previous...

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+7
Real Estate Mezzanine Debt - Cause for Concern?

FutureCEO3

Throughout my discussions with investment and financing professionals within the real estate industry, we have reached the stage of the cycle where most seem convinced we still have “room to run”. The most common reasons and rationale I hear about why a downturn is not imminent is...

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+10
Deal of the Era

Red banana Wagon

I was reading about JMB Realty and how they had the defining/biggest deal of the 1980's real estate boom (Cadillac Fairview for $2.6 billion). It got me thinking, what has been the biggest or lost defining deal (or development) of this real estate cycle? The book mentioned how deals in the 90's we...

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+2
Trammel Crow - Senior Dev Manager comp?

pere797

I am currently in a development role. Cradle to grave responsibility with $150m currently under development delivering this year. I have come to concede that my shop is not paying anyone out soon (in terms of anything other than a salary). I think I'll be stuck in a PM position long term plugging aw...

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+1
WiredScore?

Skap13

Hi Monkeys, Anyone have experience working with WiredScore or interviewed with them? Any insights would be much appreciated. Thanks!...

1
+3
RE Acquisitions at MF vs. IBD at BB

dsc10801

Hey guys, Am an undergrad considering RE Acquisitions at a MF and IBD at a BB. After doing research on RE in general I am more inclined to pursue it but am held back by future prospects in PE post IBD. One of the biggest concerns is that I’m unfamiliar with the career path for someone starting...

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+2
RE Development Costs and Yields

Wolfy22

Hello all, Curious what you all are seeing with regards to yields on cost in different types of development projects given fluctuation in commodity costs. Which property types/markets are people getting the highest yield on cost? Any change in construction cost estimates given recent collapse in...

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NYU MSRE- Anyone take Accounting with Dan Crowley?

jimmymc

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx...

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+3
Move from RE to Equities

razir110

Hi all! I am currently working in RE AM (at first I though it was a PE firm however it ended up being an AM, the whole thing happened quite fast and I needed a job, so I didn't really do much channel checks on them,) but anyways.. The firm is a solid boutique with loads of $AUM and it's involved i...

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+6
Breaking into REPE/development from appraisal

CodyParkey

Wondering what exit opps would be available with 1-2 years in appraisal with an MSF w/ RE focus from a decent university would land me? Assume that the appraisal gig would have good flow with good properties (MF, office, retail). Would REPE and development be in the question or would I need to do a ...

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+6
To all the commercial real estate brokers out there...how much money do you make?

opus1723

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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+8
Senior Housing Question

itsanumbersgame

Hi all! I was wondering if people could give like.. an intro to senior housing as it's one of the only products i have no experience in underwriting. For example, it'd be great if you can talk about the different types (assisted living vs. skilled nursing vs. etc...) and what they mean and which is...

26
+2
Bridge Lending Fees - what should I get paid?

futureREmogul

Like I wrote last week, my boss (I work as an acquisitions analyst for a small REPE firm) is starting a bridge lending/hard money lending platform soon which I'm very excited about. He is a very reasonable guy and we have not yet discussed how I would get paid on origination. What do you think is r...

7
+2
Project Finance/Infrastructure in DC

BubbaBanker

Other than Carlyle (not sure if their infra team sits out of DC), are there any other project finance lenders or infra sponsors with offices in the DC metro area, or this something that's largely limited to New York?...

12
+2
Tenant Rep Exit Opps

TenantRepBroker1234

Curious if anyone here has left the Tenant Rep side of the business and if so where have you ended up? Spent 10 years in Finance before moving to CRE - specifically Tenant Rep work. Making decent money and doing well but concerned about the long term viability of the business - consolidation, 100...

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+1
MSRED NYC Spring Internship

nycred

Starting the final semester of the Columbia MSRED and am in search of an internship in NYC. Mostly interested in a development/project management type role, but also open to the finance side of things if the opportunity presents itself. I have 2+ years of full time experience at a top asset manager ...

1
+5
Company decided to push back filling position for 60-90 days. What should I say?

TheTankF

This is after a phone interview with a small debt/equity broker. They said they'll check if I'm still interested then. Anyone ever heard of this? Would you advise trying to meet him for coffee in the meantime? ...

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+7
Rational behind a lender choosing a loan term

adrian-monk

Debt Folks, have a question- Is there a science behind the loan term chosen by the lenders? For example, a deal I am involved with is a single tenant industrial deal where there are four years left in the lease. Tenant is B+ rated tenant, solid tenant. Will any lender be willing to lend on a long te...

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+3
What RE Field Would This Position Fall Under?

CREious

I have worked in MM IB M&A for about four years, but a close family friend has been pushing me to leave and join the real estate company he started. The firm is an asset management company with development/operating capabilities – I think they have around $4 billion AUM. There isn’t much about t...

6
+1
Similar Publications to Wharton Papers

abc1324

I've really liked Wharton Papers and some of the papers on there. Couldn't find any other links here, anyone know any that have good, intelligent reading material on different RE topics besides Wharton Papers. ...

1
+1
Real Estate Masters Programs (Georgetown vs NYU vs UC Berkeley)

jerome10

I have been accepted to Georgetown, NYU, and UC Berkeley's real estate masters program. I was wondering if someone can tell me those schools' pros and cons. I have total one year experience in architecture firm as a project coordinator and I would like to pursue my career in real estate development ...

1
+3
FT REPE Opportunities out of Undergrad

adamjones

Hey everyone, I’ve been reading WSO for a while now but first time posting here. I am looking to pursue a career in REPE out of college (previous internship experience in RE) and wanted to know what good full-time opportunities there are out there, preferably in Acquisitions (aside from BX, Starw...

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+3
Getting a FT job by May - Critique my plan

Ronclue

Hey guys, I'm graduating in May of 2019 - and have been searching for a full-time real estate job. **Some quick details:** - Moving to a different market right after graduation (from a smaller market --> to Toronto) - Finance Major, 3.3 cumulative GPA, 3.6 Major GPA - 2 real estate internships (C...

7
+3
2 yr - 10 yr Treasury: Why does this indicate a recession?

Debt From Above

Fellow monkeys, I currently work in brokerage where our financing professionals are constantly preaching about the spread between the 2 yr and 10 yr treasuries (and have been for some time now). I understand that the yield curve inverting is supposed to indicate a recession in the future, but I was...

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+4
Easiest Metropolitan Areas to Develop?

Giangelo-Bautista

The Managing Director from Tishman Speyer told us that San Francisco was the most difficult city to develop in. Even harder than New York. I've been wondering what metropolitan cities around the country are generally easier to develop in? ...

20
+2
Issuing bonds for real estate financing?

Red banana Wagon

Forgive me for this isn't thoroughly thought out, but would it be reasonable for properties to issue bonds for financing? Ever? I was reading that LLCs cannot issue stocks, but they can issue bonds. Would a bank ever go for this (ie, not lend on the property, but raise/sell bonds for it)? Am I a com...

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+5
How Long is Long Enough

bigbob123

Currently working as an analyst with an investment sales team. Pay is solid, decent deal flow but I would like to transition either to a brokerage working on larger deals or somewhere on the buy side. I've only been with this group for a short time so I'm wondering how long for it to be acceptable...

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+13
Scared Shitless: How Did You Actually Learn How To Competently Build Financial Models

The Assman

So I get that everyone's read the WSO guide on how to walk an interviewer through a DCF, LBO, etc., and most of us took classes in college where we've built simplified practiced models of one form or another. But I'm about to start work (investment analyst at a REIT) next week, and as far as I know ...

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+1
Real Estate Acquisitions exit opps at a Pension Fund

Leverup13

Hello all, I recently started my first job out of undergrad in an acquisitions role at a large pension fund (think calPERS). Although I like the position, down the road I hope to leave get into REPE where I can do more intensive due diligence. So I'm just wondering what level of REPE I could get in...

1
+1
How to Approach Lateral Transfer

stev0026

What's up y'all, I'm currently on my 12th month at an analyst position that is deemed to be an 18-24 month commitment. After that time, it is assumed you would try to become a Manager in the department or transition into underwriting. The situation, however, is that I am trying to move to NYC in th...

4
+1
Going Buyside to Sellside

NYYCRE

Hey guys so I had a couple of interviews with a well known debt/equity shop for an Analyst position and I think I will be getting an offer. I have around 3 years general RE and pretty much zero deal experience and only experience on Office. Team I would be working with does everything (office, mult...

4
+3
Careers in Real Estate

lf3871

I'm currently in my sophomore year of undergrad, and I'm interested in a career in real estate. I'm familiar with a few different career paths (development, REPE, etc.) but I'm interested to learn more about other options in real estate. What are some companies/jobs I should be looking at?...

3
+1
Thoughts on AirBnB friendly luxury apartments?

boomemlr

What are you guys thoughts on AirBnB friendly luxury apartments? For more background, check out Niido's company page. They currently have one property in Nashville and Orlando, with one more rumored in Austin. Essentially the idea is to juice rent dollars by having tenants "airbnb" out their apar...

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+1
Things you need to consider when buying to-let property.

lettingumega

Buying Edinburgh property to-l **** et seems like a good investment, but before making this investment, you need to consider the following things: **1. Understand what you’re investing in** You need to research when buying a to-let property and also prepare to comply with the obligations as a la...

1
+3
Private Bridge Lending Business

futureREmogul

Hey guys, so my boss is looking to start a private bridge lending platform (basically going 50/50 with someone who already has one in a different city), but I am really looking to be aggressive and help originate as many deals as possible. I am curious to learn.....what type of investors/principals...

8
+1
Berkadia Transaction Analyst

dax12345

Anyone have past experience with this postion and have any info in terms of culture, deal flow, and comp? Havent heard much about Berkadia in my area and was wondering if this role was more of an operations/research based role or eventually would lead to a producing role? ...

1
+1
Interview at CRE Brokerage

jwill304

I have an upcoming interview for an entry level position (Retail Analyst) at a CRE Services firm and was looking to gain insight into what this role might involve and what to expect in the interview. Between school and past internships, I have some high-level knowledge on different types of investin...

2
+8
Opportunity Zones - Next Big Thing or Government Boondoggle?

larry david

Fellow RE Monkeys, Wanted to hear everyone's thoughts on Opportunity Zones. Personally, I'm very skeptical this program will work for 3 reasons: 1) Required Hold Period - material tax advantages only kick in after 10-yr hold period. For anything shorter, basis step-up is nice, but can't see how it...

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+11
Would you move from real estate development to asset management?

d309206

I have been offered a position with a prominent PE firm working on the asset management side. I would be managing / overseeing our development partners and projects where we are the LP. This firm invests in pretty high profile projects. I am not sure about this move (because I seem to hear mix b...

29
+1
Move from Europe to US - help/advice needed

peregb

Hi all, Am looking to make a move to the US to satisfy my urge to work abroad and clear out of the UK before Brexit and Labour (you know they're getting in at the next election) kill the country for a few years. Aiming for NY as have the most interest in living there. What I'm looking for is some ...

1
+1
Walker & Dunlop Cap Markets Internship

bottles_n_models

Was recently offered a SA position with their group in a top market (Think Chi/NYC/Dallas/LA). Wondering if this will be a worthwhile group to work for if CRE finance is my ultimate career goal. How do they stack up against other RE capital market groups such as JLL/CBRE/HFF/Eastdil/Berkadia etc? Id...

5
+6
Why a lack of advanced modeling techniques? Anyone who uses probabilistic modeling justification for this?

acb123

From what I have seen, real estate modeling (at least on an asset level) seems to be relatively rudimentary in comparison to almost all other financial sectors, could anyone possibly speak to why very few firms utilize advanced modeling techniques and probabilistic modeling in real estate? Or if you...

35
+3
Should I continue pursuing the CFA designation?

nontarget chimp

Hey all, I wanted to get your thoughts/feedback on studying for the CFA. Previously, I've spent quite some time on the asset management and capital markets side where a CFA mattered. I have studied the level 2, but I've yet to pass it. More recently, I'd made a lateral into commercial real estate w...

13
+10
Leaving Investment Sales for Small/New RE fund - sound worth it?

Its Free Real Estate

WSO, I have a pretty cushy analyst job on a decent investment sales team, working about 40-50 hours per week with a nice boss and making about $100k a few years into my analyst stint. I do not see myself staying in IS long term since I don’t want to be a broker, so I am at the point now where I a...

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+1
REPE Modeling Test

lacroix_toy

Hi All, I know there are multiple outdated threads with excel REPE tests. But was wondering if anyone had examples, tutorials, etc. into others. This one in particular is 90 minutes. In advance, I'm well aware of REFM, BIWS, A.CRE, etc., so any other sources or real life examples are helpful....

1
+3
Best RE Analyst Programs

AspiringSage

Hi Monkeys, I am currently in a consulting practice with sector coverage real estate and alternative investments. The day to day is very far removed from the asset (developing concepts, IT strategy, etc.), and I am looking for hands on experience with deals. I am interested in real estate developm...

14
+4
Real Estate Modelling Test Practice

lolcakes

Hi all, Is anyone aware of any commercial real estate modelling tests (free or at a cost) (preferably non development) on the internet? I've found the PGIM case study on WSO and the free one on REFM but both are multifamily which is not the industry I am trying to get into - moreover, I am already...

27
+6
Looking to Hire REPE Associate

picklemonkey

Over the years I've found this forum to be a great sounding board for different ideas and thoughts about projects, returns, structure, markets, costs, etc. In return for all the knowledge I've gained here I would like to provide the opportunity to give back. My firm is looking to hire an associate ...

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+1
Biggest Opportunities in Today's CRE Market

Debt From Above

What are the most undervalued opportunities in commercial real estate? If you were the GP of a fund interested in value add deals (regardless of deal size, or asset class) what deal characteristics would be of interest to you?...

1
+1
Anyone here with experience acquiring/managing Project Based Section 8/HAP deals?

SoCal-RE

Have participated in a few LIHTC-related threads here over the years, wanted to see if any monkeys here had Project Based experience and were willing to discuss. Happy to post questions here or PM. Thanks....

2
+15
Worst Places to Start in Commercial Real Estate

EliteStudent11

Like the title says, I’m trying to figure out the worst first job you can have in commercial real estate. That way users can know to avoid it and aim for something equally easy to get but less hindering to your career. Based off what I’ve read here, appraisal and DUS lending seem to be the wors...

73
+3
JLL Capital Markets (NY) Vs Heitman Acquisitions (Chi)

LehmanLevered

Hey all, I am a junior at a non-target and have been presented with two really great opportunities and wanted to gauge everyones opinion on which you think would be better in terms of culture, compensation for full time, hours worked and just any advice you may have in general. Thanks in advance a...

19
+4
Waterfall Technical Question

Capital360

Hi All, Hoping someone can assist as I have an interview test coming up which I believe is going to focus on the technical side of JV structures (modelling test...yay!). I am currently working for a developer which does not engage in JVs so I am not very experienced in the process but I've been edu...

7
+3
Where to put CRE Cert on Resume

abc1324

I recently completed a Cornell CRE cert, where should I put it on my resume. I was thinking under education under undergrad, but people I've talked to said that's misrepresenting it by putting it there. It clearly says "Commercial Real Estate Certificate" with the time period (3 months). Any thought...

11
+1
CAIA Level 1 exam in Feb/March 2019- doable?

williamthesnake

I'm thinking of doing CAIA level 1 in Feb/March 2019, and wanted to check how feasible it is if I were to start studying now. My background is that I graduated with an undergrad finance degree 7 years ago, am a part qualified accountant and did CFA L1 back in 2014. So I've got a lot of relevant ac...

1
+3
why choose real estate finance?

Giants123

What are the advantages in real estate finance? Why do people choose this field over the typical fields in finance? How do you break into real estate finance? Are there any exit opportunities?...

1
+15
Are there any articles, podcast episodes, interviews, etc. you'd recommend people interested in RE look at?

JackteeMas

I know we've had similar threads for books (and frankly I'm sure we've had similar threads related to exactly what I'm asking), but while I was looking at various real estate youtube videos/podcasts/articles/anything a lot of what came up was trashy or just came off like an infomercial (to put it li...

25
+9
REPE failed drug test

want2bCRE

So, it's that time of year, excited and highly qualified future SAs receive the worst news imaginable: you failed your drug test and we can no longer offer you employment. Unfortunately, I am one of you. The most qualified of candidates who also happens to enjoy the devil's herb. My question is: W...

85
+1
Do Associate and more senior role interviews have case studies in REPE?

Swedish_1

I'm currently at the analyst level and was curious if there will continue to be case studies for all future interviews, even as I advance in my career. ...

1
+5
Why/how did you end up in the type of real estate you're in?

RawClaw

First thread! Undergrad looking to get into real estate here. There are so many different kinds of real estate--retail, multifamily, industrial, hotel, office, etc. All of these types can be vastly different in terms of how they function, how they're analyzed/valued, basically everything minus the l...

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+3
Finding real state jobs in NYC area

osw

Hi all - I am a recent college grad (spring 2018) and have been working in acquisitions in NYC for about 6 months now. I am looking to leave my current firm for various reasons; for more detail you can see the other thread I posted a while back about the hours. My feelings on that have largely staye...

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+1
HFF Internship Outlook

InvestmentChap

Hi All, I am currently a sophomore at a semi-target. I founded the college’s real estate club and now have a summer offer at HFF Investment Advisory. How will this internship look to future firms (specifically REPE). I hope to get a strong REPE internship my junior summer and I am wondering if t...

2
+1
Finding a Decent RE Headhunter

Ereit Treats

Hey all, First time poster, long term reader. Wanted to get the communities thoughts on connecting with a good NYC based headhunter/recruiter. I have been at my current company (public REIT) for over 6 years and was promoted to Vice President this past summer. I am primarily involved in sourcin...

2
+1
What are your thoughts on PropTech? Have you actually seen anything that may disrupt the industry?

JackteeMas

As someone who works in CRE and is interested in Comp Sci and tech in my spare time, I've heard about PropTech for a while now, but I've yet to see anything that seems like it could genuinely be disruptive to the CRE industry at large (residential is a different matter, and it may be disruptive in q...

1
+1
Are flats to rent in Edinburgh good to build your wealth?

lettingumega

Being a letting agent myself, I know that some people consider rental real estate investment to be good for building their wealth. But how often does this really work out? In theory, it seems easy that you buy a property in addition to your main residence and rent that for building your wealth. T...

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+5
Qualitative vs Quantitative RE roles

BrickandMorty

I recently secured an entry-level development job for after UG graduation. The job is with an established, well-respected development company in a major market, and focuses primarily on the qualitative aspects of the development process (i.e. managing architects, GC, consultants, VE, design vision)...

9
+4
Modular construction potential?

Monkeymoniker

Is anyone familiar with the potential of modular construction? If I wanted to learn more can anyone point me in the right direction. Thanks ...

8
+9
Real Estate PE Technical Interview Question - Case Study

ApplyIce

Recently I was invited to an interview where I was asked on the spot to build a real estate financial model with the following assumptions: NOI of 1 million Purchase at a 7% cap rate Expense margin of 45% Revenue Growth Yr 1: 7% Yr 2: 6% Yr 3+ 3% Expense Growth: Yr 1: 5% Yr 2+ 3% Acquisition clo...

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+1
contact info for commercial property owners

ryanlin451

Looking for names and contact info for commercial property owners. Anyone know any good sites I can use to research commercial property owners. ...

2
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website like for commercial property?

ryanlin451

Is there a website that is just like Zillow for commercial property? If there isn't, there needs to be something! I want to look up a commercial property value easily....

2
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Find commercial property owner

ryanlin451

How do you find what other properties a commercial property owner owns? Is there a way to find that out?...

4
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looking for an estimate of value on a commercial property

ryanlin451

Im looking for an estimate of value on a commercial property, almost like the Zestimate on Zillow but for commercial properties. Is there any advice on a good website that would show something like that? ...

1
+3
Georgetown MPS Real Estate

jt360

Hi guys, Just wondering if anybody has any thoughts on this masters? I'm currently London-based, working mainly as an energy journalist (though I also do some quant work and analysis) but am hoping to break into RE I-banking or possibly REIT work. I'd be moving to the DC office, staying in my curre...

121
+6
Yield on Development Costs

teddythebear

What yields are everyone seeing when it comes to development costs? Mainly interested in multifamily. We all know that developers make their money on the spread between yield on development costs and selling cap rate. However, I have heard conflicting reports that the spread is almost non existent ...

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Is Edinburgh Lettings worth the risk during festivals?

lettingumega

Renting your property for short-term during festivals has become popular in Edinburgh. But some people are skeptical due to the risks of putting themselves into a serious contractual and legal issue. However, with a little awareness, you can make good profit from Edinburgh lettings while minimizing ...

2
+3
LOC versus Refinance

yayaa

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...

6
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BEST FREE NEWS SITE

money.monkey

Pretty self-explanatory and this thread topic might have existed. What are the free alternatives to WSJ/Bloomberg?...

1
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How to find ownership information for commercial property

Mike Miller743

Does anyone know if there is an easy way to find ownership information on a commercial property? I only have the address. ...

8
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+24
AMA - Master of Real Estate

CRE

I'm seeing a lot of MSRE/MRED questions lately as people are either choosing between programs, getting ready to start programs in a few months, or thinking about applying for 2018. I am a recent Master of Real Estate graduate and I know we have a lot of current and former students on this board w...

80
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How Cagey are Your Co-Workers About Relationships/Sources

The Assman

Do you ever feel like you have to be careful not to go over people's heads when it comes to getting a deal done or that a co-worker might be hesitant to loop you into a prospect they have going on? Are you ever guilty of playing coy about how/where you sourced deals and your broker connecions? ...

2
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Anyone know anything about Northmarq Capital?

jtl1002

Hey all can anyone shed any light on Northmarq Capital (Analyst)? I believe they’re a debt and equity shop. From reading around it seems like the culture/pay their is great. Can anyone else speak upon? As well as exit ops?...

12
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Using 100% equity for a project - does it ever make sense?

Ronclue

Just wondering about this, does it ever make sense to not use any debt for a real estate project? Say for example, you're having a difficult time deploying capital because cap rates are super low, but you've found a decent investment. So you want to deploy as much of your equity as possible, you're...

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