Silver BananaTopic
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Company Review: CBRE - Solid Not GreatVery flexible and solid pay considering hours worked. Good offices and exposure to real estate landscape. . Can be a grind, spending a lot of time doing marketing tasks. Junior analysts do a lot of grunt work. ...
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NJ RE Networking groupsAnyone know of the best in NJ? I see there's a YLG ULI but not sure how active. NAIOP NJ chapter looks pretty active...
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Green Street Advisors Research?Does anyone on capital markets teams at brokerage shops subscribe to any of their stuff? I swear every free webinar I've watched has been SO good. Also any idea what their stuff costs?...
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Real Estate Interview GuideHi Everyone, I wanted to hear some input for those seeking a career in real estate, whether it be brokerage, investment management, private equity or a real estate service provide. How valuable would it be to you to have access to an interview prep guide, both technical and fit, specifically tailor...
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Manufactured/Mobile Home InvestingCurious if anyone has any experience in this asset class, seems to be fairly niche similar to affordable housing, but is the general underwriting at all similar to multifamily? I'm assuming it;'s more yield driven due to property cap rates, locations, etc?...
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How significant are developer "impact fees"Just out of curiosity for you developers out there, how significant are development impact fees as a % of total project costs. Asking because I noticed Salt Lake City just slashed em' across the board; office saw a 81% decrease (woah?). ...
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Anyone work for Toll Brothers? Have a Land Acquisition Analyst opportunity at TB - curious to see what the exit opps have been for people who have had this role or one for a similar brand ...
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Shortest hold period to complete an exchangeI sold a client a building last month. I now have a buyer interested in purchasing it for 25% more than my client paid. Sellers reservation is that he has not met the IRS hold period of 12 to 18mo to complete and exchange. I know tons of people that have performed exchanges with less than a 1 ye...
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Career Option - opinions appreciatedHi all, I appreciate I don't currently have an offer on the table but I thought it would be useful to get some opinions just in case I do end up with an offer with limited time to reflect. As a bit of background - I currently come from a multi-family investment sales background in a Big 4 real est...
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Self Storage Unit Turnover AssumptionI'd appreciate it if anyone would weigh in here. I need to decide on a universal assumption as relates to annual self storage unit turnover for ongoing, high-level property cash flow projections where asset-specific historical turnover data isn't available. I'm not having much luck with google, the ...
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Due Diligence SalaryI am applying for a due diligence coordinator role for a real estate fund on their Transaction team. I was wondering what I could expect as a salary if I get the job. Semi Target Undergrad 1 year of experience in RE New York...
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insurance debt Any one else out there seeing crazy terms coming in from some LifeCos on participating debt on value-add acquisition and new construction? Any thoughts? ...
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Company Review: Marcus and Millichap Real Estate Investment Services - EhhI was able to get in on a great team who is doing substantial volume. This allowed me to learn the business quickly.. Impossible to make a lot of money as a new agent. Its a "Sink or Swim" mentality - the management cycles through a large volume of employees to see who rises to the top. Commission s...
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Columbia MSRED chancesHey all - I currently work in corporate finance with a previous work history in prime brokerage and financial reporting - I have developed a strong affinity for the real estate industry i.e. family friends who work in the industry/alumni events and think that an MSRED from Columbia could help me bre...
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Opinions on Valuations & Advisory as a career path in real estate?Hi guys, I'm currently a 3rd year finance student interested in real estate finance / development. How is valuations and advisory at a brokerage viewed upon in the industry? Are they the laughing stock? Is it just a checkmark that is an inconvenience?...
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Megafund REPE Modeling TestHi Guys - thanks in advance for any info/insight provided. Have a modeling exam coming up for experience hire at megafund's real estate equity group (BX, Carlyle, KKR, Fortress, etc.). Can anyone shed some light on what this will entail? How granular of a model? What functionality do they want buil...
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Underwriting a realistic exit for Value Add Multifamily in "Core" MarketsIn the value add apartment space, seems like more and more deals are being floated where the typical bathroom/kitchen/flooring renovations have already been completed. Yes, there are other areas where improvements can be made, but my sense is that in many cases, unless you are comfortable underwrit...
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CRE Tech Exit OppsHey everyone. I was wondering what the typical exit opps for people coming out of tech firms such as: fundrise, realtymogul, realtyshares etc. Any info would be greatly appreciated....
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Negotiating Participation in Real Estate DealsI currently work at a boutique RE investment/development firm. When I say boutique I mean very boutique. Besides our back of the house operations (accountants, property managers, etc.) it is the principal of the company and myself doing the deals. We use his capital and platform and leverage his cap...
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How many of you actually plan on going independent?I have the desire to one day start my own development business and I read a lot of comments on here where people mention that they plan on one day starting their own shop or that's "that's the dream." I was just wondering how many of you are taking the steps to make this happen? Also, how many pe...
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Tech/Tech Consulting to RE Frequent reader, first post. Non-target undergrad (pol sci major). Have had success in the Boston area in vc tech space due to connections, work focused in strategic partnerships. Lot of global work and was a principal level at 24. However, despise the industry and not a cultural fit either. Follo...
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When is it worth it to wait for that year end bonus?As the year draws to an end, bonuses are coming in place. If you're job hunting and finally get that offer for a better opportunity, do you leave before year end knowing you may have left a bonus on the table? How big would the bonus need to be for you to stick it out till you got it in hand? What ...
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AMA: 2nd Year REPE Associate Wanted to do this since I have recently seen a trend of more CRE posts in general, and quite a few about REPE specifically. Brief background: -Not really sure if there's such a thing as a 'target' tranche for CRE/REPE in undergraduate schools, but I went to what would probably be grouped as a semi...
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Real Estate Asset Management Excel TestThis week I have an interview for an Asset Management role with a top 25 REPE shop. One of the interviews that I have will be an excel test for 30 minutes. Would greatly appreciate if anyone could help guide me through what to expect, and how to best prepare/position myself to do well. This is my ...
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STNL Valuation ExamplesI'm sure that this topic has been addressed before but I was unable to find anything on any of the older threads. I am wondering if there are any good resources out there for STNL (specifically national tenant) property valuations. More specifically, I am wondering if anyone knows where I would be a...
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Company Review: JP Morgan Securities - AnonymousGood group of people Interesting work related to real estate Junior people were very focused on helping out. Long hours and work on the weekends, but that's obvious and to be expected Some tasks could benefit from automation...
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Joining an investment sales teamI have a potential opportunity to join a retail investment sales team that focuses on middle market deals (2-15mm) with a major brokerage (JLL/CBRE/CW). Sometimes the team gets brought in on bigger institutional stuff but mostly smaller plazas owned by HNW people or families. The main broker is plan...
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Cambridge University now has part time Real Estate mastersWhat do you guys think about this programme? **Degree granted:** Master of Studies (MSt) in Real Estate **Programme established:** 2016 **Offered by:** Department of Land Economy **Duration:** 2 years **Tuition** 20,600 GBP = ~ 26,000 USD **Profile sought:** *"This is a two-year part-time masters ...
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Company Review: Greysteel - 3Good experience Foot in door of CRE Flexible with hours Making a good relationships because I am assigned to a team. Low pay Time spent databasing Sometimes gets boring Wish I could be handed more responsibility sometimes...
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Real Estate Tips and TricksI would really appreciate if you share your experience. There are many hidden things that most realtors knows....
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Supply and demand drivers for a food hall. Hi guys, What do you think is the supply and demand drivers for a food hall? Any local metrics or research available? Like a nice 50K sq ft food hall with 40 different vendors that will cater to office workers and also tourists in an area. I find that this is could be a niche market that will not b...
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Multifamily Real Estate Market Research Data Source - Costar vs Axiometrics vs RCA vs ???Hey all, I've found a few other posts on here debating the different data sources available for multifamily, though it appears that the newest of all of them is over a year old and, given the rapid pace at which technology and companies change, I'd be interested in hearing what updates experience ...
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Impact of points on "loan proceeds"Hi guys! Hoping I can get some help here, would really appreciate it! In one of the models on adventures in cre website, the purchase price inputed is $12,000,000. With closing costs, all in purchase cost is $12,360,000. Interest rate of loan is 4%, ltv is 65%, points paid is 1 and loan proceeds me...
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Canadians! How valued is the AACI Designation? Fellow Canadian breaking into CRE here. Been noticing a lot of CRE openings requiring the AACI designation. Would you say it's more important that CFA? If you had to rank importance of CFA, experience with ARGUS or AACI, how would you rank these 3? I noticed that some people are pursuing the UBC/A...
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Leaving the Entrepreneur Life to work in a 9-5 job... any advice???To all, I have spent the past 5 years successfully writing investment strategies and raising money on a deal-by-deal basis to execute them. I have invested in institutional quality assets with family office backing. I wrote the strategies, sourced and ran the deals to execution (closed over $200MM...
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Real Estate Modelling Test PracticeHi 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...
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Best Project Management Software for Capital Improvements?Hey WSO, I just started as an Associate at a value-add industrial shop, and one of the things the Directors want me to look into is a better method of tracking capital improvement timelines vs underwriting, both for holding the PMs accountable and also for improving what is baked into our underwriti...
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Wharton RE vs Kellogg REPlease share if anyone has an opinion/insights Wharton vs Kellogg for MBA with an interest to go into real estate private equity or development. Interested in quality of RE network RE education, emphasis of teaching (I.e. Finance/Development), recruiting within Chicago and outside of Midwest. Thank...
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REPE --> Investment Sales / Capital Markets?Has anybody in the community gone from REPE to investment sales / capital markets? I currently work for a boutique REPE firm (just raised a $200MM fund, but likely not one you have heard of) and my prior experience was working for 2.5 years in acquisitions with another REPE fund. I just received a j...
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Smart Questions to ask Sponsors on Potential DealsCurious to hear what those of you on the LP/co-GP side like to ask when you're trying to get comfortable with a new deal a sponsor brings you. Trying to build my question repository to get smarter on both sponsors and deals. I'll start with a few softballs: Who is the seller and what is their motiv...
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Help with getting a job after graduationI just have a couple questions regarding getting a job lined up after graduation as I have no experience in it. I go to an offshoot state school in a top 3 metro. Only 1 internship and it was in property management unfortunately. GPA is 3.7+ so that helps a little. When should I start applying fo...
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Two layers of circular debt Monkies, I am a first year real estate analyst at a large development firm in Miami, Florida. My modeling skills are from my perspective pretty good, I've learnt a ton from the senior guys at my office and I make models as a side gig for other real estate investors and developers. I create mode...
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Land Developer & Home Builder Partnering upIf a land developer & home builder partners up to purchase 42 acres to build 177 homes on, based on work load for each (develop vs build homes), what profit sharing would be an fair split?...
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Capital Markets Summer Internship- Walker and DunlopHi all! Walker and Dunlop has a capital markets summer internship for 2018, I was wondering if anybody here who is knowlegable about W&D and will be kind enough to explain to me what the internship experience was like and if they are very open to extend full time offers upon completion of the inter...
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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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Real Estate Finance Certificate..waste of money?First off, not expecting a certificate to be a miracle worker..just trying to get some advanced learning and show some initiative on my resume. Also, the certificate I am looking it, you can transfer credits if you decide to do the Masters or can transfer to possibly another school in area. Just tr...
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Foreign BankHI everyone, I am interviewing at a foreign bank who mainly invests in the debt capital stack and of that mostly participates in the syndication of institutional agents such as Morgan Stanley or JPMorgan, when they choose to syndicate the senior secured debt piece. Would anyone have any idea how h...
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Where to get a sample RE modelFound what I was looking for. But still didnt appreciate the mean comment! If you actually open the sites a google search yields you'll see they all require payment. ...
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JPM Real Estate after full time job at Duff and Phelps?My "dream" job is working in commercial RE (Either Real Estate Banking or in Asset Management) at JP Morgan. Unfortunately, they're not hiring for any full time positions in LA and I am graduating undergrad this year. If I take a job in real estate (probably at Duff & Phelps), would I have a chance ...
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Company Interview: Langham Properties - analystThe most difficult aspect/question was when I was asked to explain how it is that my particular background would be relevant to the job at hand. I had not had a commercial background prior to this application and so to list the qualities that I would bring was not straightforward. He nonetheless see...
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Calculating/Finding LIBOR Forward CurveWould like to incorporate the forward curve into my models to get a better (or more conservative) reflection of what my interest rate payments will look like when debt is a certain spread over LIBOR. Is there either A) a website that can make the calculations B) an Excel tool I can integrate? Woul...
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Does anyone have an Excel template for residential condo development Hello, just wanted to see if anyone has an Excel template I can use for a residential development? I remembered seeing a bunch of models and templates in WSO Google drive, but I can't find the link to it anymore. ...
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Eastdil IBD Interview- RE Specefic ExpectedHi everyone, I was curious as to what level of RE technicals would be asked in a REIB interview at Eastdil? I have one real estate related internship which is a part time internship I started 2 weeks ago. I have a pretty strong understanding of corporate finance but am working fast to get a good gr...
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The Real Estate Job Hunt - How are people doing?I'm curious to see how other WSOer's job search for CRE is going. Are people seeing a lot of success or struggling?...
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Company Interview: Morgan Stanley - Associate - MSREI(Difficult) On one of the initial phone interviews, I was asked in very specific detail about a deal that I had worked on at my prior company (land pricing psf, hard cost basis, rents psf, avg. unit size, etc.). The questions were in rapid succession, and I could tell my interviewer was trying to ba...
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UBS Real Estate, Leisure and LodgingInterested in opinions on the group. Does anyone know where the analysts have placed? Are you pigeonholed into real estate therafter, or are options still relatively broad after 2 years?...
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Level of persistence required to secure analyst position within top capital markets teamsTo all the analysts on top capital markets (investment sales and debt/equity placement) teams (Eastdil/HFF/CB/Jll/Cush/etc.) in major metros--how persistent--ie. networking before jobs were posted, following up after interviews, etc. were you in order to secure your position. @CRE" I would be inte...
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What is the best online real estate finance course/certification I can take? Im planning on entering the real estate development field once I graduate and think that a certain degree of real estate finance knowledge would be extremely helpful in securing a position. For this reason i'm planning on getting some sort of certification over my winter break. Some certified course...
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Current RE Job PostingsFigured it'd be nice to set up a thread dedicated to posting good REPE or related roles that we come across. First one, looks like Ares is hiring an equity analyst in NYC: https://ares.taleo.net/careersection/ex/jobdetail.ftl?job=170531&tz=GMT-05%3A00...
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What does it mean when HR wants a phone call to connect with you although they're not hiring?After sending my resume to a developer, saying I'd like to meet, HR said they got it and wanted a phone call. They weren't hiring, but wanted to connect. Has anyone had this happen? ...
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Company Interview: PGIM Real Estate - PGIM Real EstatePrior to the super-day you were given a case that must be completed in 48 hours. It tested basic knowledge about real estate investment valuation and critical thinking skills about the different risks associated with investing in properties. During the super-day there were 5 back-to-back 30 minute...
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Company Review: CBRE - 5Unlimited PTO, Low Stress, low hours, Cool office in LA. Cool experience in RE industry lots of opprotunity to move around. Better to lateral from IB to negotiate high salary, Salary not high enough to live near the office unless you are really high up...
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Real Estate Operating StatementDear all, Could someone kindly confirm whether the following RE operating statement is correct: RE Operating Statement: Rental Income + Other income = Potential gross income (PGI) - Vacancy/Collection Loss = Effective gross income (EGI) - Operating expenses (maintenance, insurance, property taxes...
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Company Review: Fannie Mae - Fannie MaeGreat work life balance, good starting salary, very technical work both high level project as well as day to day working with various desks. Upper management lacks some direction blind to employee turnover. There has been a ton of employees leaving both internally and externally and not much done to...
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M&A Project - Private West Coast RE MF CompaniesHey guys, So I have a bit of a project. I've been tasked with identifying potential M&A targets for next year. Primarily looking for private RE companies with roughly 5,000 or less MF units on the West Coast. Does anyone have some insight on how I could efficiently go about this without just aiml...
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MSRED-Restaurant Hey Guys, Looking to get some feedback on applying to NYU MSRED. Thinking about applying and was looking to see if it is worth the investment. Background: 30 years old undergraduate: small liberal arts college : GPA 3.0 Previously worked in finance on a sales desk for a boutique investment bank ...
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What should I do in order to enter the real estate development field?I am currently a junior at Rutgers University, and am studying communications and entrepreneurship with extra classes in real estate law and finance. In addition I am a licensed NY real estate agent and have been working as one part-time while in school for the past two years. Ive independently gain...
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Investing in a country with 15% interest rate for mortgage loan.interest rate in my country for a mortgage loan is 15%. I found a great deal for a buy and hold property. But with a down payment of 20% and a 30 year mortgage loan it will take 2-3 years to obtain a positive cache flow. What should I do? I only have a capital to pay the 20%...
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So you want to work in CRE Debt? Here are the options... I'm currently taking a class thru NYU (RE Capital Markets) that has both blown my mind/gotten me particularly interested in debt. While I work in agency lending, I was completely unaware of both the complexity and career paths available within this part of the the industry (our last class covered su...
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PERE Technical Interview QuestionsDear all, Please can you help with the following PERE technical question: What is the amortizing loan constant for a 6% 30-year mortgage on a $50 million dollar loan? Also, what other technical questions could I expect to encounter? Many thanks, Ed...
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WSP REIT or BIWS REIT or REFM Modeling, which course is better ?WSP REIT or BIWS REIT or REFM Modeling, which course is better ? to learn how to build and value a real estate listed company ?...
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Breaking Into Wall Street RE Modeling CourseHas anyone here taken this and do they recommend it? I am in CRE consulting/valuation for a large Accounting/Consulting Firm. currently with an MBA concentration in RE. I have a huge desire and career goal to transition to the Investment/Principal side. The thing most lacking in my skills is advanc...
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Waterfall Model - various types of TiersHi guys, I hope you can help me out. I need to build a waterfall model in which the **LPs will contribute all capital** to the fund and will receive a return of their investment along with a preferred return before the GP receives any incentive compensation. Following the tiers: 1) 0.0% to the M...
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Would this forum be interested in a new Real Estate Modeling CourseListen - I've been on both sides, as a new entrant when I posted as a Real Estate Entry Consumer (view the thread I posted below years ago) and years later as a more experienced Real Estate Professional. For those who are just introducing themselves to the industry: (1) are the current "courses" i...
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Company Review: Duff & Phelps - D&P SalaryReally interesting deals, work with smart people, very nice office with free lunches and managing directors are nice as well. Don't work too many hours compared to others in finance... a lot of forty hour flat work weeks but sometimes longer...
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What is your compensation in CRE Lending?Saw the great post on compensation in real estate finance (here: http://www.wallstreetoasis.com/forums/what-is-your-compensation-in-real-estate-finance) but wanted to drill down to the lending side of the business. Industry: Middle market lending Title: Analyst Market: nationwide Office: large s...
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London Real Estate Debt Scene: Who are the players?Hey guys, So I moved to England a month ago to do a Master's in Real Estate (finance) and I spent my summer working with real estate debt fund manager in the US. I have been exploring working in the debt space in Europe and starting networking super hard here. Pretty easy to research and find the...
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Green Real Estate Are there any CRE professionals here that work primarily with Sustainable/Green Real Estate in any capacity (Development, finance, advisory, etc.)? I have a few a questions. ...
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How are cap rates used?I know it's NOI/Value, but how can it be given? How can people say, "cap rates are really high right now" or "we're underwriting it at a 6 cap, building to a 7 cap, selling at an 5 cap." How is it anything more than a ratio? ...
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Cushman and Wakefield Prep ProgramHi I wanted to know if anyone had any insight on this program, the possible salary, and the possible exit opps? I just want to know is it a viable opportunity or would working at a bank in IM be a better bet (deciding between offers)...
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Argus Enterprise certification - any info on the exam?Are the questions similar to the practice exam offered through the Argus eLearning package? How granular is the case study on the exam? Appreciate any info!...
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Best Real Estate Finance Course Online?I am looking to get into real estate development but have a minimal knowledge in real estate finance. I am aware that in order to enter the field a satisfactory knowledge of real estate finance is necessary. What is the best course I can take online that will provide me the necessary real estate fin...
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Real estate Scenario in Chennai: What to expect when you are InvestingReal estate in Chennai is seeing a positive growth for now. NRI Investors choose Chennai as their location, as much areas in the city are gaining market value. Much number of [Luxury apartments in Chennai](http://www.orchidsprings.in/chennai-apartment-project/) are taken over by Investors. Even peop...
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Spec residential development Im interested in learning the processes behind residential development as a way to invest on the side with a few of my colleagues. The plan would be to find some infill lots in up and coming areas of the city. Very interested to hear if anyone has any experience, advice or resources that would point...

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