Silver BananaTopic
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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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Equity Structuring (JV vs Pref vs ?)My firm has historically relied on LP equity for all of their acquisitions (primarily value-add office). Seems like LP equity is more cautious these days (compared to years prior), certainly more concerned about market cycles and how much longer we have in the current cycle. We have had to blow ou...
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Apartments with Best and Unique Construction styles?There is a vast number of construction projects all over India and people opt for the ones from the branded builders who are having a reputation and the other factors they notice would be any difference in the construction pattern. Only some of the builders go overboard and take some risks and emplo...
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2018 SA Offer Help: Eastdil, BB S&T, Greenhill Hello, I'm a Junior at a south-eastern semi-target who is wrapping up recruiting and has to decide soon on an offer for my 2018 summer analyst program. A little background on myself, I interned last summer at a major Chinese real estate investment platform within a larger conglomerate (think HNA, A...
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New analyst: How do I get noticed by management?I just started with a MM PERE firm - which is a dream job of mine. Some background: I graduated from a "non-target" state school I have internship experience in PERE, consulting, and equity research (yes I am all over the place but the PERE internship was the last internship I did and I fell in lo...
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HFF Debt Analyst InterviewHave an interview with HFF for a debt analyst position in a major market and want to know what the interview process is like. What type of questions should one be prepared to answer? Is it more behavioral or technical, how many rounds etc. Thanks ...
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Company Review: Marcus and Millichap Real Estate Investment Services - Not satisfied at allThey were very professional, and did were welcoming. Even after the interview, they showed me around the building.. They were two associates of them in which they were staring me down unpleasantly. They made me wait 20 minutes for them to set up and to start the interview. They described the company...
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O’Connor Capital PartnersCurious what people have to say about this firm. Seems like an LP/sponsor hybrid that focuses on higher end retail properties....
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NNN ValuationAre there any retail brokers that would care to share how they value certain NNN assets or the underwriting process. Thinking about broadening investment sales offerings. ...
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Construction management feesNeed your advice: we are raising equity for a multifamily development project where the developer is also the construction manager. Total project cost is $70m. The developer is asking for a developer fee of 4% of total costs. In addition, he is asking for a construction management fee of 5% of total...
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Company Interview: Wells Fargo and Company - Buy-Side AnalystContrary to the guys posting here, the superday wasn't that 'technical' if you know what you're talking about. Just study the M&I guide and you will be fine. The analysts like to ask market questions, not necessarily finance questions. The LA office focuses on Consumer, Retail, and Media. They are l...
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Company Interview: Cushman and Wakefield - Cushman & Wakefield InternHonestly, not many of the interview questions stumped me. I would say the most important thing is to make sure that you know a lot about the company and what you would want to go within the internship. I was asked a lot about my past experiences in Commercial Real Estate. Additionally, I was questio...
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What is Your ADDITIONAL Reason to invest in Multi-Family?Here are nine simple reasons why you should invest in income-producing real estate. What would the 10th reason be? #1 Dependable Income Stream One of the biggest benefits to income producing Real Estate Investments is that the assets are generally secured by nine to fourteen month leases which pro...
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Duff & Phelps Real Estate Advisory GroupThoughts on D&P RE Advisory Group Analyst job? I received an offer (west coast, coming from a top B-school).. It's primarily a valuations job.. so valuing properties and using excel/argus. Any thoughts as a first job coming out of college? ...
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Hines DevelopmentWhat's the general consensus with this shop? For one who is interested in development post MBA, would this be one of the best options out there? Thanks!...
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Real Estate in EuropeHello everyone, We can find a lot of information over real estate in the US, but there is only a few posts related to european real estate. Can someone share his story about real estate in europe, especially in London or Paris? Is the job market dynamic? What are the compensations in this market? T...
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Self Storage InvestingDoes anyone have experience or even a primer for investing in this space? Thinking more at the owner-operator level and less at the REPE/Institutional Investor level....
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Gateway Market Return Thresholds What's everyone seeing for IRR's and equity multiples on value-add & construction deals in gateway markets like NYC, Boston, LA etc..? I'm looking at heavy value-add and ground-up construction in outer Burroughs of NYC and suburban Boston. The last deal I just made a run at penciled to a 12-15 IRR...
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Requirements for Masters in Real Estate Development at Colombia?I am an undergraduate student at Rutgers University Majoring in Communications and Entrepreneurship. Currently GPA is around a 3.2. In addition I a licensed NY real estate agent and have been working part-time in a firm in Manhattan for last 2 years. I have internships lined up with a top architectu...
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Uber’s “Project Elevate” - Its Affect on our Built Environment and the CRE IndustryThis [Uber white paper](https://www.uber.com/elevate.pdf) titled Project Elevate was brought to my attention a couple of weeks ago by a colleague. While the white paper is making some aggressive claims regarding what are basically flying cars, it could make for an interesting discussion on how a ...
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1031 AdviceAnyone have advice for successfully executing a 1031? Should I keep this a secret from brokers? I feel like if they know it is 1031 money, then they will try to retrade us at closing. There is a limited number of opportunities to identify and I feel like that's the best time to try and retrade someo...
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Company Interview: GIC Government of Singapore Investment Corporation - Graduate Professional ProgramDescribe to me a situtation in which you wanted to make a move but resulted in not doing so. Describe a situation or project in which you had to work with a team that did not cooperate well with you. Take a minute to read this quote and tell me what you think about it and how it relates to you. What...
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Post-Undergraduate Careers - Real Estate/FinanceI will be graduating this May with a degree in Economics and have completed real estate internships in Office Leasing and Investment Sales/Acquisitions. I am looking to do a rotational program in Real Estate whether in brokerage or on the principal side. Does anyone know of any other programs oth...
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New techology of construction, please give feedback Ladies and gentlemen! Please consider my proposal and give your feedback. New technology: construction without a crane. There is no such thing in the world. It has excellent efficiency. I suggest mastering it. http://www.igidali.ru/en.html Maybe you can help us in finding of investors. My emai...
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Does anyone have an RV Park financial model?Does anyone have an RV Park financial model? Not to be confused with a mobile home park model. Please chime in! Thanks...
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Land Leases - AdviseHave been trying to research the inner workings of how a land lease works to not much avail. Figured since I couldn't find any info about them WSO that I'd start a thread to see if anyone else knows anything about them/share their experiences in setting them up. Here's the background: Have been wor...
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Why do owners exclusively buy some property types and not others?If you buy and develop multifamily and retail, why not office, and vice-a-versa? Does this have to do with access to property management and leasing staff? When would it make sense to own without self-managing? ...
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Yield on Cost and Exit CapCan someone give me their view on the significance of the spread between YoC and and Reversion? I always see developers/PE shops run this quick calculation but I’m never sure of why THIS particular value is so important. ...
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Is it possible to acquire a property from a public REIT through an off-market transaction?I was taught early on as an acquisition guy not to waste time attempting to negotiate purchases off-market with public REITS, due to their fiduciary obligation to market each deal to assure competitive pricing is met. Has anyone ever been successful buying from a REIT through a non listed sale? Ca...
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Anyone interview with JBG SmithCurious what questions they ask in interviews. Would love to know experience of working there as well....
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RE Acquisitions Monkeys - How to ascribe a Cap Rate to an Asset**This discussion is meant to be a starting point for new monkeys who could find it useful to their understanding of acquisitions and valuations. ** As the title asks, how do you, as an acquisitions professional, attribute a cap rate to an asset that you're looking to purchase. Specifically, what'...
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Argus & Expense Reimbursements*edited for clarity* I have a question related to Argus and how the program calculates expense reimbursements when using a "Base Year" recovery type. To my eye, it is clearly calculating them incorrectly. First, here is a screenshot - https://imgurcom/a/FPCZT (I have removed the "." as I can't pos...
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Calculating a market rental rate growth.So I've got 5 apartment complexes I'm using for comps. If I wanted to calculate a market rental rate growth using just those five comps how would I go about that. Would I take the weighted average of all the comps by bed. I'm pretty confuse so on how I could use these comps and their over year renta...
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Real Estate Modelling - Asset Class NuancesApologies if there is a similar thread somewhere else, I have searched but can't seem to find anything comprehensive. I was wondering if anyone would be able to provide insight into the main nuances of different asset classes when it comes to modelling? I come from a multifamily background so altho...
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Real Estate ResourcesHi, I was wondering if anyone on here had some good real estate resources / primers / articles they were willing to share? I'm looking for articles / resources that go a bit deeper than just scratching the surface of the topic. Whether it's retail, office, hotel, yield, yield compression, rents, fi...
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MetLife Real EstateHow is MetLife real estate viewed around the New York area, specially their debt side? Looks like they have a bunch of products and originate a ton. Thoughts on exit opportunities?...

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