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+44
Contrarian Thesis: Acquisitions is the Least Interesting Job In Real Estate

LReed

Feel like it's worth giving an alternate opinion, just because I see so much of the same notion repeated constantly that acquisitions are the best gig in real estate. What I do right now is 75% acquisitions, but I've worked on a lot of development, <abbr title="asset...

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+28
Let's Talk About the Pros and Cons of our Gigs in RE Finance

LReed

I'm not trying to rehash the debate about where the best place to start is or what career path within RE is the most promising. I just would like the community to layout their position and what they feel the pros and cons of their current situations are. Extremely eager to hear what the...

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+23
Effective LP oversight of GP

wso_4

For deals that aren't going exactly as planned, what's an LP to do? I'm curious if anyone has examples of when LP's have had a positive influence on the ultimate outcome of a project, even if they were just pref equity and didn't have much legal standing in the operating...

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+1
Which REPE funds have summer analyst positions?

jwu0623

Title + do they recruit at all or is it just networking and what is the timeline like? When does the or has the recruiting process started already for SA 2020?...

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Stan Johnson Company Real Estate Brokerage

Anti Quixotic

Anyone know what the reputation of this brokerage / advisory firm is? This is for a CRE Analyst position (research, financial analyses etc). ...

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+3
Private Equity Mortgage Firm?

enterprisevalued26

This might be a stupid question but can a mortgage investor that is not publicly traded and uses funds from investors & lenders be called private equity? This would be very similar to a private equity real estate firm; I just feel that private equity is an odd term in the mortgage industry. ...

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+4
Minimum deal size for PE $

RErook

In your experience, whats the minimum deal size that PE Funds begin to deploy capital in RE acquisitions? Would you agree anything under $50M is too small and a playing field they bypass all together? I know the Blackstones & Brookfields of the world focus above $100M, what about the smaller PE fund...

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+1
RE Modeling-Two Questions In Reference to IRR

FinancialBarn

These questions are going to be basic to almost everyone but I am blanking on this for some reason. 1) If you have a 10 year hold period you model out the cash flows to year 11 and then base your terminal value on the expected 11th year cash flow correct? 2) When walking through a case study you ...

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+2
Investment Sales Analyst Interview

CodyParkey

Have an interview with a brokerage for an investment sales analyst position. The interview is with someone from their HQ that is flying down to the office I applied for (is this standard practice?), and if I get past that I have an interview with the team. What can I expect? Edit: The firm focuses...

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+4
Development / acquisition underwriting

Mickelsonstitties

I wanted to hear takes on the questions below. I understand some can be answered by facilitating a google search but would be helpful to hear input from guys participating on the ownership side. 1. determining feasibility for acquisitions and underwriting? 4. in terms of financing, do m...

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+2
NYU MBA or Cornell MSRE (w/ $$)

awg5301

Accepted into MSRE at Cornell (w/$$), Columbia, and NYU, as well as NYUs FT MBA. 3 years architecture experience looking to transition to commercial development. Leaning towards Cornell (like the program/curriculum) or NYU MBA w/ RE concentration (like location/networking opportunities). Would lik...

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+8
Grad School Cost: is it worth it?

Cadmonkey117

Hi guys, My head is spinning with all the different factors to evaluate in applying to grad school. For a career switcher with some architecture experience, what are the most important factors in selecting a grad school? I would like to work in development and eventually open my own shop. I'm goin...

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+4
Real Estate Development - Project Manager

nycre1234

What is a career path for someone that begins as a project manager for a developer? How does this compare to other entry-level positions in real estate, such as acquisitions or "development analyst"? Is there good upside potential for a position such as this where you would be involved in design, ...

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+7
Opportunity: Houston Developer, Multifamily

REPESailor2020

I am moving and would like to help my firm fill my position. I am an analyst for a Houston based developer. The firm does 75% office and 25% multifamily/condo development (the position is specifically for the multifamily/condo side of the business). $3B in AUM, significant institutional capital part...

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+6
When to Apply to Associate Roles

stev0026

Hey Everyone. This question is simply curiosity. At what age or amount of work experience is expected for one to start applying to associate roles? I have the feeling that around age 25 or after 3-4 solid years of experience is the prime range. Sometimes I see jobs that list the experience range o...

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+2
Hiring Two Underwriting Analyst Interns This Summer in D.C.

GSE UW

Hi all, Just got word that I can hire two underwriting analyst interns this summer. The internship would be paid and would be ten weeks in duration starting beginning of June after Memorial Day. We are primarily an agency multifamily lender. I head up our east coast conventional underwriting team ...

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Commercial Real Estate Research Analyst

blakegsheets

Recent College grad and no experiance in real estate other than a internship at a firm. Would a research analyst position be a entry level position i could get in with no experiance and set me up well to persue the long term goal of being a broker (investment sales or leasing brokerage)? trying to c...

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+2
Starwood Capital Group Internship Interview

yzhang0210

Hi Monkeys! Wondering if anyone had interviews for the portfolio management intern at Starwood Capital Group? Any advice will be super helpful!!! Thanks a lot! ...

2
+1
Mission Capital Advisors?

NYYCRE

Anyone know anything about this shop? Salary, Hours, culture, prestige , etc? In NYC Seems like mainly debt/equity guys....

2
+5
CRE broker who just passed the CFA exams. Now that my CFA journey is over, I'm a little lost.

Level 100 Magikarp

I apologize if you have already read my post before from another website but I casting a wider net to see if I can get some additional ideas. Hi, I feel a little weird asking for life tips on Reddit but here goes... Quick background: I graduated with a BBA in Finance (it's a US top 30 business scho...

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Can you use a NAV model to calculate the sale of a portfolio?

enterprisevalued26

Would you ever use NAV to calculate the sale of a portfolio. I know you can use forward NOI divided by cap rate to calculate the price of assets, but would you ever need to calculate the debt in the process of valuing a portfolio. What if you were sell-side in the transaction? ...

4
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What to look for Good Property management service in Edinburgh

lettingumega

When you hire a property manager for property management service in Edinburgh, Review carefully their management contract. You need to understand the responsibilities of the property manager, the landlord responsibilities and make sure you are protected if the property manager does not fulfill their...

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Please advise !! Got accepted Into MRED program at Columbia , Cornell and NYU ? Really confused

djbravo

I applied to the Real Estate Masters program at Columbia, Cornell and NYU for the Fall 2016. And by gods grace got accepted in all three program !! Now I need your help guys as I am really confused. Some detail about the about the programs - Program Length - Columbia 1 yr , NYU - 1.5 yrs , Cornel...

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+4
Developer vs. Development Manager

nycre1234

Can anyone speak to the difference between working for a traditional real estate developer that invests its own money, sources projects, raises equity, puts together financing, completes a project etc. vs. A development manager that an entity such as a property owner might hire to develop their pr...

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+3
Credit Risk to CRE

YounqTrickDaddy

Hi all, Need some help into breaking into commercial real estate (not brokerage), Acquisitions in Private Equity in Los Angeles is the goal or maybe developing Little about me: Non-target In SoCal Ok GPA Experience :Residential loan originating, CRE internship at very small shop, incoming credit ris...

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+3
Untrended ROC vs. Trended ROC

ctanalyst899

Hi All, Can someone explain the difference between untrended ROC and trended ROC? My initial assumption was that Untrended Return on Cost = not stabilized (uses current rents; doesn't incorporate growth in rent) and Trended Return on Cost = stabilized return on cost (incorporates rent growth). Is ...

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+17
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
How do we feel about Colony Capital these days?

goskins5

Hello everybody, I am looking into some full-time opportunities on the equity side in Acq and I am curious what the view on Colony Capital is these days, particularly as an entry level analyst looking to start their career with solid branding/institutional experience/deal flow etc etc blah blah bla...

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+1
How many shares does a private REIT issue on average???

enterprisevalued26

How many shares does a private REIT issue on average??? I know there has to be 100 shareholders, but how many shares of stock do you think are issued on average...

2
+8
MSRED/MRED 2019 (MIT vs. USC vs. Columbia) WHICH ONE?

yoko1

I've been accepted to MIT/USC/Columbia MSRED/MRED programs and would like to get feedback from industry professionals, anyone who is going through the similar process, and recent graduates. Since yesterday, I have been contacting my acquaintances in the real estate industry to gain their opinion and...

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+15
MBA Programs for Real Estate

REGuru

To all Real Estate Finance professionals out there. I am applying to B-School next year and would like to concentrate in RE. Would you agree these following MBA's have the strongest RE programs with strong RE recruitment for IBRE and REPE? 1, Wharton 2. Columbia 3. NYU - Stern 4. Northwestern - Ke...

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+3
Job hunting timeline

frankzombie96

Hello - Wanted to see what folks think is a 'usual' time-line for CRE recruiting? I have 5+ years of experience in a CRE role at a bank and have just started looking for roles towards the of Jan/Early Feb. I've had a couple of superdays so far but no luck in landing an offer. How 'long' do you u...

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NAV Model to value private REIT

enterprisevalued26

Can you use a NAV Model to value a private REIT? Does the NAV Model have to involve dividing by outstanding shares at the end? Can I describe a NAV Model simply as Market Value of Assets subtracted by market value of liabilities? Also does anyone know how many shares the average private REIT has?...

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DCF Analysis for real estate

enterprisevalued26

How would I apply the renovation cost of a property into a DCF analysis? Would I put the cost in the price of the total property? ...

3
+1
Brookfield Financial (Brookfield Asset Management REIB subsidiary)

Semper_Augustus

Monkeys - anyone have info on this group? Comp, exits, reputation, culture, deal flow? I've dug up some older discussions that pertained to their Toronto office, anyone familiar with NYC? I'd imagine having the Brookfield name on your rez would bode well. Thanks in advance....

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+1
Why do most boutique firms focus on retail?

CodyParkey

^ Title. I'm not sure if this is a coincidence and just based on the city I'm in but the vast majority of boutique developers and brokerages out here focus specifically on retail. Would love to hear yalls input. ...

3
+8
Mezzanine loan acquisition - what to look out for?

swaggerisaliability

I was presented with preparing the first analysis of the acquisition of a pool of mezz loans. How should I go about doing this? I've only mostly worked on the single asset equity side, not sure what to look out for. Any help? Thanks....

6
+2
Worthe Real Estate

JewishMafia666

Hi Everybody, I have a specific firm in mind that I most definitely want to join. The development company is called Worthe. My current career trajectory I was planning was IB -> REPE -> Worthe. Does this sound like a valid path? Also, is anyone familiar enough with them to know what they look fo...

6
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Need advice/feedback - accepted into four real estate development/RE master's programs!

teddyroosevelt90

Currently based in New York City, though most of my relevant work experience was in the midwest. I'd like to stay in NYC int he long run but definitely open to other cities as long as they are vibrant, fun places to live. I've worked in a few niches of real estate, but want to become a developer. Wo...

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+1
PE Shop or Debt and Equity Brokerage

Capped

Hello, I am interested in hearing peoples advice for two offers that I have. The eventual goal is to work in a large REPE firm doing acquisitions. I have an offer from a shop that I interned for last summer doing a bit of everything such as asset management, investor reports, financial analysis o...

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+10
Promote Question

REstudent92

If a RE firm raises a fund from a group of investors and invests that money as GP alongside a larger LP, how does the RE firm itself typically get paid promote? I understand the basic promote for the GP/LP where the GP and LP are pari pasu up to a pref return and then the GP gets a bigger split of...

39
+2
JLL Investment Banking Analyst Excel/Argus Test

Realzstates96

I'm a college senior looking to land a real estate analyst role after graduation. I've been speaking to the real estate investment banking team at JLL in New York, who advise on capital markets/portfolio sales. They say a next step for the analyst hiring process is a written/Excel/Argus test before ...

2
+6
RE Loan portfolio asset management exit opps?

nbuch

A little background - Non target state school undergrad, good GPA, 1 year non relevant work experience in finance, secondary midwest market. Recently started at a mid market commercial bank in their (large) Real estate Loan portfolio asset management group. I am curious about exit opps from this pos...

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+1
Fortress Investment Group?

NYYCRE

Hey guys got contacted by recruiter for an analyst role in their CRE group which seems to be AM focused. Can anyone provide any insight on culture of firm, interview process, etc? ...

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+11
How did you land your job in CRE?

Lucky Luciano

Curious to know how some of you landed your first job and any subsequent jobs in commercial real estate. And by "how" I mean what METHOD did you utilize to get you the interview and ultimately the job? 1) Did you see the job posted online, send in an application and get contacted by the firm wit...

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+3
JPM Asset Management - RE Interview

CREguy

Saw that there is another thread on this topic, but it does not seem to talk about the interview process for JPM AM. Does anyone know what the interview process is like? I thought it would general RE questions (if you could invest $100m where would you put it, how would you value 2 identical buildin...

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+9
MRED/MSRED Questions

ReDev-482

I'm currently working in real estate development at an associate level with a non-business background and am planning to apply to masters in real estate programs with the goals of broadening my understanding of real estate development (interested in shifting from a single asset class to mixed-use), ...

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+1
Fairstead

babybaboon

Anybody have experience working for these guys? Primarily NYC affordable/market rate. Any experience working with, or for. Standard questions: prestige, how they operate, reputable group? Comp and exit ops would be cool if known but seems to be small shop....

2
+3
Commercial Real Estate Credit Memorandum

enterprisevalued26

Can someone please outline a commercial real estate credit memorandum? This would be created by a lender. ...

6
+3
WF selling Eastdil Secured?

feeguy

Wells Fargo is considering the sale of Eastdil. The articled went on mention that it would only be the institutional investment sales group on the trading block. What are your thoughts?...

10
+1
Case study on resume

enterprisevalued26

I want to put an online financial modeling certificate program on my resume. I want it to have its own section with a case study set up as transaction experience (just like an experienced analyst would have). What should I label the section? I was thinking Relevant Training? ...

1
+4
CBRE FCG Exit opps

dax12345

Has anyone had experience working in the FCG at CBRE? The primary job function is working with tenant rep brokers and clients to model out different leasing options and buy/lease analyses. Interested to hear what the exit ops may be as it seems to be a very niche portion of the business. Would this ...

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+3
RE Modeling - Cap general vacancy upon exit?

stay thirsty my friends

Quick question - do you guys generally gross up NOI by your general vacancy assumption (3-5%) before capping on exit for a 100% occupied building? ie do you use (NOI x 95%)/cap or NOI/cap when fully leased? My thought is that exit cap rates are relative to current market comps. Market comps are ty...

7
+2
Starwood Capital Asset Management Interview

LeveredLlama

Hey all- Got a 30 min phone interview with an Associate on their Asset Management team. Position is in SF. Here's what I assume: questions about background, why real estate, why Starwood, walk me through resume, some basic RE technicals like explain a cap rate, walk me through DCF, explain NOI, exp...

6
+3
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? ...

6
+2
Real Estate Tax Shelter Fund

REPESailor2020

Real estate is a great tool to shelter wealth. 1031 exchanges, interest write offs, depreciation. People who are not designated "real estate professionals" or without passive income (being subject to passive loss limitations) cannot benefit as significantly as wealthy people with passive income. I...

10
+1
Internship Opportunity at Large NY REIT

FinancialBarn

Hello all, I have an interview for a potential rotational internship at a large retail REIT in NY. I am a little clueless on what expectations are for the interview. It looks like it would be some form of quasi corporate finance/investment internship. Couple questions. I should disclose I am in a n...

3
+1
California Suing Cities over Housing Shortage

BubbaBanker

For those more familiar with the California housing market, and developers/residential investors in general, what are your guys' thoughts on the state going after cities that don't commit increasing housing stock? More specifically, do you think this method is appropriate, or would something else wo...

1
+1
Best way to structure equity placement fee (when a broker has already been engaged)

egold70

Have a relationship with the sponsor, they showed me the deal direct 3 months ago even though they were in the process of signing an engagement letter with a broker to raise both the debt and LP equity for the deal. Fast forward, they still have not found an LP. A few weeks ago, I started part ti...

4
+2
Debt Brokers/Lenders- CRM?

Brody92

Debt Brokers/Lenders- how do you manage your rolodex? Do you have your list of contacts in excel? Or use a CRM? If you use a CRM, if you can share what you like about them would be very helpful. Appreciate it. ...

8
+1
FP&A -> Real Estate

StoicHoosier

Hi All, Did some searching and couldn't find anything directly relevant. Have worked for about 2 years in FP&A (6 months at a smaller company, and 1.5 years at a divisional level) and am starting to get tired of the routine nature of it and have always had an interest in real estate. Was wondering h...

3
+1
Financial Modeling Interview Test for CRE

TheDebtStar

Disclaimer: I know there are tons of threads on here about courses you can take, but I don't really have time to take a course as the interview is coming up next week. I am a graduate student, work two jobs, plus we're rounding the bend of finals week. The good news is that I have four hours to com...

1
+1
CF statement for shophouse investment

Shwnfng1

Hi could anyone help me model this question through excel so that i am able to double check it. Thank you! Instructions 1) Based on the below assumptions, please draft a simple CF model for an investment period of 4 years on a Quarterly basis. Any assumptions you believe are missing, please use you...

2
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Sponsor Promote Structure when Outsourcing Operational Duties

PrivatePyle

Lets say sponsor to LP split is 90/10, if the sponsor outsources managerial/operational responsibilities out and takes a more hands off approach, how does this affect the promote structure? Would the management fees be taken from the repayment to the sponsor? Or is this generally something that is ...

3
+4
How do I get started in commercial real restate as a recent grad?

epooqeo

I grew up with my mom in residential real estate and was always interested. She made very good money at times. My mom actually did get her first commercial real estate deal recently selling some lot, and made a $67k paycheck without any prior commercial experience (that is more than what I make in a...

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+1
NYC Broker fees

C.R.E. Shervin

I'm selling a smaller property and wanted to check how much NYC brokers are charging for a $5-10mm sale. We are looking at $7mm for a smaller multifamily building. They are "quoting" us 6% To contrast we have contracts with other brokers for 3% for a $14mm disposition, and 1% for a much bigger de...

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Anyone in the Dallas area want to team up?

REDev225

I am living in Dallas and will be here for another 18 months, working from home, while my fiance finishes her residency. If anyone is in the area that would consider partnering up to source and acquire value add multi-family opportunities please let me know. I am flexible on property type but my foc...

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What software/apps do you use?

RE Dev

The CRM thread is what inspired this question along with my personal interest in finding a central system that has the ability to integrate all facets of an investment/development shop from various systems. So what apps or software do you guys in the industry use? Most real estate firms are pretty a...

80
+1
Commercial Lease Analysis

ctanalyst899

This is mainly for those working in asset management, but anyone feel free to chime in. When it comes to analyzing commercial leases, there seem to be multiple methods. I've seen analyses where analysts calculate metrics like payback period and show the actual rents/TIs/LCs compared to proforma or...

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Senior Analyst Debt Fund Comp

_Axelrod

Currently in process with a firm regarding a senior analyst position at a opportunistic debt fund in a primary market. Fund manages ...

9
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Altus Group Real Estate Valuation Analyst Video Interview

CodyParkey

I have been selected for a video interview for Altus Group for a Real Estate Valuation Analyst position. Basically I will have to answer questions that appear on the screen using my webcam. Does anyone know what questions might be asked or what I can expect? Or what can I expect and how to prepare f...

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+3
Cap Rate Spreads over 10 Year Treasury

ctanalyst899

Looking for thoughts from folks on cap rate spreads over the 10 year. My thinking is as follows: as treasury yields rise, cost of capital (debt) rises and risk free bonds become relatively more attractive, thus resulting in RE investors requiring higher returns, resulting in lower prices and highe...

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Underwriting Downside Contingency

rrefinn

How does one underwrite a downside contingency in a PERE deal? Would you just include a contingency line below NOI taking x% of NOI or are there other ways to incorporate this?...

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2019 ULI Spring Conference in Nashville

nvolchek

Hey all, I recently joined ULI as an Associate Member, and I know that you have to be a Full member in order to attend, but I called and inquired about the possibility of going and it appears that it would be possible if I were to upgrade my membership. Before I commit to going, I just had a coup...

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+11
Which asset class do you enjoy/hate most?

REguy311

Currently in multi family acquisitions and hate it. I would probably like it more if ground up dev. Looking to transition into more office. Which do you guys enjoy/hate?...

51
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Looking for step by step Argus Case study to practice! Please Share yours!

Asset Management Guru

Hey everyone! I am looking to practice modeling assets in Argus AE from scratch. I am currently using pre existing models in my job to update and input new leases and analyze the effect on value. I think modeling more basic assets in Argus over and over again would be largely helpful. Does anyone ...

2
+3
Difficult Modeling Question

Bananas1987

How would I run a recapitalization event through an equity waterfall? We will be recapping 50% of a current investor as they need to be taken out. I was just wondering how to model that for waterfalls and how it flows through...

7
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Non-Recourse CA Bridge - Banks?

PacNumber

I have a coastal value-add MF project in escrow in San Diego. I've got some great bridge loan quotes at 60% LTC in the low 5% range. My sponsors are studs with 7000 renovated units under their belt. Equity appears to be in hand as well. To my surprise, my sponsor doesn't like loan quote. The re...

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Preparing for an REIT phone interview

gdr11359

I have an interview for a large REIT for an Investment Analyst position tomorrow. What sort of questions should I expect? What sort of questions could I ask to stand out? Anything I could do to better position myself and make the next round? Any suggestions/advice would be greatly appreciated!...

1
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HFF Office Investment Advisory D.C.

aman12

Does anyone know how the HFF Office team performs in D.C.? I just applied for an analyst role with them, but am not too familiar with their deal flow, and reputation in D.C. since I currently live elsewhere. Also, what could be potential implications of the JLL merger on reputation? Will it become...

3
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Transition from RE Development to REPE

BayAreaRE

I'm looking to make a career transition from Real Estate Development to Real Estate Private Equity. Although I enjoy Dev. the Bay Area market is notoriously difficult to operate in, and the deals take eons to complete. I have been drawn towards to financial aspects of the industry, which for develop...

8
+54
Analyst won’t bring me my olive oil anymore

AnalystsBringtheOil

Hi all..I am an MD at a shop and my new Analyst is now refusing to bring me olive oil during my lunch time anymore. He use to do it no problem but is now giving me a hard time. I’ve been marking up his pitchbooks and models for shits and gigs with fake markups. At the end of the day, I just really...

24
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Interview - Real Estate Investment Banking Analyst

stev0026

Could anyone describe the process of a REIB interview? Whether from personal experience or flat out knowledge. I have my initial phone call this week with a VP at a global asset management firm in their investment banking division, focusing on real estate. I have never interviewed at a bank before, ...

5
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Case Study for Starwood Capital Asset Management

LeveredLlama

Hi all- I have an in person interview with Starwood Capital next week. The role is an Analyst on their Asset Management team covering Office. They mentioned their would be a case study involved. I'm assuming the case study could either be a Core/Core+ acquisition, a value add play, or an opportunis...

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