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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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+24
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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+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...

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+3
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, ...

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+1
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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+1
REPE Comp Question (GP vs Carry Questions)

csdhlhcky

Hey all, been a while since I posted here. I'm looking for some insight on comp for a potential REPE gig I hope to land. I'm going into the job with about 3 years of finance experience, 1 year of that being a multifamily analyst. The fund is based in a mid-size market (Austin, Atlanta, Denver, etc),...

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+1
Are choosing the letting agents in Edinburgh right?

lettingumega

Are you a tenant? If “Yes”, then choosing a home can be extremely difficult without assistance from professionals letting agents in Edinburgh; having the good team can be the difference between a smooth selecting process and a costly disaster. Hiring a letting agent gives numerous advantages. An...

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+6
Best Real Estate Modeling course? REFM? BIWS? WSP?

The_Duke_of_Wall_Street

This is my first post to WSO so I hope I'm doing this correctly. Here's a little about myself... Job : 1 year doing corporate finance at Top 3 Bulge Bracket bank Undergrad : (Mid-Atlantic) Non-Target - Penn State, Maryland, UNC Major GPA: 3.7+ Internships: 1 year at Elite RE development firm that ...

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+3
Portfolio Management exit opps?

VCwannabe

If one starts their career as a PM analyst at an elite REPE shop (Blackstone/Carlyle/etc), what kind of exit opps are there? I usually hear of other roles transitioning into PM but not the other way around. Any help is appreciated, thanks!...

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+1
Best type of RE Company (REIT, HNI Private Fund, or Institutional Fund)

SDCRE90

Hi All, I work for a small real estate development company (75 total employees; 15 on the investment team). We are currently capitalized by friends&family / high net worth individuals and are raising our 2nd fund targeting a $100 million raise. On each deal (typically ground-up development) we ...

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+2
BIWS Real Estate and REIT Modeling feedback

awesomesauce

Has anyone purchased BIWS package? Did you like it? How does it compare to the REFM, Wall Street Prep, or Kahr? (Sorry, this is a mirror post of a similar question regard the WSP course.) ...

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+5
Ranking the real estate asset classes in terms of risk

128

Dear all, Im having trouble to find arguments when ranking real estate asset classes in terms of risk. Im mainly looking at: -Multifamily -Retail -Office -Student living -Light industrials/Logistics -Hotels -Co-working spaces I know that there are several factors playing into this, but assuming a...

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+1
How do I find the list of all of the trending topics on wallstreetoasis

Uxar-Hawking

There is only one business lesson you need to learn from it. She has had $100M in marketing for free by being one of the most known people in the western world, most of it through her Instagram account, because you would have needed to pay this much for the amount of traffic....

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+1
REIT to REPE

BESTRE

Hi monkeys! How hard is it to jump from a top REIT’s acquisition team to a REPE in a different asset class? ...

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+2
Career path to NYC Brokerage Analyst as a Canadian

lilsniffy

Hey y'all, I'm a second year University Student at a Canadian target school in Ontario - studying Econ. I'm graduating next year year, hope to move to NYC post-grad. I'd like to transition into Real Estate finance one day, with an eye on Development later on. My grades likely eliminate me from go...

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+2
Company Taking Forever to Get Back To Me

abc1324

Had an in person interview and they said their boss would follow up with a phone interview. It's been almost a month and no one has reached out. I've emailed the person I interviewed with and she has not responded, this is for a position at a big company so I'm assuming it takes a while and the pers...

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+1
Acquisitions Analyst - MM REPE vs. BB Bank

jkl123

Some background info: this would be my first gig straight out of undergrad and both are for an acquisitions analyst role. I have an offer from one and I am still interviewing with the other. In terms of exit-ops, graduate school placement (MBA or MSRE), and general experience, would you rather tak...

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+3
Loan Question

CREQuestions

How do you calculate the loan amount? I am a very beginner still in school and trying to figure this problem out. The information that I do have is: Purchase Price: $600,000 Gross Rental Income: $95,000 growing at 4%/year Vacancy & Credit Loss: 5% of gross rental income Operating Expenses: 25% of g...

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+2
REPE Compensation Data (interesting report)

YoungKapitalist

Hi everyone, I have been lurking on this forum for quite some time now. Throughout most of my time as an undergraduate, I have aimed for roles in investment banking, but it appears that an REPE analyst role has fallen into my lap and I have been trying to gauge what compensation is for the past few...

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+1
LIBOR vs. SOFR

boomemlr

Thoughts / discussion on how the end of LIBOR, and likely replacement SOFR will affect the industry?...

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+1
Commercial Loan Indexes

yayaa

What index are commercial real estate loans typically based on? What makes a loan tied to LIBOR, the treasury (typically 10 year?) Prime, FHLB? Any particular reasons? Do indexes depend on the bank you’re lending from? Which do you think is the most attractive form of financing and what do you o...

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+2
Commercial Loan Officer vs, Commercial Mortgage Broker

PaulFranklin

What is your opinion of working at a commercial mortgage division of a bank versus a mortgage brokerage firm? I am interested your perceived Pros and Cons. I currently work as a loan analyst at a commercial bank and and wanted to know how my position compares to the brokerage side. ...

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+10
NYC Brokerages Starting Out

futureREmogul

More geared to my NYC folks on this page. Looking to get my start in brokerage as I just recently graduated in May. I have had trouble trying to land something at one of the big shops like NKF/CBRE/JLL/Cushman so wanted to hear opinions on some of the smaller ones like Marcus & Millichap, Besen, B6,...

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+1
From Affordable Housing to Conventional

Optimus_Subprime

Have been in affordable housing for 4 years, after beginning my career as an acquisitions analyst at a conventional multifamily RE fund. Currently Associate. I have done some incredible deals, but I am slightly worried that I may get pigeonholed in affordable and limit my future moves since this par...

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+3
Beginner RE Valuation/Modeling

frnzs95

I'm new to RE and want to transition to Capital Markets eventually just out of interest (probably more interested in debt/equity placement but open to investment sales also) I'm pretty familiar with traditional modeling (3-statement projection, DCF) but having trouble finding free resources for rea...

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+18
We might be at the bottom in Multifamily (MF)

PacNumber

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

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+1
Moving to London UK from Canada..any advice?

mylc

I will be moving to London from Canada sometime in the second half of this year. Currently working in appraisal and have been for the past 3 years (since graduation). I am hoping to land a role in acquisitions or asset management upon my move to London. I have a Bachelor of Commerce degree with a...

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+5
CCIM Real Estate Development Specialization

loanshark

I was looking around at the CCIM website and noticed that they recently created a "development" specialty track for designees. Anybody have any experience with this? Would it be worth pursuing in lieu of an MRED?...

6
+1
Pied-a-Terre Tax

Mandelbaum_Mandelbaum

I'd like to stir up a bit of a debate for those of you are familiar with NYC's housing market. There was an [article ](https://www.nytimes.com/2019/03/23/opinion/sunday/new-york-real-estate-tax.html#commentsContainer) in the NYT today regarding the possibility of the state enacting a bill that would...

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+1
Recap

Bananas1987

I have having difficulty underwriting and modeling a recap of an apartment building. Currently we are finishing up the development of an apartment building that we built using equity from a fund we are trying to close out. As a result we want to recap the funds equity and bring in fresh equity in or...

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+1
How to get into Asian REPE or RE IB while coming from Europe?

Cambridge Idiot

Hey guys, Will be pursuing a Masters in Real Estate Finance at Cambridge next year (MPhil REF), after which I would like to go to Asia to commence my career. I will have 2 M&A internships at globally renowned firms (T2 bank & Big 4), one in lev. finance at a local renowned bank and I would like to ...

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+5
House in Upstate NY: talk me in or talk me out

Mostly Random Dude

This not really a RE finance question, but I am sure people here can opine. I am considering buying a "recreational property" in the Hudson Valley ( specifically the New Paltz area). The idea is to work from there during the extended summer and get out there on the weekends so my doggie can roam th...

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+2
Transition from Private Equity Real Estate (REPE) Acquisitions/Asset Management to Real Estate Investment Banking (REIB)

CRE12345

I know a lot of people who work in Real Estate Investment Banking make the transition into an acquisitions role at a REIT or REPE type firm very easily and smoothly....However, I am curious, how likely and difficult would it be from doing the opposite (REPE ---> REIB). I am on the younger side, low/...

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First REPE job

TakeMe2REPE

Hey guys new chimp here looking to get advice to break into REPE in the Northeast, not too good for anything so kindly let me know if you have any tips or tricks: -Non Ivy League BS (accounting) 3.3 -3 Start Ups (1 is a solar development company doing great) -Building 4 condos right now -BIG4 stayin...

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+3
Large Apartment REIT vs. Lasalle/CBRE Global Investors vs. CRE Debt Brokerage analyst

WizOSRS

Which of the 3 would you go with if they were all on their respective investment teams as an analyst? ...

8
+2
MSRE/MSRED Programs

LeveredLlama

Hi all- Looking to enroll in an MSRE or MSRED program in the next two years. I'm applying to the following: NYU, Columbia, Georgetown, MIT, USC, and Cornell. I'm currently an Acquisitions Analyst at a privately held development & investment firm in the Philly area. Coverage has been mostly in offic...

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+120
What is your compensation in Real Estate Finance?

jjacobs06

I cant find much in the way of compensation for real estate other then the summary page from the HR consultant that is floating around here, so I thought maybe people will be willing to describe what they do, their market, and what their compensation looks like. Industry: Real Estate Development ...

432
+5
HFF/JLL/CW/CBRE Workplace Culture

wannabeebroker

I will be joining one the four major firms in the coming year working in an angst role.What can I expect in terms of workplace culture/ politics. Any suggestions would be helpful. ...

10
+1
Top Designations for Commercial Real Estate

REIndustrial25

New to the industry and want know what are the top designations to have in commercial real estate. to be specific industrial real estate. ...

2
+1
Land Contribution Deal

Bananas1987

Need clarity on how to underwrite a land contribution deal. In the waterfall I know the current Land Owner contributes their land, but here are a few points I am tripped up on 1. Is the land they contribute counted as part of the budget I( know we can get loan proceeds on it, but I mean the actual d...

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+1
Industrial Properties in Baltimore/D.C. Corridor

REIndustrial25

Who are the biggest players in the Industrial market in the Baltimore Washington Corridor? New to the industry and want to gather as must information on the health and competition in the area. ...

1
+1
NYC Rent Regulation

C.R.E. Shervin

Hey Gang, I've been speaking a broker of a possible disposition of a 60/40 FM/RR building we own. Now the questions is of all the land lord ways to raise revenue which investment strategy is on the chopping block? MCIs MCI's scaled back 7-years Vacany decontrol elimination Pref Rent increase IAIs...

1
+2
Recruiter Phone Screen Straight to MD Meeting

Vito_Genovese

Basically the title is my question. The sequence of events went like this: applied to job, heard back from recruiter 2 months after the fact, phone screen with recruiter that same day (who didn't explain role that well), and now I am supposed to meet with the MD of the group. This is for an invest...

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+14
Why wouldn't a fund do a leveraged buyout of an undervalued REIT?

luv2speed

The market cap of my publicly traded REIT is trading (and has been for a while) at about $5B less than our assets are worth. What's more, we are highly UNleveraged. I'm confused why a larger fund hasn't bought us out yet... it seems like it would be so easy to lever up, sell all the assets, liquidat...

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First job out of undergrad. How to make the ask and what should I expect?

WouldBeCRE

The situation: I am a soon to be graduate and have opportunities in investment sales and office leasing at some of the big firms (think CBRE, C&W, JLL, NKF) with top tier teams in NYC. While I have yet to receive formal offers, I have an idea of what the base compensation would look like and am we...

1
+1
Getting back into the Real Estate Industry

Pat-Ryan

I graduated in finance from a relatively top tier public university, worked in the valuation and advisory arm of real estate for one of the big 4 for almost 2 years, but it was a really soul crushing job to say the least. So I quit, moved to Denver and started managing operations and sales for my f...

1
+8
Calling All Idealists in CRE

Mandelbaum_Mandelbaum

Not to get too sappy, but as I ponder my next career move, I think about how much value I've gotten over the past 2-3 years from this forum. Between the exposure to daily banter between some very knowledgeable monkeys, somebody sending me an excel test prior to the final round of an interview, as we...

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+22
Starting your own Fund/Firm

MonkeyWrench

So, this is something I haven't seen discussed on the site before in detail, only tangentially. Has anyone on here gone through the process of (or is knowledgeable about) starting your own real estate investment fund in detail? Obviously, things like strategy, fundraising, partnership structure, e...

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+2
How to find out what an LP is invested in?

bigreguy

Title says it all. Looking into a national LP and want to find out what they're invested in and with who. ...

7
0
Starting your own firm

God Emperor Doom

Which background do you guys think is more valuble? Debt broker? Development? Acquisitions? Or just a fat wallet?...

1
+5
Newmark Knight Frank - Reputation

Ralph_Lauren4122

Wanted to get a current grasp of NKF's reputation these days considering they 100% spun off from BGC Partners and went public late 2018. How are they regarded in terms of the full service brokerages (CBRE/JLL/CW)? Could you still consider them one of the top 5 CRE firms? More specifically, looking...

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+6
New MRED+D program at UC Berkeley

Giangelo-Bautista

A new [MRED program](http://www.mercurynews.com/2017/08/29/only-in-the-bay-area-real-estate-for-progressives-at-cal-berkeley/) is opening up at UC Berkeley. What's everyone's thoughts on this?...

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Fund Size

Temujiin

What do you consider to be a good sized fund? What is too big? What is too small? $50MM? $750MM? $20B?...

4
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Want to break into REIB after MBA

Gleeman2873

I have a few nice MBA offers and I am thinking which one will be better for REIB career. Currently I have UNC KF, Emory, and Georgetown. Any idea? Also I am 32 years old and previously did tax consulting work for REITs....

1
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Best RE Finance and Development Books

wallstreetballa

What are some of the best RE Finance and Development Books? Looking to dive deep into the weeds and looking to stay away from any resources that are academic overkill. Thanks in advance! ...

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+5
Question Regarding IRR vs NPV Calculations for Development Projects

Non-PC Broker

In a typical levered development project, you have months of cash outflows followed by a number of months of lender contributions and then you'll start your lease up period in which you'll, hopefully, have positive cash flows. However, when raising capital for a fully-entitled development (I'm tal...

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+7
REFM Review - Real Estate Financial Modeling Courses 1-3

HopefulMogul

I just went through levels 1-3 of Bruce Kirsch's Real Estate Financial Modeling (REFM) and another monkey recommended I give a review... So here is a summary and what I though about the courses: Level 1 - starts off as simple formatting and statistics formulas (max, min, avg). Then moves into deali...

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+3
Networking with "bankers" for RE DEV

loanshark

I've heard real estate developers say that you need to develop relationships with bankers to obtain favorable funding terms. Who exactly are they referring to within the hierarchy? ...

3
+4
Crowdfunding Platforms

God Emperor Doom

Anyone ever consider starting a crowding platform like Fundrise or RealtyMogul? Why are there suddenly so many popping up in 1 form or fashion?...

9
+3
Licensed going into commercial real estate brokerage help or hurt? (CBRE, JLL,ect)

blakegsheets

As recently graduating college and looking to go into a commercial real estate brokerage like CBRE, I would like to be in the investment or leasing side of brokerage and eventually become a broker in one of those sectors.Would having a real estate license help or hurt being hired as a analyst to a ...

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+1
Commercial Brokers title levels

CREboy

CBRE/Cush/Marcus or any others(any who work for a firm that has this structure), what gross commission do you need to produce for the title senior associate, VP, first VP, exec VP, vice chairman, etc? I’m asking more towards the capital markets side. I couldn’t find any info based on this. Thank...

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Moving from RE Operator to REPE

ReFutureMogul

Any success stories out there on moving from the operator side into a private equity role without an IB background? ...

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+9
AMA: Real Estate Acquisitions Analyst. Uni -> BO -> Mtg Financing -> Acquisitions

KClubs

Graduated 2017. Had opportunities in consulting, commercial banking, and real estate. Gambled on real estate route by starting in back office role. After ~2.5 months in BO, transitioned to more "front office" analyst role. Did that for ~18 months before a recruiter got in touch and recently (less th...

23
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Case Study due Thursday: Can anybody shed some light on office development budget costs?

StrictlyBusiness

100,000 square foot office building. Two tenants occupy the building. #1 tenant occupies 75% while the other occupies 25%. I know it varies by market, but this is an exercise and rough numbers will work. Right now I'm at -Land: $25 psf -Soft Costs: $10 psf -Hard Costs: $150 psf -Other Development R...

1
+2
Manhattan Construction Costs

nycre1234

I am trying to find accurate and current estimates for construction costs for ground-up residential development in New York City. Specifically, high-end condos that sell in the $2,000-$3,000/SF range. What do these cost to build currently - $800/SF hard costs and about $1,000/SF total? $1,100/SF? A...

2
+26
Costa-Hawkins Repeal (California)

Count_Chocula

Any of you nerds tracking it? Looks like it will be on the ballot in November (should be confirmed by June 28th). Could be bad news bears for a lot of California resi guys (yours truly included). Considering buying the July puts on Essex....

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+1
ARGUS Question

Almosttoolate

In ARGUS Software, how does it deal with half months? I am inputting a particular lease where it ends in the middle of the month. How does Argus calculate Potential Base Rent in relation to this situation?...

2
+17
Is Meridian That Bad?

Mandelbaum_Mandelbaum

Obviously, there are stigmas about certain prominent industry players, especially in regards to brokerage shops. I get the prestige associated with certain firms, but for those with legitimate experience/knowledge re: working at or with Meridian: could an analyst there get similar (or even better) e...

50
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IS Analyst Bonus Comp

smashCRE

I have gotten a few analyst position offers from IS teams in my market. They all consist of varying levels of base pay with some sort of bonus structure as well. The bonuses vary from a simple % range of base salary, to a % of fees from deals I work on, to a flat fee for deals I work on. I have also...

1
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Advice: Real Estate Investment Banking Technical Interview

pablo escobartard

I got a second round interview for a REIB team that specializes in JV Equity recapitalizations, Portfolio Sales, Asset Level Transactions, taking REITs private, and refinancing. I know that's a mouthful hahaha. I'm a senior graduating in May and I know they won't expect me to know everything, but I'...

1
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Choosing a Role: MM Acquisitions vs Megafund Asset Management

heedi0

I currently work as a RE investment analyst at an institutional shop and am making the move to an opportunistic fund. Currently I have 2 options and having a lot of trouble choosing which is best: * Acquisitions analyst at a ~5bn AUM firm looking mostly at single asset acquisitions, sector agnos...

2
+7
Acquisitions Analyst vs. Development Analyst

nycre1234

Can someone working in real estate investment and/or development please shed some light on career options for an entry-level Acquisitions Analyst vs. an entry-level Development Analyst? 1. What is compensation like at lower levels and as one advances in their career? My impression is that investmen...

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Best Risk-Adjusted Returns - Acquisitions or Development?

CREgorrilla

I'm interested to hear people's opinions about what side of real estate offers the best risk-adjusted returns. I know that returns for development can be higher than acquiring and holding. I'm also aware that investing in a core office building will yield different returns than a value-add multi-fam...

11
+22
Dream Jobs in CRE

CREchimp

I have been in the CRE industry with a top brokerage firm (CBRE, CW, JLL) for almost 2 years now as an analyst and I wanted to see what type of positions are most sought after in this industry. Brokers seem to have it pretty good (so long as they are decent) in terms of work/life balance and making ...

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Answer to Why Investment Sales Interview Question?

enterprisevalued26

I was wondering if someone could help me come up with an answer for why investment sales. I have an interview on Monday with HFF. I really want to work in the debt and equity financing part of real estate but understand that investment sales is a start. So far my answer would be "because of the oppo...

4
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Re circulation of Equity

Bananas1987

If you have a two phase development project that don't overlap (Phase I doesn't start cash flowing until after you've put all your equity into Phase II) what are some creative ways to recirculate equity to reduce your equity contribution?...

4
+12
Chrysler Building Sale

ThatGuyBalls

[BISNOW Link - Chrysler Sale](https://www.bisnow.com/new-york/news/capital-markets/rfr-set-to-buy-chrysler-sellers-taking-big-loss-97894?&utm_source=outbound_pub_6&utm_campaign=outbound_issue_1130&utm_content=outbound_link_15&utm_medium=email) Anyone have the inside scoop on what went wrong here? I...

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