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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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+64
The market is turning rapidly...

PacNumber

In the last 60 days I've seen so many deals fall out. Not just mine but other brokers across several asset classes. Buyers are hyper critical of everything. Sellers still want crazy money...Apartment investors selling at 4 caps and trying to buy retail at a 6. They see the end in sight of the ...

91
+1
Military Housing / Privatization Asset Management

Post hoc ergo propter hoc

I've recently gotten exposure to RE Military Housing deals. Coming from a traditional RE background (JV development then a REIT), I was surprised to learn all of the nuances and how the agreements are structured. My initial takeaway was that there are large Fees to be made running these projects.....

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+11
Why do the most prestigious RE firms focus on huge, class-A buildings in top markets?

BeaconStreet

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

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+21
What happens to old crappy apartment complexes?

Swedish_1

I live in the suburbs of an up and coming area that has seen a ton of recent growth. And there are these 30+ year old apartment complexes that are long past their prime. The apartments are on excellent land have a really good location next to some affluent areas, but these apartments haven't been up...

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+11
Real Estate Mezzanine Debt - Cause for Concern?

FutureCEO3

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

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+3
What is the timeline for full-time hiring out of undergrad in REPE?

goskins5

Hey guys, I have been feeling a bit lost recently. I completed an acquisitions internship at a Top 5 REPE shop my sophomore year and have since accepted an offer for this summer at a top debt group. My original thinking was to get some debt experience (since I had already spent a summer in equity) ...

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+1
Prudential (PGIM) Senior Housing Interview Help

LandRover2020

Hey everyone, Have an final round interview at HQ next week for the senior housing group. Anyone with any information about the group and interview would very much be appreciated! More fit or technical? They sent me a case study to do last week prior to the interview. Thanks!...

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+1
Special Servicing Information

BlackBear

I have an interview coming up for a summer internship under special servicing group (primarily B-piece CMBS). Can anyone link me to any PDFs or Articles that cover special servicing in depth maybe? Any other guidance would also be helpful. Thank you. ...

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+1
Insight into B6 Real Estate Advisors

abc1324

Looking into IS in New York City and other big cities. Anyone know anything about B6 started by Paul Massey a few years ago. Culture, mentorship as a broker, etc?...

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+13
Deal Structure For First Deals

Stoo

Hey everyone, I was curious to know how you structured your first deals that you did on your own or how you would structure deals you do on your own in the future? (This is assuming you have investors and it wasn't all your own money) Some additional questions for those of you that have done a fe...

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+2
CBRE: Valuation Associate vs. Portfolio Analyst?

blakegsheets

As a newly college grad and applying to CBRE, I have researced to find they have the best training programs for new graduates and people starting out in the field. I'm curious to know if there is a better entry level position to start in that will give me the exposure and tools to learn and understa...

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+4
Excel test for TPG, Carlyle, KKR Real Estate?

cornerback16

Hi all I have gotten through to the final round of a development finance boutique that is back by a big PE group (think KKR, TPG, Carlyle). The final round is an excel test held by one of the above. Just wondering if anyone has done the excel test for one of these? The job is Real Estate focused s...

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+6
Multi-Family in Southern California

Crankerr

I have an interview coming up for an acquisition role with a MF developer in Southern Cal and SW US. I would love to hear some opinions and key trends in the market that would be helpful to talk about in the interview or as follow up questions. I know that SoCal has high barriers of entry in regard...

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+3
Non native English Speaker - Real estate Resume Review

bukos

Hello everyone, I am a non native speaker currently applying for jobs abroad, Even if I am confident in my english skills (not that much), I am not sure about my resume phrasing, Is anyone willing to help me to correct my grammar/english mistakes? I am obviously open to criticism/help! Thanks i...

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+9
RE Mezzanine Debt

Temujiin

Can someone give me a rundown on mezz debt? 1) What term will mezz lenders do? 2) Is it always interest only or do they also amortize in some circumstances? 3) Are there ever holdbacks in the loan? Is it always fully funded upfront? What if it is for construction? 4) What total DSCR, LTV, LTC, and ...

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+3
Meridian Investment Sales - Info?

Pocket_Rockets

Anyone have information about this firm? Seems like they have some solid deal volume. Appreciate any insight!...

10
+26
How many of you actually plan on going independent?

ThatGuy111

I have the desire to one day start my own development business and I read a lot of comments on here where people mention that they plan on one day starting their own shop or that's "that's the dream." I was just wondering how many of you are taking the steps to make this happen? Also, how many pe...

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+4
How do REITs pull off condo sales, PE funds?

NonRecourseLandLoan

WSO - and maybe the REIB kids can help here: How do REITs, supposedly barred from the business of "trading" real estate, get away with developing condo buildings and selling them out? Vornado's 220 CPS comes to mind. I'll add another wrinkle. A good number of equity and hybrid REITS also have inve...

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+2
Chatham Financial Culture? Exit Ops? Comp?

Geoff_Icarus_Peterson

Does anyone know about much about Chatham Financial? I've look at a similar old post but it isn't too helpful. ...

2
+1
Naiop nyc

han brolo

Does anyone have exp. with naiop in nyc? Any thoughts/ comments? Just looking to expand my network. Already a memeber of uli. Thank you! ...

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+13
Allure of REPE/REIT Acquisitions

vintagegmt

I had an interesting conversation with a recruiter a few weeks ago about how many new college grads / those in their 20s in RE industry are "acquisitions or go home" in their career search. He felt this thought process is naive because he sees many successful principals that have both Asset Manageme...

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+1
Help with a Waterfall Structure

TXRE33

Quick waterfall scenario that I'm having some trouble with, though I'm sure it's not that difficult. Currently putting together a waterfall with the following structure: 9% accrual, non-compounding pref return on initial investment, then: 70% to LP up to 15% IRR, 60% to LP up to 20% IRR, 50/50 the...

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+3
Question Regarding Raising 2 million for first development with 8 already pledged - Ontario, Canada

FibonacciMan

Hello Everyone, Me and a friend are looking at acquiring our first development project. We have 8 million pledged by one investor, and are still in need of 2. The land we are looking to acquire is in SW Ontario off the market and is owned by a family friend. We plan on building 50/50 condos and hom...

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+5
Recommendations for First Deal

accountingbyday

I have some cash on hand that I'd like to put to use in Real Estate. I've become convinced that I'd really like to put it to use in the Multifamily space, but struggling with the best way to do it and looking for recommendations from those of you with more experience. I can sit and tell you about ...

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+1
Senior Lenders - do you find doing lending work on stabilized assets repetitive? How do you get around that?

RdotEdot

I am just curious to see the community's thoughts on this topic? I've found doing underwriting work on stabilized assets a bit repetitive from time to time. Maybe mezz/pref might be a bit more interesting. I'm just worried that I will run out of motivation/interests in a few years. Thank you ...

1
+5
Northwood Investors - Any Info Appreciated

Bigrepeguy

I have an upcoming interview with a REPE firm, Northwood Investors, but I haven’t been able to find out much about them online. I’m trying to get a sense of their reputation, what the firm’s culture is like, compensation relative to competitors, or really any information whatsoever about the c...

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+5
Multifamily - Opportunistic investing at this point in cycle?

AB84

Hello all - I would value your input on a crossroads I am facing. I work for an LP fund that focuses on multifamily and student housing. We have been on the value-add train, slowly shifting to core-plus (like everyone else). Deals are getting harder to find, the compensation sucks, I'm not learning...

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+1
AIG Real Estate

BerkleyM

Anyone have some insights into AIG's Global RE practice, or working for a LifeCo in general? Sounds like they have really revamped their team and practice over the last decade. ...

5
+10
How to choose what asset type to work with in investment sales?

CodyParkey

I could not find a specific thread on this topic, so curious to hear yalls input. I'm very interested in getting into investment sales but I do not know which asset type would be best. I am leaning towards retail since I kind of already have a few connections in that area, but don't want to rule out...

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+2
Real Estate Start-Ups: Do They Carry the Same Exit Opps and Clout as Traditional REPE/REIT Shops

The Assman

Hello Monkeys, A friend of mine recently inquired about a job at a real estate start-up along the lines of WeWork, Crowd-Street, etc. He is curious if working for a non-institutional start-up, in the RE Investments arm will add just as many feathers to his cap as working in Acq at a REIT or REPE sh...

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+4
Developers: How much time do you spend on excel vs other tasks?

Cadmonkey117

Wondering about the typical day of a developer and how much time you spend crunching numbers on the computer vs. talking to people / getting your hands dirty on-site, and if this amount of time is different or if there is a progression for entry-level positions vs. higher ups, or at small firms vs. ...

6
+10
New Analyst Struggling with Argus

aman12

Hey guys - I am a first year analyst straight out of college working in real estate AM. I started in late June and for the first month that I was on the job basically had very little responsibility. Recently, the team I am working with has decided to throw me into the water and I feel somewhat incom...

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+4
Acquisitions Analyst/Associate Bonuses

futureREmogul

To all of the acquisitions analysts/associates, I am at a small private/family-owned firm (multifamily) with a salary negotiation coming up soon (I have 1 year of acquisitions experience under my belt) What should be my base be? how are your bonuses structured? As in general bonuses at end of year...

11
+1
selling a rental property -- looking to convert to UPREIT

plitins

I'm in the process of selling my rental property. Initially it was my primary residence and eventually I rented it out. About half of the value is a capital gain. A strategy that was recommended to me is a two step 1031 and subsequent UpREIT (721) conversion. My question is: Do I have to con...

1
+9
single big deal comp

earthwalker7

hey guys, I need to find stats on single-deal compensation. Hope you can advise. My co-worker just closed a deal that netted our firm (a large family-owned real estate developer/owner) about $12mn without us putting any money at risk. Basically he found a big deal, and since we're too small to...

24
+1
Dubai Real Estate

bhomes

Dubai Real estate, the one related to its gallant kings and forts being embedded in its history, is now realty and found a firm place on the UAE reality and investment map! Betterhomes established this in Dubai, UAE as an agency....

1
+1
Difference between Acquisitions and Asset Management

enterprisevalued26

I understand what the Acquisition Team of a real estate company does but what does the Asset Management Team do? What is the Asset Management Team responsible for? ...

2
+3
Bridge Loan UW

_Axelrod

Could anyone shed some light on Bridge loan UW? Trying to understand how these types of loans get underwritten from a funds perspective. Whereas typical lenders care more about in-place metrics I would think bridge funds are more focused the likelihood of future stabilized projections similar to som...

8
+1
REIT purchasing properties using 100% debt

enterprisevalued26

Can REITs purchase properties using 100% debt? I know a lot of them are highly leveraged. Can REITs in the single family rental market acquire properties using 100% of debt capital that they have raised. Does a down payment have to be made for every property. ...

2
+1
How Would You Structure This Equity Swap?

MastersinCRE

**Scenario** * Investor Group A owns a 100ish unit complex built in 2016 with a market value of $19 million. * Investor Group B owns a 200ish unit complex built in 1990 with a market value of $19.2 million. The 1990-built asset offers significant upside through unit renovations, but the 201...

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+8
Favorite Podcasts

Crankerr

What are some of your favorite real estate/investing podcasts? There seems to be a lot of garbage podcasts out there when it comes to real estate mainly for retail investors trying to do build their own small portfolio. There aren't that many podcasts that I have been able to find with valuable mark...

8
+7
What does AM with a LifeCo/bank entail?

Nousernamehere

Hey all, What is AM like on the debt side? Is it boring as shit and just making sure your designated portfolio of loan payments are coming in from properties running as planned? ...

14
+6
Senior Acquisitions Analyst Comp

The Duke of Wall Street

A friend of mine is currently going through a few different offers he currently has for a Senior Acquisitions Analyst position. I'm trying to guide him as to what a reasonable range is for his experience level. I may end up just guiding him to the CEL associates salary report but wanted to provide s...

43
+6
Real Estate Debt Funds

Dr Barnaby Fulton

Does anyone have experience with real estate debt funds? This could include working at, worked at, worked with, or having friends or coworkers who have worked at one. Examples would be Blackstone RE Debt Strategies, Fortress, Colony, Apollo, Oaktree, Starwood, Harrison Street, Torchlight, Rialto, NX...

68
+1
Breaking into the real estate industry?

frnzs95

What's the best way to break into the real estate industry? I'm interested in the finance side of Capital Markets, but would also be interested in any kind of investment analyst position. I'm trying to network as much as possible. I really don't love my forensic accounting position in Big4 and wan...

3
+2
RE Asset Management vs. Acquisitions

CRE12345

I've seen a few discussions on this topic already, but most are outdated. I'm curious in Real Estate, whether commercial or a large multi-family owner (EQ, GID, etc), which typically pays more between asset management and acquisitions, starting from the analyst going all the way to an EVP etc. I'v...

7
+1
CMBS Pay Structure at BB

Tego987

deleteddeleteddeleteddeleteddeleteddeleteddeleteddeleteddeleteddeleteddeleteddeleteddeleteddeleteddeleted...

1
+3
Are most deals done where LP is paid back in full + their promote before the GP takes any promote?

basementflat02

Of course the GP would be taking their say 1% annual management fee, but aside from that, do they generally not get paid until LP has been made whole including preferred?...

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+2
Any of you here built a robust database of real estate owners?

Brody92

Looking for some high level info on how to approach building such a database. My intention is to create debt origination opportunities. Looking at one product type (say industrial) in a single county in a state, there are over 9,000 properties on costar. So where do you go from here? Whats the best ...

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+6
Do you think it's justifiable to ask for 25% of the GP for being the fund raiser for the projects?

basementflat02

I may be able to bring an LP who is willing to commit essentially more capital than we could possibly put to use with the size of our projects. I haven't yet finalized my compensation structure with the GP, and I have done some sensitivity tables of what I would earn based on potential IRR's of the ...

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+2
Can Someone Please Explain This To Me: GP, LP, Sponsors, Principal Investor & Who Plays What Role

The Assman

Here is my understanding: The GP of a project is the group like Bozzuto that will maybe put up 2% co-invest but otherwise will source and bid on a deal and then seek financing through capital markets that makes up the other 98% of their equity. They execute the deal and all the LP provides is the c...

5
+1
Comp for Development APM

West_coast_guy

All, I am curious what you think comp would be for an Assistant Project Manager at a RE Development company in NYC. I am trying to figure out what to ask for when negotiating my salary, and it really is tough to find data to inform my decision here since this is such a niche section of the industry...

1
+1
Projecting who your take-out buyer will be?

egold70

Think it’s always prudent to at least contemplate the type of buyer who be there to sell to at the end of the hold period. I’m specifically looking at a Multifamily development in SoCal (good submarket) which is being built as entirely large 3 bedroom townhouse style units. Given a realisti...

1
+1
Online MBA Programs - Are they worth it?

TheCRELife

For context, I have three years of experience. Two in Acquisitions and one in Asset Management at a brand name, multi-billion AUM REPE Shop. However, I have a no-name school for undergrad and would like to attach myself to a better branded school. I have considered exploring the standard two year ...

1
+5
Getting into a great MSRE program

ZenRE

Background: I am currently working as a residential re agent. I help manage my families residential and commercial porfolios for the past 10 years. I also help clients buy, sell residential re and help manage/lease a 10 unit multi-family for the last 5 years. I have gained all of this experience in ...

13
+6
RE Development Project Management

Nousernamehere

Question for those in development..I realize there is no “true” route to development and people come from all different backgrounds but for someone looking to get more into the project side vs the heavy finance what is the best route? Struggling to find roles with actually developers so looking ...

16
+19
Cool Boutique Developers

Malta Monkey

Let's get a list going of very cool, boutique (or larger) developers. Always think it's cool to hear about these shops of just a handful of guys doing really badass projects. I'll start with a few: Scott Gillen (Malibu, CA) Plus Development Group (West Hollywood, CA) Aby Rosen (NYC) Michael Stern/ ...

57
+1
How to choose an Edinburgh letting agents

lettingumega

Ongoing, it’s much more familiar for renters to choose the property, not the letting agent. But when Which? Went covert to inspect letting agents, we found a difference in the quality of service they offer. Where possible, do your research on letting agents, and find a good one before searching fo...

1
+11
NYU Masters Real Estate vs. Non-Ivy MBA

david927

I'm currently considering attending NYU's MS in Real Estate program part-time but have noticed certain job descriptions for positions within certain CRE investmente firms prefer or sometimes require either an MBA or CFA (outside of some REPE, i noticed a job for Allstate that mentioned this requirem...

70
+1
Real Estate Investment Mortgage Conduit (REMIC) vs mREIT?

enterprisevalued26

I currently work for a Real Estate Investment Mortgage Conduit (REMIC) who specializes in the acquisition, securitization and sale of MBS pools. I really want to label the company as a Private Mortgage REIT on my resume because I feel that no-one knows what a REMIC is. Is there really that much of a...

1
+6
Dry Powder and Cycles

Temujiin

Does anybody know of a study that has been done on the relationship between dry powder in real estate funds and the real estate cycle? Any insights would be helpful!...

20
+3
How to successfully transit from Asset Management to Acquisition within the firm (REPE)

Miaospirit

Hi Everyone, I will start my first day in a small multifamily REPE firm (Current AUM $300M) in two weeks. My position is Financial Analyst/Junior Asset Manager and during the interview they had expressed the possibility to go to Acquisition side if I do well (They currently have a senior associate ...

2
+6
Acquisitions in Institutional Shop vs. Private Firm

MultipleFamiliesHousing

Title says it all. Given similar comp, location, etc... Would you take on an Acquisitions Analyst Role at a Top shop (e.g. CBRE Global Investors, Blackstone) Or an Analyst role directly supporting a principal at an investment firm that has a decent portfolio looking to expand? Said principal plans ...

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+3
Real estate to... ...Aviation Finance (Aircraft leasing) How to make the change?

razir110

Hi all! A super-exotic one for you lads, I am working at a REAM firm in Investments and my dream job is to work in aircraft leasing. It's a very niche industry with a few key players employing just over 2000 people controlling 1/3rd of the world fleet. I read here https://www.mergersandinquisi...

7
+1
Future of Multi-family/Retail?

monkeyseemonkeydoo

I've been giving a lot of thought to the future of real estate investing, and what it means for my next career move. I'm currently working with a well established sector agnostic private real estate developer in North America, but I'm beginning to contemplate exits. I've been in conversation with tw...

2
+4
TAMU MLPD program?

loanshark

I see that a lot of people on here recommend Texas A&M's MSRE program. I was wondering though, does anyone have experience with the Master of Land and Property development program? Is it as entrepreneur-oriented as they say? ...

7
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+3
PGIM Real Estate Finance Interviews

hopeful_monkey

Hey guys, I am getting ready for the interview at Pru in Real Estate Investment Analyst position. is there anyone who went through the process and can share some experience? it's a second round of interviews with the team in one of the regional offices. i did some research at WSO but most of them ...

16
+2
Eastdil Secured sale

rrefinn

Anyone have any insight on what is happening with WF's sale of Eastdil? How will the sale change the firm? Eastdil seems to be attracting some new talent at the upper level. ...

2
+1
Internship Advice Please!!!

sterlinghudson25

Starting off by saying my situation's a bit of a shitshow - I'm a current economics major junior at a top 20 school with pretty solid GPA (3.65) and extracurriculars as fraternity president. I've always known I've wanted to go into finance somewhere but have never been exactly sure where, yet saw a...

3
+1
Move to Dream City w/o Job for relationship or take Brokerage/REPE offers

RF2323

I have a few months until I graduate undergrad at a non-target and I'm quickly approaching a point where I will have to decide to either turn down several offers I have received over the past couple months (in two cities I have no interest in working in) or I can move to my dream city(SF/NY/LA) (lik...

3
+1
Other Learning Areas

Subphive

Hi all - I've been in a little bit of a lull after starting a new job with a lower than expected workload. Trying to be positive and stay at the firm (fairly large institutional shop with reputable name) for ~1 year before really switching companies. With the free time on my hands, a higher up at th...

1
+46
Let’s talk REPE Comp

nycre08

Always found REPE compensation info to be spotty so looking to share. Market: NYC Experience: 7 years Role: Acquisitions Firm Size: $7B AUM Salary: $150k Bonus: 70%-100% of Salary Carry: N/A Hours: 45 hours/week ...

316
+58
Calling everyone...Biggest 2018 Takeway

yayaa

What has been the biggest lesson you learned this year in your RE career? Has anything surprising occurred or any interesting moments/events/trends you’ve come across at work and witnessed in the estate field? How other players are reacting to the market? 1st year at your current job or industry t...

91
+3
Multi-Family Value Add Overheated?

TheDebtStar

I'm currently applying/interviewing for companies in the multifamily sector. Seems like the companies that do value add are a dime a dozen. I would imagine that many of the OMs for these types of properties have Pro-formas with the "added value" already baked into the offering price. Was curious o...

5
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upcoming projects in chennai

raadhikabhatia

Do we want to get updated with all the project? if we are the one who is planning for a new home. Recently I got an update from this beautiful project providing all facilities with luxurious living lifestyle. ...

1
+4
Initially rejected from firm..

Nousernamehere

Delete..................................................................................................

5
+1
What discount rate would you assign GP promote?

basementflat02

So the general giste is you have boutique all-suite hotels from a first-time hotel operator and investor (used to invest in apartments and airbnb/str single and some multi-family). In growing markets like Portland, Austin, Nashville, Asheville etc. The promote structure is 9% pref 80/20 to 13% 70...

2
+4
Origination Fees on +$100MM Loans

Debt From Above

Fellow Monkeys, I work in investment sales currently and focus on private client transactions. Our mortgage brokers will place debt on deals that typically range between $1MM and 30MM and will charge anywhere from 1-2% in fees for doing so. My question is what is the typical market fee for placin...

19
+1
Portfolio Management Analyst Role in RE

Crankerr

Does anyone have any insight on the portfolio management analyst role at a megafund. The general understanding that I have is that they value the different funds and asset classes within the entire aggregate portfolio. That being said what are some resources to help gain a better understanding - as ...

1
+2
Distressed Debt/NPL Case Studies or Deal Stories

Merchant_of_Debt

Working on an assignment for class. Does anyone know of any interesting Distressed Debt/NPL case studies, deals, or anecdotes in the real estate space? Please share. I've done some googling but figured I might be missing something. ...

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Any leads on Development openings in DC area?

theray

Throwaway account. Was recently accepted at Georgetown Masters in RE from far out of state. Looking for a full time job at a developer shop to help with living expenses. My background is 3 years in architecture, any leads on places I could apply to or inquire for an opening would immensely help as ...

4
+12
What is a realistic goal in real estate development

REDev225

I have been interested in real estate development for the past 6 years and have been reading/studying the business on nights and weekends while working full time in the construction industry as a project estimator and now a project controls manager for a heavy industrial contractor. I want to separa...

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