Best resources to learn RE Modelling (REPE MF interview)
BIWS really helped me out to secure an internship at an MM Boutique. However, I found the RE part really lacking. I had an interview with Eastdil where I almost extremely fucked up the modelling test. Furthermore, due to a connection, I have the chance to interview with a big REPE fund (think Fortress, Cerberus etc.)
I asked another person about the technicals and he told me I should prepare for an Excel test, focusing on Debt Amortization, Wault calculations, double IndexMatches, Sensitivity Analysis and Mezzanine Financing. I don't even know what this means. Can someone point me to a good guide to learn more about RE modelling and the RE industry in general?
I would say you're fucked but REFM has some great courses and if you like to learn on your own adventuresincre.com has some good models to learn from.
REFM was a littlte bit too expensive. Therefore, I pirated the "The Real Estate Financial Modeling Bootcamp" and "The Real Estate Financial Modeling Interview Exam Guide" from Udemy.
"Wault" Calculation - it's actually WALT which = weighted average lease term. Simple to calculate using sumproduct, SF, remaining lease term. double IndexMatch = known as Index Match Match, Google it if you need to know syntax. Seems very unnecessary for a basic model. Sensitivity Analysis - a table usually showing returns (IRR / MOC) at various exit caps, interest rates, rent growth rates, etc Mezzanine Financing - come on man...
Really appreciate it!
Tbh I don't know anything about RE and just had the luck to study at a target and met the right people on campus. Therefore, my knowledge in that area is lacking. But since I somehow managed to reschedule the interview for 6 months I have enough time to study. Do you know any resources with what I can start?
6 months is fine if you're focused. Already mentioned in thread but REFM and BWIS tend to be the go to courses - personally I much preferred BWIS' approach and while it isn't perfect, it gave me the best platform to build a Base. The rest of my learning came from a friend who is in REPE.
My advice is to focus in becoming efficient, and that means keyboard shortcuts. You're going to be pretty green at the end of the 6 months, and the time pressure is not going to be a welcome complication, so make your life easy by being able to navigate quickly.
Just out of interest, connections aside, how did you manage to secure the interview?
Surely the connection must be aware of your knowledge/capabilities before making the recommendation otherwise they just embarrass themselves if it turns out they wasted an hour of their MDs time. Unless you told them you could model.
Alumni from my target school. I did a spring week at a BB withing their RE Desk and did one internship at a no-name boutique after my first year. And actually, the internship was planned to be after my internship at this reputable MM (HLHZ, Blair, Baird). My contact is also an investment manager.
What's the recruitment process like for the big REPE funds in London? Could you touch on when they typically start recruiting and what are some good ways to get noticed by them (is networking required?) Do you need to go to a target school or speak multiple European languages? Thank you
Purchase "Foundations of Real Estate Financial Modelling" by Roger Staiger and build every model in the book
this helped me when I started out
Alright, I made up a big fat lie why I couldn't intern with them this summer. Therefore, I can directly show up to the interview for the internship next year (interview is actually already in 6 months haha). Which gives me enough time to practice. I mean I know what mezzaine financing and how an amortization table looks like, but I never did one
On the off chance they read this thread, best not give those details away!
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