Best way to position myself for REPE?
Currently a freshman at a target, my goal being to break into REPE and had a few questions regarding what the best way to position myself for this is:
- What are the best resources for studying technicals?
- Is it possible for me to get any meaningful experience this summer and how should I go about it?
- How realistic is breaking into REPE straight out of undergrad - would I have to do RE banking or something similar first?
Would appreciate any thoughts/advice.
To position yourself effectively for Real Estate Private Equity (REPE), here’s a breakdown based on the most helpful WSO content:
1. Best Resources for Studying Technicals
2. Getting Meaningful Experience This Summer
3. Breaking into REPE Straight Out of Undergrad
4. Additional Tips
By combining technical preparation, strategic internships, and networking, you can position yourself effectively for a career in REPE.
Sources: What was your path to a Real Estate Private Equity job? Looking for advice, Which Fall 2020 MSRE program should I pursue to build towards a REPE or REIB career?, Career Advice: Family Office (RE Developer) --> MBA --> REPE, What internship will help set a junior year internship in Real Estate investments/REPE better: Fortune 50 or boutique IB?
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Don't default to doggy. You don't need your MD to be able to go that deep at first.
Voluntarily? 😳
Go drink a beer, good grief...
PM, happy to chat
Messaged you
What are the best resources for studying technicals?
I used BIWS's real estate financial modeling course, but there are many good resources out there that will teach you the same stuff such as WSP, WSO probably has it's own set of courses.
Is it possible for me to get any meaningful experience this summer and how should I go about it?
If you have connections then try leaning on those, but if not you may want to try applying to real estate internships that are less competitive such as leasing, brokerage, appraisal, property management etc. Since you are only a freshman, I don't think it's that important that you get real estate experience now. Although it would be great if you could land an REPE or capital markets internship now, it probably won't be very likely. I think what's more important is that you get some type of internship, even if it's not related to real estate and perhaps rely on your school's real estate club to express your interest in real estate.
How realistic is breaking into REPE straight out of undergrad - would I have to do RE banking or something similar first?
Depends on what caliber of REPE you want to achieve. If your goal is to get into Blackstone straight out of undergrad, it's definitely possible, but highly improbable because Blackstone is incredibly difficult to get into anyways and is even more difficult without very relevant previous experience or internships. But if your goal is to just get into any real estate investing role out of undergrad, it's certainly possible.
Lastly, I don't think you should hone in on REPE and real estate so early. Rather, I think you should pursue IB and hopefully have the optionality to choose an offer that is in real estate. I'm not saying this to discourage you from pursuing real estate, but you might be jeopardizing your career and future by putting all your eggs into this one basket. Times have changed. It's very tough right now for real estate and things might not be all that much better 4 years from now especially if rates stay the same or go higher. Furthermore, real estate finance/REPE are subsectors within the finance vertical. The methodologies and thought process for valuing and assessing real estate investments vs companies is more or less the same. By pursuing banking and learning the technicals of valuing companies will also help you in your pursuit of real estate investing jobs, but it will also allow you to apply to other finance roles such as banking, AM, etc... if you are unable to land a job in RE. Your goal should be to cast a wide net. If you have the capacity, you may also want to throw consulting in there as well. You can always get an MSRE or MBA later in your career if you really love real estate, but i think to narrow your options so early is a mistake
Appreciate the advice, especially the last paragraph. Will def keep that in mind
As someone who has broken into REPE from undergrad.
Resources: A.CRE or Break into CRE are solid free YouTube channels to learn basic technicals. I believe Eastdil offers a free summer week-long course to teach you modeling. To set yourself up for success, if you learn basic monthly cash flow/waterfall modeling like it’s the back of
your hand you’ll be ahead of 90% of candidates.
Experience this summer: Yes, but doubt it’ll be for any super large institutional players. Working at a small local firm/developer or property management/Investment sales team is probably doable but will require a lot of networking.
REPE out of undergrad: Possible, but you need to be on top of your technicals/networking and keep your grades up (3.7+ is ideal).
Side note: Lot of kids chase REPE jobs because of the prestige but make sure you understand what you’re getting into. Tons of great ways to make a career out of RE, whether it be working in brokerage, banking, REITs, property management, or development. Make sure to stay open and learn as much as you can about what each path offers.
Appreciate the detailed response
For sure, feel free to PM me with any other questions
BREAK INTO REPE!!!!
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