Breaking in from undergrad
Hey guys!
I'm currently entering my Junior year at a non-target from the west coast. I had an internship with a small PE firm that invested in multi-family properties last spring. I did a lot of underwriting and had two great opportunities to go on property tours with them. And I just began a 6 month internship with JLL. The internship at JLL is not what I want to do long term. It's a capital markets internship with their research department.
I thoroughly enjoyed my internship with the PE firm. Now i'm looking for ways to differentiate myself from other candidates. Would join ULI be a good way to do that? I'm also looking at 2017 SA in firms Real Estate Investment banking groups.
What are some other firms I should be aiming at for summer 2017?
If I were an undergrad, I would avoid any real estate groups like the plague ...
Well he has experience in real estate and clearly wants to do it. This is also the real estate forum...why would you come in here and act like whatever you do is better?
you seem sensitive. Maybe I should have clarified; I have no opinion on real estate other than I do not like the industry right now, and thus, if I were an undergrad, would pursue alternatives.
Avoid real estate groups? Or the industry altogether?
Can you give a reason why?
Interest rates should rebound eventually. Seeing as RE assets are typically funded with more leverage than other asset classes, it would make sense that RE assets would be more heavily impacted. Additionally, since June 2005, rent inflation has outpaced wage inflation by ~13%. To me, this two items should be correlated.
"Rent inflation has outpaced wage inflation by ~13%"
Not understanding your argument here.
By that logic, no one should work in any financial sector, as you could make an argument that all underlying assets have outpaced wage growth (which is by definition what happens when you have next to zero interest rates.... leading to high inflation). It is not solely tethered to RE.
To put this in perspective, the AWI from the same period (avg wage index) from the BLS ranges from 4.6% down to -1.5%, averaging about 3% from eyeballing it, vs the CAGR of the S&P from '05 to '15, which is ~8.75% (non-inflation adjusted)....... Obviously much higher than the 13% spread you are throwing out there. Unless I'm misunderstanding you.
If you want to do asset level investing, I would try to get another internship in that arena. IB groups aren't a bad option either but just seems like a second choice given that it seems like you know you want to go in on the equity side and already have the underwriting experience. If you were unsure then I'd say IB is probably a better route. Just my $0.02.
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