REPE best practices
I saw this as a topic on the PE forum. I thought it might be valuable to start one here. What are some challenges, solutions, and best practices you guys have when transitioning to a new PE role.
Would love to hear about approaches to deal sourcing, considerations/stuff to look out for during due diligence, networking and building a valuable network for sourcing/execution/JVs, organization/news/keeping stuff on radar... etc etc. It would be valuable to hear examples of how other experienced guys find opportunities, or systems you may have developed over time to source deals.
Someone on a different thread had a great quote from one of their mentors: "Never fall in love with a building because you can never fuck it, but it can always fuck you."
Sounds like a pretty good practice to me.
So true, you can get really attached to a project and its hard to go behind the bar and shoot it
...Okay... On an initial look at broker numbers, what's your approach on estimating capex/unit to best execute your firm's strategy?
It depends on some degree to what the strategy is, but you're never gonna really know how much work a building needs until you can see it. Best to walk it with a guy who knows his shit so you can get a rough number to carry for your initial proforma, then really dig deep and get some professionals out there during the study.
look at past projects youve done or talk to your construction guy. We have generic numbers we use for studios, 1s & 2s until we actually get into it.
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