Politics Major to begin an internship as an analyst at a Real Estate Investment Firm - Need Advice
Hey everyone,
I recently landed an internship at a Real Estate Investment firm as an analyst. Even though I was told that everything can be learnt on the job, I fear that I'll be out of my depth when I begin, especially because I'll be working alongside analysts with prior knowledge and experience.
I was wondering if anyone ever found themselves in a similar situation (i.e. landing an internship without a relevant degree or experience), or if anyone had any advice on self-studying, books I should read or courses I should take?
I'm extremely grateful and fortunate to have landed the internship (through networking) and was told that if all goes well, it could transition into a full-time job.
Thanks!
yes, many people have been in your position. best advice i can give is to start reading. Books, magazines, websites... familiarize yourself and ask questions even though you will not understand everything you read and see. spend the extra time.
Thanks Jim1234!
Just learn some of the basic real estate valuation calculations:
Internal Rate of Return Net Present Value Time value of money
Try ahead of time to understand discounted cash flow analysis and how valuations work, but don’t stress too much as you will get a lot of hands on experience as an intern
Thanks GREsyndication!
Wondering how you went about your networking? Cold emails and phone calls? And is this a Summer internship? Still in school? I'm in a similar position, I'm graduating Spring 2019 with a BBA in computer information systems; only one internship with a marketing firm so far. Any advice helps and good luck with your internship!
Hey Scshtx,
Not sure if this will be helpful to you, but my dad's friend is well-connected, and I shot him an email.
To answer your other questions, I graduated a year ago, and It's not a summer internship.
Definitely helps to know someone lol. I'm actually trying to get in with some of my dads clients in the industry as well. Thanks for answering!
And thank you! Good luck to you as well.
go through some of the financial models in adventuresInCRE website. Read Poorvu's "The Real Estate Game" book.
The Duke of Wall Street summarized it well in a https://www.wallstreetoasis.com/comment/1705696#comment-1705696</a">somewhat related thread.
Sorry for the edits, hard to format a post properly on phone.
Thanks so much Edifice!
Don't use that as a negative, try and use it as a positive. Soak up as much as possible and absorb as much as you can. Yes, it would help to have a basic understanding of what you'd be doing, but this isn't rocket science. Be inquisitive, show your desire and drive, you'll be fine. Read up on the previous books mentioned.
Also, in an unrelated sort of way, I'm not sure what your politics major entails, but the political landscape of some deals can be difficult to navigate. I know some firms have their own Government Relations staff to specifically deal with the politics of deals, laws, regulations, votes, etc. You may never touch this, but just because you are "behind the rest of the pack" doesn't mean you don't have other things to offer/can get some really good, well-rounded experience. Or, you may be able to look at a deal differently because of your political background vs. cranking out a model to show an 8% return and move on to the next one. I know that wasn't the original question, but wanted to drive home the point that, at a young age, be a sponge and look at things through many different lenses.
Thanks a lot, babybaboon.
To add to what everyone else has said - turn your educational background into a positive. There are hundreds of finance and real estate majors who all know how to crank out the same models and talk in the same jargon. You'll make yourself more valuable to an employer by deploying your skillset in unique ways; as others have noted, maybe your education will prime you to deal more easily with local elected officials during the entitlement process. Maybe being a non-generic MBA candidate will make it easier for you to network. It's not difficult to find someone who can grind out underwriting after underwriting, that is an easily replaceable skill set. Someone who can source or entitle a deal, even just a little more easily, is someone who will rise quickly.
Also, portray your lack of knowledge as a plus for your specific firm. You don't have any habits, bad or good - you'll learn the way your bosses want you to and not have a difficult time adapting whatever model you used in class to what you're being required to use on the job.
Ozymandia - Thanks! I greatly appreciate it.
You'll be fine (history and economics major checking in). It's an internship so no one expects you to know anything anyways, and I'm a huge fan of a liberal arts style education. Few extra thoughts:
^ very solid
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