I am currently an underwriter for a regional bank who is a driver of CRE in the region. I make around 65k. I could be a lender in 1 year and make 80-100k. I am being poached by CBRE - a multifamily IS group - to be an analyst. They keep telling me the first couple of years will be rough but will guarantee that I make 70k the first two years. I am not sure which path to go. I want to make more money - I know that my bank is safer but the potential at CBRE is untouched. I have been wanting to get into acquisitions on the buy side but have been having a very tough time. Any advice on where the
25 Sep 2020
Hi everyone so, my dream is to start my own development shop in 10ish years. I've had an internship for Investment Sales brokerage and really loved it, however I would love to best figure out how to go into development, and then be able to leave and have enough connections, capital, and knowledge to crush it in my own shop 10 or so years down the line. I've heard its best to work for a very large and respected bank, broker, or developer, however, I don't think I can work at a respected/large development shop out of college without an MBA. Any thoughts on best next steps to be put in a position
26 Sep 2020
Hi all, I'm a student who's dream is to eventually start a CRE development firm that focuses on building great multifamily high rises or entertainment venues. I'm graduating this May, and have been told that it is very difficult to start out in development, and how it can be better for the long term if you start out as a broker or an analyst at a bank/fund. Is it possible to start out in development right out of school? And if so, is it better to start out as a broker or investment analyst, and then move into development? I appreciate any and all advice
19 Sep 2020
I'm curious if there are any other funds that either plays Arb strategies or long-shorts between Commercial Real Estate and another asset class. During my stint in CRE I haven't come across another firm that has invests in both CRE and another asset class as part of a larger portfolio management strategy. Even talked to a few quants and pms at JPM and Blackrock. I couldn't get any info around this topic. I have so far only ever seen real estate as an inflation hedge. I am coming to the opinion that CRE is just insolated from the rest of finance. Do you guys know of any firms or strats? I feel
27 Sep 2020
A bit left field here given that this is mainly a finance forum, but has anyone interested in CRE, and more specifically development, given serious thought to starting their career in a construction role as opposed to something more traditional like AM or IS? Seems to me that if you're entrepreneurial and hope to own run your own shop one day, having the construction experience would not only save you a few points on the cost side of things, but give you a better understanding of the development process itself. To clarify, I mean by either managing the projects yourself, or having the
22 Jan 2020
Hi, Just finishing up my first year as a quantitative trading analyst for a hedge fund on the event-driven equity desk. Got here from undergrad after studying BBA and Comp Sci. Have always been really interested in real estate but kind of fell into quant trading from undergrad due to trying to apply my two majors. Is it in any way possible for me to switch into commercial real estate without an MBA or some sort of graduate degree? Advice on this? My interest in the industry is pretty broad for now, ultimately would be interested in development, but really just looking to break in in any sub
08 Sep 2020
Hello fellow RE monkeys! Finally got my certified star, and figured now is a good time to do an AMA to continue to give back to the community. Truly, WSO is one of the best resources available online for people trying to break into high finance. As corny as it sounds, without the content on this forum, and the balls to take a couple risks, I'd probably be a financial advisor working in a call center for Vanguard making $55,000 a year (one of the offers I received at the end of undergraduate). ####My story So, let's start off with my story, which is going to be very long winded. I went to a
20 Dec 2019
I came from a King>[email protected] zero, zilch, no money working class family. I ate shit for years as I paid my way through undergrad, and eventually grad school. I've seen and experienced some nasty shit in my life that I wouldn't want for my worst enemy. When I broke out into the investment sales scene, I was academically prepared, King>[email protected] hungry and motivated, and stuck to a plan that worked. I worked my King>[email protected] ass off lived cheap, and started making money. When I start getting those huge direct deposits, it was like I had won the King>[email protected] lottery. I had never in my life seen so much money. within a
12 Dec 2019
With it being bonus season, I'm wondering how much all of you in CRE save? Both from your paychecks and bonus, what % or $ do you save? What do you intend to do with your savings? This might be dependent upon how far along you are in your career and how much you can afford to save, but I try to save/invest 25% of each paycheck, and 75% of each bonus.
12 Dec 2019
Just joined the community and would like to contribute as a way of offsetting my request for some feedback. Quick background: - "Little Three" undergrad - Career started in CRE leasing; 2yrs at a small regional firm followed by 2yrs in the NYC HQ of one of the majors - Most recently, ~7 years at a commercial real estate investment bank (joined as an analyst, left as a VP) - Worked on $12B+ of closed deals, built some custom models (heavy automation around tenancy and Argus data), and maintained
24 Sep 2019
Sup guys, trying to figure out which offer is better and will set me up better for my career aspirations. I am two years in the workforce (1.5 years since I received my degree) and have been involved in the asset management function of a brokerage (JLL/CBRE) for about 20 months. Long term career goal is ideally REPE acquisitions (of course), but have no qualms about working at a debt fund or something similar. 1st: Production Analyst - boutique CRE firm (NYC), covering all asset types with bridge, conventional, and agency debt products. Good benefits, pay in the 70-85 range, overall I think
23 Aug 2019
In this discussion I'd like to receive others perspectives on "Sweat equity partnerships". After speaking with an attorney last week, he mentioned one of his clients being only eighteen years old and owning twelve income producing MF properties. I do not know the number of units in each property, but i would assume it's a minimum of 8-16 units. After asking some brief questions the attorney disclosed that the partnership was 50/50 ownership and the eighteen year old's percentage was "Sweat equity". Has anyone ever been in a similar partnership where you receive equal ownership and your
27 Jul 2019
Hello. I run a small PropTech Startup Stroom: https://stroom.app/ Stroom is a platform for commercial real estate revenue management. We've developed software technology that helps asset owners calculate optimal market rents and favorable lease terms. Leasing and pricing is fairly manual currently and our platform not only saves time but also maximizes Net operating income. I am looking to connect with Commercial Real Estate asset managers and REITs. Happy to do a demo / walkthrough of the platform. - Keval
29 Sep 2020
In my limited research, what I have personally found is that the current real estate market cycle seems to be in a state of hyper supply. It comes to my understanding that a complete cycle happens approximately every sixteen-eighteen years and this happens in four stages: recovery, expansion, hyper supply, and recession. I'm not extremely familiar to whether this applies to the whole market or if this is specifically residential/commercial. Are my findings on par or is there a better understanding of these cycles? Also what other variables contribute in effecting CRE market cycles? I would
25 Jul 2019
Does anyone know of any recruiters or recruitment companies in Florida (not sure if they separate into regions but ideally east coast area). Specifically looking more on the principal/ownership side compared to brokerage. However, i'm assuming if they do real estate recruitment they would cover all real estate (development, private equity, brokerage, etc). Any insight or recommendations would be greatly appreciated!
02 Jul 2019
Thought this might be a useful discussion. I'm looking for multi family investment properties in particular. When it comes to finding properties there are plenty of listings online, but what about "off-market" deals? - What is the best way to find these properties? - What are the benefits of this acquisition vs others on the market? - How can you approach the owners? If there are other questions pertinent to this discussion please ask, so we can have them answered.
01 Aug 2019
So, it's that time of year, excited and highly qualified future SAs receive the worst news imaginable: you failed your drug test and we can no longer offer you employment. Unfortunately, I am one of you. The most qualified of candidates who also happens to enjoy the devil's herb. My question is: What now? Do any firms hire this late in the year? Am I fucked? What would YOU do? A little background: I have a decent GPA from a non-target, I had a summer internship in asset management, and another in CRE debt placement at a top shop (CBRE, C&W, JLL), I am completely capable of any modeling test
13 Dec 2018
Not an expert on the matter and would like to learn more... What are the tax benefits of investing in CRE? Familiar with 1031, interest expense deductions, and depreciation at a high-level but can anyone provide anecdotally the favorability of investing in CRE from a tax standpoint? What are some tax plays that are of common use in the industry? Is it possible to pay no taxes at all and still turn a large profit?
08 Nov 2019
What would you guys do if you were in my situation? I'm currently working for CBRE/NKF/CW in my home state, but just got done with my final interview in NY for another position at another firm. I have always wanted to move to NY after graduation and now 1.5 years later I may get the chance. Now pretend I get the offer for the job. The firm is probably a tier or so below my current one but it is a known shop in the tri-state area. But the job isn't necessarily what I want either as it's an underwriting position. I've also been networking lately for buy-side jobs and have gotten some traction
22 Jan 2019
Hi all, I've been an avid reader of WSO for easily 2 or 3 years now. With that said, I haven't posted before as I can generally find whatever info I am seeking by looking at previously posted threads etc. I have a more specific question that I'd love some help with. I go to UMass and am coming up on graduation. I'll likely graduate early next year, but I'm in no rush to end my college experience early. UMass places ~fine~ at CRE firms in Boston and I have been networking with guys at Cushman & Wakefield etc. After chatting to a lot of them, I really would like to work in REPE rather than
08 Jan 2019
To all the analysts/associates/VP's at debt and/or equity real estate investors, what are the most salient aspects of an offering/financing memorandum and which aspects are typically ignored? To provide some context, I work as an analyst at a top capital markets shop in a major US market and a primary component of the job is to put together fancy OM's to present to prospective investors. However, a lot of the information--especially market and location overview section--in the books we create merely uses selective data/statistics to paint the opportunity in the best possible light. Granted
25 Nov 2018
Hey Everyone. This question is simply curiosity. At what age or amount of work experience is expected for one to start applying to associate roles? I have the feeling that around age 25 or after 3-4 solid years of experience is the prime range. Sometimes I see jobs that list the experience range of essentially 2-5 years, but some analyst roles have the same range. I feel like CRE is different in that sense compared to IB where it's two years as an analyst then jump ship to B-school or an associate role somewhere else, so I'm curious as to what others think is relative to the CRE industry. If
03 Apr 2019
I just got an offer from a large CRE (think JLL, CBRE, Cushman). for its Valuations dep. What can I expect to be working and how and what should I prep for? I bought some real estate modeling courses online what else can I do?
16 Apr 2019
Fellow monkeys, I currently work in brokerage where our financing professionals are constantly preaching about the spread between the 2 yr and 10 yr treasuries (and have been for some time now). I understand that the yield curve inverting is supposed to indicate a recession in the future, but I was hoping some of you could break down the "why" Thanks Guys.
03 Jan 2019
I have an upcoming interview with the JV team at Brookfield Properties Retail in the Chicago office. I have a very basic understanding of JV as it pertains to commercial real estate. My understanding if the JV team works closely with various internal teams (investments, asset management, acquisitions) as well as with various institutions that Brookfield partners with on deals and reports directly to the partners. I am hoping someone can elaborate on the title and correct any misconceptions I may have. Any and all advice is greatly appreciated. About me: a recently graduated student from
28 Jul 2020
Hey has anyone heard back with an offer? Just finished up super day last week and am still waiting to hear. If you did receive an offer, how long after your super day did you get it? Thanks!
30 Oct 2018
I've been reading numerous articles on how hot the Industrial Sector is right now. Across the board, industrial property vacancy is pretty much at its lowest in history. It looks like most of this demand for warehouse space is driven by 1) E-commerce Players 2) Logistics, 3PL companies As an industrial broker, there's obviously numerous ways to go about obtaining potential new clients (tenants) to occupy warehouse space - but I want to chase the future tenants of these warehouses, the guys who nobody else is calling. Which do you think will be the most prominent warehouse tenants of the coming
06 Sep 2018
At a private equity style Commercial Real Estate debt fund. Business: CRE bridge lending and CMBS B piece investment. As a Capital Markets (Quantitative) Analyst, I do modeling to study fund level (both bridge lending and CMBS B piece investment) returns, various forms financing (CLO, Repo, CLO, PE and special financing), individual investment pricing/return/sensitivity analysis, stress/loss test, and various ad hoc analysis. 90% of my time is on Excel modeling. Tools used: Excel 100%, and 5-10% Trepp for CMBS cash flows. AUM: ~ $3 - $4 Bn. Private firm, compare to other firms in the same
29 Oct 2018
Happy Friday people. I have a modeling test tomorrow for a REIT, specifically in their asset management group. I haven't gotten much background from the recruiter about the test, but I am pretty sure it's the final part of the interview process so obviously I want to be prepared. Has anyone been in a similar position, as in a modeling test for an asset management position? I'm thinking it will be along the lines of a buy/hold/sell scenario with one of the legacy assets or something, considering b/h/s would be a lot of the job. Does that seem accurate to those who have taken a test like that
16 Aug 2019
What's up everyone, first time post here. So to summarize, I currently work at a large real estate firm and work as an analyst in their multifamily department. My job mainly entails managing a large portfolio of mortgage loans and monitoring/reporting their operating statistics, as well as analyzing their cash flows, balance sheets, etc. Some site inspections and I may be getting the life co. loans in my portfolio pretty soon. But overall, pretty basic work once you get the hang of it. This is my first job out of UG and I took it because of the company's size and resources. I want to continue
09 Jul 2018
I wanted to get peoples opinions on both of these courses. I have done some research online and found that these two were the most recommended. * Is one superior than the other in regards to total content? * Which one is better for learning to underwrite commercial investment properties? * What are the pros and cons of each? Your comments are greatly appreciated. Also, if anyone has either of these courses and is interested in sharing with me i'm open to donations !
25 Jul 2019
Now I know this is a question that does not necessarily have a correct answer however I would be curious to hear what everyone thinks is the "best" property type. Assuming you can only develop an expertise in one property type and that will be your niche for the rest of your career what would you choose and why? For example I have experience with Office (CBD & Suburban) and Industrial. Part of me has a strong desire to get involved in retail because the dynamics of the tenants are interesting to me and if I was ever to make investments with my personal money for most people CBD office will be
24 Apr 2018
Hello all, I'm curious about what Real Estate "Investment Banking" might be all about. I use quotations because I do not know if this is actual investment banking. I work at one of the 3 brokerage houses as a MF capital markets analyst and I see that our firm has a REIB division and the job postings have me interested, but can anyone shed some light on what a Real Estate "Investment Banking" analyst would do at a CBRE/JLL shop? Our company has acquired a lot of smaller companies throughout the years to grow our overall service line, but is this true M&A? Are they really taking companies public
07 May 2018
So, this is something I haven't seen discussed on the site before in detail, only tangentially. Has anyone on here gone through the process of (or is knowledgeable about) starting your own real estate investment fund in detail? Obviously, things like strategy, fundraising, partnership structure, etc have to be planned, but I'm curious if anyone has actually done this and if so, if you have any insight from your experience as to what the biggest challenges were, the most tedious things you had to do, pitfalls, etc.
10 Jan 2018
Is making the switch from an investment banking job to a commercial real estate job realistic/easy? I am a college student considering investment banking, however I think if i dislike investment banking I would pivot to commercial real estate. Is this something people do?
14 Jul 2018
How is LaSalle viewed in the REPE world? It was #21 in the last PERE Top 50 list and I can't find current info on this site. Curious as to how the community feels about the firm, and if anyone has any insights regarding culture, comp, work life, etc. please share. Thank y'all
07 Feb 2019
I was given this test for an acquisitions analyst role. My main concern is the assumptions for the real estate deal, particularly how to invest continuously in the same transaction. It seems too complex to do a debt/equity waterfall model when just comparing investment value after a certain amount of time. The IRA was a simple NPV cashflow model. Can anyone give me some input here? 1) Prepare a basic financial model comparing a standard 401k investment with a typical real estate transaction. You can make any assumptions you would like regarding the real estate transaction, but please be
18 May 2018
Hello! As with most students right now, I'm trying to lock down an internship for this coming Summer and I am having a hard time. I'm interested in CRE finance, but studying Real Estate isn't an option at my school. I'm majoring in Finance and Economics with an unflattering 3.2 GPA from a non-target, and I am not getting many responses to applications. I graduate in December 2018 after I come back for one quarter in the fall - I'm hoping this isn't a big factor. My current experience revolves around mutual fund analysis that I do for a boutique PWM company. Other somewhat related experience is
13 Feb 2018
I recently started a summer internship at a small, private real estate investment company and I was wondering if there is a better/more accurate way to describe the company. Its business is focused on working as a "broker" for investors who act as a client in commercial real estate investments but need help with equity financing and rely on my company to locate and connect them with a joint venture to provide the needed equity to finance the deal. The company was listed as a investment/merchant bank but was wondering if there was a better way to phrase it. Also- if anyone has a good website
18 Jun 2018
Hey everyone, My firm is looking to purchase and develop some land to turn into apartment buildings. We are looking at different financing strategies we can implement to maximize IRR. Does anyone have an article about various innovative financing strategies or know some that their firms have used? Thanks so much!
14 Aug 2018
Monkeys, Here is the situation. I am at at top 3 brokerage doing portfolio management of assets and have been trying to get into the deal side of CRE for the last couple of months. Good traction, but no offers. Now, there is an opportunity at a BB doing the SAME role that I currently do now. Yes, it is not on the deal side, but it is at a tier 1 global bank. I will be interviewing in person shortly and want to know what your guys' thoughts are. Would you take a position at a dream company doing the same work? Maybe leverage that experience and lateral to production/origination/REPE within the
03 Jul 2019
Any advice on gaining underwriting/deal flow experience in commercial real estate in Los Angeles? I'm 5-years out of college with 2-years of residential/commercial property management experience, a REFM certificate (lvl 3 w / distinction), a Real Estate Investment Certificate from UCLA (4.0 GPA), Argus Enterprise Certified, and have my CA Real Estate license. I'm heavy on the education/certificates and lack the experience. Companies I spoke to want more underwriting and deal flow experience. I'm looking for a company that is willing to hire someone who is green. I'm open to all areas of CRE
19 Jun 2019
- I'm a 28yo UG senior @ UC Berkeley * Expected graduation date: May, 2019 * Major: Urban Studies (City Planning) * Silently emphasizing in Econ (Int. Micro/Macro, Urban, and a Graduate course: Land Use Controls) * Relevant work experience before transferring to Cal: Three years as a residential MLO at two different firms * Internship position interested in: Financial Analyst I'm worried that my resume won't even make it through initial screening processes. Also, even if it did, I'm doubtful I will remain competitive with younger, more desirable, Econ and Business grads. If my initial question
10 Aug 2018
Hello! Thanks to the advice of WSO, I began networking and got myself an internship in the CRE department of a regional LifeCo company that invests in commercial mortgages. My question is how do I leverage this position or make the most of it? From my interviews it seems that they deal with mostly smaller borrowers (they talked a lot about guarantor's for the loan), but it seems all over the country, and all over the place but yet very few people I've talked to recognize their name. For example, they told me about their refinance of a large water park that is the only one in a 90+ mile radius
16 May 2018
Hi Everyone, I'm interviewing at a commercial real estate firm soon and was given the advice to ask questions about their capital partners (they work with a lot of pension funds). However, I can't think of any intelligent questions to ask. Any help you could offer would be fantastic. Thanks.
18 Jul 2018
HI WSO, I am a senior mechanical engineering student and I want to try my hand at CRE brokerage. I am a long time lurker and the biggest piece of advice I have found for newbies in an industry with a 70% failure rate is to find a mentor. I emailed everyone I could find at the big brokerages and found a senior level VP that is willing to mentor me down in the south Florida market (tenant rep). He is offering a 30k draw for my first year which is coming out of his pocket. I am so freaking excited about this opportunity but I have no idea how to vet this person. He sounds very knowledgeable and
11 Feb 2017
What's the best way to break-into the deal-making/structuring side of CRE development, rather than the execution side? My background is in civil engineering, previously worked for a large top-10 general contractor, and currently working for a top-3 real estate services firm's development management arm...so I'm well suited to join a developer and help with actual development management and execution of a CRE project. BUT, I'm more interested in the front-end deal making/structuring and capital raising side of things. I'm assuming these types of jobs are more geared towards someone with a
15 Mar 2017
howdy folks. I'll get right to it. I am working on getting an internship with a RE retail investment group, they only have one office for one candidate and there is certainly some comp. I actually have been able to get a broker from CBRE to email a letter of rec. on my behalf, and I met the CEO of the group selling windows, so he understands my ambition and willingness to work. During my phone interview, the complexity of retail leases, the only thing this group does, came up and the CFO make it very clear that I need to understand the basics of these leases by April, when I will be given the
11 Mar 2017
Are there any CRE professionals here that work primarily with Sustainable/Green Real Estate in any capacity (Development, finance, advisory, etc.)? I have a few a questions.
10 Nov 2017