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  2. REPE failed drug test

    Real Estate

    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 happ ...

    94 comments27 Aug 2019 -

  3. 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 ...

    156 comments21 Mar 2019 -

  4. 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 ...

    23 comments10 Feb 2020 -

  5. Best Property Type

    Real Estate

    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 y ...

    73 comments25 Apr 2018 -

  6. Hello fellow RE monkeys! Finally got my certified star, and figured now is a good time to do a Q&A 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 cor ...

    19 comments12 Jan 2020 -

  7. 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/reportin ...

    34 comments27 May 2019 -

  8. I came from a [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. ...

    19 comments6 May 2020 -

  9. 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 cap ...

    31 comments9 Dec 2019 -

  10. 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 ...

    25 comments24 Jan 2020 -

  11. If you had the same acquisitions analyst opportunity lined up in both NYC and LA, which would you take? Assume it is a huge company and you will have the same deal flow/exposure to different property types. Things to consider: lifestyle, comp, anything ot ...

    40 comments6 May 2020 -

  12. This is my first post to WSO so I hope I'm doing this correctly. Here's a little about myself... Job: 1 year doing corporate finance at Top 3 Bulge Bracket bank Undergrad: (Mid-Atlantic) Non-Target- Penn State, Maryland, UNC Major GPA: 3.7+ Inte ...

    45 comments6 May 2020 -

  13. In another thread, a poster brought up an acquisition interview question (predominately for REPE) and I thought it would spark some good discussions here: If I gave you $100 million, where would you invest it and why? For the sake of this argument, lets s ...

    76 comments6 Jul 2017 -

  14. Monkeys, curious to know if anyone has some insight on the interviews (first/second/third rounds) at Starwood Capital for an Acquisitions Analyst position (OCI drop) The search function didn't help much so here goes another shot of trying to squeeze ...

    48 comments12 Dec 2019 -

  15. 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 everyon ...

    24 comments6 May 2020 -

  16. 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 ...

    16 comments13 Dec 2019 -

  17. 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 ...

    34 comments26 May 2018 -

  18. Hey Monkeys, I have been working on the acquisitions side for a smaller ($10 million- $50 million transaction size) value-add CRE private equity firm in a secondary market for the last three years. I am now looking to make a lateral move to an Acquisition ...

    42 comments26 Aug 2019 -

  19. Hey Guys, Long time reader here. This forum has been a great read so far. I have an interview coming up with an opportunistic fund focused on acquiring shopping centers. I'm looking to gain some general insight on shopping center intricacies. I am aw ...

    32 comments6 May 2020 -

  20. 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/CB ...

    15 comments6 May 2020 -

  21. I would love to hear different people's opinions on this topic. I have talked with several different people recently and many seem to think we are approaching the end of this cycle (maybe less than 12 months until a pullback). The markets are flooded ...

    56 comments17 Dec 2015 -

  22. Non-Target-> MSRE

    Real Estate

    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&# ...

    17 comments6 May 2020 -

  23. Hey, Just some background information: I am interested in Commercial Real Estate career. Last September I landed an unpaid internship with a big commercial real estate firm. I was working with their brokers doing property pro formas/ database, lease abstr ...

    108 comments4 Jun 2014 -

  24. **What would you do**

    Real Estate

    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 ...

    14 comments6 May 2020 -

  25. How much would an unpaid summer intern at a boutique commercial real estate brokerage firm located in NYC earn from bonus (commission)? Expecting to work about 10 weeks. Also, what are my options in other finance sectors after gaining experience in CRE? C ...

    23 comments6 May 2020 -

  26. What opportunities would one have after gaining a year of CRE appraisal experience at a well known appraisal firm? commercial real estate Salary ...

    32 comments12 Apr 2019 -

  27. I think RE Monkey spear headed a happy hour/meet up in the past so I just wanted to gauge peoples interest. Please respond if you would be interested in something late August/early September. commercial real estate- United States- Northeast ...

    24 comments6 May 2020 -

  28. Hi all, I've so enjoyed reading everything here about working in CRE. I've recently had interviews with both CBRE and C&W and have been fortunate enough to be offered an entry level broker-in-training position at each. The CB job is in inves ...

    50 comments13 May 2017 -

  29. I work at a BB in a CRE group that does loan origination (senior lending, both balance sheet and CMBS) for multifamily assets. I'm curious how other banks organize their deal teams. We have a lot of people involved. Sometimes I wonder if other CRE gr ...

    31 comments31 May 2016 -

  30. 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 ...

    11 comments6 May 2020 -

  31. Looking at a couple opportunities at Morgan Stanley Real Estate Investing Group. Can anyone provide any insight into the culture? Also entering as an analyst or associate in investment management do you work both on acquisitions and Asset Management or do ...

    33 comments25 Oct 2017 -

  32. What are some recommended commercial real estate news websites and blogs that you read on a daily basis? Thanks commercial real estate Salary ...

    24 comments12 Apr 2019 -

  33. Hello Monkeys, I have an interview Wednesday at a commercial mortgage banking firm for an Analyst position and I have no idea where to start in preparation for it. The firm has organized debt financing for retail centers, office buildings, industrial park ...

    29 comments30 Sep 2015 -

  34. Commercial real estate vs IB

    Investment Banking

    If you were offered the opportunity to work at a Commercial real estate company like (JLL, CBRE...etc) as a senior analyst with a 50-60% increase on your current salary Vs. getting the opportunity to work at the Investment Banking Team within a major regi ...

    19 comments6 May 2020 -

  35. Like the title suggests, I'm curious to see what kind of path you had envisioned for yourself versus where you are now. I think it would be interesting to get some insight from the more seasoned guys, this way we can get an understanding for how spon ...

    26 comments23 Nov 2015 -

  36. 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, ...

    13 comments6 May 2020 -

  37. To give a brief background, I am a recent graduate from a non-target in one of the top 5 major markets in the country. I currently work at a known brokerage performing as an investment sales intern creating OMs, underwriting, and research. I have two pote ...

    27 comments24 Feb 2015 -

  38. 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 proper ...

    12 comments29 Jul 2019 -

  39. Hello All, I have a 2 fold question. But let me tell about myself first. I am working for the Real Estate division of a well-known bank (one of the largest in this country). It is a senior analyst position for the Residential Real Estate division. But I w ...

    16 comments6 May 2020 -

  40. 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! commercial real estate Wells Fargo summer analyst Salary ...

    15 comments10 Nov 2018 -

  41. Commercial real estate investing/management and technology have historically operated in two different silos, with almost no overlap. A major reason for this, in my opinion, is the reluctance for change in a top-down industry. 60-year old portfolio manage ...

    17 comments6 May 2020 -

  42. looking to make a career transition at 29 years old. probably impossible, but who knows. anyway, if i did want to get into underwriting and modeling, what would be the easiest way to do that. (i am coming from middle office trade management at MS). thanks ...

    16 comments6 May 2020 -

  43. 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 i ...

    13 comments3 Jun 2019 -

  44. Does anyone know what it takes to get into real estate private equity at a reputable shop (e.g. Blackstone, Carlyle, Warburg, Fortress, etc.)? Would an analyst coming from the RE merhcant banking group at a top-5 US commercial bank stand a chance against ...

    23 comments2 Oct 2019 -

  45. I have a family friend who told me that he could capitalize deals for me to run for him and wanted to get people's thoughts on what they would buy at those levels. Everything seems to be super expensive now. Crappy apartment deals are selling at 5% c ...

    26 comments1 Oct 2015 -

  46. Hi all, Long time WSO reader, but first time poster. The site's been a huge help as transitioned from Teach for America into the commercial real estate world, so I figured I'd try to give back a little. A bit about me: I graduated in 2012 from a ...

    14 comments6 May 2020 -

  47. Hello Monkeys, I am relatively new to real estate and was hoping you could shed some light on the below questions I had. Thank you in advance! Are the acquisitions/investments made by value-added/opportunistic funds development focused? If so do investmen ...

    25 comments23 Jul 2015 -

  48. At my shop we have slowed the pace of our acquisitions to a bare minimum and our only acquisition targets are heavy value add/opportunistic. We are now almost exclusively focusing on new development opportunities in the multifamily space. The few guys who ...

    21 comments4 Jun 2015 -

  49. Just a few months ago I was posting some articles (link inside post) about key institutional players cashing out of certain investments and stacking some cash. In the last 60 days Wall St., big box retail, oil, etc have all taken a hit. Folks are making r ...

    19 comments12 Feb 2016 -

  50. 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 r ...

    16 comments24 Mar 2017 -

  51. Hey All, I'm currently a senior at a senior at a semi-target school and am in the process of interviewing for both Goldman Sachs ' Realty Management Division and a Big 4 Real Estate Transaction Advisory Services team. I'm having a tough tim ...

    26 comments21 Dec 2014 -

  52. Retail Lease?'s

    Real Estate

    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 l ...

    17 comments1 Apr 2017 -

  53. Hi everyone, I am extremely interested in the CRE investment sales process (I am in NYC, so if we have any NYC brokers, what is different about the process here vs. other large MSAs). The nuances sound complicated (if you have never been a broker). I want ...

    14 comments6 May 2020 -

  54. Who can name some players in the northeast? American Campus, Vesper Holdings, Core Campus, The Scion Group, Prime Property, MJW--- the more the better. Anyone ever done a student housing deal? Acquired, disposed, constructed, brokered? commercial real est ...

    19 comments7 Apr 2015 -

  55. I'm nearly finished with a 2-year analyst development program for the CRE group at a bank. I've been getting contacted for interviews via linkedin and the like for smaller RE Investment firms... for an acquisitions type role (more of an overall ...

    17 comments18 Feb 2016 -

  56. 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 som ...

    11 comments17 Jul 2018 -

  57. CBRE vs. JP Morgan

    Real Estate

    I am a senior Finance and Marketing major with a certificate in investments. I would like feedback on two different options, CBRE vs JP Morgan. CBRE: I would be a financial analyst and could after two years move to a different position such as a broker. I ...

    16 comments5 Dec 2015 -

  58. Any recommendations? Is the Argus DCF course still worth taking? commercial real estate underwriting financial analysis ...

    15 comments18 Jun 2016 -

  59. Currently working at a family office PERE firm in Austin, Texas- interested in jumping to Houston for a number of reasons. Wanted to start doing some diligence on private equity real estate firms in Houston. Any ideas of shops in town? A couple that come ...

    11 comments6 May 2020 -

  60. Can some of you acquisitions analysts walk us through your typical day? Considering making the switch soon and I want to make sure I have the right idea of what you do. Thanks in advance commercial real estate ...

    16 comments15 Aug 2015 -

  61. Florida Real Estate

    Real Estate

    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 the ...

    8 comments6 May 2020 -

  62. The commercial real estate brokerage that I will likely be joining currently has a custom built CRM system--built on top of Microsoft Dynamics--that nobody uses. Instead they all use mostly excel. Given that the brokers in this office are generally in the ...

    12 comments25 Jan 2019 -

  63. As we all know the real estate market moves in cycles. Thus I'm curious as to where everyone thinks we are in the current cycle. What property types/markets/strategies are you and or your firm investing in at the moment? And when do you expect the ma ...

    16 comments20 Jun 2014 -

  64. Hey all, Just curious to know if anyone had any insights when it comes to contacting REPE/ CRE firms for jobs/openings. I'm always down to take an employee (any level really) out for coffee or lunch to build that relationship, but are there steps bef ...

    10 comments6 May 2020 -

  65. CRE valuations

    Real Estate

    When valuing commercial real estate (NOI/cap rate), why are you valuing just the physical structure instead of the company that owns the property? For ex, if you're valuing a hotel, there are other assets on the BS that don't encompass the NOI/c ...

    14 comments9 Jul 2015 -

  66. Has anyone worked with ARGUS for a development model using their Development Module? Pros / Cons to the product? Does it work across all asset classes (incl hotels, mixed use) and how flexible is it in driving assumptions (different % debt/equity draws, t ...

    11 comments11 Dec 2018 -

  67. 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 Fin ...

    10 comments16 Feb 2018 -

  68. How is it that brokers really get paid so much? I'm at a small brokerage shop where the top 3 guys are easily in the 7 figure range in a good year, and the #1 guy can even see north of $3mm in a great year (i.e., this and last year). Yes the top guys ...

    13 comments13 Jul 2015 -

  69. 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 ...

    8 comments12 Apr 2019 -

  70. TPG REal Estate announced on Jan 9, 2015 the acquisition of a 75% stake in a $2.5B portfolio of high-yield RE loans from Deutsche Special Sits Group (Deutsche retained 25%). Looks like 11 professionals from DB 's Special Sits Group joined a newly- cr ...

    9 comments6 May 2020 -

  71. I'm currently a Junior going to university in Texas majoring in economics and minoring in business. I really want to go into commercial real estate after graduating; however, I have noticed there are very few if any internship opportunities for CRE. ...

    9 comments6 May 2020 -

  72. Is anyone familiar with Westport Capital Partners? It looks like it was founded by the top guys from Oaktree's RE platform who struck out on their own in 2005. It's a ~$2bn shop focused on opportunistic and distressed RE investments across all p ...

    12 comments20 Jul 2017 -

  73. Hi All, I'm still relatively new to the site though I have been lurking for a bit. Through searching on the site I was unable to find some insights or if it is possible to move from commercial property management (office/industrial) to the Asset Mana ...

    11 comments10 Mar 2018 -

  74. Hey guys, I am currently working at a decent brokerage firm which was just bought by one of these big boys (CBRE,JLL,Cushman) in NYC. I do pretty well here, but I'm at the point where I just don't want to do brokerage anymore and try something m ...

    9 comments6 May 2020 -

  75. I started a real estate investment firm with a buddy of mine in NYC about a year ago and we had a successful run in acquiring a small deal (excellent returns) and advised on a $300MM hotel development in Time Square. Unfortunately, my partner is quitting ...

    9 comments6 May 2020 -

  76. Currently been bidding on this retail strip center and I truly skeptical of what the broker is saying about other bids. He works for one of the big brokerages. Anyways I know there are brokers on this board or former brokers, how often did you provide &qu ...

    11 comments10 Feb 2015 -

  77. 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 happen ...

    7 comments26 Jul 2019 -

  78. Have a question on purchase price allocation. I have drawn up an example below. Portfolio- 100 industrial buildings- 250 tenants- Average size building 200,000 SF- 20,000,000 SF- Occupancy 95%- Market Rent $0.50 NNN / month- Yr 1 NOI- $114,000,000 ($1.14M ...

    11 comments13 Apr 2016 -

  79. 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? commercial real estate Real ...

    7 comments18 Apr 2019 -

  80. 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 compar ...

    8 comments20 May 2018 -

  81. Hello, I came to seek for your advice once more. I currently work as an investment sales associate at a decent commercial real estate brokerage firm in NYC, (Not Manhattan though), and since I've reached my 1-year mark at this current firm, I am look ...

    8 comments6 May 2020 -

  82. Hi everyone- Recently discovered WSO and thought it would be a good place to ask this question. So I have two potential opportunities that I would like to get some feedback on. The first is a Market Analyst job at Cushman & Wakefield. The second is an ...

    8 comments6 May 2020 -

  83. All advice, comments, and questions are appreciated. I tried to go through the Wharton and Harvard MBA RE resume books to get a feel for formatting and good points to illustrate, but there is always room for improvement. basic resume review commercial rea ...

    10 comments18 Mar 2015 -

  84. 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 ...

    6 comments8 Aug 2019 -

  85. Dear fellow participants, Any one who has experience in valuing commercial real estate companies please help. I am analyzing a company that owns one of the largest shopping malls in eastern Europe. Looking at their portfolio valuation by Cushman & Wak ...

    7 comments6 May 2020 -

  86. I have been interviewing with commercial real estate firms and have narrowed my choices down to Cushman & Wakefield and Keller Williams commercial. This is in Florida. commercial real estate Salary United States- South United States- Northeast ...

    7 comments6 May 2020 -

  87. .................................................................,,,................................. CMBS commercial real estate acquisition Salary ...

    7 comments11 Apr 2018 -

  88. Can someone briefly explain the difference between a REPE firm and a REIM firm? In many cases I see the same company on top PE and top investment management firms lists (PREI, clarion, etc). I assumed these two firms and others like them are investment ma ...

    7 comments10 Sep 2019 -

  89. commercial real estate ...

    8 comments25 Feb 2016 -

  90. I am new to CRE and just started working as an analyst for a REPE firm. I have never used Argus before but started using it today. I have a lot of questions and am hoping someone on WSO can help me out. I am working for a small firm in the Midwest and am ...

    6 comments6 May 2020 -

  91. I've been lurking for a while but haven't posted much. I work in acquisitions for a large REIT, having been on the private side for the previous 5 years. We're building an acquisitions platform and I've been exploring database & GI ...

    7 comments19 Jan 2018 -

  92. 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 ...

    6 comments19 Jun 2018 -

  93. Hey guys, So here is my situation. I used to work at a reputable brokerage firm in NYC for about two years and recently switched over to an acquisitions side at a small re investment company ~1billion AUM. Unlike other people around my age (~23), my prima ...

    6 comments6 May 2020 -

  94. I am beginning to look into some RE investment companies in the Boston area and am curious to learn more about acquisitions analyst salaries as well as the required background/experience required to land an acquisitions analyst job. From what I have been ...

    6 comments6 May 2020 -

  95. Would you expect all-in comp number and structure to vary materially between a development analyst/assoc and an investment analyst/assoc at a big diversified RE developer? For example, Hines has jr development guys working on their own deals and also has ...

    7 comments15 Mar 2016 -

  96. Hey Monkeys, I was just wondering if I could get some help from you guys. So I work for a real estate crowdfunding company called Sharestates. And in order to broaden our investor base, we are trying to contact any wealth management people. If you any of ...

    7 comments2 Apr 2015 -

  97. Buy vs Lease Analysis

    Real Estate

    Anyone have a good Buy vs Lease analysis template that they rely on? Preferably would have flexibility in the sense that I want an analysis that would compare a lease of an existing building scenario vs a buy land, develop building and use scenario--- fro ...

    6 comments23 Feb 2018 -

  98. 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 strategi ...

    5 comments15 Aug 2018 -

  99. As ways of breaking into real estate go, how smart is taking a position in CRE property management? Are there exit opportunities after several years if you prove your worth, or is taking a job in property management pretty much putting yourself on a islan ...

    5 comments6 May 2020 -

  100. 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 int ...

    5 comments7 Jun 2018 -

  101. I work in RE Asset Management and I am interested in moving over to CRE credit/underwriting in a few years; maybe for a life company or underwriting CMBS notes. However, I do not possess a business or finance degree, rather a BA in English. Would a certif ...

    6 comments27 Aug 2015 -