Why did you go into CRE?
What made you want to start a career in CRE? Why is it interesting to you?
[{"id": "ehzmn88", "text": "Kinda a typical answer but because it\u2019s a tangible, hard asset. I love driving through different neighborhoods and analyzing the real estate. No property is the same. ", "replies": [{"id": "ehzp9jz", "text": "May I ask what resources do you use for analyzing?", "replies": [{"id": "ehzsr2z", "text": "Well I meant I analyze with my eyes haha. I\u2019m always very focused on real estate when I\u2019m driving around ", "replies": [], "depth": 3}], "depth": 2}, {"id": "ei0jkpn", "text": "One of my friends, whom I see maybe 3 times a year, makes fun of me every time I see her because I described CRE exactly like this. Glad I\u2019m not alone", "replies": [], "depth": 2}], "depth": 1}, {"id": "ehzrsue", "text": "Skrilla cash, yo", "replies": [{"id": "ehztjpw", "text": "But really, what gets you excited about CRE other than the potential for pay?", "replies": [{"id": "ei02bsc", "text": "Sexy structures like trophy office buildings and stadiums. Being able to point to a certain building within a skyline and know that you had a direct impact in making that happen.  Or having a direct impact on a community - perhaps a mixed use development that suddenly makes that part of town a desirable destination and greatly increases surrounding property values.\n\nAnd mad skrilla ", "replies": [{"id": "ei0wa34", "text": "This is my goal lol. If I may ask what verticle/position are you in? I really want to be a investment sales broker.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ehzubd0", "text": "Answers I use in interviews: Tangible asset (like other guy said) and it\u2019s an entrepreneurial field.\n\nReal answer: it\u2019s what my resume is geared and specialized to, plus I like the prestige over working in something like fp&amp;a", "replies": [{"id": "ehzw94p", "text": "Yeah for sure, I'm interested in the finance side (valuation, financial analysis) and it seems much more interesting than just working one's way up through FP&amp;A", "replies": [], "depth": 2}], "depth": 1}, {"id": "ehzysql", "text": "I work on the debt side. I love the hunt. Definitely became a deal junky. I like the instant gratification of chasing and winning a deal, and I love that I don\u2019t have to deal with managing the asset long term (assuming I make good loans). And the pay is good ", "replies": [{"id": "ei15wde", "text": "Same reason I want to be always be in debt originations, I am an absolute deal junkie. Source a deal and onto the next one is my mantra. Underwriting is not my forte at all. Reviewing leases, appraisals, ESA, PCA, and tracking every utility &amp; tax bill, bank statement will make me kill myself. ", "replies": [{"id": "ei1dg62", "text": "Ha I still do all that. We pride ourselves on underwriting and we hold everything on the balance sheet. I meant more like operating the asset. My coworkers in asset management seem so bored...", "replies": [{"id": "ei1sb26", "text": "do you originate and also underwrite? Our originations group dont really underwrite loans in the due diligence period. Once loan app is signed, our underwriters take it from there, close it and then asset manage the loan post closing on the balance sheet side. ", "replies": [{"id": "ei1yi9s", "text": "Yep, I do everything. Source, underwrite, write investment memos, pitch to my investment committee, negotiate the app, negotiate the loan docs, review due diligence reports, read leases, property visits, oversee servicing of my portfolio, do workouts/loan modifications, etc. ", "replies": [{"id": "ei3csbw", "text": "How are you typically sourcing? ", "replies": [{"id": "ei3nu9x", "text": "We have a big platform so honestly I don\u2019t have to do much marketing. We get 2-3 deals a day across our desk, so I do a lot of quick screening to decide what I\u2019m going to spend my time on. Other than that, lots of repeat business, broker relationships and a few big clients that I\u2019ve built relationships with over the years. Currently quoting 5 deals for about $700M. ", "replies": [], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "eib5e58", "text": "As an outsider that has had their interest piqued by CRE, can you give me an overview of what exactly \u201cdebt side\u201d is?", "replies": [{"id": "eib6rrt", "text": "Sure- I lend money on behalf of clients (insurance companies, pension funds, other investors) to owners of commercial real estate. We look at the loan as an investment - our return is generated from the interest payments, plus fees. I have several capital sources that I originate for - so I\u2019m always pitching deals to my committee and trying to find good fits between my borrowers and my capital sources. ", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ei00jy7", "text": "Liked buildings and finance", "replies": [], "depth": 1}, {"id": "ei03dix", "text": "I got headhunted from outside the industry to help my company build systems and process. Never had any interest before.\n\nI stayed because it is very entrepreneurial and you can work on so many things over time. Deals, M&amp;A, operations, leasing, dev... Smart people can rise into positions to directly impact the business, vs fortune 500 companies where you are a cog in a giant machine and everyone is railroaded in a function on a defined path.", "replies": [], "depth": 1}, {"id": "ei08vvv", "text": "An internship my sophomore year ended up being my new full-time job within 3 months while I got licensed.", "replies": [], "depth": 1}, {"id": "ei14e2z", "text": "Initially because I did not want to be an I-Banker, and because I was really good at financial modeling.\n\nLater, because I was good at modeling, and really good at negotiating.  \n\nI find it interesting because you can make good to amazing money, its fairly simple, and I enjoy deal making.", "replies": [{"id": "ei3knyb", "text": "How do you recommend breaking into the industry? I have an accounting/CPA background but enjoy finance/valuation work. Do Capital Markets groups usually require prior experience or how does one get specific experience? I'm currently in the process of networking as much as I can. ", "replies": [{"id": "ei3mdmc", "text": "Valuation is going to be key, which your CPA background could help.  In my mind, the path of least resistance might be trying to get in as entry level valuation, like appraisal.  Depending on your age, you could apply and try to get into a financial analyst role.  With your CPA I would think you'd be a strong candidate, but it really depends on if you're good at modeling.\n\nAnother potential path is to go portfolio reporting route, where you are reporting on the real estate portfolio, which interacts very closely with accounting.  REITs would be your best shot, since they have heavy reporting requirements due to the tax structure of REITs.  Keep networking, and developing your excel skills.  Learn Argus if you can, and getting a CCIM might not hurt either.\n\nI'm not really big on CCIM, but it's a way to meet people in the industry.", "replies": [], "depth": 3}, {"id": "eildf6w", "text": "All of the Big 4 have real estate groups that do appraisals/valuation/ ASC-805s. Same with most big brokerages. They\u2019re also always hiring because the big 4 have pretty high turn over and staff gets recruited pretty heavily.\nThat\u2019s where I started in an entry level position. ", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ei1ts16", "text": " CRE \u201cdeveloper\u201d here. In the Milwaukee market. I love going into areas just outside the comfort zone of the large developers, we come in and find the most attractive deal that we can make this biggest neighborhood quality of life impact with. We do the building and do it over and over again in other areas of the city. It brings me great joy having a lasting impact on the community while also making money and showing my young kids a different way to live. No need to be tied down to a desk all day. ", "replies": [], "depth": 1}]