Have few weeks to get ready for RE interview with zero relevant experience
Hi guys, so I’m currently working for a BB in Fixed Income. I would really like to transition to a direct investing role, specifically in Real Estate. As you can imagine, this is a bit difficult given I have no background in IB. I recently applied for a role at the AM arm of my firm, but was told my experience just did not cut it. However, to my amazement, I got a call a few days back saying they are really impressed with my academic achievements and are willing to give me an interview. So I have a few weeks to get ready. Does anyone know the best resources to use to prepare in a short time for both a technical interview and modelling test. Regarding modelling, is anyone willing to share their modelling resources? I would be eternally
grateful. Thank you.
Congratulations on securing the interview! Transitioning to Real Estate Private Equity (REPE) from a non-IB background is challenging but definitely achievable with the right preparation. Here's how you can make the most of the next few weeks:
Understand the Basics of Real Estate: Start with the fundamentals of real estate investment, including key terms, investment strategies, and market dynamics. The WSO's "What is Financial Modeling?" and "Types of Financial Models" sections can provide a solid foundation.
Financial Modeling Skills: Given your background in Fixed Income, you likely have strong quantitative skills. Focus on adapting these to real estate financial modeling. The WSO offers resources like the "3 Statement Model," "DCF Modeling Training - Free Guide," and "Accretion Dilution Model" that are invaluable. Although these are not real estate-specific, they lay the groundwork for understanding how financial models are constructed.
Real Estate Modeling Practice: Dive into real estate-specific modeling. The WSO's "Real Estate Modelling Test Practice" and "Real Estate Modeling Test Examples" threads are perfect for this. They offer insights into the types of models you'll need to be familiar with, such as cash flow projections for different types of properties (e.g., multifamily homes, warehouses, corporate offices).
Interview Preparation: Review the "101 Investment Banking Interview Questions," "Private Equity Interview Questions," and specifically, the "Real Estate Interview Questions Master Thread" on WSO. These will help you prepare for both technical questions and behavioral questions that assess your fit for the role.
Networking and Insight: Leverage your current position and network within the BB. Reach out to colleagues who have made similar transitions or who work in the REPE space. They can offer specific advice, insights into the firm's culture, and potentially even share modeling resources.
Practical Application: If possible, try to get hands-on experience with real estate modeling. This could be through online courses that offer practical exercises, or by practicing with templates available on WSO. The "Financial Modeling Templates" section could be a good place to start.
Remember, your academic achievements and experience in Fixed Income have already made a positive impression. Use these next few weeks to build on that by demonstrating your willingness to learn and adapt to the Real Estate sector. Good luck!
Sources: How to break into Real Estate Private Equity (w/ 0 RE Knowledge), Real Estate Modelling Test Practice, Real Estate Modeling Test Examples, Real Estate Modelling Test Practice, Good Responses to Common Interview Question: "Why Real Estate?"
Thank you, this was very useful. Do you have any modelling resources you are happy to share?
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How hard would it be from going from the CRE lending side to fixed income internally? Kinda serious…
See if you can get your hands on a copy of “real estate finance and investments rises and opportutnies” by Peter Linneman and Bruce Kirsch. I would also just watch modeling lectures on YouTube to get a grasp of modeling and through that, you will understand cap rates, discount rates, etc.
My group took a dude who had no CRE background and he picked it up super fast. He just showed that he was smart and hardworking.
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