This broker brought big-city polish to an undeserved geographical market and carved out a winning niche for himself.
Saber Equity is leveraging expertise in hospitality to build a niche converting hotels into apartments. Here’s how.
CF Capital shares how they are building an effective multifamily organization by focusing on the right people decisions at the right times.
Does a Whole Foods command a higher cap rate than Kroger? Here are a few tips for analyzing grocery-anchored retail properties.
So, the question is, why are workers leaving in droves and what can employers do about it?
While the future can be notoriously difficult to predict in a fast-changing industry like electric automobiles, we think that potentially lucrative real estate markets share five characteristics …
When Congress passed the Tax Reform Act of 1986, it was then-President Reagan’s top domestic priority and it was a landmark piece of legislation. The purpose of the law was to simplify the tax code, reducing the number of tax brackets and lowering the top tax rate from 50% to 28%. But, that wasn’t the only major change. The law also created the Low Income Housing Tax Credit Program (LIHTC Program).
We often come across the term institutional, but what is the actual definition? I was surprised to find there is no standard definition of institutional in commercial real estate. Yet, the distinction between institutional and non-institutional is very real and recognizable, including in the way the investment is modeled and reported.
On July 11th, 2021 UK entrepreneur, Virgin Galactic founder, and billionaire, Sir Richard Branson successfully completed the first private space flight. It lasted roughly an hour, reached an altitude of
What you need is a team. However, the ebbs and flows of the real estate investment business make hiring full-time employees risky.
Commercial real estate investment strategies can be broken down into four categories: Core, Core Plus, Value-Add, and Opportunistic. These terms are used by commercial real estate investors as shorthand for the risk profile, quality, location and strategy of an individual property.
The operating expense ratio, or “OER”, is a simple formula that’s easy to calculate and reveals how efficiently a property runs on a day-to-day basis.
A project’s cost is a function of the number of hours that it takes to complete it so providing an accurate estimate is critically important. Get it right and you’ll deliver within the client’s budget. Get it wrong and you risk upsetting them.
The New Markets Tax Credits program, or NMTC, is a component of the Community Renewal Tax Relief Act of 2000. The goal of the program is to stimulate investment in low-income areas. Commercial real estate developers use the NMTC program to secure advantageous debt and equity terms for developments.
Use the following 8 tips to level up your multifamily real estate modeling!
A Ground Lease, sometimes called a Land Lease, is a long term lease whereby a property owner agrees to lease their land to an investor/developer.
Freelancer etiquette matters, and by avoiding a few common pitfalls, you’ll be well on your way to building a successful, freelance career. First, a familiar movie narrative …
At Bullpen, we ask our analyst candidates a mix of quantitative and qualitative questions to determine their competency. We’ve curated some of our favorite …
If you’ve been following Bullpen’s blog for a while, you’ve probably started to notice that we’re transitioning our excel-based real estate financial models to Google Sheets.
Real estate development is like walking through a minefield with a 5-year-old map. It’s fraught with risks and unknown variables. Underwriting models do a great job of showing your assumptions,
Financial modeling is the most foundational skill in commercial real estate. However, the underwriting process usually involves an underwriting tool that is filled with headaches …
Many new brokerage businesses are built on the fallacy that “hustle” is the key to success. Influencers in the brokerage community preach hard work, grinding, cold calling, early morning routines
REO (Real Estate Owned) real estate refers to bank and angency owned properties transferred to the bank/agency due to a foreclosure or breach of lending contract.
Many believe that multifamily is the easiest of all asset classes to underwrite. While this may be true, multifamily properties have their own set of unique challenges. Follow these 6
The following blog is a compilation of teaching notes and best practices for the creation of an institutional quality real estate investor presentation from my “Real Estate Capstone” course at
A good development project starts with the land. Watch as consultant Marina Gitas shows Greg Dickerson how she analyzes a potential development using both a back-of-envelope model and a detailed
Site visits are a key component of due diligence and can often be overlooked. A wise buyer will dig deep on environmental hazards, ingress/egress and easements, parking, and more. These principles apply across real estate asset classes and should be considered for any acquisition.
LGIS Group offers the first patented investment-grade insurance coverage against foreclosure and deficiency loss for short term commercial real estate loans. Commercial real estate professionals are often asked how to
Opportunity zones are a hot topic in commercial real estate. Why? Investors receive big tax benefits when investing in these government-designated areas. However, no good thing comes without risk. Read
This piece is an excerpt from a recent interview with Lawrence Vo, a Bullpen freelance analyst and data center expert. In the interview, we discussed Lawrence’s background as well as
The planning process is the most important part of a New York real estate development project. One key component of this process is a market analysis (or location study). A
Content is king. Commercial real estate gurus are embracing the new age of content marketing, creating impressive online followings. These content creating influencers use podcasts, vlogs, and interviews to get
What is it? IRR, or Internal Rate of Return, is the most commonly used profitability metric in commercial real estate. Why is it so popular? Unlike other return metrics, IRR
As a Bullpen freelance analysts, you’ll regularly meet with potential clients on the phone. During the phone interview, clients want to learn about you and your background. Most importantly, they’ll
Alternative (or non-traditional) assets are important for portfolio diversification because they allow investors to distribute risk across several investments, rather than build their portfolio (and potential risk) around a single
An equity waterfall, also known as a distribution waterfall, maps cash flow between sponsors (general partners) and limited partners of a private equity fund. A fund’s limited partnership agreement describes the terms of
One of the biggest challenges that small to medium-size investors and developers face when building a commercial real estate syndicate is finding qualified investors. We’ve compiled business tips that the
The commercial real estate market is more competitive than ever. How do you write a compelling commercial real estate offer on a potential purchase? Ask good questions! A seller will
1. Account for adequate vacancy and downtime during renovation period A rolling renovation of multifamily units creates a sustained period of vacancy in the property. It’s important to consider the
1. Reduce and control fixed costs: Real Estate investors and developers remember the Great Recession and recall the pain of layoffs. Fixed costs are defined as costs that are constant
INTERNAL RATE OF RETURN (“IRR”) IRR is a return metric that considers the time value of money and the impact of re-invested distributions. It is also referred to as “economic