Real Estate Investment Analyst Interviews

Real Estate Investment Analyst Interview Questions


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Morgan Stanley
Real Estate Investment Summer Analyst was asked...February 9, 2014

Would IRR be higher for a property generating high cash flow, or one generating nothing at all?

4 Answers

I hope you didn't tell them that. In fact, the IRR is the rate which allows all incoming and outgoing cash flows to be equal. The question is a bit ambiguous considering the IRR is also heavily dependent on the money invested (outgoing). With respect to the question, if you are receiving high returns relative to the amount invested, that would lead to a higher IRR. In fact, an investment that generates nothing at all would have an IRR of -100%. Hope this helps anyone who actually receives a poorly worded question like this. Extra bit of help: IRR > Risk free rate of return -> Project should be considered IRR You just lost your company a lot of money Less

I see this question as really asking: "Do you know the definition of an IRR?" since the original question is so ambiguous. It merits a discussion of IRR rather than a yes/no answer. Less

You can also think of it this way: IRR is the discount rate at which NPV = 0 (breakeven). This means you can assume a simplified model of NPV = –Cost + CF/r 0 = -C + CF/IRR C*IRR = CF Assuming that the investment (cash inflow into the projects) is the same for both projects, we see that as cash flow(s) increase, so does the IRR. tl;dr: IRR is HIGHER for property generating HIGHER cash flows. Less

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CPP Investments

Asked me if I was willing to lower my position to start with as I had less relevant experiences

1 Answers

I said no and was not offered a job

Jones Lang LaSalle

Run me through a cash flow statement.

1 Answers

Item by item from potential gross rent to BTCF and equity multiples IRR and cash-on-cash. Less

Focus Investment Advisors

General questions to understand my Real Estate and Investments knowledge.

1 Answers

I explained how I saw the market, which were the good opportunities, and how we could struture them as an investment for their clients. Less

New Western

Tell me about yourself?

1 Answers

Told the person about my life.


What would you consider before extending a loan to someone who wants to build a shopping center with Ralphs as their anchor tenant.

1 Answers

Consider LTV and D/S. Are they going to be able to make their loan payments? What kind of stores are in the shopping center? (Tiffany's vs. Dollar Tree - going to bring in much different customer demographic). What are the terms of the anchor tenant lease? How long will that anchor tenant be there? How do comparable shopping centers do? How long does the borrower intend to hold the investment and how do they plan on arranging their capital stack. Less


If I gave you $100m right now what asset class would you invest it in and where?

1 Answers

Apartments, retail, office, industrial/warehouse, senior housing etc. in hot US/global market Less


List some things you'd want to know about a property and the market it is in before purchasing?

1 Answers

Property: Renovations, sale cap rate, occupancy, lease terms/length, tenants, etc. Market: market rent psf, avg income of market, high/low demand, taxes etc. Less

NetWorth Realty

Describe your skills as an agent?

1 Answers

Determined, dedicated, and disciplined

Investment Real Estate Associates

How much "staying power" do you have?

1 Answers

This question was posed to assess how much disposable income I had to live on while going through their unpaid training and beginning of my career with no base pay. Less

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