34.25% Average IRR but can't pay an intern $10 hour
Guess times are tough for some 🤣 bunch of clowns.
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Welcome to real estate bud. Owners take all.
In another thread you commented you left the industry this year yet you still lurk in the real estate forum. Couldn't handle getting promoted past being an analyst? Lmfao
Pretty cocky for a fucking STUDENT lmao.
Ill venmo someone $100 to fuck with these cheap skates on linkedin and post screenshots
I totally would be down but I unfortunately run into these guys at conferences. We gotta find an unhinged analyst running around this forum I'll chip in another 100
.
LMAO im a broke college student ill do it!! i need money *cry* ! dm me with what you want me to troll these sort of guys with
.
What deals are they doing to hit those IRRs?
Value add B/C multifamily, mostly in Texas from what I can see on their website
They likely aren't actually doing that. But rather working off of proformas from just before the ZIRP period.
One of my earlier jobs was with a smaller acq shop. I was young and they promised me the world. Paid me garbage but sold me on the idea of future upside and the experience to start my own fund. None of that happened. They were awful. When I left, I thought nobody would be as stupid as me to take that position for that crapp pay in a HCOL. To put it in perspective, the pay was so crapp, that after taxes, I could barely afford rent with 2 other roommates.
Well turns out I was wrong, they had a piles of resumes from kids willing to work for them. Including Ivy league kids with 4.0 gpas. RE always and always will pay crapp because you're sold on the potential upside.
It's sad, had the same at an established firm, with a bad reputation. They were making $10's of millions a year, but their office was gross and shitty, they clearly didn't care about an expensive office setup which is fine but it translated.
They paid sub $20 an hour and gave less than a $1/hr raise to an intern that was there for 6 months. It's sad these guys making millions are so cheap with talent, but some people just don't care. Other firms are fine paying people $50k a year for the opportunity to learn with shitty raises, if any and people will take it to progress.
It's a joke and the only thing you can do is work hard and when you're established pay people a decent wage. The bad pay really speaks to how they think of others outside their family/executives and it does not get better. You're better off waiting for the right opportunity where they value you and try to stay for the long term.
Consider it or not, i don't care. I have hired several dozen interns to work for me. It is mostly a way for me to screen for potential full-time hires. They add very little actual value to the company. Occasionally there are some really good ones and i will keep them on and pay them the next semester. I have helped at least a dozen interns start on a prosperous career in investing and real estate. Some of those were by working for me and some of those were by helping them get placed at another shop. Several of them, I still keep up with and try to help out. It was worth way more than any monetary compensation in college.
I fully agree that real estate is a long game and if it is for you, it is a great career. If it isn't for you, it is best to find that out early through an internship. Similar to a lot of careers where the top makes absurd amounts of money, there can be a lot of ego in real estate. Look for a shop that is friendly and will invest in your career development. You need to get paid but pre MBA experience matters the most.
Avoid the egos! They are all over the place.
Best of luck!
I'm all for paying interns, but.... just don't work at a place that is obviously a scam sweatshop?
Interns are a net drag for a company. They provide no value and consume time and resources to train. By the time they can handle basic tasks, they're gone. Really the only use for an internship program is as a job screening process, to get a close up look at how someone works and functions in your office. So it's a decent question as to why interns should be paid. After all, you don't pay interviewees for their time, either, and going through a long interview process is the closest analogue to an internship
Maybe you're just bad at hiring interns.
Nope. Most of them end up being great hires, it's just that for the few months of their internship they don't know enough to be valuable. They require physical space, mentoring, etc, but don't actually do much.
If you are putting interns, who have no experience and no skills, into a meaningfully important role and they're actually doing a really good job at it, then that job by definition requires no experience and no skills. Which means your company probably sucks... you know, since the people who work there don't actually know how to do anything.
It’s true, interns provide no value. It takes 3 to 6 months of training to bring most 0-3 years of experience individuals up to speed and with interns, they’re gone before that period. There is value in potentially finding a long term candidate after graduation though.
This is the norm at RE firms minus the top shops, yet college students on WSO will still beg to join these joke companies and then turnaround and complain. Just go do something else with your life. You have multiple experienced professionals commenting here on how you don't deserve higher pay as an intern, analyst, or associate. If you take issue with that, you are fighting against deeply ingrained standards in the industry.
Interns should get something, it's basically a summer analyst role. There may not be much to do then don't hire one.
There's a group in NYC, that people go work for and they run through interns without hiring someone full time. They also don't take the time to teach and it's a joke tbh.
I'm not agreeing or disagreeing that it is scummy. But the sooner college students and recent grads stop pissing into the wind and trying to change an industry they are considering joining or just joined, the sooner they can make realistic decisions. If they want fast money, do something else.
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