Leveraged Breakdowns

Career In Real Estate Private Equity

Public REIT Valuation Part Eight: Centralize your Checks to Model Faster

Introduction Welcome to part eight of our Public REIT valuation series where we build a real estate private equity model covering Aimco. In this post, I am going to publicize my greatest, never-before-revealed trick: global and local checks. Plenty of people build checks inside their models, but I’ve never seen anyone else do it this …

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Public REIT Valuation, Part Four: Operational Metrics

Introduction This is part four of our real estate private equity skill series focused on public REIT valuation, highlighting Aimco. We are beginning with a read through of the source materials because modeling is only the tip of the iceberg of a career in real estate private equity. The core of your job is to …

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Public REIT Valuation, Part Three: Reading the Supplemental

Introduction This is part three of our series on REPE public valuation, one of many core real estate private equity skills we teach at Leveraged Breakdowns. If you’re just now diving into this series, I urge you to begin at part one. In the previous post (part two), we discussed the purpose of the various …

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Catch-Up Waterfall, Part Two: Modeling the Gross Returns

Introduction Catch-up waterfalls are a common staple throughout a career in real estate private equity. And comprehension thereof is frequently tested in REPE interview questions. Luckily, we’re here to help! The first post in this series introduced the case prompt. Now, this post will seek to address question one in that original prompt. Namely, this …

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Live Case Study #1, Part Six: Formatting

Introduction You’ve probably begun to sense a bit of rhyme and reason to my formatting. If it isn’t clear, I’m an absolute nut when it comes to consistent formatting. I am always inventing new tricks on my real estate private equity career path, but I make sure every trick slots into my preferred schema. Models …

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Why Does Leveraged Breakdowns Exist?

To an outsider, recruiting for a career in real estate private equity recruiting can seem opaque and confusing. I know because I’ve been there. Fast forward several years comprising tens of billions of dollars of acquisitions experience, and I’m here now to help you shortcut the initial confusion. Leveraged Breakdowns provides the head start I …

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REPE Interview Prep: What are the main REPE strategies? Explain NOI and Cap Rates

Leveraged Breakdowns exists to prepare you for a career in real estate private equity. To that end, this series covers interview questions you’ll likely face when searching for real estate private equity jobs. Make sure you check out our courses, Breaking Down REPE and the REPE Starter Kit, to get the hard technical skills you …

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Cap Rates – Textbook vs. Street

One of the things you will learn as a real estate private equity beginner is that many industry terms are both simple and complicated. In speaking of cap rates, what we mean is that cap rates have an “everyday” application that is intuitive and simple. Its foundation, however, is much more complicated. As you move …

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Retail Real Estate Investment Case Study Challenge

We often receive requests for real estate investment case studies. Students want to prepare for job interviews as well as practice their skills for personal growth. In either event, case studies are a fantastic way to better your skills and launch into a career in real estate private equity. This case study will simulate a …

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Where Do Real Estate Private Equity Firms Get Their Money?

As you pursue a career in real estate private equity, you may wonder where REPE firms get the money to invest in properties. Beginners are generally unfamiliar with the various investor categories in private equity funds. There are six key investor types in the real estate investment space. High Net Worth Individuals Wealthy individuals generally …

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