AITA: Leaving New Full-time Job in Resi Land Dev to Summer Internship in CRE (40% pay cut)
I recently accepted a FT job with a regional homebuilder in their land department. The work, as it turns out, is not what I expected it to be, but the base pay is very good IMO. With bonuses, in this market and location I'm in (very achievable), it brings my $75-85K salary to over 6 figs (I just found out I am getting one this quarter). This is also my first job in the real estate industry. I spent the first year breaking into the industry and moving to my new city - started a grad program, getting my license, taking extra courses and networking. Admittedly, I took this job because I was getting a little desperate (timeline: 1st 6 mo.: $0 as commercial broker, 2nd 6 mo.: $20/hr PT intern at economic development agency, meanwhile paying OOS tuition) was laid off for 6 months prior to the move. It was a tough time mentally and personally. I thought I would be in development some day and the land development of residential would be transferrable to the commercial side, but I'm really not enjoying the role. It's data-entry and I'm stuck in an office the majority of the time. I like getting out, "the hunt"/analysis, seeing properties and meeting with people. Long story short, it doesn't seem like I will be learning the skills I need to be on the investment analysis side of the industry which I got some experience doing through my grad school program (school's real estate fund). There are a few other concerns too.
I'll only have been here for a period that is basically negligible if I leave for this other opportunity:
A FT summer internship on the capital markets side (debt focused) with a top-5 brand name shop in my current city. I have some personal relationships in this shop through a local mentorship program I did, and one of them "recruited" me. It will be more analytical in nature, I'll see more deals, and it's ultimately in CRE which is what I set out to do. I don't know how long I'll stay in this region - nothing seemingly keeping me here (single, no kids), so I want to build a skillset that isn't geographically limiting, if that makes sense (ie. development, or even brokerage). I don't really know enough about this field I'm headed into, so I've just begun to talk to people in the shop that are in the capital markets side of things.
Wanted to know the WSO community thought on things. I'm also 29+ fwiw and I've sort of been balls to the wall trying to break in, find my place and my "people", spending a lot of time and money. I know I am 1000% committed to this field. I know this is a long game, but I want to avoid certain pitfalls and BS if possible. I'm not looking to get churned at this stage in life. Some of the things I am working on outside of my day job just don't seem related at all and I'll never get to use it if I stay in my current position.
- working on my Argus certification next month
- working through CRE Analyst Fast Track Program
- working through ULI and ACRE proforma modeling classes
- planning to stop the masters, or come back to it if I am still in this city and find a sponsoring company. I will have earned the certificate by the end of this year
Would highly suggest that you don't leave FT for an internship role -- regardless. This isn't the market where there will be much opportunities available if it doesn't work out. As you mentioned, it's a long game so would wait out the current market cyclicality for a more normalized market.
Yea I disagree - take the top-5 brokerage shop offer and when you finish hopefully the market right-sizes. Play the long game. Being a home builder analyst gets you know where except stacking some dollars that are completely insignificant in the grand scheme of things.
I'm actually not even on the analyst side in homebuilding right now. Purposely trying not to give away too many details to be safe.
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