I have a few years of non real estate family office m&a experience, a few years of resi development experience, and have done some of my own RE investments. Mid tier MBA, early 30s and plan to start a development firm in 5ish years.
Have a few potential options in the southeast: MF Investment sales at top firm, development at a smaller firm, land acquisition at a national home builder. Main objective is to make some money after taking a pay cut for equity this past year. Been doing smaller development deals but also think I need more larger deals on the resume. Thinking IS might be best for money but have done the 80 hour weeks and am not trying to do that again.
Where would you go and why?
If your plan is to start your own development shop in 5 years then I would take the development role. I agree that IS would probably be best for money but I think you're going to need as much direct development experience as possible if you want to start your own firm.
Agreed. So many things can go wrong throughout a development project, the more reps you have the more you'll be prepared to deal with them.
And I'd be much more willing to invest with someone who has spent 5 years as a developer vs a broker
Depends on your personality. Some people are born hustlers and will make a ton of money in IS, but be complete flops in development or acquisitions. And visa versa. Are you a sales oriented person? If so, go into investment sales. If not, don't.
So.... if you want do development, then maximizing your exposure to development seems the most logical place to go. It's a lot easier to imagine an experienced developer successfully funding a start-up devco or project than an aspiring IS broker wanting to be the client. Not to say that IS brokers can't or don't make such jumps, I've seen it happen, just requires a lot more groundwork and partners (again, who you meet and gain your trust from IS work is critical, can't judge).
Not sure what to say on the land acq role in homebuilding, that's a field to itself, if you want to do land dev, then I'd consider it. Still, not sure if it fits what you want in the way you present it.
Also, are you currently unemployed or just doing "deals" of some type? Unclear what your starting basis is... like can you stay where you are? Not saying you should, but just an unclear part of the post.
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