Fresh out of uni; starting hotel development? vs getting a job in REPE/ RE debt?
Hi, I just finished uni a couple of months ago and had some offers from REPE funds in the UK. I realised the pay was too low for an analyst role ($40k ish) compared to the US. So, I just started working by myself - ended up buying a piece of land with two other GPs and started a hotel development of $15m GDV in the Caribbean. I am also getting origination fees for arranging construction financing or permanent financing for other developers in the area that are not familiar with finance. You'd be surprised how many people jump into development without knowing what capital stack even means.
I quickly found out that I lack the technical skills to execute the plan effectively as I am learning through the process and outsourcing complicated parts of underwriting to someone else. So I thought maybe I could work for a fund for a couple of years as an analyst to learn financial modelling better. But apart from that, I feel like the opportunity costs of working for a fund for two years instead of working on individual deals by myself could be high. On the other hand, starting such venture without a solid technical foundation could be a liability in the future.
For those who have been in the industry for a long time or those who have pursued an entrepreneurial route instead of working for a fund, what would you say is the best course of action now? Thank you!
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