Ok, I'm just trying to get some unbiased opinions on what job makes more sense for me to take. I'm down to the end of my recruitment and I'm trying to figure out which position makes most sense. Quick background--just relocated from D.C. to KC; class of 2007; 3 1/2 years big time multifamily real estate experience.
Primary goal: national or state wide politics (congress, governor, etc.)
Tied for secondary goal: real estate development, get rich
Tied for secondary goal: settle down with hot wife and kids
$ and bonuses virtually the same (for now).
Job 1:
A small multifamily real estate developer. Offshoot of a large KC property management company that has been around for about 30 years. Development group is a 2-man shop with 10 years of development experience and about 5,000 units successfully developed. Looking to ramp up their developments to 2-3 properties per year. Have their own private investors who put up between $1-5 million each per transaction. 25-45% ROI pre-tax.
I'd be the development analyst working in an office with one other person--my boss. Which is weird, I guess. The guy works 80 hours per week and he's looking to me to take a lot of that work, to bring the development from market analysis all the way through construction and lease-up (2-3 year process). Job is super risky--I'd be easy to fire if he didn't like me. I'd be easy to lay off if an investment goes south. But IF things worked out, it could be a dream job. I could take over the firm in 10 years. 10% travel.
Job 2:
Large, international bank's real estate capital group. Job is in Asset Management (portfolio risk management, basically, which is the middle office). The group is EXTREMELY youthful--my supervisor would be a 2006 graduate. There is ZERO multifamily talent in the area so almost all promotions are internal. In fact, I have more relevant experience than my boss. Great camaraderie among people there, super laid back and relaxed environment, brand new office in a sick location. Hot girls everywhere. Hot boss. In terms of risk, almost none. 9-5, good pay, steady organization, easy promotions, leaves me time to pursue politics. 25% travel.
Any thoughts?
2 IMO, stability is key
You're just saying that 'cause you'd vote for me. :)
1 - Take over the company in a few years, make bank from it, use said bank to finance your way into politics
He doesnt change the constitution, just ignores it
I really really wish I had a SB to give you happy...
i would vote for you op
Adaptability is more important than stability, and I think Job 2 affords you the most adaptability.
On a related note, who doesn't like working around attractive women from 9 to 5 in a good city? You said your boss was hot also? Wow, all of this has the makings of a tasteful porno.
Be the Scott Brown that you and I know you can be.
You tangent inducing bastards! :)
Ske7ch, by adaptability, are you talking about overall enjoyment of the workplace in terms of socialization, location, and comfort, as in my ability to adapt to a work environment?
Too much risk involved in the first option. I've worked at a small firm for most of my career and am lucky that the boss likes me, but the risk still exists in a way that people at large firms rarely experience. Option 2 sounds perfect for you.
I meant after you are done making a porno entitled "Asset Management" that you will have the time to pursue different opportunities, not all career related, as well. I just think stability is an illusion because you can get fired at anytime, so traverse the route where you think you can adapt best to changing times. Also, you may fundamentally change as a person, and you want to be able to address those changes e.g. you may want kids now, but a kid may kick you in the nuts one day, and you will be like "Fucking tiny bastards. Your moms should have aborted you. I don't want kids now." Ultimately, I believe introspection is the best tool for making career choices, and I think you will make the best one.
I wish you all the best, sir.
front office > middle office
OP, once upon a time did you not work in like an upcoming PE real estate firm and left to become a big time appraiser and get more contacts in the RE world so you can do your own thing and develop your own projects down the line.
Based on just the above and past opps I think you left to chase other things, 2 is a major step back. 1 seems to be more in line with your past experience and growth in your career. Bottom line 2 sounds like the easy exit.
Thanks for the input, marcellus, but I think you got some things switched around. Started out in multifamily appraisal, moved to a super elite underwriting analyst role at a GSE, and then after the GSEs crumbled, I jumped ship into asset management at a top multifamily capital group. I develop--and will continue to develop--Washington, D.C. area single family infill lots with my own capital. I easily make double my regular salary with those investments. I hear you though on the step back. I probably should have mentioned that I only "like" job #2, even though the situation is perfect. As LL Cool J points out, front office > middle office and I do miss the front office. I should have never left in the first place.
Which one did you go with?
Supposed to hear back tomorrow or Wednesday on both. I'll be going with job #2 if the money is roughly on par (although I'm not sure how the money is going to play out. I have a pretty high level of confidence that $$ will be roughly on par, but if the developer is 20% higher or more it will make it hard to decide. Not that 20% will change my life, it's that 20% additional comp goes a long way in securing more debt financing for my D.C. area projects).
Also, an opportunity arose in the last 8 hours with a major brokerage house looking for an in-house analyst in the KC office. So that's also very intriguing. Turned down a very similar role in January 2011 in the D.C. area after I had already decided to move.
why would risk management have 25% travel. not even MBB has that much
Property inspections. Part of CRE risk management is inspecting the physical asset. So, if you have a portfolio of 60 properties scattered around the United States, do that math. It's very time consuming.
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