Advice on Plan of Attack: REPE Acquisitions/Dev
Hello you primates,
As we all know and experienced, the job market for REPE Acquisition/Dev etc roles have dried up a lot given the current market conditions (but from what i have heard the pressure from investors wanting returns and dry powder building up is generating deal flow) . Although there are some roles available, employers definitely have more power and are willing to wait / hire interns instead.
I'm about 3 years out of college and work in new deal CMBS/CLO at a CRA with hopes of moving into the REPE acquisitions/development world at the entry/junior level . I was wondering if anyone had any advice on my plan of attack during this time of limbo.
1. Modeling - I've completed A.CRE's accelerator and a handful of case studies
- Should I buy another modeling course (REFM by Linneman?)
2. Networking: I've joined some associations and joined a local chapter's board as well as attending as many events as I can.
- Anything more I can do here?
3. Per advice from an older post, I'm learning more from senior management at my firm that have been through the GFC .
4. Still Applying and cold emailing (hit rate is low - non target/immigrant background
- Should I go to a debt fund or a mReit (bridge lending)?
5. Should I begin studying for my GMAT/MSRE?
Any additional advice would be amazing.
Join ULI, do the Young Leaders bs
Buy Linneman's book "Real Estate Finance: Risks and Opportunities". Comes with free online modeling walkthroughs
Reach out to your college's business school asking for alumni contacts in RE
Might need to go to a debt fund first to gain credibility. if not, might want to explore MSRED/MBA programs. Other options could include brokerage (not really hiring rn) or go into appraisial and get your CCIM. Much easier exits than coming from the debt side.
If you're set on going into development, an MSRED is probably your best option;
What area are you in?
Thanks for your advice.I'm currently NYC - I heard ULI>NAIOP. By a large margin?
Yes, ULI > NAIOP
I would find some route to the groundfloor CRE. If you can’t land in development or repe right away, debt funds or brokerage(if you have that personality). Just seeing/underwriting deals will give you all you need to get where you want. I was at a developer for a few years then transitioned to an repe that also did some mezz/pref lending. IMO it was easy to look at deals from the other side of the table.
I'm in NYC currently in NYU's MSRE program. Feel free to PM me, NYU or Columbia are really the top two. But basically a lot of the same as the comment above, reach out to alumni, go to networking happy hours (YREPNY are usually good, ULI events, see if there's a school Linkedin group mention doing a networking happy hour at some place in the city).
Damn I’m in the same boat. CMBS is boring.
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