Best careers in multifamily space?

Im currently in MF debt lending and I really like the asset class I'm working with. I don't see myself working with other asset types and want to pursue MF. What are good different career paths within MF?

Comments (31)

  • Works at Jones Lang LaSalle
Jun 30, 2022 - 8:22pm

If you're looking for the chance to make good money, take a look at agency lending (Fannie, Freddie, HUD/FHA)

It's not sexy, and not everyone succeeds. But it's just so fucking easy to do. I've seen semi-mentally handicapped mortgage bankers rake over $2MM in fees and take home ~$1MM consistently... It's mad.

Edit: for reference, our youngest mortgage banker is 27 and brought home just under $850k last year.

  • Associate 1 in PE - LBOs
Jun 30, 2022 - 8:29pm

Agency / HUD is a commodity. It's like telling someone to go into wealth management because you can rake in fees. Of course you can, but it's pure sales. No way to differentiate yourself or the product you're selling

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Jul 1, 2022 - 12:11pm
Bonobo8, what's your opinion? Comment below:

I understand you're in production but I was answering OP's question. 

Also my point is that I wouldn't expect to see "semi-mentally handicapped mortgage bankers rake over $2MM in fees and take home ~$1MM consistently" for the indefinite future. Market conditions over the past couple years have been very favorable for agency volume and that's changing. 

The Fed has no choice but to continue to raise rates until inflation subsides. Even with the recent rate hikes we're still in a relatively low rate environment historically speaking. 

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  • Works at Jones Lang LaSalle
Jul 1, 2022 - 4:09pm

No one is talking perpetuity; didn't mean to come off as if that's what one can expect each year. Now if you've been in the business since 2012 or so, you've likely done very well and my statement rings true. But this is CRE and it's cyclical as we know.

The agencies still have their production and affordability buckets to fill each year. Interest rates are one thing but their spreads are another. Sure we can't control the MBS market, but they get slutty for specific deals, especially if mission-rich. Talking 35-year amortizations, 1.15x debt covers, close on T-1 collections or final rent roll, etc. They still want the business.

Down year(s) incoming? Sure.

Down year(s) indefinitely? No.

Opportunity to excel during recovery and expansion cycle? Absolutely.

Now if the agencies go private again, that's a different conversation. 

  • Associate 3 in RE - Comm
Jul 1, 2022 - 6:49pm

I am in agency lending. Our shop also has a balance sheet lending business which has saved my ass in the last six months as the agencies had slowed down. I always want to be at a shop that has an agency platform and a balance sheet lending business or have different lending groups. Not only our clients benefit but it also offers me some protection particularly during a downturn. 

Jul 1, 2022 - 11:46am
someguyinRE, what's your opinion? Comment below:

Could I pm you? Just got a job at a top 10 agency lending firm as an analyst in originations/screening. Would like to know how I could get up to that level

Jul 1, 2022 - 11:09am
TimesNewMoney, what's your opinion? Comment below:

Work for one of the thousands of small/mid-sized REPE firms providing JV or Pref Equity for garden-style MF renovation or development projects in Southeastern markets. Or potentially work for one of the thousands of small/mid-sized owner/operator firms buying or developing garden-style MF products in southeastern markets. 

  • Intern in RE - Comm
Jul 1, 2022 - 12:04pm

Know any off the top of your head in the Texas area?

Jul 1, 2022 - 12:09pm
TimesNewMoney, what's your opinion? Comment below:

Trammel Crow, ValCap Group, JPI, Hines, Lonestar Development Partners, Woods Capital, Hillwood, Cardinal MF, Mill Creek, Hanover Company, TDC (Dinerstein Companies), Wayfinder, Alliance Residential, Signorelli, Castle Development Group, Thompson Thrift, Waypoint, RREAF, Banner Oak, OakPoint

PE: H2C Capital, Presario, RSF Partners, 2GR Equity, Thackeray Partners, Paravest, Virtus, Trive Capital, Broadvail, PERI Capital, BV Capital, Black Creek Group (Now Ares - think they have a TX office), 

Jul 1, 2022 - 11:35am
weaksaus, what's your opinion? Comment below:

If you don't want to be in a sales position, you should look into going to work for an operator. I feel like either capital markets or AM for an operator would be a great move coming from the lending side and probably nicer WLB. This is what I have as my long term bail out option if I get tired of lending

Jul 5, 2022 - 9:00am
TimesNewMoney, what's your opinion? Comment below:

Public MF REITs: Equity Residential, Avalon Bay, Camden Property Trust, UDR, Essex Property Trust, Mill Creek Residential, Mid-America Apartments

Private MF Operators: Waypoint, American Landmark Partners, TruAmerica, Greystar, Lendlease, Related Cos, Knightvest Residential, etc. 

https://www.multihousingnews.com/2021-top-multifamily-property-owners/

Jul 1, 2022 - 12:00pm
decrebepro, what's your opinion? Comment below:

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