Best high-paying career if I want to start my own multi-family commercial business in 6-8 years?
Hi - I'm and undergrad operating under the assumption that if I want to be a professional investor full time and grow a multi-family commercial real estate investment business, I should start out my career at a top real estate investment firm because I'd be able to practice underwriting, due diligence, etc. I'm really not keen on being a broker or appraiser.
What path would you go if you could go back in time to set yourself up to be the best real estate investor in 5-8 years?
middle marker brokerasge is a good place, anything with finance. THEN move to the buyside and get experience with asset management/acquisitions
This is the best real advice. Young guys can make a killing at middle market brokerages in the top 20-30 largest/growing metros and then plow that money into side deals. Most of my firm focuses on middle market multifamily investment sales and make a very healthy income ($250k+) within 2-3 years in the business. Being middle market allows younger folks to get into a production role much quicker than the big shops, and make much more money quicker. It's not super glamorous, but will be the best chance for to get you to your goal by age 30. You just have to be willing to hustle and work extremely hard.
Also, underwriting 300+ unit apartment buildings will hardly give you the practical experience you need. You won't start out buying a 300-unit building, and likely won't even be able to buy a 30-unit building, so you need to understand the small world to be effective. Buying and managing small multi-family properties are very different than large apartment buildings. You have different operation plans, financiers, management issues, etc than large buildings, and getting practical experience working in the middle market space will give you the experience necessary to soundly invest and grow your portfolio.
What's your trust fund situation? If it's not strong, marry a single child with wealthy parents that are either sick or live a high-risk lifestyle.
This isn't even funny. This is basically 1000% correct. I know a lot of people in real estate, and the only "self-made" person I know of the last decade inherited a fat amount of money from his parents to begin investing. Now, these beneficiaries should be praised for not just doing drugs and pissing away their inheritances, so it's no criticism of the kids. But yes, that is really the only way to do it in today's environment.
The other guy I know who is sort of "out of the ashes" married into wealth and, again, to his credit, continued to labor, but he's certainly not traditionally self-made.
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