Building Personal Real Estate Portfolio

Hey all. I have not perused the RE on here much but have been generally interested in real estate for a while - participating in the public real estate investing club in college and having a summer REPE internship as well. My parents over the past few years have started buying rental properties spanning multifamily, single family and mixed-use in our small, rural hometown. The relatively low prices and high cash flow potential (rents being as high as 2% albeit without the appreciation potential of Austin, California, etc.) is quite attractive to building wealth and I believe there is a strong moat by being very involved in our town community in terms of getting off-market deals as well in an extremely inefficient market. My parents have done quite well with just trial and error by going at it but I'm in a privileged position of getting more formal finance training by being in banking. My question is - would it make sense for me to try to pursue something in real estate after banking, whether REPE or something else, to develop more formally a real estate background if my goal is to eventually start RE investing personally, or would it be smart to just continue in banking to accumulate cash and a nest egg faster and figure out real estate on my own?

Some of the factors I've considered are that (1) I am not particularly passionate about IB or going down the traditional IB -> PE path anyways but it is a nice way to make good money relatively risk-averse (2) I think real estate is much more interesting but have been wary about pigeonholing career-wise though anything post-banking will do this anyways though I am admittedly also not well-informed on the RE paths outside of REPE right now (3) With interest rates the way they are I'm a bit hesitant to make the switch to RE junior roles in a generally bad market  Appreciate any perspectives and advice, especially if anyone made a move to real estate after banking or those that have or plan to start personally investing in properties themselves.


Bump - would love to learn from your guys’ perspectives and experience.


If you are interested in investing in real estate on your own and building up a portfolio over time, then the main resource you are going to need is capital (debt and equity). Real estate at the level you're talking about isn't rocket science. You're not doing ground up development or deals with crazy financing structures. I know plenty of people who didn't go to college and began investing in real estate and figured it out. The knowledge you will gain in REPE/development is pretty useless in regards to what you are trying to do on your own (this is coming from someone who worked at a very large developer and quit because I was not learning anything that would help me grow my family's business ).

So the question then becomes does REPE or IB maximize your earning potential? As you mentioned, IB may pay you more than REPE which allows you accumulate the most equity and qualify for larger loans, but you are not passionate about it. On the other hand, REPE may pay you less for now, but if you are passionate about it and are able to do well and climb the ranks then in 5-10 years REPE may allow you to accumulate the most equity/obtain larger loans. So it is up to you to decide which you think will maximize your income. If REPE is something you think you are really passionate about and you think you can do better in it than IB, then I'd jump to REPE. But if you are indifferent towards both, then stick with the one that makes more money.


Could you expand on this a bit? I work with a smaller dev shop doing ground up multifamily. 5 total on the Dev team. I plan on doing deals like the original poster and have found so much value/learning opportunity with my team that directly applies to deals by myself. 

Im curious to what a typical day/ tasks are at a very large developer. Was it a lot of very granular tasks that don't address the development as a whole? a lot of busywork? 

I ask because ive thought about moving to a larger shop with more deal flow, but realize the hands on experience with a small team like mine is pretty invaluable


If your plan is to go off on your own eventually or build your own portfolio, then from a learning perspective, you ideally want to work at a shop that works on projects/investments as similar to the ones you want to pursue in terms of size/property type etc...I also worked for a smaller development shop prior to the large developer and the work/deals I was doing was much more similar to my family's business, so not only was I able to learn a lot, but I was able to apply some of the same exact investment strategies that I learned from that smaller developer to my family's business. I also built very important relationships with the same architects/zoning attorneys/engineers/banks that the smaller developer uses and now I use them for my projects. The downside to working for a smaller developer generally is less money.

As for the larger developer, I was bored out of my mind and absolutely fucking hated it because the work I was doing was mind-numbing, but I also didn't like the institutional environment. There were very specific procedures of how everything gets done. For example EVERY decision requires multiple levels of approvals, so a lot of my job was writing approval emails to the dev manager, then the dev manager would provide comments and then once I made the edits I would send it to the VP and then the VP would have comments and finally when I made those edits, I would then send it to the managing director. I also hated the level of detail orientation that was expected because it was to a point that it didn't move the needle, but I would spend hours trying to achieve perfection. For example, when building a financial model for a new development, our goal was to build to a 5.50% ROC, but the deal was only coming out to a 4.70% because of the city's affordable housing requirement. We were so fucking far off the mark that unless market rents increased significantly, there was no way we were going to come close to 5.5% (we already owned the land, so a lower acquisition price was not an option), but my dev manager would dig so deep into the model such as wanting me to check every single soft cost line item of the budget and make sure that they are accurate, but in the grand scheme of things these soft cost items were very small dollars...i'm talking about tens of thousands of dollars on a ~$250mm TPC...knocking off $10k here and there was not going to fucking do anything to move the 4.70% ROC. It was clear as day that the affordable housing component is what is killing this project, but my dev manager had me spend hours combing through the budget. This type of work is just not relevant to the small projects you will do on your own. The "model" that I literally use for all my family's projects is Revenue - Cost = Profit or I just calculate cash-on-cash return for rentals. I don't need a complicated model for a triplex investment. There are a plethora of examples I can give of what I do on the day to day with my family vs at an institutional shop and the skillset/type of work is so different I don't even know where to begin. At a large developer, you are an office worker. You don't even need to go to the site to do your job and there is an entire team for the project. On your own smaller projects, you have to do everything and will have to go to the property multiple times to do various things. You may also need to get down and dirty at some points and do some work yourself.

In my experience at the large developer, I realized very quickly that I was just being trained to be a very good employee and realized that I did not want to be a dev manager there. My perspective of the dev managers was that they are very good at their job and doing their day to day. But none of them own property on their own (other than maybe their own home if that). If you were to ask any of them to develop an investment thesis/strategy on how to make money on their own in real estate they wouldn't have any idea how to because that is simply not their training/background...tbh even the VP would be clueless.

[EDIT] However, you may want to consider moving to a larger shop eventually because it pays better. Once you feel like you have learned enough at the smaller shop and you eventually want to invest in real estate on your own, then your goal is really maximizing your income and savings (although maybe you get promoted faster at the smaller dev shop and maximize income that way) or you could raise some money maybe from friends and family

Fred Fredburger

So the question then becomes does REPE or IB maximize your earning potential? As you mentioned, IB may pay you more than REPE which allows you accumulate the most equity and qualify for larger loans, but you are not passionate about it. 

Worth noting that this is a relatively small difference.  Lets say IB pays you $100,000 a year more, even after tax (which I'm not sure is entirely true) on average... after ten years you've got $1mm extra in the bank, which is awesome!  But that isn't really moving the needle on anything except small real estate projects.

It just feels like those ten years would be better spent building experience and a network.  You're far more likely to be able to raise that money after ten years.  Even if you give up a lot of economics to do it, that seems a more reliable way of breaking out.

Most Helpful

Work in REPE and own/manage a small portfolio on the side.

The skills you learn in REPE (especially in asset management) will help, but its not necessary to change your career to learn them.  The technical/finance aspects of buying and managing small-cap properties is pretty simple and can be learned quickly, and the rest (managing tenants, leasing/marketing, renovations, contracts, taxes/permits/other local nuances, setting up LLC & bank accounts etc) will best be learned just by buying that first property and learning as you go (just be extra conservative with cash reserves til you have it all figured out).  ETA: would also recommend speaking to a local attorney and CPA to make sure you have a proper system set up for asset protection and bookkeeping.

If you want to start building a portfolio outside your W2 job, I'd say getting a RE job is not a priority.  I'd focus on whatever job a) gives you the most earnings potential to build capital to invest and b) gives you enough WLB/flexibility to be able to find properties and manage them on the side (being able to randomly sneak out for an hour to tour a potential acquisition + chat with the broker about their pipeline, tour a potential tenant, do a quick repair yourself so you don't have to pay a handyman, etc is very helpful... I got my best deal by being the first person there to tour it + make an offer when the broker texted me at like 10am on a tuesday and i rushed over). 

If you're genuinely interested in making the jump from IB-->RE then go for it, its a great career path.  Just don't do it solely to learn how to build a personal portfolio because you can learn all that on the side if needed.



Would it make sense to purchase out of the state for small units such as du/tri/fourplexes or it is better to purchase in the current state one resides in?

I know there are lots of people on bigger pockets posting about all their out of state purchases, but it honestly doesn't make a lot of sense or sound very appealing to me.

I purchase in my immediate market because I know the market well, I've made relationships with a lot of brokers, contractors, lawyers, and other owners, and I can easily tour deals in person, tour prospective tenants + meet them in person (great for vetting who's going to be a problem), oversee renovations, make simple repairs myself (thanks youtube!), etc..  I feel a lot more comfortable doing this and it definitely wouldn't be possible to self manage / self GC the general operations and capex out of state.   

This isn't an option for everybody if they live in a very HCOL market and/or one where they don't have a positive outlook on the RE market, then yes you'd be better off buying long distance (or honestly just not buying at all, put that money in a REIT index fund instead, or find a private fund that will let you invest). 

If you can find a 3rd party PM you trust to outsource management it would work, but you'll be paying them ~10%+ of revenue and there's no way they'd give it the care and attention you would yourself.  I'm also not sure how you'd source attractive deals long distance unless you have a local contact to partner with, or if you're willing to travel long distance to do tours.   At this point I just don't see the appeal vs. buying into a fund.  A lot of the potential deals I look at and up being a waste of time and if I spent all day traveling to see them I'd give up pretty fast.


Similar to Ricky I, personally, would only ever invest within my state (and honestly probably only within a 1-2hr drive radius) because I know my market/sub-markets, I have local contacts, and honestly, if an emergency were to happen at one of my properties, I would not want to drive 4hrs to get there; however, if you are in a HCOL market I do see the appeal of investing out of state in a more "growth market." I have a friend who lives in the Northeast, but bought a condo in Miami for $130k in 2019 and recently sold it for $400k. He also has 1 or 2 more out of state properties that are pretty hands off. I think he is friendly with the neighbors or something and they help him manage it. So for someone who doesn't have the capital to invest within your state, I wouldn't take out of state investments completely off the table, you just need to factor in the logistical issues.

I do disagree with Ricky on investing into a fund vs directly into real estate. In my opinion, one of the major benefits/advantages investing into real estate directly is leverage. In real estate, getting loans between 80%-95% LTV is normal. I'm not an investing guru, but I do not believe there is any other asset out there that allows for this type of leverage, especially to the average, non-accredited investor. I don't really know much about REIT investing, but I don't think you can leverage anywhere near 80%-95% LTV. From a quick google search, a jumbo loan is $726,000, which means if you get a 95% mortgage, you can buy a $765,000 property with less than $40k...where else can you do that? If your property increases by 10% to $840,000, after paying 5% to the broker, you profit $34k...that's almost a 100% return. And it is not unrealistic for real estate to increase by 10% or more in 1 year, depending on your market. There are also many tax benefits such as claiming mortgage interest deductions, depreciation if it is an investment property, claiming capex if you renovate etc... Now of course in exchange for these advantages, real estate is more hands on and is not necessarily a passive investment, but it is possible to find the right property that can support property management and still be cash flow positive or at least neutral and reap the benefits of appreciation and ridiculous leverage.

[EDIT] Another comment I wanted to add is the advantage of asymmetrical information in real estate. When you buy shares of a REIT, the same information is known to everyone, so there is no information asymmetry. You can't really "beat the market." However, in real estate, information is incredibly asymmetrical, which means by doing your homework/research, you can gain a leg up on others. I've done deals that I bought, in my opinion well below market, either because i knew something others didn't, had the right contacts, or was just the first offer that came in and the seller just wanted to sell the property quickly. In other words, there is arbitrage opportunities in directly investing in real estate


Thank you, this is very helpful. I think the big hurdle for now is both managing to build up my personal capital but also having time to invest in real estate. I don't see myself doing IB or similar jobs in the long term so may just use this time to save up as much as I can and if / when I move to something else that presumably has more free time, I can use that time to dive into RE then. I have pretty decent cash/investments right now and could even go for a property now but might be better off maximizing comp and savings while in IB


In terms of actually starting after having enough capital, would you suggest just diving in and learning along the way with a first property or would you recommend / did you do something to learn more ahead of starting?


In terms of actually starting after having enough capital, would you suggest just diving in and learning along the way with a first property or would you recommend / did you do something to learn more ahead of starting?

I knew some "best practices" ahead of time from working in RE like how to underwrite and common negotiable aspects of a PSA to strengthen a bid, how to set up the LLC, how to collect multiple bids for capex and budget for them / how to determine what capex is most accretive and/or a priority, how to manage the cash balance and reserves / when to distribute, and how to do monthly bookkeeping and have a concise accurate summary for taxes... but as I mentioned before, none of this is super complicated and could be learned by somebody smart with no RE background in like a day (your parents can teach you or you can learn from another mentor).

Everything else is best learned by doing.  You'll figure out what kinds of tenants you like, how to market to them, and how you like to deal with them and what additional terms you want to put in writing in the lease if there's any disagreement between who's responsible for what in your first go around.  You'll figure out your municipality requires an annual fee/inspection to have a landlord license or a random tax that has to be filed monthly or an extremely archaic website where you have to spend hours trying to figure out how to register your entity or pay a bill.  You'll figure out which contractors offer great pricing for passable work, or are expensive and do a great job (and when its worth using which), and which ones are just scammers who ghost you after you pay a deposit.  I could go on and on, but there are a million little things you just won't be able to prepare for until you dive and in learn as you go. 


Probably the least risky way to learn on your first property is to just buy a property for yourself to live in and maybe some roommates if you want. You have to live somewhere anyways and over time you'll probably gain some property management/handyman skills just by nature of things breaking in your own house. Also if you're buying for yourself, you can take advantage of first time home buyer programs with only 3%-5% down. Also for your primary residence, gains up to $250k are free of capital gains tax if you live there for at least 2 years.


Quick side question/hypothetical. You max out the number of loans you get from a bank at around 10. Is it the same with refinancing properties ?

If I have a private lender that has unlimited money can I get 100k from him buy the property for 75k put 25k into then it would appraise for 155k.

Now I can pay back the lender the 100k plus profits/fees once I refinance.

  1. My question is how many times can you refinance properties ? Is there a limit like on loans ?
  1. Could I do this in a infinite loop as long as the private lender was around ?

Quick side question/hypothetical. You max out the number of loans you get from a bank at around 10. Is it the same with refinancing properties ?

If I have a private lender that has unlimited money can I get 100k from him buy the property for 75k put 25k into then it would appraise for 155k.

Now I can pay back the lender the 100k plus profits/fees once I refinance.

  1. My question is how many times can you refinance properties ? Is there a limit like on loans ?
  1. Could I do this in a infinite loop as long as the private lender was around ?

I can't speak to the lenders you're thinking of using, I would schedule intro calls with them directly and ask.


Whether you are financing a property for the first time or refinancing it for the 10th time doesn't matter. The bank is going to stop lending to you based on the dollar amount of loans they have with you, not the number of loans or refinances. All a refinance is is getting a new loan to take out the previous one so effectively there is still only 1 loan.

As for your private lender scenario, in theory this should work, but in practice lenders might be apprehensive about this. In my experience, you need to find an aggressive bank to do this strategy. I've probably reach out to over 30 banks regarding financing properties and I'd say there are only 2 banks that I would feel confident that would back me with the strategy you are talking about (unsurprisingly these are the only 2 banks that I use because they give me the most aggressive financing). In my experience, banks are willing to finance 75%-80% on new acquisitions, but only 65%-75% on refinances. The reason for this is to prevent the type of strategy you are proposing. Most banks aren't very fond of lending to borrowers with no skin in the game. With the strategy you are describing, you would ideally want to build a relationship with the bank first and once you've proven that you are a good borrower, then they will give you more leeway in terms of financing. I've done a couple deals with the 2 banks that I use and now they will pretty much finance anything I present to them and give me very favorable terms (lower than market interest rate, Interest-only period, 30 year amortization, favorable pre-payment penalty, etc..) because they trust me and want to do more business with me. They will reach out to me and ask me if there is anything they can finance.

Regarding your 2 questions:

1.) There is no limit on the number of refinances. I've seen the same propery refinanced 3 or 4 times over 10 years because the value kept going up, so the owner used it like an ATM. There is a limit on the size of loan though. If the original loan was $10mm and now the property is worth $100mm and you are seeking to refi $80mm...the bank will likely have an issue with that.

2.) Yes you could do this in infinite loop if you have enough aggressive banks, strong relationships with them, and if you can find deals that are actually that good. But in my experience, those types of deals are a diamond in the rough


Appreciate the post - finding the balance between a) and b) is definitely the challenge. Have good savings potential in IB but realistically not much time left over or flexibility  to scout out deals, build relationships, etc. Do you know people in IB that have done so or would it be more common in more regular corporate jobs that pay less but people have time to build a portfolio? 


The others have already mentioned it but I'll give my 2 cents as well...

If you're looking to buy single family homes to rent or a small apartment complex that is 5-20 units in a small town then working at an institutional shop where you are using sophisticated capital stacks and going through the full process that a larger REPE or Dev co would go through is a waste of time. If you decided to invest in larger deals that are 100+ units, then the conversation is a little different as more is required in that transaction. There are plenty of bankers, lawyers, and doctors that have small real estate portfolios and just contract out the management to a 3rd party company and do conventional loans to capitalize the deal. If you want compensation then you could stay in IB and go the traditional route of buy-side in either PE or REPE and the carry down the road would be the end goal and not the initial 3-5 years out of banking. But making 6 figures from early 20's onward is a great way to stockpile capital regardless if it is $150k in banking or $115k in RE, either way you'll be fine to start buying your own deals in a few years if you're looking small. 


Hey all - thank you for the responses. Based on the comments, it seems like it is not worth pursuing RE jobs to gain transferrable skills for personal RE investing. I'm in a pretty good financial situation for my current point in career with about ~$150k mostly in equities but will try to build a better cash position for now. Something that was mentioned was the time aspect and I imagine even with a property manager, building the foundation for RE investing in terms of dealing with realtors, lawyers, etc. would definitely be a challenge in IB. I think I'll focus on building up capital for now and if I have a more flexible job, I can dive in then. Really appreciate the answers!


I am on this journey now.  I had an introductory call with a lender on current lending rates and maximized potential in terms of the amount of capital I can borrow versus what is available on the market.  The biggest hurdle people face is the 25% down payment.


My hometown market I am looking in is pretty affordable - single families for ~150k, multi-units anything from 150k-400k and mixed use stuff in the middle or higher. Thought it was 20% down but would be fine for 25% down on up to 300k even just now.


Going through this with family capital right now.

I would say these are the biggest hurdles from buying an asset (non-development).

1) finding good deals - having people in the industry know you and building a reputation of ability to execute quickly. Brokers want someone who has certainty of closure. So this comes from having a good relationship with them.

2) financing: unless you plan on bringing on a co-gp, you need the financial wherewithal to guarantee a loan. typically you wouldn't use non-recourse loans at this entrepreneurial scale and given what is happening in the lending environment right now, there is more demand for recourse. have to have the PNW to guarantee the loan.

3) experience: in least priority, because if you have a phenomenal deal and a great PNW, you can get the deal done (assuming it is not development) without having a significant amount of experience.

Just my opinion and experience on an entrepreneurial real estate investment.  


Hey quick side question. If your pulling in a spare 75k a year to put 25% down on loan for small multi family how many loans can you get from a bank before you would have to start looking for private lenders ?


I would imagine #2 is the biggest hurdle for people, even if you have equity contacts from friends and family, if you are doing 50-100 units you still need to meet liquidity and net worth requirements for a loan. NW requirements for a non-recourse are often the loan size, so even on a small 20 unit MF, a $1M loan means you need a net worth of $1m, which for most people here is not typical if you are younger than 30. 


It is really a big challenge that at least I personally have overlooked.

At the end of the day I'm finding that you either 1) find a banger of a deal or b) you either go with an alternative lender and take a lower return to secure the asset until you can refinance out

Either way, very challenging and something I wish I had thought of earlier.

Ideally this is where you see doctors, dentists etc. grow a nice little commercial portfolio using their own capital as the financial wherewithal is there to guarantee loans. The knowledge is great in RE, but you can gain the knowledge even if you're not a real estate professional. 


IB will give you more capital sooner and allow you to get investing faster.  And I don't care WHAT anyone says, rates aren't going down anytime soon so if that makes you're right.

Get busy living

Yes from the comments it seems like I should keep my goals of buying real estate separate from my career and focus on building capital for now. Curious on your thoughts about rates - it seems like markets are predicting a few rate cuts through the second half of this year starting as early as July even though the fed is saying no cuts this year. This seems like cuts not due to inflation falling enough, but something breaking (bank failures, etc.) to the point of needing to start cutting. Is your thought that rates will remain at this level into and through 2024?  


2025.  Easily.  The mistake the FED made in the 70s was to cut rates as soon as inflation dropped and the rebound inflation cost Carter his re-election.  Think about why: prices have been seen double digit increases for years, rates went up a few points and prices only slowed their increase…what conclusion will people draw if there’s a rate cut?  That an asset which is 20-50% overvalued is now supposed to continue its upward march?  Because that’s exactly what people surmised after the late 70s rate cut and inflation came roaring back, then requiring extreme cuts in the early Reagan years.  The extreme fetishization of Reagan that to me looks like civilization level Stockholm syndrome during that period is another topic but you can see what financial scenario is clearly NOT desired.  Who knows, maybe Reagan was the only guy who could make the public feel good about getting fucked so hard.  But anyway, who cares.  Valuations are stretched far beyond historical norms and everyone knows we’re due for a correction.  Maybe not a crash but definitely price reductions across the board. They may not like it…but they definitely know it.

Or think of it in simpler terms: why would the FED give a shit what stocks are doing?  They don't even include stock prices in inflation calculations despite there being a straight line between low rates and high stock prices...we learn this in econ 101.  If in their view ALL prices everywhere are too high, and they are, why would anyone think they’re going to prop them up when inflation is the undoing of entire civilizations?  The FED knew what it was doing when they lowered rates and puffed up the balance sheet.  And they definitely need some room to maneuver when commercial RE loans all start to reset 12-18 months from now….if rates are low and the balance sheet is high they have no tools.  This is the conversation they don’t want to have publicly but certainly are having amongst themselves every day after they wake up in a cold sweat thinking about commercial office space crashing because all the regional lenders are too weakened to have any hope of financing the sector

Or, and this is my inner cynic talking, recognize Powell is a lifelong Republican Wall Street type that would love nothing more than to give Biden a black eye by “fixing” inflation via making people too poor to pay high prices (i.e. recession, just by another name).  Side note…Biden is already expecting this which is why he’s so deferential to the FED publicly…so he can blame them later.  There’s a multitude of other policy options the federal government could pursue but due to congressional gridlock won’t….kind of like how during covid the govt could have organized rapid mass emergency mask building programs but settled for “everyone stay home” i.e. the dumbest, laziest possible option because Congress can’t get shit done.  (WHY is another reason but frankly it doesn’t help that republicans WANT government to fail so they can justify killing it)

Powell knew perfectly well what would happen if he lowered rates too long but did it anyway.  One wonders how much his personal portfolio benefitted or if he really couldn’t see beyond the end of his own nose.  Now he’s going to try to find redemption in a recession.

Personally, I foresee the RE buying opportunity of a lifetime coming up and I’ve been waiting to pick up rentals and retire for some years now.  High rates, mass unemployment, and a credit crunch will RE drive prices down….buy in and then you can play the bonus round and refinance to lower rates when the fed finally does see economic growth as a bigger priority than inflation concerns (2025 to 2026 is my guess).  And note I’m saying economic growth not gdp or stock price inflation….real increase in the exchange of goods and improvements in average peoples' lives.  The era of paper money wealth being the gold standard are behind us.  For now.  In a decade or two humanity will make the same dumb fucking mistakes all over again.  Because people are stupid, selfish, and lazy.  INCLUDING THE CAPITALISTS.

But if I was so smart I’d already be retired so take my point of view with a grain of salt.

Get busy living

I was in a similar situation. I was in IB (industrials) and had done a few side deals (had two properties; total = 20 Multifamily units)

Loved the whole process from finding the deals, having contractors update units, and just overall working with people. We had above 20% returns on the projects (recently excited).

I realized I wanted to make that my full time job. I found a small shop that allowed me to raise capital/participate in the deals. While also doing side deals. Clearly deals slowed down a lot but I think when it picks back up I’ll be in a great position (having a year or so of AM & Acquisition experience).

I will say the IB helped a ton with the excel & underwriting in this new position. I also work a lot less then in IB (~50hrs) so I have a lot of time to learn more and more about CRE investing and looking for deals etc.

I feel like I’m taking a haircut now (but honestly only making like $30k less now.. maybe if I would have been an associate in IB it would be more) but will be in a much better place 5-7 years from now. Rather start now then later especially if you already have a couple years of IB.

Also feel like you won’t get pigeoned with IB on resume. If you have a variety of deal experience.

I’m enjoying life more, working out again, having time to learn more about what I want to do long term in my spare time and doing what I enjoy and passionate about. I also feel like I’m impacting communities for the better and improving peoples lives through my work. Also its a great feeling to give the LPs great returns.


Curious as to how you found the multifamily deals and roughly when that was. I figured it would be hard to get in with the brokers without prior experience.

In my experience in the small-cap space, being a first-time or new buyer isn't really a hinderance.  A lot of sellers and brokers just want a good price and tight closing timeline and don't get into the whole buyer vetting process that happens at a more institutional level.  Most people in this space are not very sophisticated and it often feels more like buying a house than some complex investment (no broker/seller has ever asked about my underwriting or capital stack or track record etc.).

Best way to meet brokers is to go tour listings.  I've toured a bunch of deals I knew going in weren't realistically a good fit just so I could chat with the broker and build a relationship.  Now many of them text me their listings immediately before they even go to market.


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  • Jefferies & Company 08 97.8%

Professional Growth Opportunities

November 2023 Investment Banking

  • Lincoln International 01 99.6%
  • Lazard Freres 17 99.1%
  • Jefferies & Company 02 98.7%
  • Financial Technology Partners 06 98.3%
  • UBS AG 16 97.8%

Total Avg Compensation

November 2023 Investment Banking

  • Director/MD (6) $592
  • Vice President (34) $390
  • Associates (167) $258
  • 3rd+ Year Analyst (15) $187
  • 2nd Year Analyst (106) $168
  • Intern/Summer Associate (48) $167
  • 1st Year Analyst (322) $166
  • Intern/Summer Analyst (234) $95
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”


From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”