Career change - education advice
Commercial construction mgmt PM at an international multi billion dollar company (5yrs), looking to shift to real estate development/investment. Have multiple rental properties I’ve renovated and rented or flipped on the side of my “day-job” and that’s where my passion is and why I got into construction. Because of my properties, also getting a lot of investor interest in future projects (luckily my construction experience in my day job renovating office buildings- project values $10s of millions- makes gutting something like a two-family house piece of cake). End goal is my own company, developer (as in project specific capital raise) or private equity real estate.
Looking for thought on next steps, thinking master the real estate/financial side like I have mastered the construction side (at a company), while my “side-hustle” continues to grow as well as my investor base, then with the experience in construction and real estate, make the jump to my own shop.
Thoughts from experience on making the career switch and end goal real estate development/investment: online Masters degree to learn the RE side and make myself a better candidate for a slight career change @mid-level (Georgetown offers MPS in RE, it’s $47k), certificate program (cheaper Option), teach myself with less structure (MOOC). Full time masters is not an option.
Also in addition to the resume boost is the need for more experience and skills in this side of the industry before I start taking on $ from outside investors. I can build it, no question, because of my work experience, but have a lot to learn on the real estate side, as it’s not my educational background or full time job and I’ve only done a handful of my own investing over a few years.
Following. I honestly thought I had blacked out and wrote this last night or something. In the exact same boat as you and wondering the same things.
Several of the people at my firm started in roles like yours and left the CM/GC world to join as development associates/managers. The skills are valued but you may likely be given project mngt roles where you manage the GC/CMs vs. finance or acquisition type roles. Still, you would be on a development team with a path of advancement.
I do think getting an MSRE/D would be smart and maybe needed to make yourself credible for those jobs. I think the people in my firm who started as PMs or architects generally did get MSRE/Ds as part of their transition plan (a grad degree is pretty necessary to get hired at the major firms these days). Some MBAs also have real estate concentrations that are really good, so maybe worth considering as well.
You mention the Georgetown online program, I have heard good things in general, but I think in-person is way better. You don't say what market you are working in to know if any viable part-time options exist. Online is better than nothing, but personally I think its not the same experience. Georgetown is well regarded so the credential should get you interviews especially with your experience.
I don't know how useful the certificate type programs really are to be honest, it's not the same as having a grad degree. It may be very useful/practical, and if you want to go to a small shop or just do deals yourself, it may be all you need (esp. when paired with the other online stuff).
Getting a job at a big development firm is competitive, you have a background that works, but competition from those with grad degrees will be real. I think in the long-run you will really want to have a grad degree, and if you have only 5 yrs exp, I'm guessing you are young enough for it to pay dividends for years to come.
As someone who enrolled in the online version of the Georgetown MPS program, I do not recommend it. Waste of time and money - better off just buying the books, like Poorvu's, The Real Estate Game, and enrolling in a CRE bootcamp through getREFM or Adventures in CRE, if you want some immersion in the business/finance/financial modeling side of the business.
As @redever and @CRE both mentioned, the value of the masters is more targeted towards the network that you develop, rather than the content specifically.
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