Construction Classes/Videos
Anyone know of any online videos or classes that I could use to better my knowledge on construction that is relevant to multifamily?
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Don't know about multifamily specifically, but I took this https://www.coursera.org/specializations/construction-management</a">Construction Management Specialization offered by Columbia University, and allowed me to at least sound educated on construction matters, and how most project managers/contractors think.
Might be more beginner level intro into the construction field (and again, not MF specific), but some good info, regardless.
ooo this looks pretty good
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Maybe not MF related but Udemy.com has a few good courses. One I enjoyed for nuts and bolts construction is 'How a building is designed and built.' But I 2nd what Grooter said. Join NAIOP for a couple $100 and get access to their free courses right now for a couple months as part of their COVID support. They're not awesome, but worth it and very short and practical knowledge.
does anyone have a NAIOP Account they can share? happy to pay.
I’m making the assumption you are at the analyst position (your profile says business school so you’re on the right track!) but you might not be an analyst anymore but just wanted to tell this tale. Here’s a tale:
Several years ago, I was you walking around my office with my construction textbook. I was working for a multifamily developer. It was a Friday afternoon at 3pm. Older co-worker in his cubicle asked me, what do you have there odog808? I said I am learning about construction. He said cool.
That’s when I asked my older co-worker, a Development Manager, if I should get a MBA and he said “absooolutely.” The question was out of the blue, even for my mind. Until then I thought “no need.”
However I was in the mindset of wanting to learn. But then realized most things I learned from said textbook, I won’t be able to put on my resume and it probably won’t help me get promoted to Development Manager. I then pursued a MBA.
Co-worker told me a story about how he graduated undergrad as an architect, and wanted to get on the principal side. Started off in property management at a firm like Hines and then asked his boss how he could become a Development Manager. Boss said only way was to get a MBA. He followed the advice, for the MBA and then got a post-MBA position at a firm like Tishman.
The textbook I was carrying was called Fundamentals of Building Construction: Materials and Methods. It was thick and detailed. I don’t know where this book is.
I worked for a REIT which had siloed teams: entitlements/development, construction and was the analyst who gathered up all the underwriting assumptions. I got really good at estimating project timing and construction costs per type: garden, wrap, podium (later high rise), using assumptions the construction estimaters were using. Later, I got involved in AIA GMAX contracts, construction firm RFPs, and draws - still high level. You’ll learn a lot from reading Construction Drawings; including those for the major trades (ie plumbing, electrical). You’ll attend OAC (owner architect contractor meetings) and walk the site and see construction real time. You’ll even project lead the build out of certain spaces like the fitness center, and low voltage (you’ll realize this part gets fucked up). Even learned about the different types of polluted soil that needs to be hauled away to different types of landfills. Even learned don’t park your building crane over your electrical vault (not my fault but good to know). All kinds of fucked up things you’ll learn.
I don’t want to discourage anyone from learning the different facets of development. Construction is something I am still weak on. But this topic reminded me of me. If you stay in development, your learning accelerates when you get to the Development Manager position. Work on getting there.
Kind of curious based on that conversation you had with that coworker, were you totally dead-set at that point in getting an MBA, and not really considering a MRED?
For me, it was an easy decision because UC Berkeley was a 30 min drive from my office and they had the top 1-2 part time MBA in the country with a strong real estate program (Full time, I felt my time had passed because I was 30 years old, underpaid during the Great Recession and had family obligations). I also wanted the optionality of a MBA since prior to starting I already was working in real estate development and never took marketing, corporate finance, strategy classes (I was non-business undergrad) so all that seemed interesting. Lastly, although I love real estate and the skills related to CRE will define me, I’ve gotten more interested in operating businesses and expanding my network.
I had secretly became a fan of Berkeley having attended football games, had a lot of friends who grad from there, and attended the student led conferences over the years. I did this somewhat unconsciously leading up to the chat with the co-worker (let’s just say I mentioned all that in the application as well).
If you are lucky enough to have a good program nearby, I would encourage you to attend some events. As a first year analyst, I attended Berkeley’s MBA real estate club networking event/conference as a “professional.” Folks were happy to talk to me and they made a great impression on me.
Nothing against a MSRED. I’ve had bosses who’ve done MBA’s, MFA’s, and a boss with MSRED from USC. All well respected.
Is there anything specific that you guys may recommend for construction for purely value-add deal?
From a construction/renovation standpoint value add is a lot simpler, however, its still a challenging aspect to navigate correctly to make sure your costs/scheduling alligns, at least for me without much experience on it.
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