Hello everyone,
New to WSO. Looking for some career advice. I have been working in real estate development for almost 5 years. My work experience has included market rate apartment and students housing sectors. I recently transitioned to affordable housing development. I am at currently at the one of the biggest non profit developers in country of affordable housing. Learning experience is great so far but long-term I know its not for me because pay is nothing to rave about given the amount of work I'm doing.
I wondering what steps I would need to take to get to a private equity focused on real estate, particularly multifamily or affordable housing or CRE lender?
FYI: I already have my MBA in Real Estate Finance.
Is possible to make this transition without having to start off in an entry level role?
If have to start off in an entry level role would I be looked over since I already have advanced degree and experience?
What skills do I need to sharpen/emphasize to potentially company in hopes in make that transition?
Given my experience and current cycle do you think I should just continue to progress as a Development Manager and just move on once the economy ramps back up in the future?
Do you not enjoy the work you're doing? If pay is the primary issue/motivator for the transition, I would be curious if you've looked into going to another shop? Not sure what your comp is but I'm guessing a for-profit developer may be worth looking into if you haven't already
I guess my point is I'd be cautious to potentially take a step down in title/pay if the only issue is comp. Most that I work with who have similar backgrounds to yours are not looking to transition to REPE, but to climb the ladder at their respective shops with hopes of running their own deals in the near future. That's where the money really starts to move in development and I'm guessing you're fairly close to having the chops to do that
To answer your question - I'd assume you could go in as at least a Sr Analyst if not Associate in Acquisitions or AM in REPE. Brush up on your financial modeling if you don't do a ton of it now and you'll be fine considering the knowledge you have from your current position. 5 years of development experience with a MBA in RE Finance should be enough to get you at least informational talks at most places that are looking to hire.
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