Entry level Investment Sales vs LIHTC?
Thoughts on entry level roles as a financial analyst in a niche asset class with a solid investment sales/cap markets team (CBRE, etc) or investment analyst/underwriter at a MM bank in their LIHTC fund team?
Long term, I feel I would enjoy the LIHTC role/work more. But, if I were to seek an exit opp down the road, I'd like to be on the lending side at a LifeCo for example.
Any thoughts on the better experience intrinsically and also down the road in terms of marketability?
As someone who went the LIHTC route, gaining a mastery (or even beginner's understanding) of that space would be far more valuable if you want to do something on your own. Affordable housing in general is a submarket with high barriers to entry and very little capital needed to really get started. So if you want to start/own your own business, that can actually be a really attractive route to go. Once you know the regulations and know the people, and once you have a good grasp of the risks and how to spot them, it's a market in which you'll be one of the few players. Even in NYC there isn't a big community of tax credit developers.
If you want to be on the lending side, though, then go with the path that takes you there
Are you in LIHTC now? One of my best friends works in the space and it all seems very interesting.
On the dev side it offers the best risk adjusted returns in the industry. Usually
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