Currently in my junior year of UG. Going to intern at a top 20 REPE group going to their multi family acquisitions team. I’m planning on returning there most likely if I get the return offer. I want to end up in Texas one day, the offer will most likely not be there although they have an office there. I was looking into graduate degrees and honestly I feel like there are a ton of different options and I don’t really know what are the pros and cons of each. Just gauging to see what options there are if i were to work for a couple years at this repe group and then go to more school. Long term I would love to continue in acquisitions / development and start my own thing one day. Appreciate all the help and feedback on here, y’all have helped so much!
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There are a few graduate options in Real Estate ... MIT, USC (?), NYU, Texas A&M,.Might want to look into these programs.
The one at Texas A&M is 3 semesters long and it's a good program.
UT Austin has a real estate program at the McCombs School of Business.
Personally, I would only go to business school if I felt as if I needed it in order to get into the field/sector I was pursuing. If you are able to get into the sector you prefer at a good shop, the experience will be pretty valuable. If you have your heart set on continuing your education, I would target the top school in your preferred geography as real estate is inherently local and you'll want to stay connected with your classmates as they advance their careers.
Regarding the different programs, a lot of folks use the MRED to transition from Architecture/Construction/Engineering into Development shops. I think the REPE folks might prefer an MBA over a MRED.
Honestly, I think there is more value in working for said REPE firm in a transaction role then going to get one of the graduate degrees mentioned above. Direct real estate investing experience will always be more valuable. Every fund is investing in MF, SFR, student, etc. so if you can, work at the firm you mentioned and gain investing experience. Then after a few years you can try to recruit in TX or exercise your network to explore job options down there -- there are plenty of them. Underwriting commercial properties isn't really any different -- value drivers are essentially identical -- so you'll be very well-prepared even if you only work on MF transactions.
TL;DR - If you can get the full time offer, work there and lateral. Masters in RE won't be of any real value add.
Graduate from college and work for a couple years before you go back to grad school. You will not get anywhere near the same value if you go straight from UG to grad.
If you really want to start your own thing then you just need capital and experience, a master's isn't going to (directly) give you either. I know some people who did their MBAs for the network to raise capital, but to me they could have gotten the same benefit from a ULI membership and leaning hard into the networking. You might learn new things from a masters but ultimately school can't teach you how to buy, build and manage real estate. If you're already going into acquisitions at a REPE group then you clearly know the finance, or will learn it on the job, the next step is the development part which is tricky. The reason I say that is even working at a development shop doesn't exactly give you the same experience as doing it on your own (unless you are literally at like a three-person shop, in which case you should fight for carry and you're basically already doing it on your own). Sure you get more experience negotiating contracts, working with outside consultants, understanding construction drawings better, etc. but until the rubber hits the road and you need to get every permit, and review every bid, and pay every invoice, working on a team in a developer isn't going to be perfectly translatable.
If you are really dead set on doing something on your own (whether just buying and holding, light value add, to full blown ground up), the best way to do it is using OPM (other people's money) and just do it. Start small, make mistakes, but build in a cushion and avoid a capital call on your first deal at all costs. A masters isn't going to be much use in that regard.
The one thing I'll say is if you are finding it hard to move from REPE to a development shop (which it can be, especially if you want to really dive into the project management aspect) a masters is a great transition, and the finer points of the differences between the various degrees can be discussed when you're 2-3 years into your career.
I was already on the investment/development-side of real estate and did a part time MBA at Berkeley, which has a great real estate program and I worked full time. I always wanted to attend Berkeley for grad school - worked with superiors with the degree and attended their student led conferences which were top notch, years before applying.
I enjoyed the broad business exposure of the MBA as over time I transitioned myself into a businessperson with a real estate skillset, among other skill sets.
My favorite classes were Corporate Turnarounds, VC/PE investments, M&A, Real Estate Development, Real Estate Law & Entitlements - courses taught by seasoned professionals. My favorite student clubs were the Berkeley Real Estate Club (and their Alumni group called Berkeley Real Estate Alumni Association) and the Sports Business Club (got to go on treks to the Raiders headquarters, 49ers stadium, Portland for Nike, Columbia Sportswear, etc).
As a part-time student, I had plenty of interaction with full-time students. I’ve helped several get jobs and do what I can to mentor, even years after graduating. Got to enjoy the great college town environment, including attended some football games and after class drinking at the bars. I’m tapped into the Berkeley start up network for investors and co-founders. I’m big on optionality, portability, and planning. Real estate, like many industries, are mashing up with other industries and tech. Need to think fluidly (Be Like Water).
I would highly recommend Berkeley. They have a top ranked full time and part time MBA, and now a real estate certificate program.
The two best foundational classes you should take as an undergrad are an Intro to Accounting and Business Law. My undergrad, the University of Hawaii had those classes.
There's little comparison. Most MBA programs have 1 or 2 RE classes. So out of some 30 classes you'll take in b-school RE will be a drop in the bucket. There are a couple of schools out there that have a bit more - specifically Wharton has more, and if you go to Columbia, MIT, Berkeley or USC you can cross-enroll in MRED classes. But even in those cases you'll be only taking a small number of RE classes out of your total course mix. The math is simple. If you absolutely want to be in RE, and you're 100% certain, go get an MRED. If you do NOT only want to be in RE, and want to perhaps keep doors open to IB, tech or other aspects of business, get an MBA. I did an MBA w/ a RE concentration, and I've dissuaded most applicants out of an MBA, if they were RE oriented. Let's not kid ourselves. An MRED gives you 20 classes in RE, and an MBA gives you 2.
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