I'm starting a new role 8/1 with a PE firm that specializes in value-add multifamily. I'll be working under three acquisition managers as an analyst. This particular firm is very active and I'm looking forward to working for them.
My question: experienced guys in this field, what advice or perspective can you give me that's not so obvious? If you were starting where I'm at again, what things would you do differently or not at all? What do the best analysts that have worked for you do that you love? What do the worst do that you hate?
Brief background on me: just completed my MBA at USC after graduating undergrad from UC Berkeley. Came to get my MBA as a way to break into commercial real estate investment (I don't have a finance or real estate background prior to my MBA).
Will you be dealing with brokers directly or more just sticking to reviewing OM's/Operating Statements and churning out proformas?
Either way I have a couple pointers as I started with my firm January of this year: 1) Pay attention to the details & double check your inputs. The last thing you want is to make a deal accidentally looks like a slam dunk & get into spending time/money on a deal, just to have a mistake in 1 cell send it spiraling. 2) Ask questions. All the damn time, and not just from your 3 acquisitions managers. Go to your AM and ask them about how their properties are operating. Try to get a asset level idea of things versus thinking of them purely from an excel standpoint. You are modeling these acquisitions but they are putting it into action. 3) Reach out to brokers that focus on your product type and build a relationship. Having an off market deal shot your way cause you grabbed coffee with a guy is always worth it. Just because you're an analyst, doesn't mean you can't bring value to the table.
Most importantly, soak it all up. Your job description may say X, but if you get delegated Y and you've never done it before, then DO IT. You will learn how to do it & how it ties into the process, your superiors will know you pull your own weight, and in-case shit hits the fan & they need to cut staff, you know your worth more to them than just a spreadsheet monkey.
Lastly, is your position in LA? I work in a family office full of MRED graduates (CEO was a professor there for 20 years) & I plan on attending in the coming years, so I'd love to connect. Shoot me a PM!
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