Hi all,
I currently work for a real estate developer in Miami, where I’m actively involved in underwriting potential investments, financial modeling, updating budget vs. actuals for current assets, making presentations for management, participating in securing construction financing, and other related tasks. While I enjoy the work and like the company, there isn’t much opportunity for growth as the company is small and lacks a clear structure or growth path. Additionally, the salary is low for Miami's cost of living and compared to similar positions at other developers.
Recently, I found an opportunity at a large, rapidly growing developer in the Houston area where the pay is significantly better. I initially applied because the job description was more focused on acquisitions and development, but during the interview, they mentioned that the role would involve more time in asset management, corporate finance, and assisting acquisitions teams with certain tasks. This is a bit of a shift from my current focus, and I’m unsure how to approach it. The company is prominent, ambitious, and growing quickly, and I like the idea of relocating, but I’m not sure if it’s the right move for my career. They did mention that there is a possibility to join the acquisitions team in the future, but I’m not sure if that actually materializes.
In your experience, would this be a good decision? My ultimate goal is to start a real estate investment fund (not sure whether as an LP or potentially a GP), but that’s still a few years down the line. I’m torn between staying on the acquisitions/development path or transitioning into asset management and corporate finance (which is the direction they’re suggesting) to build a stronger foundation for my long-term goals.
Any insights or advice would be greatly appreciated!
Thanks in advance!
At a developer it's not uncommon to have the development team help out with asset management, corporate finance and acquisitions. Sounds like you do a little asset management already at your current firm.
I'd also evaluate what markets you want to end up in down the road. If you want to stay in the Florida market, you could likely lateral / move up at another larger developer. If you're okay with Texas and the firm seems to have growth potential, the move for comp & career growth doesn't seem like a bad choice. Just be honest with yourself how much you will miss the ocean, beach etc. If that's not your cup of tea, I'd make the move.
I already do some AM, that's true. To be totally honest, being in Florida and aspiring to do something on your own in real estate is pretty aspirational — the amount of equity you need to acquire something is insane. I think there’s more potential to eventually do my own thing in Texas.
Of course, I’d miss life in Miami — there’s no place like it — but the cost of living is literally a nightmare.
I’m trying to make the “mature decision,” but I don’t want to rush it. It’s hard.
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