Hi all. Soon I’ll be starting a role as an associate asset manager at a value-add RE private equity firm with $1B AUM. The firm runs lean and I’ll be the second-in-command to the director of asset management. Also, a lot of work is needed after acquisition since the investment strategy is firmly value-add and has very high target IRR’s. I was told that I would need to wear many hats. I’ll be involved in leasing negotiations (incl. contract revision, broker communication, property tours), directing property management and our construction team, budgeting property expenses, underwriting asset performance, creating memos and reports for investors, etc. etc.
I have decent underwriting experience (have built my own acquisition models to analyze single family home investments, understand DCF valuation, waterfalls, income statements, etc.). I understand and have experience with leasing brokerage (but haven’t been involved in the deal process yet). And I can pick up technology incredibly quickly (I’m called a “wiz” at Excel and VBA, for instance). All that being said, I have zero direct asset management experience.
I have a good amount of free time right now so I’d like to see what I can do to prepare before starting (or else I’d just keep wasting time reading WSO/Reddit threads). I wanted to know if anyone had any advice or tips on what/how to prepare given everything I’ve shared.
Any and all tips help. Even just throwing out some buzzwords/concepts I should be familiar with is helpful. Basically, I just need a starting place to begin diving deeper into what AM at a REPE is like and how I can set myself up for success there. Thank you!
What is your prior experience?
I won’t go into detail, just to protect anonymity.
For a few years I underwrote SFR’s for retail investors looking to buy rental properties. My recommendations led directly to several million $ of acquisitions. At the same time I was leasing and managing SFR’s.
I then transitioned to commercial real estate at a top brokerage as a leasing/research analyst for less than a year. I independently improved several research methods & processes while I was there.
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