To people thinking of, or are already on their own on the principal/gp side . What AUM do you think you'd be happy with and could live on? I know someone people are focused on volume and some slower and steadier. My goal is $200M AUM. Should be clipping enough am fees and have enough promote to be in good shape for the long term.
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Don’t care at all about AUM. If I get a fat enough bank account, I’m retiring.
It is physically impossible to say. What are your fees? What kind of properties? Any back end promotes? How much work am I doing? Owning one big luxury building in Manhattan with no debt on it sounds a lot more attractive than owning 200 row houses in Baltimore.
I own 3 CRE properties. I have no partners, no LPs, nobody to answer to. The 3 properties may not be much to most people here. Total NOI is around $1.2M. In about five years, I'm going to be debt free as loans were amortizing and I also did large principal paydowns. When I bought my first deal, I thought I wanted to be a GP. I had everything lined up broker relationships, LP relationships, etc. However, I was so depressed because I was constantly under pressure to perform. Yes fee income was good, but the constant hammering by LPs, the constant need to find the next best deal that gives an amazing IRR but also underwrites well, while simultaneously managing the existing asset. I hated it. I don't think I'd want to do multiple deals like this let alone one. Im happy going solo with no partners and Im not trying to be the next Jonathan Gray, I'll let others on this sub fight for that title. A few solid quality assets with little to no leverage that I 100% own is something I am happy with.
How have you thought about diversification? I am also at an inflection point. I own some entirely and others with investors, and loathe the idea of a large org with many employees, but I am trying to weigh that with diversification risk and future regret
sorry to hear the pressure got to you little buddy
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