What to do with family residential real estate business
Hey WSO. I'm a current undergraduate student. I wanted to post here and ask for some advice -- I know very little about real estate so I apologize if some stuff I say here doesn't make sense. I was researching a similar thread that isn't really comparable for me, but I will be mirroring some of his language. I understand that I sound quite ignorant
My father started working in real estate in the midwest about a decade ago after being laid off from his job. To my understanding, he started off just getting a broker license building his way up and now runs his own llc and does some combination of property management for other people and also built up his business buying and renting out a mix of residential properties with a cumulative of 6-8 million in property value (obviously he also leverages a lot of these investments, im not really sure how this stuff works) that is separate from whatever he manages for other people,
I think he's been fairly successful because he works with a lot of ethnic people who prefer working with someone they can communicate with. In any case, he recently had a very dire near-death health incident which has put a lot of things into perspective for me in terms of thinking about the future outlook and building an understanding. I'm the sole individual in the family who is capable of taking on management of these business and want to build upon what my father has created over the last decade, and I've realized that I genuinely do find real estate quite interesting, but do need to learn more.
Past year or so of college at my state school (UMich, UNC, Berkley, UVA, UCLA), I've been floating around with a loose interest in finance and I am gearing up for consulting recruiting, but I've really started considering a long term career in real estate and building up some sort of specialization that would put me in a position to take over the business and grow what my dad has built up. I understand that this is a bit different from the "acquisitions" and "development" aspects of real estate.
Right now, I know that I don't know what I don't know, so I wanted to reach out to the community and see if I could get advice on what the questions I should be asking are, what are the variables i should be considering are considering traditional paths in real estate vs whatever my dad does vs consulting and wall street, and just any other advice yall might have for me.
Again, im sure I sound like a bit of a bubblehead in this post, posting it pretty late and just writing down my thoughts as I go along, but would love to hear some advice from the community in ernest.
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