Best path to becoming an entrepreneur in real estate development
New to the forum, but from the reading I have completed, there is a wealth of knowledge and information to be gained from this forum.
I am currently working for a smaller development firm as a project manager. I have been with the company about 3 months, and have a few questions for this community regarding my future opportunities.
This firm specializes in ground up urban infill multifamily deals. The principals source, underwrite, and negotiate the deals, then hand off to the PM. The PM manages the entire design, construction, and close out process post acquisition. Obviously with the little amount of time I have been here, I haven't been exposed to too much as of yet,
My longterm goal is to start my own shop. I've been exposed to many asset types and opportunities, but still feel I am lacking direction. The questions I have for the community follow:
Obviously going out on your own requires both personal and external capital. I have thought about potentially pursuing a GC license and starting my career my raising money and building smaller townhouse projects, as well luxury SF tear downs. Maybe as these projects progress, I can venture into larger townhouse deals and eventually MF. Is this even a step in the right direction.
While learning and growing within this shop, what should I be doing to best position myself to go off on my own? Should I source MF deals? Do the above and pursue a GC license? Obviously I am not in the position to leave my job and go work for a luxury SF homebuilder. I have no aspirations to really build for clients, more so just spec build and eventually transition into other larger asset types.
How important is what I'm doing right now in regard to actually becoming a developer? I process change orders, submittals, and manage the GC, architect, and other parties. Is the construction side even important in going out on my own.
As you guys can see, I am lacking a sense of direction, and due to my entrepreneurial background I feel as if I need to figure it out now. Obviously thats not very realistic. Any insight, suggestions, and stories are welcome. I am really just asking for suggestions on what I should be doing if I want to go out on my own. Whether that be through luxury SF, self storage, MF, ETC.