Career Advice: Valuations vs. Acquisitions

Hi all,

I was wondering if I could gather yall's thoughts on which opportunity I should take. For starters, my long term goal is to end up in acquisitions at an REPE shop.

I am currently entertaining two offers:
1. Valuation & Advisory at a top brokerage
2. Acquisitions at a REIT

While the choice should be pretty clear, the REIT acquisitions would be entirely triple-net acquisitions. Which is not necessarily the property type that I would like to end up on. Also, I do understand that because the underwriting process is so different for triple-net properties, that staying too long could pigeon hole into that property type.

On the flip side, I think that appraisal has its own merits. From what I have learned from speaking with REPE people, a lot of people do come from an appraisal background. And the skills learned from the job can be transferable. However, again it would be another pigeon hole situation.

So if my long term goals are for example, multi-family acquisitions, which offer would be more conducive to reaching that goal?

Thank you in advance for any and all input on the matter.

Comments (6)

Most Helpful
Jan 16, 2020

take the acq. role. it's easier to transition from acq. than valuation.

    • 2
Jan 16, 2020

Yep. Take the REIT. It isn't close.

    • 1
Jan 16, 2020

Got it, I appreciate the advice guys.

Though, could yall comment on the nature of triple net? I do appreciate the merits of developing deal experience and gaining the soft skills required of lease negotiations. However, in terms of the technical stuff, there would be little to no modeling. Would that make it hard to transition to another property type?

Thank you.

Jan 16, 2020

You'll make it up by gaining credit risk valuation exposure. Most of the top STNL shops aren't going around buying one off Wendy's. Valuation is rarely a targeted department, especially at brokerages. Seriously, this is a no-brainier.

    • 1
Jan 16, 2020

I understand your hesitation, and your being thoughtful about the actual learning opportunity both offers would provide rather than just the face value of the title.

That being said, acquisitions roles are more than just underwriting deals. You'll underwrite, do due diligence, and work to a closing. These skills are transferable to any other acquisitions role, and it will be easier to jump to another acquisitions role from acquisitions than valuations.

Congrats on the offers and good luck!

    • 2
Jan 16, 2020
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