Would kindly appreciate your feedback.
I recently joined a boutique real estate firm after 4 years on the debt site to do acquisitions and development. it's a small shop with three principals, an acquisitions manager (aka moron from hell) and me as acquisitions associate.
Here is the problem, the guy who is acquisitions manager is a complete moron. he is friends with the owner and he has been with them for about 4 years. His knowledge of real estate is CAP RATE, LTV and charge higher rents, reduce expenses and charge a lot for other income. not sophisticated at all in his approach. It takes this guy about 5-6 hours to make basic fixes in a model that should take 20-30 minutes max.
Two examples: 1) I made a bunch of tweaks to the in-house model and this guy wanted to get the credit he helped me out and all he did was change the color scheme from navy blue to light blue (very laughable) so he can show he did something to the owners. 2) on a deal the firm was looking to acquire, i discounted some cash flows at a discount rate than capitalize the cash flow because there was an end of life to the cash-flow after 5 years (assume you have 100k each year over 5 years so I discounted that stream of cash flows at 8% and the guy was lost and had no idea WTF was going on (had to show him time value of money in excel). 3) he had no idea about MIN, MAX, offset, of basic functionalities in excel
I know way more than this guy and I have only been at this shop for 6 months. He also tries to micromanage, always asking me what I am working on which is just fucking strange!
I want a good relationship with this guy he should be fired!!! I feel like a rising analyst to senior analyst from CBRE, JLL will crush this guy. the owners are picking up on me going directly to them for shit but I am worried shit will blow up soon. any advice or guidance??? THANK YOU!
I know you don't buy deals in excel and owners will say IT'S KNOWING real estate and the RISK & UPSIDE but the first thing people look at is the numbers. Part of why I joined this firm was to see deals from cradle to grave... now I am worried that I will not grow because I am dealing with a moron!! thoughts? How would you deal with someone like this at a SMALL SHOP.