What are your goals and how do you plan to get there? What does your ideal career path look like and how will this help you later on in your career once you make the leap? I'll go first.
Dev/AM Analyst --> AM or Acquisitions (not sure yet which path I want to take, see strong benefits to both) --> 3-4 year JD/MBA real estate program while doing small deals with saved capital (offset cost of school and begin getting name out there) -->Set up PE/Dev shop to wade into larger deals with institutional capital and grow alongisde partners w/ skillsets I don't possess.
I'm still don't know about AM or Acquistions. Advice here would be appreciated.
Make sure to let everyone know your thoughts and don't tear others to pieces, everything is merely a working theory anyhow.
What do you think the purpose of getting an expensive JD/MBA would be for real estate entrepreneurship? Are you looking at the JD/MBA to "qualify" yourself for investors?
Offering docs are certainly part of it. I've learned that all c-suite positions and the responsibilities of the like normally have prerequisites (i.e. MBA, CFA, etc.) used as qualifiers. It's much easier to point to a designation along with experience than simply trying to justify the experience alone. I also think it will help navigating the plethora of legalities incurred in development and capital raising, which can be a large up front expense when you're just starting out. Could also be a hedge against a downturn for solidifying exec positions at other funds if my CF runs dry for whatever reason. Would enjoy hearing the thoughts of others on this.
Minimize your debt, and don’t get a dual degree. Only get the masters if you absolutely need to. Everything I’ve read from others seems to indicate that being able to take the leap requires low-er overhead and savings. It’s much easier to take risks when you aren’t paying $1000/month in loans.
True, it is a very capital intensive business. However, what's another $250k if scaled across lifetime earnings compared to the horrible decisions you might make without the degree/expenses you will save by heeding your own counsel? ying/yang mi amigo
Coming from a market outside the US, and without trying to derail the thread, why are MBAs so sought after in the US? It surprises me even in such an entrepreneurial and relationship heavy industry such as real estate. Rarely is it a pre requisite in London, for example, and experience trumps all. Just curious.
Given the bias, I'd side with cpgames thoughts
Personally for me
Indefinite, but long, stint in REPE to gain exposure and experience - > partner with close friend also in REPE.
Aware that capital is a huge barrier to entry so making connections is the key thing which I'd hope working in REPE would help with. Additionally having friends in the advisory side of the world helps too. Very early days however so I can only dream!
It depends what you're looking to get into. If you want to chase prestige and work as an analyst for Carlyle or Blackstone or something, a platinum brand MBA is what will get you in the door. If you're looking to be an entrepreneur, it doesn't mean much. It might open some doors at the beginning, but ultimately your experience, track record, and returns will take over.
I'm far from one to judge someone else's life path, but this is literally the opposite of entrepreneurship. You would be far better served working for a developer or REPE company (depending on your specific goals) and getting actual deal experience. If you REALLY want a degree, do a part-time MBA or MRED while working full time not the other way around, or wait and do an executive program if you need one if/when you're an executive.
I agree with this. During my interview yesterday the MD asked me if I ever wanted to go back to get an MBA. My answer is that I'm taking a wait and see approach to see if I want to take the plunge, but as of now it seems to me that it doesn't add that much value in a real estate career and I see it as two years of downtime that I can be getting more on the job and deal experience. He seemed to like my response but time will tell.
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