Transitioning from Residential RE to Commercial RE - Advice needed, please.
So I've been scouring the internet by doing simple Google searches where I've coming across some helpful YouTube interviews/audio-programs to eventually finding some insightful posts on Reddit to then coming across a post on Reddit that recommended WSO as the go-to place to find information on IB, PE, CRE, etc etc. To give some context, I'm 24 years old, I have a son (2 years old), I've been in the residential real estate industry for 2.5 years now, have an Applied Science degree in Finance from a community college, some experience in underwriting (residential BRRRR, flips, and buy&hold deals), no background in commercial real estate, no connections within the CRE industry but the reason that I would like to make the transition is that I'm a lot more interested in CRE (not so much interested in the money but I know the money that can be made is definitely a plus) and see myself investing in / developing multi-family and retail projects so right now I am thinking to myself, "why not transition into CRE to gain the knowledge needed to get started in the industry (on the development/investment sales side), build relationships with the right people, and maybe find a mentor/coach that I can learn from in the process."
With apartments, I like that you have the ability to buy a (value-add) building, renovate as many units as you choose, hold it for x amount of years then exit or simply convert some units to condos and sell them off then keep the rest to obtain your passive income. On the retail side, I find it interesting that a leasing advisor can somewhat customize which businesses they reach out to fill a space for tenancy. I know that this business isn't simple nor is it easy but that's what intrigues me even more is that the barrier to entry is set to a higher standard whereas in residential the barrier to entry isn't. My marketplace has almost 15k resi agents and around 600 commercial agents - IMO, I'd prefer to be a big fish in a small pond and standout as a true specialist/professional versus just another "Realtor".
Here is my overall plan for the next 12-18 months:
Continue working in Residential to save money (I've heard that on average it takes about 12-24 months to close your first deal in apartments, not sure about tenant representation) while building my database of connections in the CRE industry (meeting with whoever will meet with me over lunch or coffee), referring off any leads and shadowing the referral agent to gain hands-on experience, etc.
While doing this, I'm planning to get my California RE license because this is where I can see myself settling down, growing my business, etc; I am hoping to move to San Diego/La Jolla within the next 5-6 years - I currently reside in Las Vegas and our local University (UNLV) doesn't offer an MSRE or MRED program as of now which I'm not sure is necessarily required for what I'm looking to do/achieve but I continue to see it mentioned in other threads and forum posts from time to time.
And slowly but surely become the go-to person for the people who I meet with to take a chance on me to help them either buy, sell, or lease to start to gain the traction needed to grow my business because I feel that CRE is all about who you know and how they talk about you when you're not around (i.e., are you a flake or are you someone that can GSD without hesitation?) I'm still figuring myself out in this aspect.
Ultimately, my main questions are:
Am I on the right path with my ideology of getting into CRE if my long-term goal is to eventually invest in CRE (retail and multifamily) projects? Or does it seem like I am trying to be a jack of all trades?
If I'm looking to move to a different market, should I just continue in residential and then make the switch to CRE once I've moved to the new market or should I start the groundwork now of gaining the experience beforehand so that I'm on the right track once I get ready to move?
This is a question for seasoned Brokers - If you were to start over from ground zero, what would you do differently and/or what would you continue doing (macro-level, I'm not looking to steal anyone's strategies)? Any books that you may recommend?
Being that CRE can be a very cyclical business, is there any big picture advise that can help with mindset when things get tough in this industry?
Sorry for the long post, I just want to be able to get as much out of this post as possible so that I can figure out if I'm making the right decision or not. All replies are greatly appreciated and will be duly noted. Thank you!!
I want this post to help inform people that are in a similar position as myself (some RE experience but unsatisfied with their current career choice and/or trying to see what else is out there). But I'd also like for this post to be something that people can refer to for starting fresh in the industry with little to no CRE background and/or education.