I spent the past year working in an accounting/finance role at a small firm ($1BB in asset value) that initially was PE but also starting to enter the development business.
Several months ago, my boss (one of the senior execs in a different city) tasked me to low-key begin building the local development business from scratch. The minimal guidance is to start small and fast, and organically grow into bigger and longer-term projects. As such, I've spent the last few months studying the local market and networking my butt off, meeting GCs / architects / lenders / brokers and sourcing deals.
Prior to this job and company, I cut my teeth for about 5 years out of UG at a CRE lender ($100+ BB in AUM) as an underwriter of 'special projects'. So I had decent experience and strong deal flow in all sorts of tricky, high-leverage construction / bridge type financing -- albeit in a different market.
I feel like this is a very unique and fortunate situation -- falling into my dream role -- being employee #1 of a new development business that is well-funded from existing operations.
My question is: where do I go from here on the fly? How do I make the best of my situation? I feel like have 'impostor syndrome' yet my boss obviously trusts me and has faith in my abilities to perform with minimal direction.
My current plan is to start by focus on value-add / opportunistic projects -- small-sized rehabs, flips with short timelines so I can learn quickly, fail forward and demonstrate track record. Then snowball into larger sized projects over time.
Any advice, tips, suggestions and/or feedback appreciated!