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May 31, 2024
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Started: at the bottom Now I’m: here
I would have gone for my MS in Finance earlier on
most useless degree of them all
Started - Broker in a small/local residential/commercial brokerage in secondary city
Now - Vice President, head of department of major multi-national development firm, headquartered in NYC
Do differently? Honestly, as my family never had the financial resources to send me to anything more than the state school I got full scholarships to attend, I don't think I would change anything. My mistakes and wrong turns all paid off in the long-run. Just pray it all stays that way, I take nothing for granted.
Sounds like Related.
Not that big!
.
How old are you - 28? I remember DMing you when you were in school but didn’t know you dropped out for a while
Started 5 years ago making $18 per hour as a research analyst for CBRE.
Now running an entire region for acquisitions for a middle market REPE firm.
How did you make the jump from research at CBRE to REPE acquisitions?
Made relationships with the CBRE brokers and their clients, got a few to give me a recommendation for an entry-level analyst role on the principal side.
i think i made a little less than that as an asset management analyst in a small market. it's amazing how pathetic some offices are in this industry.
"being poor wasn't all that bad" - ben folds
A lot of these are inspiring to hear. Really shows there is more than one way to get where you want to be. Still in college, so don't have much to add but hopefully can end up where some you are now, lol.
Started off in banking at an OK bank. Left after short stint - I always wanted to be in development.
Now in development. Took a significant pay cut from where I was at the bank.
Sometimes I ask myself whether the loss of money and prestige was worth it. I am hoping that it will be a few years from now.
ha, dude... it will be. i guarantee it.
fuck working at banks.
Started in asset management, had a few stops in between there and the current development shop I'm at. I ended up where I wanted to be, and at a place that pushes me every day, but the one thing I would have done differently is waited for the right opportunity after my first gig. I was so eager to leave that I was willing to take anything and probably sold myself a little short which resulted in continuing to be unhappy up until my current role.
I can relate to this one
Appraiser for a large shop (Cushman/CBRE/JLL) > Problem loan workouts at a Life Co > AM for JV equity investments at an LP > JV equity origination > Senior/Mezz debt origination.
I would have left Appraisal earlier. I stayed for 8 years to get my MAI and jumped ship right after. Should have left after about 3-4 years to get an MBA but the money and work/life flexibility was too good to walk away from.
I also would have fought harder to stay on the Equity side at my shop. They moved me over to debt origination because our equity appetite dried up during covid. Can't complain too much though...at least I have a job.
Started in construction management, and got into my dream MBA program. Got a great offer from a multifamily development shop that got pulled due to Covid. Now I'm back at my parents begging for scraps. Not having the finance background seems to be killing me, there are so many job postings about debt/credit analysis but all require experience. Since I did the MBA thing right, no one could have seen a pandemic coming right as I'm graduating, I wouldn't change that, I feel like I made the right decisions there even if the final outcomes isn't great. Ultimately I think not switching majors from engineering to finance in undergrad hurt me. I was a sophomore when I realized I didn't want to do engineering so I still had time, but I had scholarship for the engineering school. If I had known finance would have been so important I would have fought for scholarship for the finance major or taken loans.
So you have a Construction Management background and have an MBA from a top tier school. Are you able to create and understand all the typical financial models (waterfalls, etc.)? If so, I don't think that the issue is your educational background but most likely a lack of a networking. If not, you should do the ACRE course and pick up the valuable financial skills.
Either way, shoot me a PM. Happy to help.
BO Consulting --> D/E Brokerage --> REPE Acquisitions --> Hotel Development --> Soup Kitchen.
Wow, quite the journey, what’s the typical soup kitchen comp/exit ops?
Most common exit ops are a cardboard box or a 4 star hotel room paid for by Deblasio.
shit are you really in hotel development? are hotel dev companies still carrying people on salaries or is everybody jobless and looking for the next move?
i am curious where these people end up because hotel development is complicated/sophisticated, and competitive/generally a job held by a quality candidate/person. so, i am sure that anyone in that business will eventually land on his feet and do well long-term, but god knows how long til hotel developers start hiring development managers etc again....
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