Unique Entry to Development.....Next Steps?
Hi everyone,
I would really appreciate some input and insights as I take the next steps in my career. I am in my late twenties and trying to figure out my next steps. First a little context and background, I hope it's helpful.
I cut my teeth into development by working for my father. When I was in high school he found a large parcel of undeveloped land in a subdivision and we built 6 custom high end homes. He is an accountant by trade, but acted as a GC for this. I got lots of hands on construction management experience as result of this.
Excited as I was, single family was not where I wanted to be so I transitioned into the commercial world about two years after graduating. I began working for a family office that had a large mixed portfolio ($2b AUM) and got a ton of hands on experience. My primary responsibilities were due diligence and setting up property management processes. After about a year, I found that they were not letting me expand my role/responsibilities and felt quite pigeon holed.
I then landed a job at a University where I develop both multifamily and single family products for faculty members. The MF are a rental product and the single family homes are deed restricted (we have the option to repurchase when they leave) and they are sold.
This is easily the best job i have every held. My position allows me a lot of authority in decisions I make and I get to be hands on with the entire entitlement and construction processes. The pay is great (85k in MCOL area), I have a ton of vacation days (6 weeks/year), the hours are easy (35-40 /week), and my boss is awesome and supportive. That said, everyday I come onto this board, looking at posts and long to work on bigger projects. The multifamily side is great as I only focus on the projects themselves. They range from duplexes up to 40 unit buildings. On the single family side, I handle everything the purchase and sale transactions, project, and all the customer service that comes with it.
There are a few reasons I'd like to leave. First and foremost, is the day to day BS. The customer service aspect of my job is extremely demanding and can take up large portions of my time. I want to focus on the financials and construction, but often am stopped in my work to change paint colors or a light fixture to make someone happy. Second, I'd like to be challenged a bit more in my work. Third, with no major projects on the horizon (we just finished a large 300 unit complex last year), I want to move on to bigger projects.
I am now trying to figure out my next steps in my career. My primary goals are to work on larger multifamily projects, make as much money as I can, and eventually go out on my own. I am looking closely at going to grad school and getting a MSRED. I would also look for a new job, but I don't think I could find a development position at my level or the next that pays significantly more to make up for the lost benefits above.
Over the past few weeks I have been having a hard time trying to decide on a full time vs part time program. My employer will give me 10.5k annually, but I would have to do a part time program for this benefit. It might be possible to arrange flexible work hours, but I'd have to talk to my boss. It would also be a very long commute 1.25 hours each way on the train for each class. In undergrad I commuted for 3 of the 4 years and felt I did not make the connections I could have if I lived there. I think those connections could be valuable going from a university (albeit with great brand recognition) back to the industry.
That said, for a full time program I definitely don't have the 85k for the MSRED in my bank account, so I would be taking a large student loan in additional to forgoing my salary. Given the salaries I see reported by these MSRED programs, it seems like the program would pay for itself in just a couple of years. It still feels like a big leap of faith. If you've debated this yourself, I'd love to hear from you.
Thanks,
IvyDeveloper
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