getting involved in a real estate career..

Discussion in 'Finance, Investing & Economy' started by bostonsoccermdl, Jul 12, 2005.

  1. bostonsoccermdl

    bostonsoccermdl Moderator
    Staff Member

    Apr 3, 2002
    Denver, CO
    I am looking to possibly change careers and get involved in real estate.

    I have a finance undergrad background and look to eventually get into real estate development, or more of the financial areas rather than sales.

    It seems like getting into the industry as a property manager seems like the entry level way to go to gain broad experience. Is grad school even worth it/beneficial?

    How competitive is it to get into such a firm?

    I am also interested in possibly being a mortgage broker, but see this possibly going online or directly 2 each parties rather through a broker..

    Any insight or resources anyone has would be great.
     
  2. erikl2

    erikl2 Member

    Oct 8, 2004
    Washington, DC
    A good place to start would be a bank credit training program, or a commerical lending job. Both of these positions would transition well into a development job.

    I would probably say that business school would be very hit or miss. You would need to concentrate in a real estate curriculum and go to a program that places a lot of grads with firms that you are interested in. In my experience, schooling doesn't really sell into development firms, but experience does. But school is terrific buffer for a career changer.

    Good luck
     
  3. Sachin

    Sachin New Member

    Jan 14, 2000
    La Norte
    Club:
    DC United
    I've known a fair number of real estate developers and the one thing they all have in common is that they can manipulate large numbers in their head while talking about other things.

    Also, most developers came up "through the ranks", working as contractors, lawyers, bankers, etc. Most of them didn't start out as developers.

    Good luck. Right now, everyone wants to be a developer.

    Sachin
     
  4. peledre

    peledre Member

    Mar 25, 2001
    Sioux Falls, SD
    Club:
    Chicago Fire
    Nat'l Team:
    United States
    Get a B.S. in Accounting or Biz Adm. and go to Law School, both would be very helpful if you're planning on going into development as well.


    Thanks for the suggestions so far guys..

    As far a a BS degree, I already have one in Finance with an Econ minor. I am just wondering if an real estate grad program would be useful.
     
  5. bostonsoccermdl

    bostonsoccermdl Moderator
    Staff Member

    Apr 3, 2002
    Denver, CO
    thanks for the advice guys..
     
  6. peledre

    peledre Member

    Mar 25, 2001
    Sioux Falls, SD
    Club:
    Chicago Fire
    Nat'l Team:
    United States

    How'd you manage to edit my post BSMDL?
     
  7. bostonsoccermdl

    bostonsoccermdl Moderator
    Staff Member

    Apr 3, 2002
    Denver, CO
    I didnt mean to. I dont think I changed anything.. Sorry, must have clicked on a wrong button..
     
  8. Barbara

    Barbara BigSoccer Supporter

    Apr 29, 2000
    Club:
    DC United
    Nat'l Team:
    United States
    A lot of them start out as brokers, too. The owner of my company was a PE major and actually taught high school for a brief period and somehow wound up being a broker and he's had his own development company for almost 20 years now.

    And yeah, you're right, those guys can babble on about IRRs and cap rates blah blah blah for hours. It's sort of amazing for the 45 seconds it holds my attention.
     
  9. Barbara

    Barbara BigSoccer Supporter

    Apr 29, 2000
    Club:
    DC United
    Nat'l Team:
    United States

    One thing you're really going to want to do is go join CCIM and take their classes. Very useful - teaches financial and market analysis stuff. I took the finance class but, for various reasons, I'm not going to get my certification.

    I'd have to say that at least half the class was where you are. Most of the rest were already brokers and about 10 percent of us were in the operations side - accounting or property manager.

    http://www.ccim.com/
     
  10. FearM9

    FearM9 New Member

    Jul 14, 2000
    On my bike
    My old roommate's dad is a semi-retired developer in Phoenix, but only as of the past 6 or 7 years. Prior to that he worked his way up the banking ladder for First Security (now Wells Fargo) for 20+ years. I think by the time he left he was a regional VP of sumpin' sumpin'...I think commercial/real estate lending. He then went on to partner up with someone in Vega$ and after a year or so the partnership didn't work out. So he packed up his stuff and headed down to Phoenix and began building and selling high end homes. He has done pretty well in that.
     

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