Switching to CRE from investment banking. Would I have to start all over?
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[{"id": "hp733ar", "text": "I was in your same position. Go in as a \"Junior Broker\", where your primary task would be bringing in deals to your superior and if you have to underwrite because the Analyst doesn't like to work hard, you can. You don't need to be an Analyst again. If you were in IB, I would target working for firms who's average deal size is at least $30MM", "replies": [{"id": "hp78fu0", "text": "I\u2019ll look into this route. Honestly my favorite part of IB was being on the phone and working with the PE firms to move transactions along / get the deal closed so might make more sense to go to junior broker route.", "replies": [{"id": "hp7nqt2", "text": "If you liked that part of the job, becoming an analyst for a producer(mortgage banker) on the debt side sounds like a great fit. Working with borrowers(mostly REPE firms) on moving deals along and pitching your company\u2019s debt products to help them refinance/acquire properties.", "replies": [], "depth": 3}, {"id": "hp8t87w", "text": "I totally get this. I run my own real estate development company and one of my absolute favorite parts of the job is closing deals. It\u2019s tedious in every way but the goal oriented part of the process is satisfying when it\u2019s all said and done.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hp74q5b", "text": "Which part of IB were you in? M&amp;A? Any specific sector? I\u2019m asking so I can explain the overlap\n\nI\u2019ve done IB, corp dev, and RE", "replies": [{"id": "hp78ynh", "text": "Added some context to my post but I was in sell side M&amp;A, $5-$15M in EBITDA. We didn\u2019t have coverage groups and just staffed as needed but most deals I\u2019ve been on have been industrials and business services. I also spent time on construction deals but just before I left", "replies": [], "depth": 2}], "depth": 1}, {"id": "hp75oq5", "text": "Unless you can go to eastdil, fuck brokerage. Get some deal experience at a principal investor. If you can\u2019t pull that, try lending at a bank, Lifeco or debt fund to get underwriting experience and deal volume. Do that for 2-5 years then try to pivot to PE. That was basically the route I took but starting at 28 after MBA, and am now an MD making high 6-figures and I absolutely love my job. Get to fly first class, play a ton of golf, spend about 10k a month wining and dining. It\u2019s amazing. If you\u2019re only a few years out of school, you could pull this off before you\u2019re 40 easy.\n\nBest part for me is building relationships with operators that I can invest with on the side, and traveling to see properties / learn markets. It\u2019s a great mix of socializing, travel, analysis, pitching, etc.\n\nMost PE shops like ours don\u2019t have bandwidth to train, so we like to hire associates directly from IBs - but they need to have real estate exposure. Even better are the guys from eastdil who have gotten their asses kicked for a few years and are absolute beasts on excel, ARGUS and packaging OMs. Plug and play.", "replies": [{"id": "hp7b1k6", "text": "This also seems like an attractive route. Issue is I only have one deal that was a real estate related - a large debt refinance. I have strong background making models, OMs, and pitching deals but all for middle market companies not real estate transactions. Would argus course or some other real estate courses have any weight in the recruiting process?\n\nHonestly the relationship building is the part of miss most about IB compared to Corp dev. Don\u2019t mind grinding on a model but I still stay in touch with my clients, stop by their facilities, and value those relationships the most. Encouraging to hear that\u2019s a big part of your role.\n\nAppreciate the eastdil suggestion, I just reached out to an SVP in my area that went to my same school to speak about a pivot and got a call setup for next week. Any other firms I should look into?", "replies": [{"id": "hp7v6of", "text": "An Argus certification would definitely give you an edge for capital markets and acquisitions roles. If you like the social/networking part of the business, you really can\u2019t go wrong in real estate no matter what side of the deal you\u2019re on.", "replies": [], "depth": 3}], "depth": 2}, {"id": "hp7taq9", "text": "What's the best way to get underwriting experience? I currently work as an analyst for a big RE firm.  Currently trying to get cash-flowing experience but curious about the underwriting part. I'd ideally follow a similar path to yours!", "replies": [], "depth": 2}, {"id": "hp8lrp4", "text": "As someone that would like to be where you\u2019re at in 10-15 years, is getting an MBA a must to get where you are? I\u2019m a couples years out of undergrad and am an asset management analyst for a REIT. Would like to eventually get into acquisitions or possibly debt placement and then acquisitions.", "replies": [{"id": "hpbmzfz", "text": "No. I went the MBA route to get back into the corporate recruiting pipeline. Sounds like you already have access to that. Better off networking while you work.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hp9epne", "text": "I had an unorthodox but relatable path into CRE. \n\nI started in S&amp;T at a top BB after undergrad in NYC. Did my two years on a desk completely unrelated to CRE or even deal structuring. Decided it wasn\u2019t for me and I decided I wanted to pivot to CRE.\n\nI searched for a few months. It wasn\u2019t an easy shift because most of my skills were directly transferable from S&amp;T. I ended up joining a CMBS team at a BB. It turned out to be a perfect sidestep as it was part capital markets, part fundamental CRE. I chose it because it gave me exposure to all classes of RE in all markets. I wasn\u2019t ready to choose a specific asset class in PE, and also didn\u2019t want to join a brokerage shop. \n\nI spent 2 years in CMBS originations and then joined a small REPE firm where I am now. It\u2019s an opportunistic fund and I underwrite acquisitions across all asset types. \n\nMy advice to you with your background is to not go the brokerage route and find a PE / debt role that appreciates your background. RE isn\u2019t rocketscience and your experience should translate well. If you join a broker you\u2019ll be starting at the bottom again - not something I think is necessary for you.", "replies": [{"id": "hp9lby7", "text": "These questions might seem silly but \n\n1. In my search on sites like LinkedIn and Indeed, what sort of titles should I be looking for to get into RE debt or a REPE? CRE is so broad it\u2019s tough combing through all the positions that come up. I\u2019ve compiled a list of smaller firms but it\u2019s tedious looking them up each time to see if they have job postings. Also, what are your thoughts on cold emailing these smaller firms for an associate level role?\n\n2. I\u2019m not in NY or LA and prefer not to go to either. Would that change your approach at all not being in NY / LA or hurt my chances of breaking in significantly? The markets I\u2019m interested in are hot markets (Seattle and Nashville) still but know the finance world revolves around NY/Chicago/LA", "replies": [{"id": "hpg7hjg", "text": "1. Search for roles with \u201canalyst\u201d or \u201cdebt\u201d or \u201cacquisitions\u201d. LinkedIn is a crap shoot however. I\u2019d recommend trying to make some intros to recruiting firms, especially if you\u2019re looking in certain markers that aren\u2019t as large. GloCap is a good place to start.\n\n2. It will be harder simply because there are less options. Also that is where the larger firms are based where it will be easier for you to lateral into some sort of analyst/associate program where you\u2019ll learn the ropes but not have to start from square 1. It\u2019s hard to say, think you just need to start interviewing and see what happens.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}]