Tax to CRE
Hi all,

I graduated last year with a bachelors in finance. I couldn’t find a job in my desired field so I took a job as a tax consultant. I have found a passion for real estate and would love to work as an analyst or in acquisition and development in CRE. How likely would I be able to pivot into real estate? Thanks so much!
[{"id": "fqez77r", "text": "Network and coffee, that's the way. The world is all about relationships, build them and see what comes.\n\nThe whole recent grad to tax thing is irrelevant. I went to work as an investment and wealth manager as a college drop out, went back to school years later to finish b.s. degree, and pivoted into repe-dev as an analyst. \n\nMake sure you can model and make sure you understand real estate models/valuations.\n\nGet good at Excel.\n\nAdventures in CRE and Corp. Finance Institute should be your Bible, read it every night. \n\nIf anyone asks you why CRE, have an answer and know what type of CRE you want to do... Don't say b/c it's tangible.\n\nIf I asked you to look at a building in town, think high-end luxury multi family asset with at least 150-200 units. I want you to tell me how much it would sell for, you have less then 2 min. with nothing more then the calculator on your phone (not the internet, no research, it's a logic problem) to give me an answer.", "replies": [{"id": "fqezomi", "text": "Thank you. Extremely helpful. I taking CCIM \u201cbuild your own DCF model.\u201d I keep reading mixed reviews on the CCIM designation, would it help me get my foot in the door for an investment position if I obtained it?", "replies": [{"id": "fqf2mso", "text": "What are you looking to do? It's alright of you don't know this is a good place to ask questions, but it's hard to answer the question 'is CCIM good for me?' if I don't know what you want from it/where you are trying to go. \n\nFrom what I know,\nCCIM is generally a brokers designation. I know a few others who have it. Not sure of how the industry views it outside of that contract. But it can't hurt you, and can only help you, if it's getting you knowledge and familiarity with concepts.\n\nMost fund management, acquisitions, dev, credit etc. Guys get CFA or CAIA.\n\nBut it all depends what you want to do.", "replies": [{"id": "fqf2wxs", "text": "Thank you. I\u2019ll definitely take a look at your previous post.", "replies": [{"id": "fqf9bru", "text": "I updated my reply to you hope that gives better info!", "replies": [{"id": "fqf9n77", "text": "To answer your question, I want to development &amp; acquisition.", "replies": [{"id": "fqfaxiy", "text": "Then make sure your Excel and modeling skills are sharp and see if you can answer my hypothetical valuation question above.\n\nYou may want to look into an post graduate or executive cert.\n\nNot through a uni and can be done over a semester if you grind, I would recommend at least looking into CFI's financial modeling cert. Didn't do it myself, but you can see the classes which compromise the cert. You should be able to do most the things they teach.\n\nTo be clear most places consider those two separate roles; Acquisitions is one thing development another.\n\nYou may also want to think of asset class and product type. Do you want to do offices? If so, class a, b or c? Multi-tenant buildings, stripmall style small offices, or single occupancy buildings?\n\nHow big of a shop are looking to work for?\n\nDo you want ground up development/land acquisitions or value-add properties, or simply acquisitions for an owner-operator?\n\nAgain, you may not know and that's ok. Look into what's out there and see what gets you excited.\n\nHappy to answer any other questions as well... feel free to dm me.\n\nI'm in MF dev and didn't really know shit when I started and definitely told them in my interview I liked CRE because it's tangible! So no need to be perfect, but my Excel skills were on point and I networked my ass off for 6 months.", "replies": [{"id": "fqfbjp7", "text": "Are you referring to the FMVA certificate? I definitely plan on obtaining a certificate. \n\nI think I am focused on multi family tenant buildings. \n\nI think ideally if I am able to work for a smaller boutique firm I would have more opportunities to be hands on and learn directly from the principals. But finding smaller firms is a bit more challenging.\n\nWhere did you find the most success networking?", "replies": [{"id": "fqfec8f", "text": "That's the one! \n\nIdk if you need to take the cert. Although I think that's pretty reasonably priced if you wanted to do it. I would just make sure you know how to do what they would teach you. If learning that means getting the cert., Awesome. If it means watching YouTube tutorials and reading blogs/books that works too.\n\nAs far as networking. Best thing you can do is get a short list of developers and operators your interested in working for. Then do research on them, i.e. did they just close on a deal or start a development maybe win an award. Reach out to principals and management and ask for coffee. Reach out to analysts and associates for info... \n\ni.e. I saw you work for (blank) and I was real interested in (deal x they sold) it's really amazing/awesome/cool. I'm interested in pivoting from tax to dev and was wondering if we could chat. How did you break in/how do you like (blank company/blank position)?\n\nOr whatever, see below for where to get better ideas of cold emails. Idea is you want to get coffee with management/owners and talk to monkeys. \n\nLook at WSO for tips on cold emailing and networking those IB guys are all about that life. Difference with RED, to what you'll read on WSO for IB, is you may actually get coffee with an owner/manager.\n\nSchool connection can help, I guess, but not my experience outside of an MRED program (or top 10 target undergrad but that's not for boutiques anyway).\n\nDm if you want to chat more", "replies": [], "depth": 9}], "depth": 8}], "depth": 7}, {"id": "fqfob84", "text": "Networking and you need to know how to model in Excel.  Not only that, but you need to know advanced Excel formulas so you are efficient in modeling and your models run fast.  \n\nPick one property type (acquisition or development) and practice.  \n\nTake a course on that property type from someone like [Top Shelf Academy](http://tsmfinancialacademy.com).  \n\nRead blog posts and eventually build your own model.  When you interview for PE jobs, most give you a timed case study to test your modeling skills and you will need to nail those...and that comes from the courses and practice mentioned above.\n\nConsider getting a mentor or pay for a tutor to show you the tips/tricks.  Invest in yourself and it will pay off.", "replies": [{"id": "fqfpb4a", "text": "Somebody recommended the CFI modeling course. I have also seen people recommend the CCIM modeling course. I will definitely be taking one of these courses. Any other tips to actually land a interview?", "replies": [], "depth": 8}], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "fqg7uut", "text": "As a CCIM designee, I can share that the designation is not designed for solely brokers. We are seeing many different roles obtain the designation outside of just brokers. The institute was built on three major principles, networking, education and technology. If any of those are important to you then I would look into the designation.  No matter what the education and principles will apply to any role within CRE, just my opinion.", "replies": [{"id": "fqi7vvv", "text": "Thank you for your input. Are you a broker yourself?", "replies": [{"id": "fqk2iwh", "text": "Yes, primarily. However, see all aspects of commercial real estate within CCIM Institute. Management, Bankers, Economic Development, Development, Law, Tax, etc.", "replies": [], "depth": 5}], "depth": 4}, {"id": "fqm96rb", "text": "Didn't mean to put shade on the CCIM it's just I only know brokers, or brokers who have gone on to other things (like becoming owners) who have it. I looked at it myself, but no one in my firm has it. They all go the CFA or CAIA route", "replies": [{"id": "fqnjzka", "text": "No offense taken. I hope to help educate folks as it\u2019s a common discussion I see on here.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fqi49fv", "text": "I was in a similar situation. Took a job in bookkeeping. My way out was that I moved a couple states away and did a 9 month MS in Real Estate... But the Corona Virus hit at the absolute worst time and now I'm working in a half finance half sales job somewhat related to real estate. But once this virus is done and real estate firms start hiring more I will pivot into the capital markets space.", "replies": [{"id": "fqi4i61", "text": "Yeah this is horrible timing to pivot. But I\u2019m going to take the REFM course and Argus certificate. Hopefully that will help pad my resume. I\u2019m only one year out of college so we\u2019ll see.", "replies": [{"id": "fqi5dww", "text": "Yeah i was 1 year out when i went into my MS too. Argus will help if you\u2019re getting into non-multi family CRE.\n\nIf you have extra time and money, Yardi might help you if you want to get into portfolio management. Won\u2019t help a TON, but will make you more marketable.\n\nIt sucks that i came out when I did. But a few of my classmates had analyst jobs nailed down before all of this happened. An MS is certainly something i\u2019d at least think about.", "replies": [{"id": "fqi5ght", "text": "Yeah I\u2019m thinking about it. What was your undergrad in? Ideally I would like to get an entry level job then go for my MS.", "replies": [{"id": "fqici43", "text": "My undergrad was in general business. Then i got a job as a bookkeeper/office manager. I did that until i went into my MS a year later.", "replies": [{"id": "fqicmtl", "text": "Gotcha. Best of luck! Have you received more callbacks because of the MS?", "replies": [{"id": "fqietbr", "text": "Definitely! I gained a lot of valuable connections from it. I learned a ton of valuable skills like underwriting, ARGUS, etc. And I definitely improved a lot of my networking and professional conversational skills.\n\nBefore COVID happened I had my foot in the door with JLL as an analyst or an analyst at a bank for syndicating debt. I had some really good ins with great companies due to my MS. The timing was just atrocious.", "replies": [{"id": "fqiezs6", "text": "Good to know. Thanks so much for the insight.", "replies": [{"id": "fqig0n4", "text": "No problem, feel free to reach out if you have any further questions.", "replies": [{"id": "fqiir0n", "text": "Will do! Thanks!", "replies": [], "depth": 10}], "depth": 9}], "depth": 8}], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fqib9vi", "text": "Your tax preparation experience will be extremely important to bank CRE departments during a recession for global cash flow spreading (360 degree review of client\u2019s actual cash position using tax returns). After about a year, you\u2019ll move into directly interfacing with CRE investors. Then it\u2019s easy to transition over to their world.", "replies": [{"id": "fqic0tq", "text": "How do you think I can market my tax experience to CRE? I\u2019ve listed that I\u2019ve built tax exposure workpapers,calculated tax liabilities, due diligence, technical reset. I\u2019m not sure how I can properly market my skills.", "replies": [{"id": "fqid2b8", "text": "Bank CRE groups are/will be looking for people with knowledge of how income \u201cflows\u201d through tax returns and what is cash income versus non-cash income. The primary focus is on $$$ income in a client\u2019s pocket vs. assets/liabilities. Can this client afford the loan payments?", "replies": [{"id": "fqid6jf", "text": "Thank you for your insight.", "replies": [], "depth": 4}, {"id": "fqo1h9p", "text": "Very true my firm runs a mezz/JV credit group and they beat the hell out of them with their models. Always a live fish on the hook and make sure you walk away with your return even if the Dev goes bankrupt", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fsbli5k", "text": "What school", "replies": [{"id": "fsbt3vc", "text": "Baruch", "replies": [], "depth": 2}], "depth": 1}]