LA or NYC Life Decisions..
Hey everyone. I have been out of college working in a non CRE job for a year in a city I don't love on the east coast. I am 100% trying to switch over to brokerage ASAP, and have been networking a ton. The only problem is I dont know where I want to be short term and long term. 

I would be open to living in NYC for a couple years to make money, but don't want to spend the rest of my life there. The other option would be to move to LA. Does anyone have any recommendations? I don't want to get stuck anywhere and really am 50/50. The people I have been networking with have been asking for a definitive answer ASAP
[{"id": "e4amz2e", "text": "If you want to be successful in CRE you need to find a market and stick to it.  Every time you move you\u2019ll be starting from the beginning, and this is especially true in brokerage. ", "replies": [{"id": "e4apj7c", "text": "One caveat is that this isn't necessarily true if you will only focus on national assets.  Pharmacies, dollar stores, national tenant strips, national grocers, etc.  you can move all over the place and it's no big deal but that's a very specialized path.  ", "replies": [], "depth": 2}, {"id": "e4axe22", "text": "Thanks for responding guys. Everyone I have talked to has said the same thing. It looks like I'll be stuck with wherever I choose. I asked below, but are there other high opportunity/prestigious positions besides investment sales? My long term goal is REPE/Acquisitions but I am realistic enough to think I could not get an entry level job without experience. ", "replies": [{"id": "e4b4fzq", "text": "You could always go get a MRED and then decide on a market later.  I\u2019m currently finishing up mine and interned with an top REPE (Blackstone, Starwood, etc level) firm this Summer with $60BN+ in AUM and crazy deal flow.  I\u2019m either am going to do an investment sales/capital markets analyst program with a top team to get reps and build a network, or go directly to the principal side in development or REPE.  Honestly, you can\u2019t go wrong if you get in with an Eastdil, HFF, CBRE, JLL, etc as an analyst.  You\u2019ll see a shit ton and build a huge network of people on the principal side.  You\u2019ll grind your ass off for 2-3 years but it will be worth it, and almost everyone at my shop this summer recommended doing that.  For context, I\u2019m straight out of UG with zero full time experience.", "replies": [{"id": "e4b5vn0", "text": "Damn this seems like great advice. Good to know you're just a bit older too. I really appreciate it... My last questions would be about the Investment sales/capital markets analyst stuff. Does this techincally count as brokerage? Would you apply to the company for general \"investment sales analyst/capital markets analyst\" job titles? Would you apply to specific teams first? Are these analyst positions usually just using Argus and Excel or is there modeling? Thanks again.", "replies": [{"id": "e4byk5n", "text": "1.) In CRE, teams are typically structured, Analyst -&gt; Associate -&gt; Director -&gt; Managing Director -&gt; and so on.  Sometimes firms use \"Vice President\" in-lieu of \"Director,\" or at least, that's my perception.  Recent recipients of an MRED (or any Master's with some sort of RE focus) are typically shooting for positions titled \"Associate\" or above, but it can depend on age/experience.\n\nAn \"Investment Sales Analyst\" is typically a title for one employed by a brokerage (JLL, CBRE, etc.). This role would generally entail assisting Investment Sales Brokers, who connect sellers and buyers. On the ownership (principal) side, there may be an analyst assigned to a team overseeing acquisitions/dispositions, but I don't recall seeing this role titled \"Investment Sales Analyst.\" In fact, similar roles are simply titled \"Analyst\" or \"Financial Analyst\" on the principal side as you may need to assist in multiple ways (i.e. development, asset mgmt, acquisitions, or dispositions).  \n\n\"Capital Markets Analyst\" is also a title I typically see on the brokerage side.  This role would generally consist of assisting equity/debt brokers, who serve as a liaison for lenders and investors/owners.  On the principal side, most firms have Capital Markets professionals who assist their firm in acquiring debt/equity via the various conduits available, but some may not find the need as they can rely on brokers for CM expertise.\n\nAs you can see, there are two sides coming into play here - principal (client) and service provider (agent).  There are pros and cons to each, but they both are extremely competitive.  You have plenty of time to \"pick a side,\" and ideally, you'll undertake various types of roles throughout your early career.\n\n2.) \"Modeling\" is typically done in Excel and/or Argus.  When a CRE professional refers to a \"model,\" they're referring to a financial model that incorporates a discounted cash-flow (DCF) analysis to aid in making a real estate decision (buy, hold, sell, etc.). Models may also be referred to as a \"proforma.\"  \n\nIt would behoove you to become a FUCKING CHAMP at Excel. Excel skills will gain the attention of employers and will increase your chances of being an efficient/productive member of your team. Also, plenty of firms include an Excel \"test\" during the interview process.  \n\nIf you're Excel skills are non-existent, don't worry as you can become proficient with consistent practice.  As you hone your Excel skills, you will need to gain thorough understanding of real estate finance/fundamentals/principles.\n\n3.) My Advice: Find an \"Analyst\"-level position in a city that has a reasonable cost-of-living.  NYC and LA are great, but the high COL may not be the best for one starting a new career path.  On the contrary, both are excellent CRE markets.  \n\nThe reputation of your potential employer and the specific role itself are very important, but your main focus should be your boss.  Find someone that you view as a potential mentor.  Someone that will accelerate your growth.\n\nResources:\n*  [CRE Job Openings](https://www.selectleaders.com)\n* [RE Excel Training](https://www.getrefm.com)", "replies": [{"id": "e4itrxr", "text": "I love you. Thank you for taking the time to write this whole post out. I will continue working on my excel skills and am planning on applying to a brokerage firm as an investment sales analyst. You're the best.", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "e4aommm", "text": "What TrunkYeti said This is what has kept me from moving out to either coast myself. It looks like I'll be stuck in Dallas for the foreseeable future. Unfortunately, this career is more or less geo specific. Get licensed in said state, learn a new market, build your network, all these things take a very long time to master.  ", "replies": [], "depth": 1}, {"id": "e4aqaid", "text": "Real estate is local and about connections. Unless you are doing investment sales then you can be almost anywhere. Get a job quick before things turn to shit ", "replies": [{"id": "e4ax8od", "text": "&gt;level 1\n\nAppreciate the advice. I'm thinking investment sales so I guess I will be stuck.. Any recommendations on other prestigious positions? I went to a decent college and graduated with economics but don't know anything about the real world.", "replies": [{"id": "e4b02f0", "text": "You can work at a shitty company and learn how things work real quick. In that case, work at Marcus &amp; Millichap. You will be fucked over like 10 ways and learn 10 really important lessons each time. \n\nOr, try working for CBRE and get a good name on your resume. Assuming you dad also works there, should be a piece of cake. If you are not related to someone there, well then you will have to work someplace else. \n\nWhatever you do, don't work in the research department. That is where people like me end up. Best of luck. But seriously, get a job really quick. ", "replies": [{"id": "e4b3wcp", "text": "Got it. I'm going to apply to the institutional jobs but I have no friends or family that work there. I have networked with a couple people though. \n\nI got offered a final round interview at M&amp;M in NYC but just turned them down for that reason. I cannot do no salary for a year. I would need at least 20k to survive", "replies": [{"id": "e4bfl38", "text": "Could ask for a draw, not sure if MM does draws though.", "replies": [], "depth": 5}, {"id": "e4bh10j", "text": "Brokerage will be tough for you then. One of the reasons why so many trust fund babies end up in brokerage is that they can afford to go 3-5 years on no income. Because that is what it will be like mostly as you get started in sales. It takes bout 5 years I have noticed for people to get it and start hitting a stride. ", "replies": [{"id": "e4bxr2f", "text": "I can do 3-4 months with no income but need a draw or stipend or some sort. I'm hoping to maybe get an analyst job on a good brokerage team?\n", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}, {"id": "e4bfk97", "text": "are you full time research or an intern?", "replies": [{"id": "e4bgvkm", "text": "Full time, \n\nResearch varies depending on which firm you are at. So sometimes it means data monkey and sometimes it means someone with an economics degree. I am the latter, although I spend a lot of time doing the work of the former. ", "replies": [{"id": "e4bh7mb", "text": "I'm currently finishing up an internship at a brokerage doing research. But luckily I got some underwriting experience for some investment sales so I can pivot that into a full time role on the owner side once I graduate", "replies": [{"id": "e4njs73", "text": "&gt;level 1\\_\\_om\n\nWhat kind of stuff in investment sales are you going to apply to? Would you mind providing specific roles? (Without the companies of course :) ) ", "replies": [], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "e4awsfn", "text": "From what I've been told, people in CRE (and probably other finance positions) move to NYC for about 3 years and see if they \"make it\" or are making good enough money to continue living there. If not, they move away. Have you visited either of them before? Personally, I think I'd be happier in LA. ", "replies": [{"id": "e4axa0a", "text": "Thanks for getting back to me. I think that's what I would do if I moved to NYC. I think LA is probably a better fit for me too though long term", "replies": [], "depth": 2}], "depth": 1}, {"id": "e4bsdxk", "text": "Have you visited either city? I've lived in both, they're pretty different.", "replies": [{"id": "e4bxpc2", "text": "Yea, im from southern california and lived in NYC for a summer. I like both but so different. I can't decide what I want lol...", "replies": [{"id": "e4c2udj", "text": "IMHO I'd pick LA if I were you. It's all about relationships, and if you grew up in socal, I imagine you have more contacts in the area than you would with NYC.", "replies": [], "depth": 3}, {"id": "e4vz2zu", "text": "I\u2019d pick NYC a lot less driving and more convenient that Southern California ", "replies": [], "depth": 3}], "depth": 2}, {"id": "e4by5ak", "text": "Where did you end up settling by the way? Did you have a personal preference?", "replies": [], "depth": 2}], "depth": 1}, {"id": "e4irpnj", "text": "it took me a good 10 years to make the right inroads in NYC, and your first year is learning the ropes. if you're going to leave, leave now. Before it's too late\n\nAs for which market is better? they're different, but if you're chasing cap rates and margin, the west coast will be stronger\n", "replies": [{"id": "e4njt2z", "text": "I appreciate the advice!", "replies": [], "depth": 2}], "depth": 1}]