Jobs analyzing potential real estate deals

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Jobs analyzing potential real estate deals

Christian M.
Accountant · Marshfield, MA · Member since 2016 · 19 posts · 3 votes

First, a little background. I am 23 years old and currently work at a CPA firm and will be done with all of the CPA exams in a few months. The firm I work at audits numerous low income housing projects and elderly housing facilities as well as preparing tax returns for these entities and other individuals with real estate in their portfolio, so I do have some experience in real estate accounting. I also own a 2 bedroom condo that I will soon be using as a rental property. 

I have a strong passion for analyzing real estate deals and I've gotten pretty good at it. I have created numerous spreadsheets in excel to analyze potential deals just for fun and I find myself analyzing deals in my spare time and times when I'm not supposed to be.... (like while at work). So that being said, I came to realize that since I enjoy researching real estate deals so much, I should probably try and find a job doing so. 

I'm wondering what type of position at a real estate firm I should be looking for that would involve this type of work? Also, generally, what are the qualifications for a role like this? Would a CPA license, 2 years of auditing real estate companies, and a proven interest in real estate investing (the rental property I own) be sufficient experience? Is there a position lower on the totem pole that  I should start out at to eventually work my way up to be in the position of analyzing potential deals for a firm? What do these types of positions generally pay? I don't have much knowledge about the ins and outs of real estate investing firms so I just want to get a feel for what would be a good path for me to take to start a career I enjoy.

Thanks!

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Eric F.
Real Estate Investor · Raleigh, NC · Member since 2012 · 427 posts · 297 votes
9y

Disclosure: CPA for 7 years. Did 3 years public followed by 4 years in government (surprisingly I became a 10x better auditor in my government job). Almost all audit. I did some HUD audits of similar low income housing providers.

First, I would advise you to stay at your firm until you become a CPA. Pass the exam as quickly as you can. I put my entire life on hold from a social standpoint and passed all 4 sections first try...under 6 months start to finish. I still keep my license even though I am a full time real estate investor. You have to get your CPA. People who know me will tell you I put very little emphasis on credentials, education, etc. but honestly if someone is in public accounting for 5 years but not a CPA it tells me they don't take life seriously. Getting your CPA is the single biggest thing you can do for you career and if you can't be bothered to study hard for 6 months to get it, then you don't put effort into your life...at least that is how I see it. Believe me, anyone in the position to hire you sees it the same way. Passing the CPA is about discipline. If I ran a CPA firm, first I would jump off a bridge, and if I unfortunately survived I would not hire anyone who has been out of school for 3 years and not passed the exam. 

After you get your license, start looking. First, your current clients are great options. When you are on site pay attention to the jobs there you would enjoy. It sounds cliche, but everyday you are at a client's office you are interviewing for a job. When a client needs to hire someone for a job in finance or accounting, the first place they look is the firm they work with. 

Are there real estate firms you are interested in working with? Call them up and ask "what do you need?" Explain who you are and what you are interested in. If they are not hiring right now, that is fine, ask them what you should do to find a job in the industry with them or not. You will get some good advice and hopefully make a good impression so if they ever are hiring they give you a call.

As for an actual job analyzing deals full time, I'm not sure it exists and if so I doubt it pays a ton. I would probably get bored out of my mind if that is all I did. I would think after getting your CPA you would be overqualified for what is basically a high level data entry and analysis job.

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  • Account Closed
    Investor · Princeton, TX · Member since 2014 · 1k+ posts · 1k+ votes
    9y

    @Christian M. I am thinking of two options. First... you could search online for REIT jobs now. You probably do not have enough experience in real estate to do what you want to do there. Second... you could get a real estate license and then go to work with a commercial real estate broker.

    I would also suggest grad school.  Either getting a MBA or law degree would be great.

    0Reply
  • Eric F.
    Real Estate Investor · Raleigh, NC · Member since 2012 · 427 posts · 297 votes
    9y

    Disclosure: CPA for 7 years. Did 3 years public followed by 4 years in government (surprisingly I became a 10x better auditor in my government job). Almost all audit. I did some HUD audits of similar low income housing providers.

    First, I would advise you to stay at your firm until you become a CPA. Pass the exam as quickly as you can. I put my entire life on hold from a social standpoint and passed all 4 sections first try...under 6 months start to finish. I still keep my license even though I am a full time real estate investor. You have to get your CPA. People who know me will tell you I put very little emphasis on credentials, education, etc. but honestly if someone is in public accounting for 5 years but not a CPA it tells me they don't take life seriously. Getting your CPA is the single biggest thing you can do for you career and if you can't be bothered to study hard for 6 months to get it, then you don't put effort into your life...at least that is how I see it. Believe me, anyone in the position to hire you sees it the same way. Passing the CPA is about discipline. If I ran a CPA firm, first I would jump off a bridge, and if I unfortunately survived I would not hire anyone who has been out of school for 3 years and not passed the exam. 

    After you get your license, start looking. First, your current clients are great options. When you are on site pay attention to the jobs there you would enjoy. It sounds cliche, but everyday you are at a client's office you are interviewing for a job. When a client needs to hire someone for a job in finance or accounting, the first place they look is the firm they work with. 

    Are there real estate firms you are interested in working with? Call them up and ask "what do you need?" Explain who you are and what you are interested in. If they are not hiring right now, that is fine, ask them what you should do to find a job in the industry with them or not. You will get some good advice and hopefully make a good impression so if they ever are hiring they give you a call.

    As for an actual job analyzing deals full time, I'm not sure it exists and if so I doubt it pays a ton. I would probably get bored out of my mind if that is all I did. I would think after getting your CPA you would be overqualified for what is basically a high level data entry and analysis job.

    2Reply
  • Eric Marofske
    Investor · Chicago, IL · Member since 2016 · 38 posts · 11 votes
    9y
    Eric F. Great post. A full time position as an underwriter certainly exists, and a large firm (AUM wise) where there is frequent acquisition/disposition activity would be a great place to look. Someone mentioned a REIT, for example. From my knowledge, these positions normally go first to finance professionals. Your best path is likely to get in the door through the accounting/financial reporting dept and then request a transition once you are proven within the company. Does your CPA firm do any Fair Value work, like a RE fund? If you can get experience auditing clients' underwriting models, it could go a long way in helping you sell yourself to potential employers. Good luck!
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  • Scot Howat
    Investor · Hoffman Estates, IL · Member since 2014 · 434 posts · 185 votes
    9y

    I've been a full time UW for 14 years and am now full time with real estate.  My UW experience helped a bit, but I'd suggest trying to look for an UW job with a hard money lender.  That's the way to go.

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