Intrigued by multi-family investing: which job can help me learn?

8 Replies

I am fascinated by the concept of multi-family investing. I would love to get a job in this field as I will be leaving my current job in just 4 months. Any suggestions about which job would be good for me to consider?

I am also very interested in interning in this niche. Anyone know someone who could use some help with this? 

What do you believe are your strengths? I think finding a career in property management can really help as it’ll give you a good inside view into the operations and financials of running a property. 

I would agree with @Juan Vargas .  I have a friend who manages large multifamily properties here in LA, but he's not yet an investor. Every time he tells me about his day-to-day dealings for his job, I yell at him 'Why are you not RUNNING and operating these deals?! Why are you working for someone ELSE doing their work when you clearly know everything there is to know about running these properties to their full potential?!" 

He would make a GREAT operator at this point.  Can't wait to hear other's opinions on the question. 

@Fradel Schaechter  Great question!  The top jobs that I would consider if I was looking to work for a company that serviced multifamily properties would be 

1. Investment sales - A career in investment sales would give you an opportunity to build relationships with buys and owners and really learn the market inside and out.

2. Commercial Loan - Underwriting loans and understanding the debt and equity markets will give you a tremendous base of the financial aspects of investing in MF.

3.  Property Management - Understanding the day to day operations, lease up, marketing etc, will give you a good understanding of how to execute the business plan of a MF investment.

I agree with @Juan Vargas , it depends on what your strengths are and what are you looking to get out of it. In this industry I believe relationships are everything so when thinking of what role to dive into always try to pick one that will be client facing. 

@Fradel Schaechter My buddy John Cohen has been enormously successful as an investor, and he got his start as a commercial broker. This allowed him simultaneously to learn the market inside out, but also to meet the major investors.  When he went to the investment side on his own, he had the legitimacy and the investor network all built out.  That's what I would recommend.

Get in as a commercial broker now, so you can make some money while the market is still hot, and then ride it down with access to the best deals, so that when it hits bottom, you already know the best deals and the players in the market and can position yourself properly when it's most propitious to make money as an investor.

 @Ryan Cox - Has a good suggestion on becoming a commercial mortgage lender\broker.  The majority of deals need financing.  If you have some decent financial acumen, then then this may be a good fit.  You will build relationships among investors, sellers, other mtg brokers, and commercial sales brokers.  You'll get out of the office once you're seasoned a bit to tour investment properties with clients.  Additionally, you'll be among the first to review, become knowledgeable, and recognize a good investment.  That in turn gives you an opportunity to passively invest in those deals.

@Fradel Schaechter

I would get my license with a brokerage firm that caters to the niche you select. If you choose multifamily, there are some great firms out there to work for. You will learn your market, meet some potential partners/investors.  I would reach out to syndicators looking for a personal assistant or an admin person to help with various tasks

Gino

I really want to thank all of you for posting these- a lot of food for thought. I realize I need to choose just one, but perhaps I can get a job in one area (be a sales broker, or mortgage broker, or work in a property management company) and in addition to that 'intern' and help out a local syndicater. Any thoughts about that?

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