Financial Advisor · Philadelphia, PA · Member since 2019 · 38 posts · 14 votes
I've worked in the commercial real estate industry for a few years doing capital markets, acquisitions, and valuation advisory and I want to start my own firm doing debt and equity placement.
Does anyone have any advice on how to get started in this space? I could go work for the bigger players (CBRE, JLL, Walker Dunlop, NKF, etc.), but my family cannot relocate to a big city.
I know the business with regards to structuring the capital stack, how investors/developers look at deals, how lenders look at deals, and I can underwrite CRE investments. I just need to figure out how to get started and what licenses I need (if any) before I can have my agreement signed and start closing deals.
Any advice is welcome and thank you all for your time.
Attorney and Real Estate Broker · Madison, WI · Member since 2016 · 265 posts · 100 votes
5y
It is probably state-licensed. I would say reach out to the state's professional safety/licensing bureau. They should point you to the right licensing procedures. Beyond that you would market your services. I am a little unclear what your consulting would encompass. But you could maybe use or need some federal licensure as well (ie FINRA, etc).
Attorney and Real Estate Broker · Madison, WI · Member since 2016 · 265 posts · 100 votes
5y
It is probably state-licensed. I would say reach out to the state's professional safety/licensing bureau. They should point you to the right licensing procedures. Beyond that you would market your services. I am a little unclear what your consulting would encompass. But you could maybe use or need some federal licensure as well (ie FINRA, etc).
Indianapolis, IN · Member since 2021 · 193 posts · 150 votes
5y
@Ethan Wagner I think getting your state licensed first is the most important thing as well as networking as much as you can. LinkedIn, bigger pockets, friends and family. People want to help in this industry. Good luck!
Cincinnati, OH · Member since 2020 · 4k+ posts · 3k+ votes
5y
For equity placements that you are compensated for, you likely need to become an SEC licensed broker-dealer. For the lending side, I am not sure if there are requirements like a NMLS license on the residential side, but I am sure there are many hoops you need to jump through, particularly if you are going to be brokering agency debt.
Look at a group like NorthMarq or Berkadia. They do debt and equity placement and often have offices outside of the major cities.
While people do start their own capital markets companies, those that often spin off and do it themselves, often spin off after being in the business for quite a while.