Commercial Real Estate New Career Advise!?

[Christopher John McCarthy]

Hey Everyone!

I've recently decided to move to Colorado Springs on August 1st to put my roots down and start acquiring commercial multifamily real estate (target 1 per year). I've based this decision on a combination of both quantitative and qualitative analysis of the area. 

My current role allows me to work remotely and I make decent money, but I'm planning on quitting and focusing all my energy on this business so I can learn everything there is to know and maximize my chances of success and financial independence.

I plan to move there, secure a one-year lease, get a deep understanding of the market and area, find a partner, and build a team of professionals.

My question:

Based on your experience what role/jobs/opportunities would you be looking for to get the best feel for the commercial multi family as a whole? I've considered applying to property management roles and office tenant representative roles but I've talked to some property managers for commercial apartment companies and they've told me it's mostly clerical work(i.e signing new leases and invoicing for fees). 

Should I be targeting larger or smaller companies to learn the most about the business? Or am I better off continuing to read as much as I can, just keep my day job, and learn as I go when the right deal comes up?

Any advice would be much appreciated from people in this field willing to share some of their insights. 

Note: Originally I considered doing a residential multifamily house hack but after learning about how CAP rates are evaluated on commercial property and how you can significantly increase property value just by increasing NOI my mind is made up. I'm planning to do a buy-and-hold strategy. 

Thanks 

CM

[Jeffrey Donis]

Hey @Christopher John McCarthy , congrats on making the decision to jump into commercial real estate! I'd recommend you join a mentorship program. This will help you cut your learning curve, leverage your mentor's track record to get into deals quicker, and have access to a network of other investors you can mastermind and partner with.

The right mentorship will give you DIRECT access to the main mentor, and this mentor will partner with you on deals. Also, you MUST have access to other students. You can talk to other students to ask them about their experience in the group, and if you join, you can work together to find deals, raise capital, etc. 

Think Multifamily with Mark and Tamiel Kenney is a group that I joined because it met my criteria. Make sure to identify what you want out of a group, and then go hunting for the right one.

PM me if you have any questions about how to find the right mentorship program, or if you simply want to connect. 

Thanks!