Real Estste Development-Personal

[Brendan Fucci]

Hi All- First post here. I am 32 and have been working in tech since college. 6 years ago I build a great friendship/partnership with my builder who also develops. At first I invested as an LP but as of 3 years ago we have been syndicating deals as Co-GPs.

We have 4 project underway currently with $15 million of LP EUM and $50 million AUM and are looking to grow that number. We structure the deals with a 7% preferred return and 50/50 or 60/40 promote and also collect 6% total construction cost for Construction management. We are very conservative with underwriting and average 25% IRR on our deals.

Real estate is my passion and joy but I also have a great career in technology.

Should I jump into development full time or keep doing what I’m doing for as long as possible knowing my time will never be fully on development.

Any opinions welcome.

Sorry for the long post and thanks in advance.

-Brendan