Boyos,

Quit my job back in september, and have been cruising since.

Its time to get back into things. I come from a finance background (licenses, bulge bracket bank, etc), but a friend of mine has started a development company (think acquisitions, flips, condo building construction, etc). He's backed by about $50M.

He's solo, and is looking for a partner. He's offering all agent/RE fee's on this years sales as short term cash, and then a quarter of all business profit moving forward.

Would I be retarded not to go? Seems like a great way to work with a friend and build real wealth,but im somewhat weary about economic cycle.What say you lads?

see if you can do that while working another remote sales job (ded fkn Srs)

Developments is where the big money is dude. Idk what state you're in or what his experience is but there a garbage developers making insane money everywhere.

Getting your RE license is pathetically easy, and most of us are horrible human beings and **** at their job. That being said, if you have an opportunity for guaranteed listings it would be stupid not to pursue it. Finding business as a starting agent is the hardest part of the entire career, if you have that on lock you will have life on easymode.

Do you actually want to do it? Is it actually interesting work to you? How much experience does your friend have in the development space? What's his plan? What market will you be operating in? What are the fundamentals of that market? Is he building a team?

It's a tough time to be a developer/builder right now, but the flip side of that is that there will be less competition.

Work is extremely interesting to me. Finance is just a chore, this stuff is more exciting by a long shot.

My friend has 2.5 years now, but has a general contractor on retainer for all projects + enough money to counter mistakes

Florida Market, 1m and up

Fundamentals are strong imo, though ive seen the boom bust experience in florida twice now.

His plan is somewhat short sighted, with high end single family home renovations and a few condo building sites in the works. i think thats where I add most of my value, is scale and scope.

I'm wary, lots of data indicating the market is going to be slow, but with that said, the price range we're working with is still cruising.

Wait, just renovations? No new construction?

You've picked the worst time in recent history to get into it boyo. Stay safe

this is true if the person doesnt plan on working. i'll sell more in 2023 than i did last year

was in banking and finance for 15 years before getting into real estate 5 years ago. sold $14 million last year. will sell $20 million this year.


if youre willing to work hard, the opportunity to make money is endless.

currently sitting on a few hundred acres seeing what shakes out the next few years.

Have 2 condo buildings that would be new constructionyea, thats how I feel to a degree. That said, feeling like things will turn around at a macro level in the next 1-2 years.

Just cause the free money is gone, doesn't mean people aren't paying cash that can

If he only has 2.5 years of experience then he hasn't experienced a downturn before. Tread lightly.

If you think that you would regret passing up the opportunity then maybe take the leap. If it doesn't work out, at least you tried.

its an "always on the table" offer so I could go now or I could go later.

Just seems most convenient now because I dont have a job and the job market is drying up and slowing down heavily in my industry.

just lol at going into RE if you're in IB

US$50m is just a bunch of condos in NYC

I feel fairly good about the switch. Seems like a lot of hollow promises within finance (I made good money, but nothing ground breaking, and somewhat capped - 100 analyst, 130 associate, 225 vp, 300 director after 10+ years, 500-600 as an MD), whereas a few deals at the projected prices would put me at almost 300k within a year. Would make as much as a director at my old firm in a year vs the 10 years it would take for me to get there. Plus I can choose whatever title I want and go back to industry/firm work with a solid reference if I want

Was in asset management, not IB. NYC Market =/= to our operating market. 30m deployed with 50m dry powder atm. For two people to run a fairly straight forward fund its plenty.

Do think IB would have been a good starting place, but JFL if you stay beyond associate level. RE Fin/commercial RE exits are common though, especially if you were staffed to the RE desk in the first place.

Edit - For Ref: Currently seeing 100% ROIC. As of right now, first completed project is going to come out at 3.5m with a purchase price of 1m, and a 500k renovation. Total of 2m profit in this case, I get 25% of that at 500k. Plus I get 3% of sale price - 105k.

So instead of being a slave and working nights and weekends to make 2-500k as an IB VP, I would gross 605k supervising work sites and filing paperwork with government offices that are only open during business hours...

Seems like a no brainer.