abandon biglaw offer to pursue commercial real estate dev?
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Poast new message in this thread
Date: June 13th, 2015 7:48 PM Author: lascivious pit alpha
the situation: just-graduated 3L with an offer at a major market V50, low 100s in debt. through personal connections, some shit i learned in/prior to LS, and a ton of luck, i've been offered the opportunity to manage a ~$20m commercial real estate project from start to finish. details are still hazy but i would pull a salary around $75-90k for 2.5 years while working on the project and 25-30% equity in the project, which i estimate would be worth $8-10m net of debt in 7 years.
pros: the upside is obviously huge. i am more interested in the CRE opportunity. i would be self-employed and self-directed. i am generally ill-suited to working for others and skilled at managing people and projects.
cons: much higher chance of failure. the development is relatively high risk/high reward. i would live like a pauper while making loan payments until the payout, which is quite a ways down the road.
input welcome. seems like i know the answer already but it's always good to see if others have insights i missed.
(http://www.autoadmit.com/thread.php?thread_id=2907676&forum_id=2#28112200) |
Date: June 13th, 2015 8:15 PM Author: charcoal chapel
go do CRE you idiot. you know that you are better suited for, and more interested in it. Even if it doesn't pan out you'll get some experience and contacts and can keep progressing.
Whereas if you do biglaw, you'll make an extra 200k over that 2 year span (100k after taxes) but will have been miserable and have no relevant experience.
(http://www.autoadmit.com/thread.php?thread_id=2907676&forum_id=2#28112416) |
Date: June 14th, 2015 2:00 AM Author: diverse parlor
"i am generally ill-suited to working for others and skilled at managing people and projects."
let me stop u right there chief
(http://www.autoadmit.com/thread.php?thread_id=2907676&forum_id=2#28114526) |
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Date: June 16th, 2015 12:04 AM Author: lascivious pit alpha
"There is an old story about a financial economist and passionate defender of the efficient markets hypothesis who was walking down the street with a friend.
The friend stops and says, "Look, there is a $20 bill on the ground!"
The economist turns and coolly replies, "Can't be. If there was a $20 bill on the ground, somebody would have already picked it up."
(http://www.autoadmit.com/thread.php?thread_id=2907676&forum_id=2#28129567) |
Date: June 14th, 2015 12:25 PM Author: geriatric cerise rehab knife
Flame. What the fuck kind of CRE project pays out that much in equity to the project manager? And are you saying you only get equity at the end?
This sounds like a retail construction project (anchored strip center in the burbs), but still probably flame.
(http://www.autoadmit.com/thread.php?thread_id=2907676&forum_id=2#28116119) |
Date: June 14th, 2015 12:29 PM Author: very tactful duck-like casino digit ratio
So you have no experience managing commercial development...
but someone is willing to pay you 30% equity to act as a project manager without any skin in the game yourself...
(http://www.autoadmit.com/thread.php?thread_id=2907676&forum_id=2#28116139)
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Date: June 14th, 2015 12:43 PM Author: very tactful duck-like casino digit ratio
Even if it is a major hookup, no one/group with $20 million is going to give someone with no experience the type of responsibility that is reasonably compensated by a 25-30% promote.
Unless it is literally his dad's money, the dad is going to be doing the work, and there are no other financial partners.
Even non-capital partners have to have some skin in the game, or a tremendous amount of service potential.
(http://www.autoadmit.com/thread.php?thread_id=2907676&forum_id=2#28116206) |
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