Not an MRED, but got to know a few in my time there in the planning program.

As an architect, you'll sail through courses on building typologies and design history... that much I know. I've heard that the tuition rate is the highest in the university, and that the training is top-tier.

USC tuition aint cheap 60k for 1 full time yr or if I go part time over 2 its still 60k.

Im working on my statement of purpose and also the letters Im sending out for recs. Those ppl are gonna be like wtf, this guy is doing real estate development now?

And later GMAT/ GRE. Not worried about it but it has been over 10 yrs since I took any standardized testing so I gotta get up to speed.

Just wondering what ppl think is important to get in.

60k....ummmmm.....

hope your making at least 80k when you get out

Avg salary incl bonus is ~120k but yeh 60k nothing to sniff at.

It is also a reason why I am leaning towards doing the 2 yr program at USC so I can work also

not a bad gig if you find a decent creative place afterwards

I would ask for a list of students and/or alumni you could contact directly. There's no substitute for on-the-ground intelligence about a program from those who've been through, or are currently in it. Especially when such a big chunk of change is involved.

Hey greenlander1,

I'm doing the MRED at HKU (Hong Kopng U). I opted for the one year program and have a BArch from SCIArc. Before starting the program, I sold my shares in my design/build firm to my partner, so I have construction experience as well. (just some background)

I've decided to focus on financing since it's the area that I felt I had the least amount of practical experience in.
So far so good (steep learning curve).

I have a good friend that did the MRED at USC and has his own firm and a couple of projects under his belt.
Email me directly and I will put you in contact with him.

"Those ppl are gonna be like wtf, this guy is doing real estate development now?"

I'm thinking the same thing, and maybe I should have stretched it out (2 years). On the other hand, it's not as if there are a ton of job opportunities I'm missing out on right now anyway. I think the timing is right. If you do work, get right into Development. The sooner the better.

Again, I would focus on the area that you have the least amount of experience in. Once out there, you want to have as much knowledge under the belt as possible.

I think my best advice for now would be to start networking as soon as possible. It's key in "making the deal".
Anyway...my two cents.

Thanks Evan,

My weakest link is my business background. So I am taking a real estate finance class at UCLA. And decided to put myself in a work situation where I would get a lot of numbers exposure.

I worked in architecture for about 6 years then started working in a real estate prop management/ broker company in their investment wing. We look at lots of non performing construction loans. Either we pick up a loan and get paid off w interest or foreclose. Win win situation assuming we don't become bagholders also.

So in a very short time because we just see so much stuff I already have a decent handle on the valuation/ proforma stuff. Not saying I'm ready to peddle deals but at least I know roughly how they put together the figures. I also have a modest amount of equities trading experience so valuation stuff is not something new to me.
Either way everyone messes with the numbers. Doctor one line item in a 20 page spreadsheet and the whole project changes.

I've quite a bit of DD and that is a lot of work. Checking through legal documents, conditions of approval, title policies, public reports, etc. Boring as hell but necessary.

Yeah the networking thing is in full effect. Not sure about you, but my biggest issue right now is lack of significant capital, both general equity capital and lead capital. That is more foremost concern at the moment. No capital, no deal. Unless I plunk down 10% on a project and put my money where my mouth is, it's gonna be nearly impossible. So I'm chatting up some people with money behind them for when things turn around. Could be a while.

Trying to broker a few deals here in L.A. to get build up that equity I would need to get a deal done.

Money is the most difficult part of the process. If you got money, then you can do anything (really, you can always hire for things you don't know, but you can't do nothing without the cash).

Really bad time to be looking for investors, though. I've got several clients bailing on projects, some more than 50% sold (and fully financed), due to the current uncertainties.

Sounds like I good deal. Sure wish I had done something like that or at least been aware of the possibilities.

For now, it's learn while doing. I am staying focused on smaller jobs, though. Not much interest in working for a larger developer, I much prefer the control (and speed) or smaller projects - get to design, market, etc., etc., and still (potentially) profit handsomely.


Get in school now, while things suck. Hopefully they'll be rebounding by the time you get out, you'll have your connections and everything will be super.

trace,

So you are working in development or architecture or both?

Right now there is a significant amount of money on the sidelines from ppl who want to vulture invest in land/ existing buildings. There is a decent amount of activity but not a lot amount of transactions. But a lot of ppl inquiring. I'm hoping that would be my foot in the door, in terms of raising capital.

But in terms of raising development capital yeh I'm not even looking for that. with my experience level that is far away. never mind the economic conditions. I'm hoping though my potential brokering leads into something more substantial when things get better.

Yeh school is gonna happen. I just hope things will have stabilized enough by then economy wise.

Moving into development. I left the traditional path of architecture many years ago (primarily due to low pay and frustration). So we are designing, marketing and developing a project.

Money is on the sidelines, I know of tons of developers that are sitting tight for the next few months. Hopefully, it'll work itself out in the coming months, but you never know.

If you don't mind me asking, what is yr office's equity basis in the project?

If you were just working as consultants, does doing all the design, marketing, developing add up to a significant amount?

It is should be a decent amount. We are doing a good job of minimizing risk, although it is taking a ton of time (not many free nights or weekends for the last 8 months).

Im off to USC in June. Didnt get into MIT but in a way I wouldnt want to wake up and be number crunching handling mortgage backed securities in NY/ Boston. Would be boring as hell even though the pay would be great.

Didnt get no grants/ scholarships which is disappointing so I will be thwocked w the full 63k tuition + expenses. And given that those once plentiful 6 figure salaries are gonna be scarce upon graduation, Im gonna have to hustle to make sure things work out.