BiggerPockets

My very best advice for you is for the next couple of years concentrate on getting a good education and study, that is your primary job. See if you can work for an investor or for a Realtor as an assistant, put signs out, run errands, check on houses, etc. and learn in your spare time.

If you come by a really good deal, consider it, but I'd suggest you take care of your first job first!

There is no race going on, there will be plenty of foreclosures 2,3,4 even 5 years from now! Learn first! Good luck, Bill

You don't need to "forget about" real estate though. Educate yourself in your spare time, go to investment clubs, post and read on BP, get involved in some wholesale deals, etc. The best way to learn is by doing, but you need to have a source of income and some capital saved to play on your own.

Rich Dad is very pro education, he's just not pro getting a degree to say you got one. Go to school and take every business class you can. Learn accounting, learn marketing etc. That will get you some fundamentals.

At the same time go find a successful investor and offer to work for him for free. You have to work around your school schedule, but besides that make yourself available. You'll learn more from him then you will in class and you are paying to go to class, so think of it as a free education.

It won't take long for you to be so valuable to the investor, that he'll start throwing you money just to keep you around. It really doesn't matter. Learn everything you can and you will be in an incredible position when you leave school.

I would give yourself every bit of advantage in today's world and that includes getting a solid education.

One of the best RE jobs that I know about are runners for auction buyer. Several companies I know hire college kids to run properties for them, you will get a great RE eduction and get paid while doing it.

1. You will learn how to get over your fear of talking to distressed homeowners.
2. You will learn how to look for damage and estimate repairs.
3. You will learn what neighborhoods are selling quickly and what properties are comping at in a certain area.
4. You will build your network of investors, agents, and lenders.
5. You can help out on rehabs.
6. You will learn the "real estate lingo"
7. You will learn how to wake up at 5 am (this comes naturally as you get older or have kids)

My advice, go to school and get a RE job. By the time you are done, you'll have bachelors in some subject and a masters in real estate. Good luck.

IMO it is important to plan your education and develop the skills you have. Some skills can be learned easily from others, while some skills are difficult to obtain without a more rigid educational program.

It's important to understand where you want to go in life and then build the skills necessary to get there. If you can do it without a college education, more power to you.

I would not say that everything that I learned in college was useful, but I learned how to research, reason through problems and how much is opinion.

Working in a job in the RE industry is a great way to learn RE and learn some of the skills needed to be successful when you invest on your own.

Wow thanks so much for all the replies, I really appreciate all of your guys' views.
I actually did a year of university from September '09 to around May '10. Due to family reasons though, I've had to move (which is why I'm starting again in January 2011). I didn't include this info initially because I felt it unnecessary. I began to feel frustrated this year, and feel that the university cared more about its relationship with my money than it did me. That's partly why the idea of trying to be independent off the bat interested me.

I've thought about doing medicine and then specializing and doing something neuro-related (the brain interests me). My one thought is whether or not I'd have the time to educate myself in real estate at the same time because I know that medicine is a very demanding field. I'd probably have to dedicate myself fully to medicine and put real estate education on the back burner. I'd have the income and capital to invest, but I'm guessing I probably wouldn't have the time. Also, is it true that the tax laws would be skewed against me in this case as a medical man trying to invest in RE?
Thanks again for sharing your experiences/views.

Emilio,
I just may go back. But it is not the same experience as doing it when you are "college age". That is part of the whole benefit of college. The experience, as well as knowledge, etc. Doesn't matter what I end up doing with my life. The question is what should this person do right now. I am trying to give him the benefit of my hindsight.

You can have your opinions about the benefits of secondary education and whether it should cost so much, but none of the research shows your statements to be true. Of course he CAN BE successful without college; but, on balance, for a male especially, the financial benefits of attending and graduating college are FAR GREATER than for not attending college.
The whole point is that this kid doesn't really have to make a choice here, he can do both-go to college and pursue RE. That is what I recommend. It gives him options down the road.
Your plan gives fewer options.

BTW, you might complain about graduating from college with alot of debt, but the school of hard knocks is not always cheaper to attend and it certainly isn't free.
My first business venture (when I should have been in college) was ill-conceived and poorly executed and I walked away from it with 75K in debt. I learned a tremendous amount from it and that experience led to some of my later successes. But that was my "college tuition" I guess.

My point is that skipping college has its costs too, though sometimes they are less obvious.

Thanks again for your replies. I think I'll just follow my interest of the brain/neuro-related stuff, and many years down the line, do some RE investing on the side.

Wise choice!

Real estate is all about people. Birds of a feather flock together. You will be flocking at social functions in the future with your peers. That could be dinner parties with community leaders, professionals and those of means, or it could be at the neighborhood bar with those who could be of little help to you in achieving your goals. Having a good education will allow you to attend both, not having one will likely be a limitation . As that may sound classest, it is the reality of our social system. So in real estate, it's the difference in doing mostly 25K to 50K residential properties (nothing wrong with that) and having access to 250K and up properties, especially when you have earned sufficient money to play in that area.

There are examples of people with a 3rd grade education, I'm sure, doing million dollar deals, those folks are the exception and those examples are from years ago, in the past. Nothing is impossible, but success today and in the future without an education will be more difficult to accomplish.

If you become a MD, you'll have access to other like minded professionals with cash to invest and who can support your endevors.

Last statement, On my first day as a college student my first class was college oreintation. The first question asked was "why are you here?) I heard all kinds of answers form getting a better job to having more self esteem.
The correct answer was, to increase the quality of your life. College does not gurantee wealth or fame, but it does teach you to think on different levels, to analize situations in ways you can not without an education. It effects your quality of life from social aspects to making better personal financial decissions to being aware of options that may not be understood without a higher education. College does not make you smarter, it makes you more aware. Good luck, Bill

RuudDude,

You sound like a smart kid really contemplating big issues. Relax, get educated in things that you find interesting. If you are worried about the cost of college go to community college and study the basics. Just go with it and don't think you have to have it all figured out today.

I also read Kiyosaki years ago and bought my first home right after. I like his message and you should use it to keep you motivated and learn to build wealth.

Good luck!