College Student very interested in starting now! Please help.

1 Reply

Currently freshman at University of Florida, majoring in finance, minor in real estate. 3.91 GPA so far. (#7 real estate program according to usnews) Very interested in acquiring rental properties that maintains a passive income that can support a modest lifestyle. Have a few questions

-Should i continue to major in finance if my goal is to own enough properties that my passive income supports me? Other major options are management, general business, marketing, econ. 

-What jobs should i look for that will provide a decent income that strongly relates to my goal of acquiring rental properties? Commcerial brokerage? Residental real estate agent? Financial investor/analyst/banker?

-What can i do right now in school to set me up for when i graduate? Internships? Jobs? If so, which internships/jobs can i get now/over summer that will help me with my goal of owning multiple rental properties?

-I want to "retire" asap, as in I want to live rather than work. How long realistically would it take me to get to this point where im only collecting rent? I would live a very frugal lifestyle until atleast 30 (no plans of starting a family/getting married before 30). Probably pick up a job working as ski patrol/bartend/related job (skiing is my passion) even once I can live on my rent. Id basically be living on a slightly higher college-student level budget for a while (no desire for a "big house". Would be happy with a small cabin by the beach/mountains) 

-My dad is very supportive of my decision and wants to get involved in real estate himself, he has worked and saved up a large amount of disposable cash he is willing to invest, so I have him as a down-payment/cash helper.  He is willing to support investments if cash is needed/help me get off the ground.

-FSU offers a major in business administration - real estate, versus UF's minor in real estate (most major in finance with that minor). Is it worth transferring to have that major even though FSU is considerably less prestigious? 

Any other advice you would give to a college student, go ahead!

Thanks.

My opinion may or may not be popular here, but I would approach this strictly as an ROI question. To answer that question depends on how you are paying for college. If you have somebody paying for your college (and that money would not otherwise be available to you to use elsewhere) then it may not be a bad idea to have a degree as a "backup plan". So this is if you have scholarships or some other sort of free ride. If you are serious about REI as a career, and you are paying for your school, getting student loans, or have somebody (like your dad) paying for your school... there is not a degree on earth that I believe is worth the amount of money you would be paying for it (this would be a different story if your goal was to be a doctor, lawyer, teacher, etc). I believe college is over-emphasized and over-valued in most cases. Your time and money could be much better spent getting some hands-on experience. Partner up with somebody in your area, go work for a property manager/leasing office, or find a mentor that will let you shadow them. If the money you are spending on college could instead be spent on investments, which would give you the greater ROI? I would check out the book Real Estate Riches by Dolf DeRoos. The guy graduated with a PhD and went straight into real estate investing, never using his long, expensive education.

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