Hey BP members.
My question is, what is your Occupation while you investing in RE? Or what was your Occupation before retireing to become full time REI?
Im asking because I am struggling at the moment if i should get a degree that will cost me time and money. im almost 22 which means i will finish my degree at 25 and no one promises me a guernteed job... on the other hand i could get a job with course and start saving for a property right now. that's my dilema/
I am a pharmacist who just graduated at the age of 24 and am just getting started in real estate investing. I'm still researching and looking for my 1st property.
I think it depends on how soon you want to start investing and how rigorous you want to invest. I just discovered real estate investing last year, right after I had graduated, so I already had the school loans and degree for a career as a pharmacist. If you get a degree will you have to take out a lot of loans? Do you want to make investing a career?
Architect. I finished my Masters in Architecture at age 28, (now 37) as a single parent. Employers want to know you have a Bach of "something" degree. I have 18 years left of student loans, Ugh! For me it was worth it, as it was my dream. Having a rental property just happened for me. Now my rental is paying off my students loans.
Only you can create your yellow brick road!
Real estate investor. Go to school, get a degree. With real estate you should always have exit strategies, the more the better. In life always have a plan B and even a plan C.
Yep, go to school. You can follow the no money down guys but this is a lot easier with a regular paycheck that allows you to invest your earnings in long term wealth creation. And at the end of the day, college grads make more money than non college grads which means you will have more to invest.
Go to school. I am 29, have my Bach now decided to get my MBA. You can (usually) make more money with a degree. Just pick a degree program that interests you and will help with a good W2 job so you can put that money towards REI. I work in sales and recruiting which has helped me fine tune my people skills which definitely helps with being a LL.
Yep, go to school. Invest in yourself. I've been in high tech for 20+ years. Everything from test to marketing to ops to sales to business development. It's a great career, lots of fun, and pays well. By living frugally I've been able to save money and now in my 40s have started with REI. Making a good salary makes my real estate hobby much easier.
I work as an actuary. If you go to school for something that is in high demand and learn the ins and outs then you should have no problem getting a job. There are no guarantees in life...nobody can guarantee you that the new car you buy off a lot will make it to your house without crapping out. Nobody can guarantee that if you get a great deal on a rental property or a rehab or wholesale property that you will come out ahead on it.
What I can guarantee is that banks are a lot more likely to give you the time of day if you have a strong W2 income which is typically tied to a degree of some sort. Unless you've got a pile of money sitting around, you'll need a bank or some sort of lender to get going. That will be a lot easier to find if you've got a degree and a steady income. It is certainly possible without either, but it will be much more difficult.
I'd recommend finding something that interests you and/or will help you long-term and getting a degree in it.
I currently work in Outside Sales, even in this industry, they look for a degree...it's sales, ridiculous. I'm not that excited about my degree, however statistically you can a have better job.
Nevertheless, I would say it depends how hungry you are, if you are TRULY going to run after investing and waste no time. Then chase your dream, if not, school will by default get a little better paying job but it honestly it isn't a land slide. There are some brass knuckles jobs that will pay more than the average professional job - i.e. the oil field or any manual labor type of job, or even a trade and you will make some descent money as an employee and have minimal expenses to surpass with passive investments.
At the end of the day, it is going to depend on your dream. You will save a lot of money not going to school, but if you are going to lazy in chasing your dreams, then it would better to go to school and pursue investing while you have plenty of time in school.
I hope I made some sense there.