College or no college? No experience. Need guidance.

Chloe Landon · 2016-08-07T07:52:43-07:00

I have been up all night, researching. Successful people, tips, college options. Everyone has an opinion, but I can't be confident in making a decision without speaking to someone personally. I can't remember the exact title, but the college route I would take would be "Business in science of real estate investing". I am interested in college so that I could learn the basics, terminology, all the rules in real estate and investing, etc. I could get a job in this field where I could continue to learn and make good income to put into this dream of mine. But is it worth it? Could I learn just as easily from personal research and following the path laid out from people who have already done it? Could I also get my real estate license to use as a tool? What is the most efficient or beneficial option? I know this is not a "get rich quick" endeavor. It is going to take a lot of hard work. But I feel time slipping away, every moment is precious to me and I don't want to waste valuable time when I could have made a more logical and timely choice.I'm dying to meet with someone who knows what they're doing. But I have no idea who I would even look for. A realtor? And how do I go about asking someone to give me their time? I am 25 years old. The only job experience I have is 4 years of management at Little Caesars. I have an amazing work ethic and a HUGE determination to get into real estate investments with the goal of achieving multi family homes. I am a new mom who now sees the path that her daughter could be heading down; broke, living paycheck to paycheck and breaking your back to fill someone else's pockets. Like any parent, I don't want my child to ever struggle the way her parents and grandparents have. But I'm am filled with a blazing determination, confidence and resolve that I am about to break that cycle and WILL NOT let that happen to her. Please, someone point me in the right direction.

Timothy Maloney

Lender · Syracuse, NY · Member since 2016 · 165 posts · 92 votes

10y

@Chloe Landon I have a client who is a millionaire just 7-8 years following a rough divorce. She took the little money she had and began on the very journey you are contemplating. In her case, she had no other options. She also had no choice but to succeed.

As you know - no one can know the real you so our advice shouldn't weigh too heavily on your decision. Look hard inside yourself and ask "Do I have the determination to succeed at this? Can I really focus ALL OF MY attention on growing my business right now?"

Time is not slipping away. You didn't miss any starting gun. Get over the anxiety of needing to accomplish something and focus more on being happy. When you choose what makes you happy (and work tirelessly toward it) - you'll succeed. Promise.

6 Reply

Joe Baker

Asheboro, NC · Member since 2016 · 31 posts · 16 votes

10y

College is something everyone should experience. It will not only help quench your thirst for knowledge but it will also help make you a well rounded person. Good luck

1 Reply

Chloe Landon

OP

Grand Rapids, MI · Member since 2016 · 9 posts · 4 votes

10y

I appreciate that. I want it, bad. The only thing I am concerned about is the amount of information I need to retain to consistently be successful.

You are right, no answer here is going to be "the answer". I guess I'm honestly looking for affirmation. I know what I need to do. Just need to dive in, research research research, aquire skills and learn as I go. Well, here goes nothing. ;)

0 Reply

Chloe Landon

OP

Grand Rapids, MI · Member since 2016 · 9 posts · 4 votes

10y

Thank you friends. This site and its members are a blessing.

0 Reply

Peter Assaad

NYC, NY · Member since 2013 · 50 posts · 22 votes

10y

It would be hard for me to advise to not go pursue an education. That said, I think you're being smart by asking your options. I do not think many people take into consideration the cost to go to college and end up racking up a 250k loan and find a job making 50k only to pay that off. Almost seems like investing and generating positive cash flow should be the default track. Again, hard for me to speak against an education given my own personal life's written history, but I think it's great that you're actually thinking about your options and what would work best for YOU. Good luck :) P

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Weston Meckes

Realtor · Claremont, CA · Member since 2016 · 31 posts · 8 votes

10y

Most college professors don't run businesses or have large real estate portfolios. It's difficult for somebody to teach you something they haven't done themselves. I'm sure some of them enjoy their job, though. It just depends what you want in life.

1 Reply

David Faulkner

Investor · Orange County, CA · Member since 2015 · 2k+ posts · 3k+ votes

10y

College was a valuable experience for me personally and I learned a lot inside and outside of the classroom. Having said that, I don't think it has helped me all that much in my real estate investing career, except in the roundabout way that it got me a good paying W2 job not related to REI, which in turn helped me in the financing of my 1st few investments. Also, some of the finance concepts I learned in school were helpful, but they could have been learned with a library card or internet connection for much less money.

So, if you are unsure, then I would say get your RE license and start selling RE to see how you like it and how you can get along without a degree. At the same time you can take some courses (maybe core curriculum finance/accounting/business courses) at a local community college and see if you like that ... if you do, you can transfer the units to another 4 year school if you like. Or if you don't like it or decide you don't need it, you didn't blow a bunch of money on tuition to figure that out. Trying both of those should give you the affirmation that you seek one way or another without loading you with student debt or selling short your future to figure it out IMO.

1 Reply

Brian Sherman

Real Estate Investor · Miami, FL · Member since 2016 · 41 posts · 10 votes

10y

I've never meant someone who regretted going to college. I see you're from Grand Rapids- what about this idea: https://www.gvsu.edu/economics/certificate-in-real-estate-68.htm I would also suggest trying to get into property management as you're interested in multi family. A great deal can be learned with a property management company servicing this niche. These jobs also pay a decent salary while you learn the ropes. Certifications and designations never hold you back: http://www.realtor.org/designations-and-certifications/cpm Don't downplay you work ethic or place of employment for 4 years- they both show excellent character. Be forewarned, in real estate like any other career there is NO get rich scheme. It's hard work and increasing your knowledge base. The more you learn - the more you earn. Good luck!

2 Reply

Michael Lee

Investor · Coppell, TX · Member since 2008 · 2k+ posts · 646 votes

10y

Hello and welcome to BP! I went to college and I needed that but it was a long Qtime ago. I am now 59 years old and I say it depends on what you think you need. Back when I went to college it did not cost me a bunch and I did not have to go into debt to do it. It could be good for your mind and maturity to do that. You could do real estate investing work while you go to college.

I think that a real estate license could help you a bunch in your future. I had a broker license for about 30 years and I had new renew it every two years that made me go to school for two days and pay a fee and I have to say that it helped me. I got that way back in 1980 and a bunch has changed since then so it is hard to say wether you should go to a school and get that license. Using that license could help you in your learning process and save you some money later on.

Having a dauber will help you mature but this is probably be a good time to go to school because the inventory is low and competition is high. I have never been to Michigan so I could not help you geographically. I had a brain anuerism and a stroke a few years ago and I am still recovering. You need to make sure a broker will allow you to be flexible with your schedule. Most Brokers are kind of greedy so you need to check them out. Since you are only 25 years old there is a bunch of life left for you to do what you want.

It depends how much your family will help or even near you. All of what you have to decide on is really up to you. Since I do not know you personally it is hard for anyone to give you good advice on what you should do. You are probably right with the high-tech life and our parents were grown up differently. They were trained differently but could still help you. Self employment is the way to go. Good luck to you!

1 Reply

Jacqueline Coombs

Rental Property Investor · Grand Rapids, MI · Member since 2016 · 262 posts · 205 votes

10y

Hi, Chloe! I am in GR too and I am just getting started in REI. I think it's great that you have the determination and foresight to honestly ask these questions and reach out for help. I originally went to college for Psychology but never finished, then I took a two year massage therapy program and I currently do nothing within either field. The education was definitely not a waste but I do wish I would have been able to figure out what I really wanted to do a lot earlier, Lol. I am a stay-at-home mom of three and asked myself if I really wanted to go get a W2 job or start my own thing and I chose the latter. I have always been interested in RE and am finding it to be a lot of fun! Are you busy Monday night? The REI club here in GR has a meetup over at BW3's on 44th street SW. It happens every second Monday starting at 6pm. This is a great place to network and pick the brains of other investors! Welcome and good luck!

6 Reply

Joe SplitrockPro Member

Moderator

Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes

10y

You should get your degree. There are probably programs you qualify for to help you with the cost. People talk about how expensive college is, but anyone racking up $200k or more went to an overpriced school. Start at community college to satisfy your basic credits. That will cost under $4000 per year. Then go to a state school for your last two years which will be around $10k per year. Your whole education will cost under $30k, less if you qualify for government programs.

4 Reply

David Zheng

Investor · Saint Louis, MO · Member since 2016 · 970 posts · 1k+ votes

10y

I started real estate this January at 25 and now I have 6 properties doubling my current income as a banker...

I also had 0 experience. Just did a LOT of reading online and asking questions like you :)

Attend every inspections and ask your agents everything you can. You'll start to pick up. However I am single with no children and I cannot count the frustrations I've had with some agents and bankers. In addition so many late nights working on service calls, prepping for tenants, etc.

Just don't burn yourself out

1 Reply

Michael Hassell

Investor · Davenport, FL · Member since 2014 · 64 posts · 21 votes

10y

I would urge you to get the degree (and more importantly the knowledge that should come with it).

Do you know if you qualify for financial aid? Find our by applying at

https://fafsa.ed.gov/

Here is my biggest concern....in this day and age there is NO NEED to take on significant student debt. Student loans are the modern Siren call...and they can dash your financial future before you start. There are other ways...find one of them.

The simplest is to start at the website above, see what if anything you qualify for. That link is the Government website where just about everyone begins their financial aid / college journey. A full Pell grant (which is what you are hoping for...sort of) will pay up to $5600/year and it never needs to be repaid...it a grant. That amount is just about enough money for many state degree programs and it is definitely enough to nearly cover the full cost of some reputable online programs like this one:

http://www.wgu.edu/degrees_and_programs (I have my MBA from there)

WGU has a cool model. you pay for access over a period of time. For $2500 you get 6 months...you can complete as many courses as you want/can in that period. So if a class is easy for you, you can breeze through in a few weeks, if it's more difficult, you can take your time. A full year is only $5000 and that includes all books and study material.

Your local Community College is another great place to start...and is likely very affordable. If they are not a good bargain, you might consider an out of state affordable option. New Mexico for example has some incredibly cheap community colleges and universities. NMJC for example will take federal financial aid and 12-15 credit hours (that's full time) only runs about $1200/semester.

http://www.nmjc.edu/tuitionandfees/

NMJC is a bargain even if you pay out of pocket.

I can actually talk about this all day, alternative higher education is my hobby. PM me if you like, I'd be happy to discuss it with you.

Remember these two things.....

TAKE ON NO SIGNIFICANT DEBT (really, take on NO debt...there is no need)

Choose a REGIONALLY accredited college (accept no other accreditation) All of your state schools, Harvard, Yale.....those guys are all Regionally accredited.

2 Reply

Matt Vogt

Investor · LaGrange GA · Member since 2014 · 121 posts · 55 votes

10y

I would say that a college degree is a good asset to have, although not an absolute necessity in todays world. I have friends that didn't graduate, and have good jobs making well above the median income, I also have friends that have graduated with a good deal of debt and are doing nothing with their degrees. For me, it all comes down to cost-benefit. If you choose to get a degree, make sure it's useful in a way that translates to direct income. Choose a career that's attainable, in demand, and has a good payout. If you can get a bachelors for 25K, get an entry level job for 50K, you're doing alright. Now flip that... if you have 200K or more in debt and can get a job making 30-50K... you'll never dig yourself out (or at least for a long time).

I would probably step back, look at your long term goals, and see how college fits or doesn't fit them.

Can you upgrade your work without a degree? You write well and use grammar correctly, how about an office manager or sales admin or secretary etc position that would give you a higher income and allow you to get into RE further via the higher income.

I would avoid college until you have a clear-cut path determined... if that is present, then go for it.

In my case, my parents expected that we went to college and helped finance a good portion of it. I left school with 12K in debt, with a bachelors degree and an entry level job paying double what my retail management job while in school paid. For me, it was a great safety net and springboard to get my feet off the ground. I also probably would have been better off going to a trade school rather than traditional college, and probably will go back for similar training in the future.

Good luck with your decision, I just wouldn't go just to go... make sure you have a career in mind.

1 Reply

Richard Capers Jr

Investor · Grovetown, GA · Member since 2015 · 100 posts · 67 votes

10y

@Chloe Landon

You really have a tough decision on your hands. I have a degree and while it's helped me so far it had nothing to do with real estate. I'm sure your instructors will have little to do with investing in real estate so they may not be able to help you. Have you read any real estate books? The BP Ultimate Beginners Guide? Having a child will for sure put that added pressure on you so if I had to advise you to take any college it would be at a 2 year school that would give you a profitable skill so you'd be able to take care of your child while building your Real Estate on the side.

Don't be in a rush because time is irrelevant in this business. You can accomplish your dreams as long as you put your mind to it. I'm 29 and will be purchasing my first property this year. I can't make up for lost time by rushing into things. So when you do buy your first property be smart. Also look into some kind of house hacking. This should give you more flexibility with your tenant paying your mortgage for you! Hope this helps. Good Luck

0 Reply

Simcha Davidman

Rental Property Investor · Baltimore, MD · Member since 2014 · 408 posts · 209 votes

10y

In my opinion, you should not go to college for education. Go to college because your career requires it - if it does.

Several previous posts mention a real estate license. Is that something you're interested in, or do you want to get into owning/wholesaling/flipping, etc.? Whatever sub-specialty of real estate you want to enter - find out if you can get a job in your geographic location without a degree. If you cannot, then there should be very little stopping you from going to college. On the other hand, if you become your own boss in the near future - you definitely do not need a degree.

I have an accounting degree and a law degree, and neither are necessary to be invested in real estate. Most people on BP probably do not have these, and yet they're successfully invested. I wouldn't say you won't gain anything from going to school, but if you're as driven as you make yourself out to be, you can pick up all the knowledge in the world without professors lecturing in the front of the classroom.

1 Reply

Glenn R.

Cornelius, NC · Member since 2016 · 104 posts · 51 votes

10y

Originally posted by @Matt Vogt:

I would say that a college degree is a good asset to have, although not an absolute necessity in todays world. I have friends that didn't graduate, and have good jobs making well above the median income, I also have friends that have graduated with a good deal of debt and are doing nothing with their degrees. For me, it all comes down to cost-benefit. If you choose to get a degree, make sure it's useful in a way that translates to direct income. Choose a career that's attainable, in demand, and has a good payout. If you can get a bachelors for 25K, get an entry level job for 50K, you're doing alright. Now flip that... if you have 200K or more in debt and can get a job making 30-50K... you'll never dig yourself out (or at least for a long time).

I would probably step back, look at your long term goals, and see how college fits or doesn't fit them.

Can you upgrade your work without a degree? You write well and use grammar correctly, how about an office manager or sales admin or secretary etc position that would give you a higher income and allow you to get into RE further via the higher income.

I would avoid college until you have a clear-cut path determined... if that is present, then go for it.

Good luck with your decision, I just wouldn't go just to go... make sure you have a career in mind.

Ditto.

Well said.

0 Reply

Heather LewisPro Member

Rental Property Investor · Minneapolis, MN · Member since 2015 · 8 posts · 5 votes

10y

To get a license as an agent in Michigan looks like it only takes 40 hours of classes (plus study time) and an inexpensive exam so I get the temptation to just do the one thing and get started! MI Real Estate Licensing guide There are a number of inexpensive ways to get your 40 hours...sometimes through the local community college (Lansing Community with transfer to Davenport) or a Groupon for a local training class that's not for college credit.

I would highly recommend start working on the degree next - even if you go get your license first with a month of school and study and the exam.

For college, you can usually get grant funding for an undergraduate program, and if your interest is real estate, there are majors that can help you over time - like Management or Business. You'll learn about persuasion, presentation, negotiation and marketing and enough about bookkeeping to be able to find a CPA later, and it will help you be an even better real estate agent.

Even if you only knock out 2-4 classes a year, you will eventually finish, and it's an important checkbox to get your resume read if you ever need to pick up additional income or benefits with a day job. Just saying you're enrolled in school with a graduation date picked out can be enough to get you noticed. I also agree with the recommendation that you try to pursue a degree without incurring any debt - combining the community college with a transfer to a 4 yr school.

Business and Management are frankly one of the easier degrees to get inexpensive credits for by exam or self study and/or complete online while you have a day job. Davenport has a formal transfer agreement with Lansing Community College, and even offers several business and management majors totally online. You can start in real estate right away for little up front investment, AND start school. You will need to be disciplined with your schedule...with two kids and full time work, I had to set aside two hours a night after I put the kids to bed, and my crock pot and pressure cooker and freezer meals were my best friends. YOU CAN DO IT!

2 Reply

Jacob Pereira

Real Estate Agent · Austin, TX · Member since 2014 · 636 posts · 486 votes

10y

Don't be in too big of a hurry to finish college; I didn't go until I was 29. I think that college is still generally one of the safer investments you can make, provided you don't go crazy. I don't want to belittle anyone who has racked up student debt, but usually those people spent years in college without pursuing scholarships and subsidies, and living relatively luxurious lives while delaying getting a job.

That said, should you choose to pursue a college degree, you're better off diversifying into some other field (imo) than real estate; RE doesn't value degrees, and the barriers to entry are minimal. I would recommend a degree that can compliment your RE ambitions, but also has a good earning potential on its own, in case you choose a different path later in life.

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Melyssa Green

Damascus, OR · Member since 2016 · 87 posts · 24 votes

10y

I went to college and got my degree. Always wanted a multiunit, and well....life happened. I became an accidental landlord for a bit and still have that rental property. 13 years later, I still want to invest in RE which is why I'm here. To learn. College has provided me with a good foundation, but I do regret letting other things get in the way of REI. My advice, just don't let other things get in the way of REI.

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Account Closed

Everywhere · Member since 2016 · 63 posts · 26 votes

10y

If you have the money to pay for college then go for it. Otherwise I would get a real estate license and become an agent and use your money and time to learn more about real estate. You could take some business classes at a local community college too if you feel like you need more information on business. You don't have to have a degree to be an agent or investor. I think college is great but it doesn't necessarily make you wealthy and you don't need a degree to invest in real estate. Maybe once you building your investment portfolio you could go to college and your business could help pay for it.

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Ben Zimmerman

Rental Property Investor · Raleigh, NC · Member since 2016 · 396 posts · 995 votes

10y

Hi @Chloe Landon! I'm going to make a few assumptions, if I'm wrong about either of these feel free to correct me. 1: You're a single parent, and 2. You're more or less broke.

Based on this I would suggest going to school. Attending a community college, or online classes pursuing a degree in business, or real estate should be extremely cheap because as a single parent you should likely qualify for a fair amount of financial assistance. Free (or cheap) schooling is something that should never be passed up. While going to school, try to get a job within the real estate sector as getting paid to learn is the best way to learn. Even something as simple as being able to say that you are pursuing your degree in RE can mean an awful lot when it comes to a job interview with a property management company or something similar as it shows that you are genuinely interested in learning about this field and see this position that you are applying for as more than just a job, but it is your passion. Workers who are actually interested in their field are more productive workers, and thus more likely to be hired.

Typically if you were to just 'jump in' to real estate without a lot of capital, one would either start as a wholesaler, or agent. An agent typically works some strange hours, including evenings/weekends which could be problematic if child care is an issue. The biggest problem with both however, is that it can be a very up/down time financially. Maybe as an agent you sell a house your first month, but what happens if you can't seem to sell anything in months 2-4? An inconsistent paycheck can be VERY stressful, especially when you have a young child who depends on you.

Stabilize yourself with a decent job within the RE sector, learn everything you can and pursue a degree in your spare time. Save your pennies and build your credit score and buy a duplex as soon as you are realistically able to and rent the other half of the unit to mostly cover your costs.

Your financial success will start to takeoff shortly after.

3 Reply

Lukas Vanagaitis

Flipper/Rehabber · St Petersburg, FL · Member since 2016 · 44 posts · 14 votes

10y

I will be pretty straight forward. There is no information on the internet that you cannot get and learn. And you will be learning from people who are actually doing it. Think like an investor. Does the student loan sounds like a good investment? What's the ROI? I'm not saying college education is bad! I have college degree, but I graduated in Europe and didn't have to take a student loans. If I were you, I would rather get a successful mentor for 3-6 months and pick-up what he/she is doing. The ultimate goal to be successfull and that is your decition to make. Remember, the earlier you start working, the more successfull you will be. And today bigger value is being street smart, not school smart.

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Bill Gulley

Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes

10y

We have had these discussions before, I'm surprised we haven't had the drop outs say "you don't need no college to get rich".

Well, that was true in 1950, not today in our technical and competitive world.

I would ask students why they were in college. Most often they really had no clue and would give simple answers like "more money" "a profession" and college, while required for many professions, is not a guarantee of financial success.

There is a guarantee that college will improve your quality of life. Often the intrinsic value of a good education is not recognized. I believe that's due to our nature of measuring success in terms of money not so much in the quality of your life. Money is very important, and earnings of graduates on the average is higher than non-grads.

I sometimes jokingly say "A good education only makes your life more complicated". By that I'm saying when you are more aware and have greater knowledge, you have more choices, more opportunities, you're able to think from different points of view, others have higher expectations of you having more tools in your tool box. Life is pretty easy if you're uneducated, you just don't know any better.

Absolutely go to college!

Socially, birds of a feather stick together. There are very nice, intelligent and charming people who don't have a degree. Would you consider marriage? Who would you select as a partner, would it be someone who has similar experiences, cultures, expectations in life? Would it be someone who could be a bird of a feather who could mingle in your flock?

College is a life experience, getting that sheep skin is an accomplishment. You attained a difficult goal, that's important socially as it is an indicator of "what you're made of".

Today, employers really don't care what you're degree is in, no one is an expert out of college in any field. What they want to see is someone who has demonstrated a good work ethic, has the ability to learn, has had demands placed on them and finished what they set out to do.

The degree of difficulty of your major is important too, there are certain professions that require difficult classes, medicine, law, engineering and finance come to mind. Some degrees demonstrate your ability to think objectively, in the abstract, applying theory more than others and such allow greater recognition for that accomplishment.

Now, that real estate program for investors doesn't sound to me like a business degree but a course or concentration of study. Real estate falls under the finance umbrella in our economy as does insurance, banking, securities and capital markets.

If you really want to be in real estate the very best degree, IMO, would be law, then finance, then accounting. While a degree in real estate is a degree, so is a degree in communications or music or theater. So, I suggest aiming a little higher on the professional scale and you'll be more competitively prepared in the business game.

Someone mentioned the ROI of a college education from an investor's point of view. That's rather silly as your education yields returns in many ways over your life time. Then again, you could get hit by a bus a week after graduation!

Life is uncertain, be prepared for it the best you can! :)

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Sarah Lorenz

Specialist · Ann Arbor, MI · Member since 2016 · 356 posts · 191 votes

10y

I would say go after your degree as fast and hard as you can at a local institution, with as little debt as possible, and during or after, work as a RE agent or for a construction or management company and house-hack aggressively. Aim to have the most earning potential and options you can by 30. I remember being 27 or 30 and thinking "I'm too old for that," which was really, really stupid. The older your kids get, the more super-humanly difficult it becomes to get a bachelor's degree, and the more painful a low income becomes. Do it now, and then pursue RE investing. You may be incredibly successful at it--or you may hate it or never be able to get traction without a large income. You may not like the variability or ongoing stress of investing in the future. Remember that everyone participating on BP is either a successful investor or a hopeful one. There are probably fifty times as many failed investors out there who aren't posting about their experiences. A degree gives you a hundred-fold more opportunities going forward and will only make you smarter for your investing career.

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College or no college? No experience. Need guidance.

College or no college? No experience. Need guidance.

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