Should I finish my college degree?

Investor · Scottsdale, AZ · Member since 2016 · 1k+ posts · 885 votes

9y

@Anthony Gayden Everyone I went to college with moved around the country. It has had no bearing on my success in real estate. College leaves a lot of people in debt that prevents them from getting into investing and delays their success by several years. It is a double whammy not worth the expense. It might help in politics, but not in real estate. I developed the contacts I have once I started buying properties.

7 Reply

Steve D.

Investor · Cincinnati, OH · Member since 2016 · 34 posts · 53 votes

9y

Get that degree! A good college degree will only help you. Many people who are dismayed by their college experience majored in crap like psychology, sports management, history, eastern european literature or some crap that won't land them a good job. A good college major will open doors for you.

BTW, you should be wary of people like Robert kiyosaki who constantly bash college education. He made his money selling books first and foremost. Listen to what they say, but remember his schtick: He's selling books.

Don't buy his hype. You can be an "E" and an "I" and be successful at both, and enjoy the benefits of both worlds, IMO.

8 Reply

Arianne L.

Investor · Fort Walton Beach, FL · Member since 2015 · 568 posts · 966 votes

9y

@Grant Hamlin I suggest testing out the full time real estate gig before you put the brakes on college altogether. You mentioned being an agent - try that right now during the summer break. And you can do it while in college too. Give it a go first and see how you like it.

Being a retail real estate agent isn't for everyone - it's not for me. I'm a full time real estate investor (flips and wholesales)

If I could talk to my college self I probably would've done what I just recommended. And maybe I would have taken the plunge to full time REI sooner.

4 Reply

Harrison Liu

Investor · Seattle, WA · Member since 2016 · 143 posts · 68 votes

9y

a college degree doesn't guarantee you will have a w2 job unless you are in a high demand area like software. business degree not from an Ive league college does not seem to have prospect of a high paying job. having more debt like student loan does not help you to qualify for loans. My suggestion is to look at job prospective after graduation. if you have a good chance of getting a good paying w2 job, then finish the school. otherwise think twice before taking the debt to get a degree that might be worthless.

Mark S.

Real Estate Investor · Saint Paul, MN · Member since 2017 · 543 posts · 474 votes

9y

get the degree! It helps with several things 1) provides options in the future, 2) teaches you to analyze and communicate, 3) requires discipline which is important. It doesn't really matter what the degree is in although something like finance is always good.

3 Reply

Amy Beth

Rental Property Investor · Edison, NJ · Member since 2016 · 753 posts · 565 votes

9y

Get the degree but try to take out minimum debt. Select a school that is low cost because the name of the school is not that important. During the summer months work like crazy to save up as much money as possible. While school is in session work but less crazy hours than the summer and try to live as cheaply as possible until you graduate.

7 Reply

Alex S.

Professional · Los Angeles, CA · Member since 2015 · 33 posts · 10 votes

9y

Here is some good advice from one of the richest men in the world. https://youtu.be/IvveZr0D_9Y To your success, Alex

Marian Smith

Real Estate Investor · Williamson County, TX · Member since 2011 · 1k+ posts · 961 votes

9y

A degree is an insurance policy. You can "qualify" for all kinds of jobs. And quitting makes you look like you couldn't hack it. Use your college placement office to help you get an internship with the largest commercial RE firm in the area. Commercial = big bucks. Or get an internship with a local bank in the business lending area. You need OP money in RE...understand the process from the inside and see first hand what kind of deals are going through the pipeline for real. You may at some point want to be on that end of the RE profession...sounds like a lot of the successful investors here like that arena. Lastly, no hurry. There us always another deal around the corner, always money to be made (and lost). Get a degree to fall back on (the commercial places want you to have marketing skills and the only measure they have for someone your age is a degree).

Tim Moore

Rental Property Investor · Winston-Salem, NC · Member since 2016 · 5 posts · 5 votes

9y

yes, get the degree.

Investor · Denver, CO · Member since 2016 · 736 posts · 582 votes

9y

Yes, finish the degree. Don't procrastinate - you more than likely will not end up going back.

Yes, college will leave you in debt...but it will give you options and make you more marketable in job interviews in the future. That piece of paper will pay for itself (eventually) and the experience in college will give you a great foundation to start out with - everything from business contacts/friends you meet in school to learning a bit more about yourself.

David Marsceau

Dallas, TX · Member since 2017 · 77 posts · 28 votes

9y

I would lean towards finishing your degree. I agree with Amy Beth , find a school with low debt because these days it's not so much about what school you went to ( unless your trying to become something like a doctor or lawyer) but more about having the discipline to finish what you started. I went to University of Phoenix, which is primarily known for being an online school and not exactly a school people are rocking sweatshirts or hats of. I still landed W-2 jobs where my colleagues went to schools like Standford and Purdue. Me personally, if I was half way there and had already spent so much money on it, then not finishing would always be at the back of my mind bugging me. Finishing my degree also gave me more self confidence in general. I wouldn't change anything if I had to do it over! Maybe just do what Arianne L. Says and try RE full time in the summer and see how you feel first without completely giving up the notion of finishing:) The good news is you are young and already on BP, that is huge ! Have fun !!

Tanya F.

Rental Property Investor · Madison, WI · Member since 2013 · 629 posts · 339 votes

9y

Educator here with some pro advice.

Maybe take a year off and think. Try out REI and earn some money. What other folks have said is totally true. Without a degree you may be successful, but you may be limited in your options.

Here's a story for you. A friend from college became an NFL player. He majored in engineering. He had a well paying job in the off season. In fact, he was a role model for his team.

A lot of "real life" is just common sense. Many people can succeed without college that way. But there's a lot that college can provide to enable you to go beyond that. College gives you a structured head start - pointing you toward many readings, other theories and opinions to consider (that you might not have thought about) that can give you a real advantage. You've seen how your mentors have helped you so far. College gives you access to a broad range of mentors. (I absolutely LOVE mentoring my students.)

That being said, if you will finish college now, only having the attitude "I have to get out of here, doing only the minimum", then it's not worth it. If you do it, do it wholeheartedly. You should be looking forward to taking all of your remaining classes. True, the first two years are mostly background courses, the fun stuff happens in your JR and SR year electives.

So take a year off and think.

Also, those who have said it's only about networking, that's really only true for a certain personality type. I went to an Ivy. Who I knew there has done *nothing* for launching me** on my chosen career path. I continued in a field different from my major. Networking after I graduated was much more important for me. That's not true for some of my schmoozy college friends. They certainly have capitalized on that. So that part depends entirely who you are.

** It has turned out, by chance, that one of my college friends (from the marching band) is the same kind of scientist I am now. But I didn't network with them to get where I am now. I took my own path.

Wes Johnson

Developer · Dallas, TX · Member since 2015 · 84 posts · 79 votes

9y

Stay away from college debt it's one of my biggest regrets. If you have mentors who could teach you the ropes of real estate business then college is not worth it. I am glad to have my degree, it's given me a decent job while I start investing but if I was 21 again I would not finish college and go full time as an agent and investor. The debt you take out will hamper your ability to obtain financing for investing and the education you receive will not make or break your investing career

Amy Webber

Investor · Simpsonville, SC · Member since 2016 · 135 posts · 73 votes

9y

In short - I would say yes - finish your degree

On a longer note, starting your real estate journey and finishing your degree do not have to be mutually exclusive. They can compliment each other quite well.

Find something related to real estate for a part-time job or an internship. Focus your summer jobs on real estate related options. etc to get more exposure, obtain practical knowledge, and meet people. While earning your degree in business, spend time thinking about how the information your professor is presenting would apply to real estate alongside any case studies that you are using in class. Analyze properties in the area - good practice for recognizing a good deal later.

During my college years, I still had a good amount of fun while working a part-time job during the school year (10-15 hours per week) and then full time during breaks and summers. I was able to graduate without any debt unlike some of my friends who just could not manage their time to be able to work a little while in school. Accounting classes bored me to tears in school but have come in very handy later in life for discussions with investors and accountants. I also discovered that I don't mind keeping the books on my properties and businesses! I just don't want to do that for anybody else.

On a final note, both of my parents decided to jump into the workforce rather than college after high school. That decision haunted both of them to the extent that it never crossed my mind not to find a way to finish school when I was young. I had a front row seat to watch how hard it was to for them to juggle their jobs, family, and trying to pick up a class here and there at night school. Neither of them were ever able to get enough credits from the same educational institution to graduate but they did provide am amazing example of how to pursue lifelong learning that I try to emulate.

I commend you for getting a variety of opinions to consider before making up your mind. I am of the opinion that the degree plus part-time real estate side jobs would provide the widest variety of options. More options are plus in my book.

Best of luck whatever you decide to do!

Amy

Investor · Scottsdale, AZ · Member since 2016 · 1k+ posts · 885 votes

9y

@Grant Hamlin Education is very important but it isn't found at Colleges these days.

These are easily found headlines in the news

“Just 14 PERCENT of This Year’s College Grads Have Real Jobs Waiting”

“The average Class of 2016 graduate has $37,172 in student loan debt”

“Student loan delinquency rate of 11.2% (90+ days delinquent or in default) “

“Loan payments are keeping young people from getting on with life, delaying marriage and homeownership, other data show.”

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“Its most recent survey of college pricing, the College Board reports that a "moderate" college budget for an in-state public college for the 2016–2017 academic year averaged $24,610. Students in the sciences, engineering, computing, premed programs, and the fine arts often pay more.”

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However, with “Subject To” I can take $25k, buy a house and Fix & Flip for “fast cash” or I can cash flow it for $300 month while getting $10k – $25k down from a Tenant Buyer. I can do this on a monthly basis. I can even Joint Venture with others and increase the return beyond that.

With “Subject To” After one year there is $3600 a month coming in and a ton of money in the bank. After two years there is $7200 a month coming in and a ton plus a ton of money in the bank. Then I have plenty of money as passive income and I can take as many classes as I want, get married, have kids and enjoy life while getting that education.

Get set financially first, then go after your education.

I don’t know how many well educated people I had to turn down from buying a house from me because they couldn’t qualify for loans because of student debt.

Harjeet BhattiPro Member

Lender · Glenview IL- CDLP NMLS#230554 · Member since 2015 · 2k+ posts · 747 votes

9y

Get your degree and start working on side in real estate. Education always help in any field.

Jon Ree

Investor · Philadelphia, PA · Member since 2017 · 73 posts · 58 votes

9y

How about transferring to a program that costs less and is less demanding on your time and energy? That way you open up time and money to focus on real estate while still working on the degree.

Saint George, UT · Member since 2017 · 24 posts · 15 votes

9y

I believe you should finish your degree, especially if it is in business. REI is a business and should be treated as a business. The education should help you become more effective and efficient in REI which makes your degree an investment. Besides, it will always be nice to have a degree to fall back on. Why not buy a property and house hack with other students to help pay for the degree? Just an idea. Tim

Podcast Guest on Show #21

Anthony GaydenPro Member

Rental Property Investor · Omaha, NE · Member since 2014 · 2k+ posts · 3k+ votes

9y

Originally posted by @Account Closed:

@Anthony Gayden Everyone I went to college with moved around the country. It has had no bearing on my success in real estate. College leaves a lot of people in debt that prevents them from getting into investing and delays their success by several years. It is a double whammy not worth the expense. It might help in politics, but not in real estate. I developed the contacts I have once I started buying properties.

That is a very small minded way to think. We make connections everywhere. Every person you meet has the possibility to be a customer/partner/investor/etc. College is a great place for meeting a lot of people who will someday be in positions in a multitude of places and industries.

Thomas S.

Member since 2016 · 13k+ posts · 12k+ votes

9y

Whether you go to school or not is a personal choice that has no relevance to what anyone else has done. You go to school because that is your chosen desire not because someone else believes it is a good idea.

If you are in school you are clearly intelligent enough to decide your own direction in life. Do not give too much credence to a strangers opinion.

The facts to consider are where your education will take you and if investing is your ultimate goal where do you believe is the source of income you need to support your desire to invest.

You will need a job, what job would you prefer to do that pays the highest W2 income. Is the most likely path to that end further education.

3 Reply

Rocky V.

Rental Property Investor · Arlington, TX · Member since 2012 · 788 posts · 640 votes

9y

Do both. Don't limit your thinking, be productive and achieve success when others your age are partying. It took be 6 years to get my degree but in that time I purchased several rentals and always had something to fall back on.

Jessie Nunley

Springfield, MO · Member since 2017 · 158 posts · 114 votes

9y

@Grant Hamlin what will you fallback plan be if you do not succeed at real estate? What will your fallback plan be if the market crashes again and you lose money? What will your fallback plan be if you get 2 years into investing and you chose to change careers like you are contemplating doing right now?