Should I finish my college degree?

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Should I finish my college degree?

Grant Hamlin
Bend , OR · Member since 2016 · 5 posts · 6 votes

Here's my situation, 

My name is Grant Hamlin and I am 21 years old. Right now I am attending college in Oregon and am pursuing a Business Degree. I am 2 years in and am now applying for Oregon State Universities Business Pro School. Anything business related fascinates me and I love learning more about money and starting a business. Although I only have 2 years left, for the past few years I have struggled with the fact that college education is a hot topic and many believe it is not worth it. Growing up I was fortunate to have mentors in my life who are real estate investors and are very successful. They have motivated me and created my passion for real estate. The past few years I have been listening to podcasts on BP and reading various different books. I am so anxious to get started and make my first deal and start as soon as I can. I created this forum because I need some advice. For the past year or so, I have contemplated whether or not I should finish my bachelors degree because of a few different reasons. First off, the college courses I am taking are not satisfying me for the amount of money I am paying. The next two years I will have to take out student loans if I want to continue. And lastly, I know I want to be a real estate investor in the future, which I believe you do not need a college degree. I have spent countless hours in my head debating this situation and I would love to hear what the Bigger Pockets community has to say about it. Here's a few questions for discussion. 

Is college education worth the student debt? 

Thoughts on becoming a agent without a degree? 

Seems like most people have normal jobs and start investing on the side... anyone start out a full time real estate investor? 

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Account Closed
Investor · Scottsdale, AZ · Member since 2016 · 1k+ posts · 885 votes
9y

@Grant Hamlin  Make your money first, then go to school for as long as you like. My degree did me no good in making a living. College has become an excuse to not do anything useful. ;-)

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  • Stephen Moore
    Real Estate Agent · Lebanon, OH · Member since 2016 · 17 posts · 2 votes
    9y

    Degrees can be accomplished and earned as you work.  With today's online opportunities and et al, it makes sense to continue studying at a pace that is comfortable and could be flexible with your work hours.  Real Estate is a great industry from which to launch a lucrative career "while" your furthering your education.  As a man who earned a BA in Fine Arts, an AA in Commercial Art/Computer Graphics and an MBA in Business Marketing, I can say that curiosity is a beneficial trait and each new adventure has slowed an otherwise bountiful career.  Real Estate is helping me to "catch up" a bit.  God bless young man and continued success.

    1Reply
  • Justin Merchant
    Real Estate Broker · Tampa, FL · Member since 2017 · 42 posts · 24 votes
    9y
    Get your degree. Once you have it, it can never be taken away from you. Not to mention the connections you'll make for future business endeavors. You can also pursue your real estate passions while going to school simultaneously
    1Reply
  • Account Closed
    Rental Property Investor · Torrance, CA · Member since 2016 · 724 posts · 1k+ votes
    9y
    What kind of work do you want to do? The reality is you are going to need income to make REI a reality. For most of us that's means a J-O-B. There's no way around it, you're going to have to get a job. My advice is to find something you like. It's that simple. What kind of job will you not dread waking up for every morning? It's going to take 10+ years to become financially free. Some people are rock stars and do it in less time. But for the majority of us it's a slow road. Do you really want to go into a field just because it pays a lot? Endure 10+ years of hating your job? So the real question is....what kind of job do you want?? Does that job require a degree? Yes or no? That should determine the answer to stay in school or not. I didn't do to school. However, that was a conscious decision. If I had gone I would have studied Economics, Finance, or Business. I have a keen interest in all those subjects. Unfortunately any job associated with those degrees involves me sitting behind a desk crunching numbers. That was not going to make me happy and I knew it. So I didn't go. I never wanted a "white collar" job. I don't necessarily think college is a bad move. I think going to college without direction is a bad move. Want to be a lawyer? Go to college. What to be an engineer? Go to college. What to be a Real Estate investor?.....Come up with a rock solid plan and work your A** off.
    2Reply
  • Scott Graham
    Westford, MA · Member since 2016 · 113 posts · 106 votes
    9y
    As a former Valedictorian of undergraduate and graduate school. Finish the damn degree. It allows you to establish yourself and your worth as a young professional.
    1Reply
  • Account Closed
    Investor · Scottsdale, AZ · Member since 2016 · 1k+ posts · 885 votes
    9y

    @Scott Graham Says the man who has yet to do a property. (I peeked at your profile) ;-) Just funnin' ya.

    1Reply
  • Jory Harvey
    Mannford, OK · Member since 2016 · 57 posts · 14 votes
    9y
    You are halfway there , your degree is very general and easily applied in a general way to any job . In short , it will put you ahead of other applicants should you seek employment , and shows you can attain to a certain level and continue with a commitment. Most people that drop out do not go on to finish , so weigh your decision carefully . Now if you didn't have two years invested , I would be telling you to think long and hard before spending tens of thousands and four years of your life . I don't necessarily regret spending eight years in college, but I have often compared that to high school classmates who make more , work far less , and have retirement and benefits with jobs they got straight out of high school . On the other hand , I haven't been out of work a single day since graduating a quarter of a century ago ( but that also is a function of owning my own business ).
    2Reply
  • Chris Purcell
    Investor · Philadelphia, PA · Member since 2010 · 739 posts · 372 votes
    9y

    W2 = lending = leverage

    3Reply
  • David Sherman
    Killeen, TX · Member since 2013 · 10 posts · 4 votes
    9y
    I say that you've come so far you should just complete it and have it in your back pocket. This way you'll not have to worry about completing it in the future.
    2Reply
  • Angie Malanche
    Glendale, AZ · Member since 2017 · 9 posts · 10 votes
    9y
    Grant Hamlin my son is about your age and asked me about Real Estate the other day too. There's a lot of hype right now with REI and fliers have been circulating around campus looking for college kids to get into REI. My advice to you and what I also told my son, finish school first. 4 years go by fast so finish your undergrad in a field that you know, you will prosper from. REI will always be around and you can still learn and absorb and possibly if done right do it while going to school and getting your degree. My son hopes to finish with his degree in computer systems engineering but he like you is very turned on by REI and the money that it can make. But you guys are young, enjoy college life, you still will be so young when it's all done and will have plenty of time to do REI full time. Like another poster said, look at this as an insurance policy or vehicle to get you to where you eventually want to go. If going in debt scares you, do everything you can to get grants and scholarships. My son is on a scholarship right now which is another reason I told him he needs to finish. It's a free ride might as well finish. You have invested already 2 years might as well go the distance. Good luck on all your future endeavors!
    4Reply
  • John Hickey
    Rental Property Investor · Chappaqua, NY · Member since 2015 · 1k+ posts · 947 votes
    9y
    I'm with Ken Min I will say this though. Don't quit school on anyone's advice. Don't keep going on anyone's advice. Make up your own mind what is best. Once I decide a goal either life long or short term I work backwards to see how I get there. Does school come into play in your long term goal? I don't make any backup/fallback plans. One plan make sure it works. For me sales training and knowing real estate math is the most important thing to know. Both of those are easy to learn, outside of a school. I've worked for a corporate real estate firm in Manhattan and made partner in a venture I created. At that company I did all the hiring and firing and I mostly hired grads or undergrads. I always keep an eye out for those with no degree but other qualities. I worked for Marcus and millichap in Manhattan at 19, during the interview they asked why I had not put education on my resume. I explained I had dropped out and gone to work. They gave me a job, expense account, office with a window overlooking St Patrick's on 5th Ave. I'm sure most in corporate real estate have at least a Baccalaureate. The guy I worked for didn't. He came from China fixed sewing machines till he saved enough and then bought stuff no one wanted, in Soho. He's worth over a billion now. On connections I have to call BS. The most important people in a real estate transaction is me and the seller. How many sellers do you meet in college? Better off walking up and down a street you want to own and calling the for rent numbers. Everyone else in a real estate transaction is there for a paycheck and is replaceable from the phone book.
    2Reply
  • Andrew Acuna
    Investor · Mission, TX · Member since 2017 · 220 posts · 135 votes
    9y
    I would say yes and no. I finished mine simply because I like finishing things. To me that made it worth the small amount of Debt I took on. If you're wanting to finish simply because you think it makes you more desirable as a hire I would advise caution. I'm not convinced that anyone getting a degree outside of a professional field (medicine, law, etc.) are any more hireable than someone with drive.
    0Reply
  • Travis C.
    Investor · San Antonio, TX · Member since 2016 · 145 posts · 61 votes
    9y
    I personally am a proponent of serving in the military; both for patriotism and to pay for your education. it will provide a strong base and work ethic fir your entire life showing you that you can persevere mkre than you would have ever known. It also gives you pride in a way that is different because it is not something many people do nowadays (less than 1% of US population). All based on my experience but I understand it is not for everyone supposedly.
    0Reply
  • David Grabiner
    Investor · Chattanooga, TN · Member since 2016 · 146 posts · 108 votes
    9y

    If you decide to continue with school I would recommend you switch your degree from business to accounting. A generic business management degree is not very helpful in getting a high paying W2 job, because you have no skills and no experience. If you get an accounting degree you will have a skill that will land you a job or even if you don't decided to get a job, accounting/finance skills are very helpful to have when running your own business. 

    I think my only useful undergrad classes were accounting, finance, and operations management the rest was pretty much useless fluff.

    1Reply
  • Linda S.
    Investor · Richmond, VA · Member since 2016 · 1k+ posts · 2k+ votes
    9y

    @Grant Hamlin,

    You need a W2 to gain access to funding, both from mortgages and for credit.    If you want to be a real estate investor, you need income, regardless of college degree or not.

    Have you looked at technical or trade schools?    Something that can align better with real estate?   If you can become a plumber, or electrician,  or learn HVACs-- think of how much better that would align with your goals of real estate?    So many people  look down on trade schools compared to 4 yr degrees, but it's a part of housing, and definitely would give you an edge with renovations!   Cheaper  and more practical if you want stability and really think real estate will be your niche! 

    0Reply
  • Account Closed
    Rental Property Investor · Miami, FL · Member since 2014 · 80 posts · 55 votes
    9y

    I will add to the pile on... if you only have 2 years left, get the degree. Yes, your last 2 years are the hardest because you are diving deeper into business/finance classes but in my opinion are the most valuable. As everyone has stated, you will most likely (at some point) need a W-2 job and hate to say it, but a degree will open more doors depending on industry. In my field a degree is mandatory.

    #mytwocents

    0Reply
  • Luke Turner
    Lansing, MI · Member since 2016 · 31 posts · 3 votes
    9y
    I'm also in a similar boat. I've decided to get a degree in accounting because that's one less person I'll have to hire out. So I'd recommend getting a degree or certified in plumbing, electrician, lawyer, contractor, or accounting. Gives you an insurance plan and will save you money if you choose one of these degrees. Best of luck!
    0Reply
  • Bill Goodland
    Rental Property Investor · Allentown PA, United States · Member since 2016 · 567 posts · 442 votes
    9y

    If it were me, I would ask yourself if you could see yourself for a few years in a W2 job or high end sales commissions based job. If you can, I would finish the degree. Something I don't think enough people mentioned is that you have all the time in the world to invest after college, but I wouldn't want to look back and wish I had finished my degree if lets say the economy tanks, you run out of deals or financing opportunities and need an income. The way I look at it is, I want to eventually be a full time real estate investor, but having a marketable skill-set from school is my safety net if REI goes south. Having a strong W2 gives me the opportunity to take calculated risks in my path to financial freedom whereas if you are full time REI without letting yourself season and learn the game over time, you may get in the dangerous habit of just buying a flip with tight margins just to buy something because you need to put food of the table. So what it comes down to is, what gives you the best opportunity to succeed and grow in the next 3-5 years, that will put you on the path to where you want to be in 20 years?

    0Reply
  • Brandon Redfern
    Rental Property Investor · Greer, SC · Member since 2016 · 39 posts · 30 votes
    9y

    As someone who works in insurance and someone with a degree I can't agree with @Marian Smith.  When you buy an insurance policy, as long as you have coverage for whatever happens, you are guaranteed a payout.  A degree gives no guarantees and depending on what field you are going into can actually COST you more to go than to not go, when you account for tuition and loans.  Not saying don't stay in school but don't believe that just because you got a degree you will have any more success. 

    1Reply
  • Megan T.
    FL · Member since 2016 · 73 posts · 58 votes
    9y

    Everybody assumes that the W2 job you get after graduation won't be in real estate investing, but it easily could be if that is what you are interested in. I graduated undergrad two years ago and I have worked for two different commercial real estate investment firms as an acquisition analyst.

    I look at real estate investment opportunities all day long. Only instead of SFR or duplexes in my hometown, I look at 300+ unit apartment complexes across the country. My average deal size is ~$30M, but I have underwritten deals as large as $500M.

    IMO: Finish your degree, get a job in CRE, learn from the people with portfolios in the billions, and use that W2 income to leverage your own real estate investments

    0Reply
  • Jack B.
    Rental Property Investor · Seattle, WA · Member since 2014 · 1k+ posts · 1k+ votes
    9y

    I just finished my MBA while working a full time career, and purchasing, leasing and managing millions in real estate. I paid cash for my MBA in part because my first business degree helped me with business skills and jobs that increased my income drastically (read that, my degree helped me afford it).

    That said, I think you should split your time between school and real estate, don't look at it as an either/or option. The opportunity cost of not buying a real estate investment is too high in this booming market. Buying a single house and renting out the rooms to class mates, etc. could net you 30-50K a year in appreciation WHILE you go to school. When you graduate you can pay those loans off and have seed money to buy more real estate by cash out refinancing or selling, OR do what I did and just make the monthly payments on those loans and invest in real estate which has a higher return than the interest rate on my student loans from undergrad....

    A degree should be your fall back plan. The older you get the harder it will be to complete it. Girlfriends, kids, family, work, all kinds of stuff will make it harder. 

    I'm glad I finished my Bachelors long ago and just did my masters, paid in full. Now I can coast....and if real estate tanks I can always get a good paying office job.

    1Reply
  • Naketa Washington
    Real Estate Broker · Chicago, IL · Member since 2011 · 15 posts · 1 vote
    9y

    Why wouldn't you do both at the same time?  I have a Bachelors and a MBA, both pursued while I practiced real estate. In my opinion, finish up the degree and get into real estate all at the same time.  The degree will help, believe me.

    0Reply
  • Chris Ayers
    Rental Property Investor · Warrenton, VA · Member since 2016 · 126 posts · 58 votes
    9y

    If I had to do it all over again, I would still get my degree, but get out as cheap as possible. Name recognition doesn't matter as much these days.  I actually prefer hiring people from lesser name schools and have seen better results with them.  I believe you can still become successful without a degree, but it's a lot harder. I do RE on the side and I wouldn't change it to full time any time soon. 

    If you are a BP follower and take advise here, then you will have a better chance of success in the long run anyway. Just don't get into 200K of debt for a liberal arts degree. 

    0Reply
  • Liz McMen
    Minneapolis, MN · Member since 2017 · 1 post · 0 votes
    9y

    There are many valid points about the high expense and poor quality of college education today - do you really get what you pay for?  Maybe, but probably not.  

    The problem is that in the US job market, many (possibly most) employers use the college degree as the initial gate when you are applying for a job - unless you have a significant amount of relevant work experience, if you don't have a degree you may not even be considered for the position.

    Because of this, I agree with the many others who have posted that completing the degree is a solid back up plan that you should strongly consider.

    0Reply
  • Louis A.
    Investor · Chicago, IL · Member since 2015 · 70 posts · 27 votes
    9y

    Being a RE Agent isn't for everyone. Get your degree and keep your options open in case things don't work out. You may be too young to realize, but we're at the height of a real-estate boom.  Will it last? Probably not -- What will be your plan when the market corrects itself? Back in 2008 when the market crashed, many newer agents that rode the band-wagon had to find new careers/jobs. I'm not saying that is going to happen to you, but use history as an opportunity to think strategically about your future.

    I received my degree in Business / Finance and I have absolutely no regrets. College taught me how to think critically and analyze complex data for decision making purposes. No doubt this has served me well in my W2 career, but it has also paid significant dividends for me personally when evaluating investment decisions & deals. 

    If you are concerned with the cost, have you considered living at home and commuting to your local state school? That's what I did and fortunately with the assistance of grants and working side-jobs I was able to avoid significant debt. 

    0Reply
  • Anita Ahuja
    Physician · Oakland, CA · Member since 2017 · 60 posts · 28 votes
    9y
    Education is one thing no body can takeaway from you. You're young. If you have the opportunity, Get educated first.
    0Reply
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