College degrees for real estate
great question
@Account Closed It completely depends on the kind of real estate you want to deal with. In commercial real estate, the people often have accounting, law, economics, civil engineering, finance, other business degrees, or degrees in fields related to whatever kind of property they want to focus on. In residential you will see many more people with marketing, communications, teaching, and arts degrees.
@Account Closed None, Experience is what you need. Getting a bachelors degree now doesn't do anything for you... Everyone has one, you are just another sheep that is trying to compete with a million people. Do what I did, just drop out and take the risk and start your own company... I just posted a post about how I managed to get thru the business in the really really really early beginning stages of my career. I am no where near where I want to be, but I managed to get thru the hardest part of getting started in REI. Here is the link to post: https://www.biggerpockets.com/forums/87/topics/480...
Check it out, read my rant about how I go on and on about what I did. Connect with me if you have any questions at all. I haven't been thru everything in the game yet, but I have been thru some stuff that I think would be very beneficial to you when it comes to deciding what you want to do and if you're made for this.
If you want to be in real estate go to a school that has a real estate major. You will still have years of general courses and it's primarily a "business" degree so you'll still have all the general business courses like accounting and statistics and all that. Then your last two years will be all about real estate. Commercial real estate finance, appraisal, development, real estate law, etc. I got my
degree in real estate and it gave me a great base of knowledge to start my career.
You could also spend 4 years working and growing a business. It really all depends on your end goals. If college is a must I would 100% major in real estate.
Instead of trying to find a college degree that matches, I'd say it would be a better idea to understand your goals, write down an inventory, and adjust your education based on your needs.
For example, let's say you want to start your own brokerage firm for residential real estate. You would need to know how to build a network, manage other agents, and understand your local laws and regulations. You would have to get a broker's license. You would have to know how to obtain clients, how to talk to customers, how to read your numbers, how to hire people to manage your books. You would have to know how to influence people, and how to negotiate on terms.
Once you understand your educational needs, you fill in the pieces. Some of that education is best found at a university. Some of it you can't find in any university at all. Some you can only learn on the job. Once you understand that, pick a major that gives you access to the classes you need the most. A degree in real estate might seem like a good fit, but there are many others that could certainly still benefit you, from economics, business management, accounting, or even political science. It's not so much about the major, and more about what you can get out of it. Not to mention the fact that programs vary from campus to campus.
#4 All Forums Contributor
- Plymouth, MI
I'll answer this a little differently, by telling you the three most important knowledge bases you MUST fully know and, must continue to add to in order to succeed in REI. Then I'll suggest what I think colleges have to offer you that would help you learn these things.
First, let me say that while you are in H.S., the most important things you should/will be learning is "how to learn"...and the basics for the items below.
Here are those knowledge bases, and what subjects/topics that will help you learn these things:
- 1) How Money Works
- 1- Geometry - Problem solving skills
- 2 -Algebra 2 - Understanding Systems, and how they work together
- 3 -Excel Training
- 4 -PowerPoint and Word Training - Presentations for getting Funding
- 5 -Accounting & Finance (although what you will learn is only the basics, it will give you that base to grow from)
- 6- Any class that teaches the Banking System as it exists today...and not one that blames the Bakes for our problems
- 2) How to Design & Execute a REI Plan
- 1- Excel Training
- 2- Geometry (see above)
- 3- Algebra 2 (see above)
- 3) Market Analysis
- 1- Statistics
- 2- Geometry (see above)
- 3- Algebra 2 (see above)
Joe Villeneuve I have a question about how geometry and algebra 2 would help in my real estate career, I could see how the other classes/skills you put would work, but I just don't understand how those 2 classes in specific would help. Please help me to understand how it would help in a real estate career. Thanks for the great advice!
Self Education is Paramount
Your On here You have found a good compass... there are many that will guide you to your different goals.
Don't worry about all your goals at one time hard to keep all the puppies in the basket. Just focus and be flexible. Enjoy today you will never have today again. Read books like Winning Friends and Influence People- Dale C. try discovering things you enjoy and Run toward challenges and Difficulties they will make you stronger.
A college degree its not required and its a huge time cost your smart write it down and do the math Wait Wait Wait til after HS then after University to get into Real Estate divided by the time it takes to learn to analyze a deal and build a social network of investors(You may already have a social network) All free Stuff you can learn on Youtube.
Dream with Your Eyes Open Reality is What we Create.- Steve Watson
@Account Closed I would look to see what you would like to do with your real estate career, you can become an agent as you are going with school, or once you finish.. If you want to be an agent you can become a broker right away if you have a four year degree in real estate (that's California rules, I would check New York beforehand).
If you don't see yourself working as an agent but in real estate I would look into having a minor in real estate and major in a business emphasis of your choice. The degree will help you connect with people in the local area and also allow you to build your knowledge more than some other people have in real estate.
@Account Closed I have a Real Estate Degree from Florida State University. If you are going to pursue a professional career in CRE I think that it is a great degree to have. Do you need a RE degree to succeed as an investor or to break into the professional real estate world? No, but it will give you a great base of knowledge for the numbers side of the business and a number of the real estate programs have active alumni groups that love to help new grads coming out of their alma mater. It can open a lot of doors. If you are looking to go to college I think it is a great route, but it is not the only route. A general business, accounting, finance, or even risk management/insurance degree could also give you a lot of useful knowledge.
In my mind, it depends on what your goal is. Do you want to be an employee and work for a real estate investor? If so then the real estate degree might help you. I can tell you this, I have lectured to grad students at 3 colleges, and those grad students know how to analyze the numbers on a deal, but they knew close to nothing about deal structure and contract law. Those are big holes in their education if they want to make real estate investing their main career.
The best real estate education that I am aware of is gained by talking to other successful real estate investors. The good news is that RE investors will share everything that they do freely. There are some good guru courses out there to help you put it all together, but I honestly don't see college as a pathway to real estate wealth. I might look at a finance degree if I were you, or maybe pick up a CCIM certification.
Full disclosure my degree is in Law Enforcement Intelligence Studies, it is 100% useless for what I do.
To your success
Josh
#4 All Forums Contributor
- Plymouth, MI
Originally posted by @Account Closed:
Joe Villeneuve I have a question about how geometry and algebra 2 would help in my real estate career, I could see how the other classes/skills you put would work, but I just don't understand how those 2 classes in specific would help. Please help me to understand how it would help in a real estate career. Thanks for the great advice!
Geometry is a great (the best I think) teacher of problem solving skills. When I was hiring for my architecture firm, one of the main requirements was a high level of skill in geometry. Why is this important in REI you might ask? Simple. Everything you will be doing, and I mean EVERYTHING you will be doing in REI, involves solving problems.
Algebra 2 is one of the best ways to learn about systems and how to work with, and design. System design, and understanding it, is the basis for solving all the problems you will encounter in life...and REI is a part of it.
Also, math is an enormous part of REI since successful REI is all about your ability to analyze the numbers...with dollar signs in front.
The greater your skills in understanding and then using, these two math "languages", the greater your success will be in REI.
Michael, you have the advantage of already having the passion & vision of knowing you want to pursue real estate as a vocation. It takes many of us a lifetime to figure that out. A college that offers a degree in real estate would be a great track. One certainly does not need a college degree to succeed in real estate. However, there is great benefit to becoming well rounded, an effective speaker, proficient writing skills, knowledge of history, politics, & psychology. Remember you can always begin investing in real estate while attending college. You will be great!