I dropped out of college last week.

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I dropped out of college last week.

Michael Warinner
Real Estate Broker · Pensacola, FL · Member since 2018 · 42 posts · 68 votes

I’m 20, and I just dropped out of college to pursue RE full time. It’s not that I was bad at school- I had a 3.1 GPA heading into my junior year, but I just decided that since I have clarity on what I want in life, the opportunity cost for 5 more semesters is too high. I’ve passed my pre-course work and I’m taking my real estate exam in about 2 weeks, which will help make me a better investor as well as build capital for investing. What advice do you guys have for your 20 year old self? How can I be productive and make the most out of this period in my life?

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Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
7y
Originally posted by @Michael Warinner:

What advice do you guys have for your 20 year old self? 

Not so much for me, but for you. Go back and finish school. The real estate market will still be there in 2 years. 90% of small businesses fail. Having options is important. I wouldnt even hire an admin assitant without a degree. Doesnt matter what the degree is in, just finish.

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  • Luis Zuniga
    Tampa, FL · Member since 2019 · 22 posts · 31 votes
    7y

    @Michael Warinner Go to your local REIA, network like crazy, start taking real estate courses, look for coaches and mentors to guide you along the way.

    Never stop learning and doing!

    25Reply
  • Michael Warinner
    OP
    Real Estate Broker · Pensacola, FL · Member since 2018 · 42 posts · 68 votes
    7y

    @Luis Zuniga thanks man that’s what I’ve been trying to do- I’ve been able to meet some of the movers and shakers in my area and intern at a couple real estate related businesses. Just trying to get as much real world experience as I can

    3Reply
  • Eric Schultz
    Investor · San Diego, CA · Member since 2016 · 265 posts · 305 votes
    7y
    Keep leveraging your time and hustle to bring value to those with expertise and money. While you are learning the RE game, one recommendation would be to focus on time management. Schedule every single waking hour of your day for the entire week. There are 1-page templates out there for this if you want to write it down, or use your mobile device. Schedule in time each week for education, networking, interning, analyzing deals, walking properties, driving neighborhoods, meeting clients, etc. This will help you get really clear on where and how you are spending your time to move forward on your goals.
    15Reply
  • Caleb Heimsoth
    Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
    7y

    @Michael Warinner. What were you studying in school?

    My initial advice is to go back to school, unless you were studying something you probably couldn’t get a job with. I am not sure why I am seeing so many of these threads on BP recently. The opportunity cost of 5 semesters may be a lot, but all the money you spend on the college so far is now wasted. Good luck, financing will be very difficult in the first couple years unless you have a large cash position

    56Reply
  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    7y
    Originally posted by @Michael Warinner:

    What advice do you guys have for your 20 year old self? 

    Not so much for me, but for you. Go back and finish school. The real estate market will still be there in 2 years. 90% of small businesses fail. Having options is important. I wouldnt even hire an admin assitant without a degree. Doesnt matter what the degree is in, just finish.

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group545 Reviews
    WebsiteView Page
    86Reply
  • Caleb Heimsoth
    Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
    7y

    @Russell Brazil. Said it perfectly. In today’s world 90 of people seem to have some sort of 4 year (or associates degree) without it, job market is going to be tough. Being an agent is fine but it’ll be there when you’re done with school to.

    17Reply
  • Nick C.
    Investor · Tampa, FL · Member since 2011 · 2k+ posts · 3k+ votes
    7y

    This is a personal choice and without knowing your situation it's tough to give advice on, but why not just major in real estate and finish school. I know on the outside looking in real estate looks like a can't miss (we can thank the gurus for that). But the truth is it has an extremely high failure rate and is an absolute grind. It can't hurt to have a degree and some more knowledge in the field you're looking to enter. 

    Also taking classes shouldn't preclude you from working in the field for those movers and shakers or getting an internship with a firm. Maybe take less courses a semester which will free up more time for real estate work. 

    College is about more than grades. You're going to miss out on the opportunity to meet dozens of like minded individuals, who as you come in and out of contact with throughout your life, will also help your business. 

    16Reply
  • Tanner Marsey
    Rental Property Investor · San Diego, CA · Member since 2017 · 439 posts · 578 votes
    7y
    Originally posted by @Caleb Heimsoth:

    @Michael Warinner. What were you studying in school?

    My initial advice is to go back to school, unless you were studying something you probably couldn’t get a job with. I am not sure why I am seeing so many of these threads on BP recently. The opportunity cost of 5 semesters may be a lot, but all the money you spend on the college so far is now wasted. Good luck, financing will be very difficult in the first couple years unless you have a large cash position

    Its because being an entrepreneur/business owner/"hustler" or whatever you want to call it is being super glorified on social media. Everyone sees the money and the lifestyle and they're sold. They forget about all the failures and tough stuff that a lot of people can't handle. Not saying that's the case with this particular poster but a lot of young dudes thinking they're going to flip houses and make crazy money from day one because they saw someone online do it. 

    17Reply
  • Frank Wong
    Real Estate Broker · Bay Area · Member since 2018 · 1k+ posts · 3k+ votes
    7y

    Hi Michael,

    I might be the minority in this but if you feel like this is what you want and you are going to go after it then forget school.  You don't need college to make it in RE.  You have a 3.1 GPA and you are a smart guy.  I am sure you thought about this and is well planned. 

    2yrs of hustling and working hard will pay more down the road then what you will learn in school. School teaches you to be a slave that is how the system is set up.  I do think that having a degree helps because of the perception from companies, but if you are going into real estate sales as an agent. It doesn't mean squat.   

    I do agree with Nick that college does connect you with some people.  That is the best thing and only thing I got from it.  The friends and connections I got are life long and we do business together till this day.  Take what I am saying with a grain of salt.  This is my personal view of things.

    30Reply
  • Caleb Heimsoth
    Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
    7y
    Originally posted by @Tanner Marsey:
    Originally posted by @Caleb Heimsoth:

    @Michael Warinner. What were you studying in school?

    My initial advice is to go back to school, unless you were studying something you probably couldn’t get a job with. I am not sure why I am seeing so many of these threads on BP recently. The opportunity cost of 5 semesters may be a lot, but all the money you spend on the college so far is now wasted. Good luck, financing will be very difficult in the first couple years unless you have a large cash position

    Its because being an entrepreneur/business owner/"hustler" or whatever you want to call it is being super glorified on social media. Everyone sees the money and the lifestyle and they're sold. They forget about all the failures and tough stuff that a lot of people can't handle. Not saying that's the case with this particular poster but a lot of young dudes thinking they're going to flip houses and make crazy money from day one because they saw someone online do it. 

    I see that all the time on FB and what not.  The end of the day, there’s no secret to getting rich.  The most tried and true way is to save a large portion of your income.  Invest it.  Do this for 20-30 years.  Poof you’re rich.

    Of the people who are rich few of them are because they’re entrepreneurs  

    6Reply
  • Jacques Herve
    Real Estate Agent · Member since 2019 · 67 posts · 33 votes
    7y

    Get. Back. To. School. Unless you have access to capital -and even then, make sure it doesn't get siphoned away by the top guys as an expensive lesson.

    As others said:

    1) You can intern in RE businesses while in school

    2) This is a cut throat business where Lady Luck plays a good part.  10% of the people make 99% of the money -most of it from the remaining 90% investors. Which category you think you'll be in with no capital no education and no experience? (No disrespect, just a fact)

    3) It's a hyper cyclical sector where downturns wash away all the noobies-over-leveraged-folks so without capital your only comparative advantage will be work ethics and built up experience: college and internships will bring you that.

    7Reply
  • Daniel Schiller
    Rental Property Investor · Houston, TX · Member since 2014 · 91 posts · 76 votes
    7y

    @Michael Warinner good for you! keep up your education by reading as much as possible, get out there and kick ***!!!

    3Reply
  • Michael Warinner
    OP
    Real Estate Broker · Pensacola, FL · Member since 2018 · 42 posts · 68 votes
    7y

    @Frank Wong I appreciate the objective view. I think real world experience for 2 years will teach me more than most classes. I’ve taken core classes such as marketing, accounting, speech, etc, so I have a comprehensive view of the business world and a basic understanding of those concepts, enough to make my own way. Thanks for the advice!

    4Reply
  • Michael Warinner
    OP
    Real Estate Broker · Pensacola, FL · Member since 2018 · 42 posts · 68 votes
    7y

    @Caleb Heimsoth I agree there’s no shortcuts man, it’s a journey and it’s different for everyone

    0Reply
  • Michael Warinner
    OP
    Real Estate Broker · Pensacola, FL · Member since 2018 · 42 posts · 68 votes
    7y

    @Daniel Schiller appreciate that so much man!

    0Reply
  • Michael Warinner
    OP
    Real Estate Broker · Pensacola, FL · Member since 2018 · 42 posts · 68 votes
    7y

    @Tanner Marsey I agree that real estate isn’t the lottery when it comes to getting rich quick. Nothing good comes without hard work and patience and a lot of times the YouTube wholesalers and gurus are just looking to sell a product

    1Reply
  • Michael Warinner
    OP
    Real Estate Broker · Pensacola, FL · Member since 2018 · 42 posts · 68 votes
    7y

    @Eric Schultz that’s actionable advice thank you sir

    0Reply
  • Michael Warinner
    OP
    Real Estate Broker · Pensacola, FL · Member since 2018 · 42 posts · 68 votes
    7y

    @Caleb Heimsoth I was a Business Management and Marketing double major and I was paying my own way through debt free.

    And you’re right, one thing I struggled with was whether or not my 3 completed semesters meant that I should finish, but ultimately I’m not mad that I went 3 semesters. I’m glad that I was able to make connections and gain some classroom experience, but I just decided that staying wasn’t for me.

    2Reply
  • Michael Warinner
    OP
    Real Estate Broker · Pensacola, FL · Member since 2018 · 42 posts · 68 votes
    7y

    @Nick C.

    You’re right and I agree that there are connections to be made in college, but I’ve noticed that the majority of people are simply there because either mommy and daddy are paying for their 4 year party, or they just don’t know what they want to do in life. If you’re good at networking in college, its not because of college, it’s just because you’re good at networking. I went to 3 semesters and I have 2-3 close friends that I could see myself doing business with in the future, but I feel that I could meet more like minded people in a local BP meeting than in Calculus or History class..

    5Reply
  • David Katz
    Member since 2018 · 46 posts · 31 votes
    7y

    I would very strongly urge you to go back to school and obtain your degree.  That will give you options and more of a safety net.  Your current route is extremely risky and you are setting yourself up for failure by walking that tightrope without any safety net or fallback.  Keep in mind that very few actually find success in RE, despite the YouTube vids and success stories you read on BP.  My mantra is to hope for the best, but plan for the worst.  So you can and should hope and grind and work and network, etc.  But you should have a contingency plan in place just in case RE doesn't work out.  And the best plan available is to have a marketable degree in hand.

    Second, you aren't at some kind of fork in the road.  RE isn't going anywhere and you can just as easily enter the RE game in a year or 1.5 years from now.  The only difference is that you will be doing it with a safety net in hand.  In my experience, people tend to be more successful in their endeavors when they have a safety net in hand.  When people are walking a tightrope with a sense of desperation to succeed, it makes it all the harder to actually succeed.  

    7Reply
  • Account Closed
    Lender · Pensacola, FL · Member since 2017 · 658 posts · 626 votes
    7y

    I'm one of those who hung in there and got the sheepskin (which opens the door to a job, but it's sink or swim once in the door). To provide you with an alternate view of college, watch Steve Jobs' 2005 Stanford Commencement Address.

    2Reply
  • Daniel Schiller
    Rental Property Investor · Houston, TX · Member since 2014 · 91 posts · 76 votes
    7y

    Again, everyone's situation is different and we all have our own opinions on the path forward, but I believe real estate investing is a much better launching point than studying business in school, where at best you remember 10% of what you learned when it becomes applicable if its even relevant.   

    I must say my wife vehemently disagrees with me on this, but I believe buying multi-family properties for my kids to manage we they get older is a much better investment than sending them to my alma mater for they same price.    Unless they intend to pursue a STEM degree.   

    5Reply
  • Ryan D.
    Rental Property Investor · San Jose, CA · Member since 2013 · 188 posts · 228 votes
    7y

    Transfer to a less expensive school if you feel your current one is too expensive. Figure out a way to take advantage of your situation to apply your interest in real estate (buy and/or manage MF student housing in the college town). You can pursue RE while still being a student, but you will likely regret not finishing school, particularly if your RE career doesn't pan out like you expect. 

    DONT listen to the hype - the vast majority of folks who try to become RE investors do NOT find success. 

    5Reply
  • Dennis M.
    Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
    7y

    My advise is call the office of admissions and beg them to take you back . Big league mistake son

    10Reply
  • Victor S.
    WorldWide · Member since 2016 · 1k+ posts · 1k+ votes
    7y

    i can understand if OP was simply "running his mouth" about taking this plunge vs what we actually see here (taking RE classes, getting his license, etc.). Bravo for taking action, man! If RE doesn't work out, you can always go back and finish or simply go into a trade (pays way more right off the bat). 

    Looks like you have some source of income already that allowed you to be debt-free, so hopefully you'll still have it while pursuing RE.

    1Reply
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