Rental Property Investor · Denver, CO · Member since 2019 · 76 posts · 70 votes
Greetings BP,
I’m 17 years old rookie investor. I got into real estate almost a year ago, I’ve read the classics (Rich Dad, Poor Dad; Think and Grow Rich; Richest man in Babylon) and many other more real estate specific books. I devoutly listen to the BiggerPockets Podcast, while I work as a home construction repair guy. And now I’ve accumulated a little over $2,000 up to this point.
But, that is my problem. I’m sick at this point and not entirely sure of the next best step.
My opinion on college is that it would kind of be a waste of time and money. I think about all I could do with four years and $40,000+ dollars to invest. Also, I believe with the extra time I could spend more time getting the right kind of education ( real estate investing).
But, I still don’t know of the best opportunities outside of college. There are trades like plumbing/ electrical; and also beneficial jobs like a salesman or real estate agent. I’d want to move from Denver, to possibly a more cash flow friendly market like Indianapolis or Kansas City. I’m curious to hear what would be the suggested path, and what has working for you guys. I’m grateful for any thoughts, thanks.
Real Estate Agent · Springfield VA · Member since 2018 · 479 posts · 400 votes
7y
@Josiah Patrick Zebarth I'm going to give you a different perspective.
I understand you might be tired of school but you are also 18. If my only option would have been to go to college in the states I would have not gone either. However, I had the chance to study in Europe. I paid $1800 for my whole education as elementary school teacher. I then transfered my degree to the us system for $200 and every school accepted without any problem.
My suggestion, consider trying college in Europe for at least one year.
Perks
- Travel
- Learn a language
- Meet a different bunch of people
- Party it hard
If after a year it doesn't work, follow another path.
In countries like Malta, Spain, Portugal among others you can live in cool cities for $300 a month. They have English programs.
I know international students pay a bit more but not that much, just make sure is an official degree and you'll be fine.
If it works, you will have a back up degree and stories to tell for the rest of your life.
I don't know man, making money and adulting fast is good but I wouldn't change those years of my life for nothing.
Rental Property Investor · Madison, WI · Member since 2013 · 629 posts · 339 votes
7y
Let me preface this by saying two things. (1) I have a Ph.D. and my day job is doing scientific research, working with students. I do a lot of teaching and advising my students about their decisions to further their study. (2) We make about the same amount per year in rental cash flow as I do in science.
Some comments, first on college:
You don't have to go to college. Wait until you want to. It was said above @Lee Bell that you should do what you love. Very true. People not doing what they love are not only dragging their asses to work, but also become resentful. You will be successful and happy if you take an active role in your life. Doing something that excites you is really important. Where will the excitement come from? Is simply making money really that exciting? Not for me.
A lot of folks go to college with only general ideas of what they like, and part of the way through they declare their majors, most likely because they liked a set of classes more than some other set of classes. Some have a wow moment. This happened to me in my junior year. I went up to a prof. after a class one time and said - "I want to DO THIS. How can I do this?" I was working in his lab a week later.
Granted, this doesn't happen to every one. But in college you get a foundation and are exposed to topics that will allow you to explore. Or change your mind about things. Critical thinking skills are crucial. Especially now in the day of the internet- there is so much garbage out there, and young people need information to "sift and winnow" through it, and recognize what simply isn't true. It is certainly possible to figure things out on your own without college. Basic things, certainly. Advanced things, maybe. (Do you love to read? or are you an active learner?) But like others have said, will you?
I noticed you lit up at the suggestion of college in Europe because of the low cost. Am I hearing that you would actually love to attend and learn were it not for the cost? Or is there something you don't like about your high school and the dullness of learning in classrooms... Would you enjoy learning more doing things independently, hands on? Is that your main drive? Because, let me tell you from first hand experience, students love project-oriented work. It's called "active learning". More and more faculty are realizing the benefit of active learning, but very few faculty actually know how to do it well. Bad attempts at active learning come across as really lame. But a prof. can only do so much. The students who go to college with a passive attitude, a bad attitude, will not succeed. You need to put work in.
As others have said, college can be a real waste if you don't have a plan- and an open mind to change your plan. If that is the case, best to take time off and reconsider. (Profs hate grading papers of people who obviously don't want to be there. It's really clear.) College can facilitate and accelerate you on your path to finding your dreams, if you're up to the challenge. That path doesn't just happen to you magically if you spend money, borrow money, and sit in classes at college for four years. That's a waste of time and money.
Some comments on real estate investing:
Real estate investing has so many different avenues. Really, anyone can participate in real estate investing. Everyone needs a place to live. Like others have said, there's the most obvious = sales, there's flipping/rehab, there's providing a nice place for people to live. None of those requires college per se. Maybe only some of these facets of REI excites you. Personally, I certainly never want to be involved in sales.
Earning an income and investing is only part of your life. Once you have all the income, what will you do with it all? Anything! Buy a lot of stuff? Will that be meaningful to you? Maybe yes, maybe no. Go and get a history degree maybe? Start another business? Could be really anything. Most people will reach the point of having "enough" money for themselves and then share it with others. That goes for knowledge as well. I have a lot of knowledge about science and my job is sharing that knowledge with others. But it's also exciting being at the frontier of knowledge as well. That's what drives research.
You can project that onto any career path. Look at the most experienced investors on this forum. They post here because they want to share their experience. We all learn from each other.
College can help steer you toward what you want to do with the rest of your time. And what path you really want to be on. Real estate investing can happen in parallel for any choice you make. Great way to supplement your income. For me, REI alone would be boring. Maybe not for everyone.
But college also isn't for everyone. Trades are a great way to develop a skill. Pursue that. Good friends of mine are builders and electricians and plumbers. Some went to college and some didn't. Don't make your education/training choice simply because of cost. Or how much you can earn once you're done. Make your choice because you want to do something.
Specialist · Birmingham, AL · Member since 2019 · 16 posts · 8 votes
7y
@Josiah Patrick Zebarth I would highly recommend finding a B2B sales job with a company that has a proven path for sales reps to be successful. By doing this you’ll get paid to learn about general business management (because you’ll talk to business owners all the time), negation, overall good communication skills, how to deal with rejection, how to structure a deal, how to market, how to deal with difficult people, etc. These are all skills that people pay for in business school.
Another great option would be to learn a trade. I’m in the flooring business (materials only) and I can tell you lack of qualified installers is a crisis in our industry right now. Because of this you can make really good money in it. You’ll also learn a trade that will help reduce your rehab costs, allow you to network with general contractors and other tradesmen, learn about estimating rehab costs, etc. Another way to make good money learning what other people pay to learn.
I’m not sure of your living situation but I would try to stick around home for a year or two if possible to save up more. It’s VERY possible to save $15-20k per year while single and living at home if you work your tail off and live frugally. Don’t do it too long - you need to get out on your own and stand on your own two feet. But a year or so could create financial leverage that sets you up well for the future.
Last thing, don’t get any consumer debt. Do not finance a car. Do not buy drinks for your friends on a credit card. Use debt to buy things that will make you money - nothing else. At least until you’re set up very well financially. It’s much harder to get out of debt than to get in to it.
I understand what you mean about the opportunity cost of spending years at an institution and the financial costs that go along with it. I graduated in May 2018 and now make a solid income. I sometimes wonder what I could have done instead of going to school but the reality is I'm now in a position where I closed on a house in April and I'm now looking to purchase another. All this is possible from the W2 income I'm now receiving.
I grew tremendously during my time in college from a personal growth standpoint and a networking standpoint. I absolutely don't regret going. My recommendation would be to see what you want to do to earn income. If a job that excited you requires a degree then definitely go! If it's something that doesn't need the degree then don't feel bad for not going to college. It is not a waste if you attend with a purpose but there are certainly ways to prosper without it. I hope that helps.
Rental Property Investor · Denver, CO · Member since 2019 · 76 posts · 70 votes
7y
@George W.
Thanks for help, do you think that these other careers ie plumber, offer a value towards real estate. With the contractor job it seems that a person could gain a broad understanding of repairs to a house. But, with plumbing and electrical it’s so niche that a person almost only knows that area. Did that make sense?
Thanks for help, do you think that these other careers ie plumber, offer a value towards real estate. With the contractor job it seems that a person could gain a broad understanding of repairs to a house. But, with plumbing and electrical it’s so niche that a person almost only knows that area. Did that make sense?
They absolutely do add value to your real estate side if you plan on doing work yourself to save money. As far as being too niche. I don't think so. I've been doing HVAC and plumbing for close to a decade now, growing up around construction too. You get a very broad range of experience if you do service work in a trade.
HVAC is great for that reason. It's a mix of elecrtic, plumbing and mechanical work. So if you master the theory of electric, plumbing and HVAC. You'll pretty much be able to fix anything in a house that can go wrong.
Carpentry skills are great too don't get me wrong, but with a little practice anyone can mitter baseboard, hang cabinets and prehung doors, paint, repair sheetrock and it'll still look halfway presentable.
As far as plumbing, electric and HVAC goes if you don't know what youre doing it's not as forgiving and theres more theory to learn on why things are done certain ways.
Last note is that usually most houses that get full renovations, trades are the more expensive part. Guys who hang sheetrock spend alot more time doing alot harder work and get paid a lot less.
Rental Property Investor · Denver, CO · Member since 2019 · 76 posts · 70 votes
7y
@Tanya F.
Hey, thanks for taking the time to write such a helpful response. I agree with what you said about the end goal. How real estate can help fuel other passions. Personally, real estate and business in general, are really what get me excited the most ( okay, maybe sports more), and I specifically love planning and preparing. I jumped at the idea of lower priced college because I believe the networking, experience and (I’ll admit) education would be kinda nice and something that I would enjoy. But, I believe with my love of learning. a little bit of discipline and a small group of likeminded people, I will continue learning and growing. Choosing classes which I’m truly motivated to learn, not forced to by the school system. Also, I think YouTube is a very good opportunity to create money, while adding value to people. Thanks again, I’d kinda like to connect, you seem intelligent and wisdom(full).
Lender · Kalispell, MT · Member since 2019 · 15 posts · 10 votes
7y
@Josiah Patrick Zebarth
If you feel that college is not in your cards, maybe think about the military.
I did this right out of high school because my family did not have any money for me for college. I knew I didn’t like the thought of college debt without knowing what I wanted to do at a young age.
Now that I am out, I have had the opportunity to use the VA home loan to house-hack a triplex in Long Beach with zero money down.
With your construction background, there are plenty of jobs that could help you master your trait or do something you find interesting and fun. While you are in the military you can go to college for free and travel the world/country if you so choose. There are plenty of active duty service members that invest in real estate while deployed or overseas.
It sounds like you are on the right track. I too think my college degree was a complete waste of time and money. I would recommend reading everything on the subject you can and finding someone to apprentice under would be far more valuable. However, there is something to be said for some of the classes your local college can offer that will help you immensely in your career; Public speaking, Accounting I, II, III, business law, and writing. Impressive you are this focused at 17- at your age I was too busy chasing girls and getting into trouble! Stay the course, it'll pay off!
Wholesaler · San Jose, CA · Member since 2019 · 3 posts · 1 vote
7y
@Josiah Patrick Zebarth start wholesaling houses on the with no money down. Then use your accumulated savings and invest it in a beginner asset for the passive income, in all cash. Rinse and repeat until you’re out of the rat race, and continue to scale to prosper.
Las Vegas, NV · Member since 2019 · 12 posts · 9 votes
7y
@Josiah Patrick Zebarth Have you considered the military bro? Nobody seems to think it's a legit option out of high school, but it's literally one of the most beneficial options for probably 95% of the population. You'll get free room and board, free food, free healthcare, etc.. for the first couple years. You'll also get free training and certifications in a job of your choice, which will be extremely beneficial should you pick the right job. You'll travel the world! If you want to go to college when you get out, it'll be free, in fact, you'll actually be getting paid to go lol. You'll have access to the VA loan, which will let you get into real estate investing with essentially NO MONEY needed at all. And you'll be getting paid from day 1. It's literally one of the best options out there. Will you get deployed and see crazy stuff..maybe, really depends on what your job is. I chose the wrong job but still made it work. If you consider it.. I'd stick to Air Force or Navy, get a technical job or a trade job and have fun! Let me know if you have any questions.
My Dad is a retired HVAC guy. He did quite well with it. Without going to the trouble of owning his own company. And he still diy's his own house repairs at 82 yo. :>)
HVAC is great for that reason. It's a mix of electric, plumbing and mechanical work. So if you master the theory of electric, plumbing and HVAC. You'll pretty much be able to fix anything in a house that can go wrong.
Springfield, VA · Member since 2019 · 74 posts · 77 votes
7y
@Josiah Patrick Zebarth, having multiple options is always a good thing-- ideally you want to put yourself in a position to enjoy the career you end up in (while making a good living).
To build on what @Joshua Hardy said, if I were you I would seriously look at the military. At least close enough that you won't look back with regret later if you decide not to do it. All four services have their pros and cons, and the reserves/NG are a good option too. You can pretty easily get your first two years of college out of the way for free if you go active duty, and if your contract gives you the new GI Bill, you can pass it on to your spouse or kids if you don't want to use it. There's a sense of belonging and pride that former and current servicemembers share that you won't get anywhere else.
Not sure how it works in your state, or the state you'll end up in, but even with a lot of trades you'll need a two year degree unless you go to a formal trade school. Working in a trade while you get a college degree is a good option to consider too. You can get the hours that you will need to become a journeyman while you're going to college. Depending on your state, you might be able to go to a two year college for free.
Four year degrees vary in their broader usefulness. A business degree (any specialization), for example, will give you skills useful to running any business.
Going nuts on applying for scholarships can get you through college for free.
My Dad is a retired HVAC guy. He did quite well with it. Without going to the trouble of owning his own company. And he still diy's his own house repairs at 82 yo. :>)
That's awesome that he still doing DIY at his age! Can't imagine the knowledge he has from over the years with a lifetime in HVAC.
As for owning your own business, it's not all it's cut out to be. Lots of expenses and it's something that no one ever wants to pay for. A legitimate 2 man shop in my state with mechanic, helper, truck all the insurance and expenses runs around 150k/year. That's basically $600/day just to keep the doors open.
Short Term Rental: Realtor, Investor, Manager · Atlanta, GA · Member since 2017 · 138 posts · 85 votes
7y
@Josiah Patrick Zebarth
This is a very interesting topic that I enjoy discussing because I’ve experienced both and have two perspectives I can give based on your situation. Let me say one thing first a) be careful who you get your advice from (this includes me) ...
...I say this with the following - I have corporate world experience and ongoing business experience. I am in networks of individuals who have done very well for themselves in the entrepreneur space 7-8 figures level and although I often hear “college is a waste of time” it was still 50% part of their journey which cannot be isolated from their success...who are they to say that things would have turned out the same...?
I’ll give you a personal example ...my roommates turned out to be very successful entrepreneurs who sold their company in their early 20s while building a company in college ( like me) and THEY were actually the reason I got into entrepreneurship and got introduced to their network very early. To put things into perspective - the guy that was their mentor was also an older senior at our school who now frequently goes to necker island with Richard Branson and then some ( google him) ...to put things into perspective...I’ve heard them (twins) say college was a waste of their money and that’s when I often remind them that a) we would have never met (still business partners / best friends / and my mentors today) and it’s hard to say if they would have had as much success in their business without the mentor i mentioned above....yes they have a computer science degree which they don’t necessarily use today....but it is a foundation of knowledge discipline, environment and network they were exposed to.....I can say the very same for myself...I have a six figure income aside from my business - it was not related to the major I studied ( I went to school for 4 years - 3/4 paid wit scholarship) however it did set a foundation that lead me to my kind of work as an consultant today.
Additionally all the money I make I reivenest into more education for my businesses and or investments into them or real estate. I’m figuring it out just like everybody else but remember whatever business that you pick - you have to think about the ability to sustain it. Nothing stops you from doing business and learning just like nothing stops you from working 100 hours a week to run a business and work in your career. All proceeds made from the business I don’t eat it for lifestyle consumption it gets reinvested back so its one of two things - you may need to feed yourself from a business but have the luxury of giving it atttntion full time or you can supplement it with a job and Partnerships which is what I do today.
This is why having a clear picture of what you may have in mind will give you the biggest return on your investment. College can be a waste of time when you don’t have a roadmap to begin with ...which unfortunately a lot of people don’t... a lot of people coast just like some others have a plan and are committed to getting it done no matter what the circumstance....so I would say the decision is more about what you want to do and what capacity you know you can handle. My college network still pays me dividends to this day. Am I optimizing for full time in my business? absolutely. Currently in the process.
I think someone mentioned in this post, college is what you make of it. Just like what @jameswise said regarding having a license. 90% of people sit and do nothing with it. Well whether you went to college or not - you reap what you sow.
Lastly business route will always be greater in my book same reason real estate as scale is good for paying yourself first, tax write offs etc.. just remember the right business model is just as important as what you want to study in school if you chose that route. Some people work for themselves and are worst off then some people who work for others financially and emotionally. You don’t want to work 80 hours to have less stability and make less then a guy working 40....it’s all about what you’re optimizing for....running a business isn’t sexy...it’s necessary but it’s a process ....the less you take out of it ....or the more you put back into it the more it Weill grow wether it’s years...which is usually the case - it’s important to have the end goal in site.
Best book I’ve read thus far that covers all of the above is “the Millionaire Fastlane by Mj demarco” I wish I would have read that 5 years ago.
Good luck my man - continue to stay educated - school or no school and listen to the right folks (the folks you want to become - not the ones who practice a paradox of practice ) you’ll see what I mean when you read the book.
Hey man! I went through the same questions myself when I was your age. I just finished my degree this past March (took me seven years) and have worked full time in construction based roles since I was 18.
So, here is the deal in my opinion:
College Pros:
- Opportunity to network and build a solid bunch of connections with smart people
- Opportunity to defer real life bills and save money if you work full-time
- College loans do not effect your ability to buy a real estate as only 1% of the debt is considered for your monthly debt to income ratio.
- Opportunity to learn about multiple subjects and decide if real estate is really the path you want to take
College Cons:
- Depending on your major, the job prospects honestly don't pay that well. With my marketing degree, I would take a 50% pay cut if I went and got a job at a marketing firm. I make almost twice as much selling roofs door to door as the "stable job" my degree affords me
- If know exactly what you want to do, you can go get a job in the blue collar fields that pay six figures - electrician, plumber, steal worker and even general contractors pay over $25/hr and non of those jobs require a degree or they provide all of the education in house/paid for.
- Surrounded by people who want to party and there is the potential to waste your time on these endeavors, but, it can be a lot of fun!
At the end of the day, if I could do it again, I would skip college and go immediately to one of the trades. I would save all of my money, live at home for a year or two, and immediately invest all of my extra income in multi-family housing. Because of my lack of debt and overhead, I would be able to start at a much higher level.
The down side is age. Obviously people do it, but in the real estate industry, if you are renting out you have to be able to deal with people (renters) trying to take advantage of you and you need to have the balls to stand up for yourself and evict adults. For me, that would have been hard at 18-20 years old. If you have a good mentor, this shouldn't be a an issue though.
The military isn't a bad option either. I work with a marine and he makes over 200K/yr selling roofs and drives a Maserati with the roof money. It definitely teaches you structure and accountability.
It's important to point out if you decide to not go to college your parents, friends and family will probably chastise you for it and will constantly look down on you. My family did when I dropped out and the guilt is what made me finish my degree. Ultimately the guilt cost me around $40K. Maybe your family is more supportive, but it is something you should be aware of and be ready to ignore and go for your goals and not theirs.
For whatever reason, previous generations think college is the only way and the reality is that it is not. It's not their fault because it's been smashed into their head their whole lives. But it is false information!
Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
7y
I went to college for a few years but that was it. My path was different. My dad was killed in a car accident when I was 16 years old and I had many other things in my family happen where I was tested at a very young age and had to grow up fast.
College was paid for with a life insurance benefit. My friends and I would play pool between classes. One had a vending business and the other a computer business while going to college because school was what the PARENTS wanted. We all looked around and said what are we doing here? We are not going to work for someone else.
I excelled in school often getting A's. I am a lifelong learner college was just not a fit for me. I saw it as a controlling path system of society to fit in a box when I am an outside of the box thinker and innovator.
I can see it working for certain professions like doctors where some of my client surgeons buying commercial real estate make 1,000,000 or more a year. So professions where field is growing, money can be 6 figures or more in early to mid career years, and student debt tops out at say 40,000 all in it might make sense.
Some students are racking up 60k to 100k in debt for a 50k job where the student loan debt in most cases cannot be eliminated in a bankruptcy!
Really think about this. Someone starts out with 40k student loan debt and gets a job at 50k a year. They then have health care, food, clothing, place to live, possible significant other, car, family, and on and on. The debt load to live versus what they make virtually almost makes it impossible for them to really get ahead in a big way without someone major happening in their life like buying a bunch of properties at the bottom of the market.
In those cases the cycle compression created the wealth not the money coming in from the job to invest that is over what they spend monthly as excess cash to invest.
You are 17 years old. Goals change over time. Think carefully about what you want long term. Money is often not what people think it is. The people making 50k a year tend to dream of making 100k or more a year because 50k barely pays the bills.
When money goes up to 400,600k, 1 million a year income the joy comes not from the money but what you can do with it to enrich other people's lives.
I get more excited about giving a person washing my car a 20 tip and watch their eyes light up knowing it really makes a big difference in their world then I do making 100k commission on a transaction. I like the check but really get the joy from seeing what little things money makes an impact with in a big way. There are some people out there that obsess about money but that is not me. Money can be cold, hard, lifeless by itself sitting their not being put to use in some positive way for the world.
Now I like to watch people working and see who really has a great work ethic and reward them.
Rental Property Investor · Member since 2019 · 25 posts · 12 votes
7y
I would recommend that you go to college while you continue working as a home repair person. Yes, college is expensive and it doesn't always work out for everyone as planned; however, I do believe that it gives you a better chance in life.
Start with a 2 year college where you can get in-state tuition, buy used books or rent books and that should save you a whole lot of money.
More importantly, just because you are in college does not mean you have to give up on your dream. Continue saving and hopefully somewhere down the line everything works out.
Update to my last post! I thought of something in the mean time.
If I could go back and do it again, I would major in corporate finance or general business finance - even accounting wouldn't have been a bad idea (though I am not great at numbers with accounting).
Especially if you want to make a career out of investing, the financial education from a finance degree would be exceptionally helpful.
At the end of the day, people who say college was a waste of time fail to comment on the fact they went to college...in my first post I said I would skip college, but the reality is that I needed the accountability and to develop the discipline of finishing the degree. Advising you do something that I didn't doesn't really work...I can't advise on how to make a living without a degree because I have one - make sense?
I like to look at it from the perspective of giving yourself the path of least resistance. If you go to college, it will be easier to get a decent paying job that allows you to save up some money after you graduate. If you don't there are some other great options. The benefit for you however is time. You have A LOT of time.
I would recommend going to college and majoring in some sort of business finance, getting a sales job when you have breaks and spend a lot of time networking. When I was a sophomore in college, I made 30K one summer painting houses - the excuse of debt is not always a great excuse. If you apply for grants, work full-time whenever possible and put your extra money towards school debt (and not blow it in Vegas like I did) then you will probably graduate debt free. And, at that point, you will only be 22 years old...Thats not a bad set up if you ask me.
Hell, buy a house near campus and make money renting out the rooms. Live for free and make extra income and begin building your portfolio. Also, you can tell all the ladies you OWN the house and all of these other dudes rent from you.
Considering your age and the fact there is no "downside" from going to college if you approach it with a plan and work hard, I would recommend going.
Also, think big. 40K in debt isn't much at all. I've met people that make 40K/week. If you're thinking big, the "debt" isn't really that expensive!
Rental Property Investor · Martinsburg, WV · Member since 2017 · 111 posts · 81 votes
7y
@Josiah Patrick Zebarth if you're interested in real estate long term and don't see the allure of college/don't foresee increased income based on a degree path you'd be interested in, I'd learn a trade. Specifically electrician. Nothing against plumbing or carpentry, but based on easily mitigated through proper procedure increased pay for bodily risk, plus the benefits of being able to upgrade your own properties, I see electrician as the most desirable of trades. I personally was a metalworker, and loved it, but that has limited real estate applications. Plumbing is lucrative but requires more messy work. Carpentry is great but by and large, you'd only really get to apply your skill on new construction or stuff that was more cheaply done in a factory based on volume (i.e, cabinetry).
Investor · Clatskanie, OR · Member since 2014 · 212 posts · 233 votes
7y
I dropped out. worked my way up from a low paying slave job to high paying slave job. Most all the others acquired student loans and attended many college courses to work the same exact job I was doing. I had a landlord who was illiterate. I have him some cash and he gave me a key. A month later he handed me a rental agreement form to fill out. He could not read any of it so he just had me fill it out for him. I will always remember that.
I decided I wanted to do what he did. I wanted to be the guy who collected your largest payment each month. Your rent.
Many of those guys I used to work with have more than one college degree. They are very smart people, but they will die in there cubes, or at home waiting for there next government check. They always corrected my spelling and pointed out my mistakes. I think it helped them feel like they got a skill in return for there money and time.
I retired 20 years early. Think god the public schools showed me enough to be able to read Bigger Pockets.
Go to work for a landlord. Do his remodels and maintenance calls. Save up and buy your own rental. Refinance your first one to buy another. Be one of the very few financially free.
Real Estate Syndicator · Milwaukee, WI · Member since 2018 · 1k+ posts · 907 votes
7y
Continue your real estate education and don't be afraid to spend money on more specific education sources. Meanwhile continue to save money. House hacking a duplex is a great way to start your journey in REI.
Investor · Springdale, AR · Member since 2019 · 12 posts · 10 votes
7y
@Josiah Patrick Zebarth hey man! I hope I have a unique perspective to give you.. I saw owning your own business was brought up a couple times and wanted to chime in.
I'm a 21 year old computer science major and also own a tech repair and sales shop. We have been open for three years and one of our goals for this year is to do a million dollars in revenue.
Here's what I wish I had considered before starting it: What do the top 20% make? What are their lifestyles like? What do the middle 50% make?
What I'm learning now is that the vast majority of people in our industry make much less than I want to make and are more stressed every day than I want to be. I'm quite glad I started it because I've learned a ton, but I've also learned that it's not the industry I want to be in for the rest of my life.
I think many believe that owning your own business means you automatically make a lot more but that often isn't the case. Look at the stats for how many businesses make it to five or ten years-a small minority do.
It takes up a lot of your free time and mental energy. I think that working for someone else would be a good idea because you would likely have more free time to work on real estate and you are much more likely to have a better paycheck right out of the gate.
It really depends on what you want to do. Here are two concrete things that college/university can provide:
College can provide you with a degree. Some degrees are much more valuable than others. And some career paths require you to have certain degrees. For example, you cannot become an engineer without an engineering degree. Likewise, if you want to become a CPA, you have to take certain courses from qualifying institutions. So if you want to go into any of those fields (or have the option to), then you kind of have to go to college.
Some colleges can provide you with a "prestige" factor. Think about it as a quick way for other's to gauge your merit. For example, let's say you graduated from Harvard or Princeton. The fact that you did allows other people you meet in life to safely assume that you are probably a smart, hard-working guy. Now I'm not saying that you need a degree from a fancy school to do so. But the benefits can be real.
If neither factors are important to your life, college might not be the best choice.
Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.
