Dropped Out of College

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Dropped Out of College

Jalen Chanthaboury
Elgin, IL · Member since 2019 · 40 posts · 15 votes

Greetings BP,

So I’m 19 years old, from the Chicagoland area and I’ve decided to drop out of community college couple of weeks ago. I realized that a traditional education wasn’t for me and it would hold me back from achieving my dreams.

I am now educating myself on real estate investing everyday and pursuing entrepreneurship full time. I currently run an e-commerce store that has been profitable from the jump (looking to build more) and I’ve got one wholesale deal under my belt.

My goals right now are to own a few cash flowing rental properties and complete a couple of fix and flips to raise capital. I am looking to build long-term wealth through real estate.

I CURRENTLY need help/advice on:

-Raising capital for deals

-Learning the art of acquiring properties with OPM

-An efficient way to find great deals

-Looking for potential investors with the funds to partner up for future deals (Ex. I find the deal and I present it to an investor looking to split profits if it makes sense)

Any help would be much appreciated!

6Reply
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Most Popular Reply

Eric M.
Flipper/Rehabber · Louisville, KY · Member since 2008 · 1k+ posts · 1k+ votes
6y

Please reconsider putting away your need for instant gratification and speedy fulfillment of your dreams and go back to school. Going to community college in no way prevents you from investing in real estate at the same time. Claiming it blocks you from achieving your dreams is a false rationalization to quit something that you don't find fun or see the point of in your 19 yr old wisdom. I know this because I did it too.

Life is long. You will appreciate the knowledge and the experience of going to college and FINISHING later.

31Reply
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  • Joseph Konney
    Real Estate Agent · Forest Park, IL · Member since 2014 · 255 posts · 141 votes
    6y

    Rehab loans, hard money, private money are all OPM options and there are plentiful options for each of those. What you really need to do is sell yourself and the deal. Create an elevator pitch for you and the deal. Make an executive summary of your deal. Attend meetup groups or network on BP for investors and/or partner. If partnering, be prepared to propose profit sharing details. Listen to the BP podcast and read the newletters to get ideas and motivation. The questions you are asking would take a whole book to answer.

    4Reply
  • Eric M.
    Flipper/Rehabber · Louisville, KY · Member since 2008 · 1k+ posts · 1k+ votes
    6y

    Please reconsider putting away your need for instant gratification and speedy fulfillment of your dreams and go back to school. Going to community college in no way prevents you from investing in real estate at the same time. Claiming it blocks you from achieving your dreams is a false rationalization to quit something that you don't find fun or see the point of in your 19 yr old wisdom. I know this because I did it too.

    Life is long. You will appreciate the knowledge and the experience of going to college and FINISHING later.

    31Reply
  • Adriane Allard
    South Jersey · Member since 2019 · 43 posts · 41 votes
    6y

    I don't always agree with the traditional education system of today. You can get a loan at 18 to memorize textbooks but you cannot get a loan to start a business...Most billionaires I know did not go to college. We never know the path chosen for us but I do know you need to think long and hard before making that decision and NO ONE on here or anywhere else can guide you. In terms of investing, I think you need to scale down your market and decide your business model. By doing so, you'll be able to make a plan that you can outline as you grow. You definitely need to have goals set on both a daily, monthly and yearly projective. That way your plan is always in front of you. Also get a mentor. That's an investment you can start now with little to no money. Don't look for the biggest name out there, find a seasoned investor on FB or here and tell them your vision and why you need help. Best Success!

    9Reply
  • Daniel Haberkost
    Rental Property Investor · Colorado Springs, CO · Member since 2018 · 682 posts · 729 votes
    6y

    @Jalen Chanthaboury

    If you have a work ethic and are genuinely entrepreneurial this may be a good decision. Completing my degree is one of the only regrets I have. I worked 50 hour weeks while going to school full time (business major) and it was such a waste. What I learned from my job throughout college was invaluable (how to run a business) but the money invested in my “education” was virtually useless. If I had put that money into property (or any investment really) I’d be so much further ahead. Education is absolutely priceless but (if you’re going for a business major, psychology, liberal arts, etc) you can learn anything yourself online with today’s technology if you want to.

    Like the guy above me said, you absolutely could’ve pursued your businesses while going to college so if you’re using them as an excuse to give up because it’s tough then this is not a good decision. But if you really do make use of the extra time to further work towards your business endeavors (and take time to read and educate yourself independently) then it could be a very positive choice.

    Either way, good luck!

    3Reply
  • Frank Geiger
    Rental Property Investor · NC · Member since 2018 · 776 posts · 776 votes
    6y

    I don't suggest using other people's money if you have never done a deal before. Most people I know would never give it to an unexperienced investor. Have you tried to find financing? That's why college is important. Because you need cash and/or mortgages to get properties and no one wants to give them to someone with no experience or job. I may be speaking out of turn depending on how successful this online business of yours is. But consider doing at least one deal on your own or partner so that you don't lose another investors capital. That only hurts you down the line.

    3Reply
  • Damaso Bautista
    Rental Property Investor · Hawthorne, CA · Member since 2018 · 655 posts · 900 votes
    6y

    @Jalen Chanthaboury

    @Adriane Allard

    Being 48 years old with some life experience, I have learned to see all sides of things.  I can understand both of your views of non traditional ways to make a living for example dropping out of college and becoming full time real estate investors or small business owners.

    Well my life experience tells me that if you want to choose that path everything is there to make it happen.  At this point it is up to you to make it happen.  Nothing is stopping you but you. 

    I know plenty of people who have come to the US with no education and are making great money with small businesses.

    The common thread with successful people is they go out in the world and work hard at their craft.  They work and work until they perfect it.  They come to walls and they find ways to climb over them. They have an undying spirit that keeps them going when most people stop.

    If you have those traits and are willing to work hard to get what you want there is nothing going to stop you.

    I view traditional education as a vehicle that measure ones resolve to start and finish something difficult over time.  An added bonus of this is being able to get a job afterwards that pays good money.  From the money that you gain, you save and build your credit to the point where you put yourself in a position to start buying real estate.  Good paying job, good credit score and a healthy bank account goes way smoother in my opinion then starting from scratch with nothing.

    Life is marathon and there is more than one way to find success in life.

    Good luck and get ready for a long rough ride. I hope you are very successful!!!

    6Reply
  • Jacob Sampson
    Investor · Topeka, KS · Member since 2015 · 1k+ posts · 1k+ votes
    6y

    Life is like poker.  You have to make decisions with incomplete info.  For example none of us can tell what is going to happen in the future.  As in poker, all you can do is make choices that increase your odds of success.  A college education meets that definition.  Nothing makes investing in real estate easier than excess capitol from a strong income.

    I'm certainly not saying you can't succeed, but you have picked a path that has a lower percentage chance of success.

    2Reply
  • Mike Dymski
    Investor · Greenville, SC · Member since 2016 · 5k+ posts · 13k+ votes
    6y

    I wish I could drop out of work and go back to college.

    19Reply
  • Jerry Lucker
    Flipper/Rehabber · Seattle, WA · Member since 2015 · 333 posts · 459 votes
    6y

    @Jalen Chanthaboury

    People with college degrees will probably be working for you someday.

    Nothing wrong with college except it doesn’t stress entrepreneurship or independent thinking.

    Modest investments in real estate and other business courses, etc. will pay off quicker with more profit potential.

    5Reply
  • Jalen Chanthaboury
    OP
    Elgin, IL · Member since 2019 · 40 posts · 15 votes
    6y

    @Mike Dymski

    Why do you say that? You seem like you’re succeeding in the real estate field based on your bio.

    0Reply
  • Jalen Chanthaboury
    OP
    Elgin, IL · Member since 2019 · 40 posts · 15 votes
    6y

    @Jerry Lucker

    Appreciate your reply Jerry.

    0Reply
  • Jalen Chanthaboury
    OP
    Elgin, IL · Member since 2019 · 40 posts · 15 votes
    6y

    @Adriane Allard

    Thank you so much for this reply. Will definitely take this into account.

    0Reply
  • Adriane Allard
    South Jersey · Member since 2019 · 43 posts · 41 votes
    6y
    Originally posted by @Jalen Chanthaboury:

    @Adriane Allard

    Thank you so much for this reply. Will definitely take this into account.

    Best wishes sir!

    0Reply
  • Ian WalshBusiness Member
    Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
    6y

    I can't judge.  I didn't complete my degree either BUT I can say, all I was doing was putting the odds against myself.  I would have likely ended up where I am with or with out a degree.  The difference is, the degree would have opened more possibilities in the event that I didn't end up where I am now.  It's just a numbers game.  When you have a degree, the odds shift more towards your side of success.  

    1Reply
  • Account Closed
    Member since 2019 · 4 posts · 2 votes
    6y

    @Eric Michaels

    College is a waste, unless the profession requires a license, e.g., lawyer, doctor, CPA, nurse, etc.

    1Reply
  • John Nachtigall
    Santa Rosa, CA · Member since 2017 · 325 posts · 701 votes
    6y
    Originally posted by @Account Closed:

    @Eric Michaels

    College is a waste, unless the profession requires a license, e.g., lawyer, doctor, CPA, nurse, etc.

     A basic examination of data shows that is not true.   College simply pays.  

    https://www.bls.gov/careeroutlook/2018/data-on-display/education-pays.htm

    I have one of those professions that does not require certification (engineering) and 21 years into my career I am now an accredited investor able in invest legally in the syndications you apparently want to run.   So the question is, what would convince me to give 10s of thousands of dollars to a 19 year old college dropout with no experience, special skills or insight?   Hmmm....I must admit I am having a hard time coming up with an answer, I don't think there is anything you could say that would convince me to do that.  

    If you don't want to go to college that is your choice.   But my advice, since you asked, if to a get a job with people who do know about what you want to learn.    For example, CrowdSteet facilitates the syndication of dozens of projects at a time.   They are hiring

    https://www.crowdstreet.com/careers/

    An entry level position like this Associate Real Estate Analyst is perfect.

    https://careers.jobscore.com/careers/crowdstreet/jobs/associate-real-estate-analyst-ccJZCq6Gmr6y6iaKjNoogA?ref=rss&sid=68

    Wait, never mind, it requires that "worthless" college degree you don't want. Never mind.

    I know I am just a random anonymous voice on a chat forum, but I say this with 100% sincerity.   Allow for the possibility that at 19 years old you are not as smart as you think you are.   5 years ago when you were 14 you thought you had the world figured out, now think about how many things your 14 year old self thought were 100% true and turned out to be different.   At 24 do you think you will look back on 19 and laugh at your naivete?   I am not saying get a degree, formal educational settings are not for everyone.   I am saying that you need to learn from those with more experienced and knowledgeable than you.   If that is not college then it is a job.   A job with an organization where you can observe what it really takes.

    I sincerely wish you good luck.   

    3Reply
  • Joe SplitrockPro Member
    Moderator
    Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
    6y
    Originally posted by @Adriane Allard:

    I don't always agree with the traditional education system of today. You can get a loan at 18 to memorize textbooks but you cannot get a loan to start a business...Most billionaires I know did not go to college. We never know the path chosen for us but I do know you need to think long and hard before making that decision and NO ONE on here or anywhere else can guide you. In terms of investing, I think you need to scale down your market and decide your business model. By doing so, you'll be able to make a plan that you can outline as you grow. You definitely need to have goals set on both a daily, monthly and yearly projective. That way your plan is always in front of you. Also get a mentor. That's an investment you can start now with little to no money. Don't look for the biggest name out there, find a seasoned investor on FB or here and tell them your vision and why you need help. Best Success!

     It isn't true that most billionaires didn't go to college. Most billionaires have a college degree (70%). Even of the ones who don't have a degree, most went to prestigious colleges and had top grades before dropping out. Two notable ones being Bill Gates and Mark Zuckerberg. But let's be clear, dropping out of community college is way different than genius programmers dropping out of Harvard. 

    The most popular colleges for billionaires are Harvard and Stanford, both schools being very difficult to get into. Even getting accepted at these schools means you are exceptionally intelligent and destined for success.

    4Reply
  • Account Closed
    Investor · United States · Member since 2018 · 565 posts · 356 votes
    6y
    Originally posted by @Jalen Chanthaboury:

    Greetings BP,

    So I’m 19 years old, from the Chicagoland area and I’ve decided to drop out of community college couple of weeks ago. I realized that a traditional education wasn’t for me and it would hold me back from achieving my dreams.

    I am now educating myself on real estate investing everyday and pursuing entrepreneurship full time. I currently run an e-commerce store that has been profitable from the jump (looking to build more) and I’ve got one wholesale deal under my belt.

    My goals right now are to own a few cash flowing rental properties and complete a couple of fix and flips to raise capital. I am looking to build long-term wealth through real estate.

    I CURRENTLY need help/advice on:

    -Raising capital for deals

    -Learning the art of acquiring properties with OPM

    -An efficient way to find great deals

    -Looking for potential investors with the funds to partner up for future deals (Ex. I find the deal and I present it to an investor looking to split profits if it makes sense)

    Any help would be much appreciated!

    Well if you told me you were going to do that beforehand I probably would have advised against it but if you're going to actually do this then I would suggest that you get into something like Lease Options, or Rental Arbitrage, where you rent a place and then put it on Airbnb or a long term tenant at a higher price and create a spread.

    These are the best ways to do little to no money down deals and generate quick cash and long term cashflow for your business. Don't think though that you're going to go syndicate a $5 million multifamily apartment complex with no capital, no experience, no track record and no network. It takes all of those things and more just to secure a deal long enough to do due diligence.

    Good luck! 

    0Reply
  • Jalen Chanthaboury
    OP
    Elgin, IL · Member since 2019 · 40 posts · 15 votes
    6y

    @Jalen Chanthaboury

    I am also looking to work towards getting my realtor’s license in my state of Illinois since they changed the age requirement to 18. I feel like this would help open up more doors for me and help provide more opportunity instead of “starting from scratch”. What do y’all think?

    0Reply
  • Jalen Chanthaboury
    OP
    Elgin, IL · Member since 2019 · 40 posts · 15 votes
    6y

    @Jason Allen

    I appreciate your response. I hear you. I am also considering working towards on getting a realtors license in my state so I’m not so “empty-handed”. Also can you tell me more about the lease options?

    0Reply
  • Account Closed
    Investor · United States · Member since 2018 · 565 posts · 356 votes
    6y
    Originally posted by @Joe Splitrock:
    Originally posted by @Adriane Allard:

    I don't always agree with the traditional education system of today. You can get a loan at 18 to memorize textbooks but you cannot get a loan to start a business...Most billionaires I know did not go to college. We never know the path chosen for us but I do know you need to think long and hard before making that decision and NO ONE on here or anywhere else can guide you. In terms of investing, I think you need to scale down your market and decide your business model. By doing so, you'll be able to make a plan that you can outline as you grow. You definitely need to have goals set on both a daily, monthly and yearly projective. That way your plan is always in front of you. Also get a mentor. That's an investment you can start now with little to no money. Don't look for the biggest name out there, find a seasoned investor on FB or here and tell them your vision and why you need help. Best Success!

     It isn't true that most billionaires didn't go to college. Most billionaires have a college degree (70%). Even of the ones who don't have a degree, most went to prestigious colleges and had top grades before dropping out. Two notable ones being Bill Gates and Mark Zuckerberg. But let's be clear, dropping out of community college is way different than genius programmers dropping out of Harvard. 

    The most popular colleges for billionaires are Harvard and Stanford, both schools being very difficult to get into. Even getting accepted at these schools means you are exceptionally intelligent and destined for success.

     I think the real issue here is how close to graduation and how much debt the kid currently has from already going to college. If he's in year 3 and his debt is substantial then he might as well finish the degree, because at least he may be able to get a decent $50k+ year job and have a chance. If he's only in month one and owes a couple grand while pursuing some generic degree then it may be better to drop out.

    But it goes without question that he's going to have to learn (hopefully sooner than later) that there are no shortcuts and to be successful at anything takes the same level of mind numbing time and work that would have gone into college anyways. 

    0Reply
  • Jalen Chanthaboury
    OP
    Elgin, IL · Member since 2019 · 40 posts · 15 votes
    6y

    @Jason Allen

    I was only in my first semester of my second year at community college. I was paying 2k my first year for my GenEds. I was paying $1k this year. I am not in debt.

    And that’s another area to talk about. After this year of community college, I’d have to transfer to a 4-year and take on loads amount of student debt. I am not going to invest large amounts of my money and take on debt for something that won’t help me pursue my career in real estate investing and entrepreneurship. I just can’t afford it. I’d rather invest all that money towards a mentorship, business investment or something that’ll help me earn money passively. Hope that makes you understand my situation more.

    0Reply
  • Account Closed
    Investor · United States · Member since 2018 · 565 posts · 356 votes
    6y
    Originally posted by @Jalen Chanthaboury:

    @Jason Allen

    I was only in my first semester of my second year at community college. I was paying 2k my first year for my GenEds. I was paying $1k this year. I am not in debt.

    And that’s another area to talk about. After this year of community college, I’d have to transfer to a 4-year and take on loads amount of student debt. I am not going to invest large amounts of my money and take on debt for something that won’t help me pursue my career in real estate investing and entrepreneurship. I just can’t afford it. I’d rather invest all that money towards a mentorship, business investment or something that’ll help me earn money passively. Hope that makes you understand my situation more.

     Ok, good to know, I actually did the same thing. In that case I'd say stay away from college unless you can get it for free somehow. It's a bad "investment". However you still should pursue free but legit certifications from places like CDSE (online) and work on building a solid resume. I know guys like us don't care about that crap but a lot of people do... just trust me.

    Well please don't spend any money you do have on a mentor program for the love of God. If you can save up 5-10k you can start doing deals easily and turn that money into monthly cashflow. However right now is bad time to be buying anything. I'd look for arbitrage opportunities like I mentioned before. Business models that allow you to leverage other people's assets, money, resources, etc. and then collect a profit without owning liabilities.

    0Reply
  • Jalen Chanthaboury
    OP
    Elgin, IL · Member since 2019 · 40 posts · 15 votes
    6y

    @John Nachtigall

    Yes I plan on taking mentorship and working for somebody or people that are successful at what I want to do. No doubt.

    I am not one of those delusional kids that think “oh I dropped out of college, I can do what I want”.

    I know it will take loads of work and determination. I’m willing to take the steps I need to achieve my goals. It starts with networking.

    1Reply
  • Jalen Chanthaboury
    OP
    Elgin, IL · Member since 2019 · 40 posts · 15 votes
    6y

    @Jason Allen

    Yes right now I’ve got about $19k saved up from my online business. I’m currently looking to find ways to get involved in real estate that suits best for the situation I’m in. I believe working towards to get a realtors license is my best bet and just let it flow from there, since they changed the age requirement to 18 in my state.

    I’ve heard about the Airbnb arbitrage model. I did my research on it before. Airbnb is not so effective in my area right now which is why I didn’t look too deep into it. But I’ll definitely reconsider.

    What’s this lease options you speak of? You mentioned that also.

    0Reply
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