Dropping out of college
Stroudsburg, PA · Member since 2019 · 14 posts · 67 votes
I’m a 19 year old freshman in college studying architecture but I’m realizing I’m more interested in the business of buildings and not building them. There’s a real estate program here, but I’d be going 100+ thousand into student loan debt. I’m considering dropping out, getting a job or two, and getting my real estate license. My reasoning is that by the time everyone graduates with debt, id ideally be doing some form of a real estate career with no debt. Is this a good option? I’d also be more happy with this option.
Dude, I would not drop out of college.
Thats just me though. I value education because it is more than just a piece of paper you get.
It is the ambition the discipline, it is aiming high, and your mind is like any other muscle. you need to exercise it for it to grow bigger and stronger.
Hell I am crushing it in my market BECAUSE I am a NASA caliber robotics scientist.
I became a master at SEO because I see numbers. I see patterns. I understand and see the reasons for something before I even know myself why it is.
I am not saying you NEED to go to school, but why drop out? Not only is it a waste, you are training your mind that giving up is an option.
You are young, and you have the energy to do both at the same time. Ask yourself if it is not just lazyness or a shortcut you are after, BECAUSE know this.
Most people fail doing REI. MOST as in 90%+
So many reasons why you shouldn't drop out of college.. but then a gain.. I am biased.
I am extremely educated....
so lets wait for the others before you take my advise too seriously.
@Syed H. you made both points I came here to make. As a licensed engineer I have been able to provide more value for business partners and a credibility that wouldn't exist without the license. Also fully agree with the networking, my best friends that I made in college are the first people I contact with deal opportunities and even for valuable advice
Yes. It's a good idea IF you do it responsibly. A degree can have value in the market due to a lot of employers still thinking it's the golden egg. My degree got me my current job, which is 4 days/week and providing flexibility to do real estate on the side (hence me being on a message board right now). Does my degree qualify me? Not at all, but it granted me the opportunity. If you can acquire a degree without going into debt it can't hurt.
You're 19 with more spare time than you'll ever have in your life right now. College is not hard and does not require a lot of time (even though all the memes tell us it is). You could most likely get a degree for free if you fully applied yourself to scholarships, etc. or switched schools within your budget.
Whatever you decide, answer the question, "Where do I want to be when I'm 30 years old?" Sticking to the plan is way more important than the actual plan.
First, I want to say I know exactly where you are coming from. I have my degree in architecture and am currently doing my 9-5 as an architect and my side job is a developer and landlord.
Second, I want to echo @Jared W Smith. Find a state college to transfer to. Like you have said, there are a lot of other ways to make money and a college degree is not AS needed as it use to be, so why pay a bloody fortune for it. BUT with that said, there are many many professions that still need a college degree....but you dont have to drop 6 figures for that degree. Architecture, when looking at it from the traditional point of view of the profession, does not make a lot of money. Decent money, but nothing like doctors or lawyers...or even engineers for that matter.
Third, Architecture is probably the top degree that can open the most doors into REI than any other degree....just by the nature of the profession. Here are a couple reasons why:
I can keep going on the pros here but at the end of the day it doesnt matter. If you don't like the design part of architecture then you are just not going to enjoy the profession. Dont get me wrong, there are MANY different aspects to the profession than just design (like business, law, financing, mediator, etc.) but that main draw to this profession is that someday you get to a point that you get to design your own building (or for someone else). And if that is not something you think you would enjoy accomplishing then this profession isnt for you. But there is more to this profession that 60 hr work weeks and always working on the other side of the table form the developers. You can cross over and become a developer yourself. So before you make a decision I would suggest you do some research into Architect & Developer. The big name in A+D is Jonathan Segal, https://www.jonathansegalarchitect.com/ , he is a big developer down in San Diego and is also an architect. He started out with doing developments with partners....now he does zero partners and uses only investors and his own money. On top of that he KEEPS all his buildings. He keeps them for cash flow so he can continue doing what he does and how he wants to do. He doesnt have to make design decisions based on a developer penny pinching because he is the developer. I plan on modeling my projects and future business off of him. In fact my first personal development will break ground next spring and I have modeled it after his business. Here is another series of pod casts to listen to on this subject: http://architectanddeveloper.com/architect-developer-podcasts/
Again, you have to want to design. If you don't, thats fine, this just isnt the profession for you. I can't stress that you need to love your job. There aren't many other things that make you hate life like going to a job you hate....especially once you spend six figures on the degree. There are a lot of other degree that you can force yourself to get that gets you way better money than this one. If you are going to do a job you hate just for the money...this isnt it lol. Feel free to reach out if you have any more questions on school or the profession or REI.
Not sure why it didnt tag you in my above post.
@Jaden Adams. GET YOUR DEGREE!!!!!!. With online education, there is no reason not to get your degree and your real estate license. If you have a kw broker in your area take their license class, while you get your degree on line
You don't need to go $100K in debt to go to college. You can go to a community college for two years at under $5000 per year. Then transfer to a LOCAL state university and for tuition pay $10,000 per year. So you can get a degree for around $30,000. Of course that assumes you have a place to live without paying rent - like your parents house. But let's be honest, if you drop out of college, you still have to pay room and board (or get it free at your parents). Before you drop out, just consider a better college strategy:
2 years at community college to get core classes out of the way
2 years at a local state University
No private schools and no on campus living
Consider accredited online programs, which are cheaper, give you the same degree and they are time flexible.
Why do you need a degree? Well the truth is that you don't know what you don't know. A degree program is meant to give you the basic tools to think and excel in a subject. Completing a degree is viewed as an accomplishment and shows you have the dedication to complete things. That piece of paper is a ticket to entry and lacking it closes doors.
College degrees are starting to become like high school diplomas were 40 years ago. Up until the 1950's there were many people who never finished high school and got good jobs. Then high school diplomas were necessary, then college became necessary. Today, Masters degrees are getting common for some jobs. Many large companies don't even hire customer support people without a four year degree. So when people say that a degree is worthless, statistics show just the opposite. There is a direct correlation between level of education and income. The truth is higher levels of education are needed today than they were 20, 40, 60+ years ago.
Can someone drop out and be successful? Absolutely! Mark Zuckerberg dropped out of college and founded Facebook. Bill Gates dropped out of college and founded Microsoft. Oprah Winfrey, Michael Dell, the list goes on and on. Are you a genius destined for success like all of them? I don't know you personally, so I can't say. I do know for every college drop out that made it big, there are thousands stuck in dead end jobs.
Should you take advice from us or your parents, counselors, etc? None of us know you or your capabilities, so is it better to take advice from people who know nothing about you or advice from your family?
I am glad you are thinking it through and just have a good plan whatever you do. As far as becoming a realtor to avoid a 9-5 job... Realtors work until 10PM at night and weekends. You need to be a self starter that hustles in that business to be successful - at least getting started. You can do it, but not if you are sitting around watching Netflix. Be prepared to work MUCH harder than college.
You can go ahead and drop all you want man. Everything does not revolve in your college. Many people still earn and become successful even though they're drop outs. I'm not saying that you should quit, just follow what your gut tells you to do. I started real estate this year and so far it's been one of the most fulfilling journeys I did. Initially started with checking out online websites (Realtor,Trulia, Zillow, Zumbly, etc) and then proceeded with talking to a few agents. You will learn along the way! Good luck to you man!
@Jaden Adams I never went to college and to be honest, it was probably one of the best financial decisions of my life.
If you just get your licensed and you read a crap ton of (good) books you'll probably be more educated (in certain areas, like how to make money, for example) than a lot of people who hold degrees.
The major drawback to a career without a degree is that you're options are potentially limited.
You have to either work for yourself, in sales or just catch a break when you're first getting starting (meaning you land a good job that normally would require a degree, without one. This opens doors based on your work experience for other jobs in the future).
As long as you're okay with having to be more creative, and self-reliant for your job security, I think you'd be better off taking a loan of $100,000+ and investing that in real estate.
It might be harder at times, especially at first, but you'll have more perks and more control - at least that's been my experience.
@Jaden Adams keep in mind anything you start you will eventually get mad, frustrated, doubt, and even hate at some point. Don’t let this ruin something good, it takes time to build something valuable. I dropped out of college at 20 years old simply Because my major (software engineering) was to easy for me at the time since I had been coding since I was 13, and had received an amazing full time job offer. This I feel is a good reason to drop since it is not for a matter of lacking discipline, more of discipline paying off.
Make sure your discipline is paying off for you, not hurting you.
I wont tell you what decision to make, just keep in mind you need discipline to do anything great.
@Jaden Adams
Have you considered switching to some kind of blue collar certification program instead. You can do that for relatively cheap and still pursue real estate at the same time. The cert will help you get a good paying job that will really help get money for investing. Also might help immerse you better into the real estate world and teach you invaluable skills that will help save money in the long run, if you choose something like contracting, electrician etc.
Not speaking from experience but if I were to do it over again, I would go this route.
Personally, I dropped out of college and joined the military. Now I can go to college for much cheaper if I want and I get decent pay, with potential for a high paying civilian job. I’m 23 and already have two cash flowing doors, and am on track to get six more next year.
You’re already ahead of your peers by simply considering other options. Most just go deeply into debt for a degree that doesn’t make financial sense.
@Jaden Adams
I went to school and got a degree in accounting and was miserable. I took an investments course as my open elective and badly wanted to switch. But I had the discipline to get the job done because I knew the value my degree brought to the table. Whether it’s taxes, book keeping or for real estate deals. I strongly believe in multiple streams of income both active and passive. While in school develop networks and relationships. Work a job will also help qualify you for loans. Even trade school will benefit you. At bare minimum I’d recommend a few pfp or accounting type classes to aid in your business ventures. Good luck
I’m a 19 year old freshman in college studying architecture but I’m realizing I’m more interested in the business of buildings and not building them. There’s a real estate program here, but I’d be going 100+ thousand into student loan debt. I’m considering dropping out, getting a job or two, and getting my real estate license. My reasoning is that by the time everyone graduates with debt, id ideally be doing some form of a real estate career with no debt. Is this a good option? I’d also be more happy with this option.
I bet you got more than you bargained for huh!
:)
@Jerryll Noorden so much information to consider!!!
@Jaden Adams
Transfer to a cheaper university.
Change your major to something easier than architecture and something more applicable to REI: business management/administration, marketing, communication, etc.
Less debt, skills learned you can apply to REI, and you can have free time in college not spent studying architecture you can use to study REI.
Educate yourself in investing. Take 100 in real eastate loan not college debt.
@Jaden Adams. I wish I would’ve dropped out that 40k I spent to go to school could’ve been a duplex in a decent area back when I went I graduated in debt no decent job it was a waste of time for me tbh and honestly a waste of money. Drop out and save the headache and stress of a never ending debt you’re in 100k plus debt but your job starts you at 38-40k now you pay living expenses and more you’re already in debt it’s a spiral
@Jaden Adams this is not something we can answer for you, there are a lot of good points on both sides for you to think about. If Money is the issue you could always go to a cheaper school for something you do enjoy but in the end it is something you have to decide. Best of luck let us know what you end up doing.
@Jaden Adams. Your education is over priced. I would transfer to a state school at a lower cost and study something that you have a passion for and can earn a good income doing. Or go to community college for two years and then transfer to a different school. Your initial plan to graduate with 120000 in debt was not a good idea. Real estate investing will be a lot easier when you have a w2 job though so I would get the skills needed so that you can obtain a high paying job.
@Jaden Adams backpacking in Europe, I dropped out. That was after some time with deep and purposeful psychedelic use and a lot of time walking across the continent. The decision was not taken lightly, and I was near your age.
Personally, I find it to be one of the worst money pits, and I had a full ride!
Alan watts says to go on doing things you dont like doing in order to go on doing things you dont like doing is stupid. I happen to agree. Life is right now, it isnt something that starts 4 years from now.
But to tell you dropping out is the best decision would be foolish as it's going to depend highly on your personality, work ethic, mental aptitude. It's a personal decision. It's also totally reasonable to know dropping out doesnt inhibit future success in the least, if you have your head on right and become a student of life.
@Jaden Adams
College isn’t going anywhere, you can always go back...now grant it it’s more difficult to go back years later but not impossible. I guess that’s also a point you can ponder. I have a Doctorates and I love what I do but sometimes I wonder what it would have been like to start RE 10 years earlier than just this past year. I am also paying back $100+ in student loans but it sure is “easier” to come up with a down payment or getting approved for a loan. Now I am married with a kid on the way and working 40 hours a week and still find time to learn RE. Anything is possible if you have the right mindset and dedication ...which at 19 you should have plenty of both.
GL
@Jaden Adams
I am sure this is said but why not look at a more affordable school? College has become more expensive since I left but there are still state schools where you can do much better than 100,000 for undergrad. Go to a more affordable state school, get some business background, take classes in excess and other tech, learn accounting principals. THEN use that knowledge.
Worst case scenario: if your business fails what is your exit strategy to not being homeless?
A 4year degree alone has very little value in the marketplace. If you are going to go to college, use that time for personal development and to network.
College grad here.. Will you make 120k out of school as an architect? Probably not. I work in engineering so I work closely with architects. The ones I know are miserable and make less money than the trade guys on site. Learn a trade (They all pay well and everyone is retiring and no help to be found) you'll be worth a lot being young working in a trade. Get your RE license on the side.
I think it's very important that you weigh out your options first before considering a big move like dropping out of college. For one, you already collected the debt when you accepted the finances for the school. Depending on how much financial aid, scholarships, or grants you received, you still accepted the loans to go to that school. Now, what happens if you drop out without a plan? Those loans are going to be accumulated with interest and if you don't act fast enough, you basically went to school without physically being in school. College is preached as a scam and what not, but I graduated successfully with my BFA and is now working in my field with a plan of REI to pay off my student loans. You have a long way to go as you are only a freshman. I'm not sure how expensive your school is, but based on your concern, it seems pricey. While you're in school, keep learning about RE, get your license if you can, continue to keep your grades up, and balance the two. I wouldn't drop college completely. Have a plan, follow through, and if you are satisfied with the results, do what you want to do - in this case, drop out of college.
If I ran the world I would make the colleges co-sign the student loans rather than the tax payers.