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.
Transfer to a state school and get a degree for free.
Buy a house hack and rent to your friends. Get paid to go to college.
Learn things that you want to learn. Create your own major.
What skills will make you better at real estate that you can learn in college? Numbers, business, communication skills, how to scale a business, etc, etc.
College is not the solution, but it is a great way to train. It's not either/or. It's both. It's not degree or experience, it's both.
You can still invest in REI and go to college. Telling yourself to drop out because its 120k is a way to "rationalize" leaving. You can become a real estate agent in a summer. Sell to all your college buddies.
Just my take.
Let me add a Hybrid solution... Background on me, I have a Real Estate License since 1986. I am currently a full time property management company owner and real estate sales person. I do not have a bachelors degree.
Go to community college AND get your Real Estate license. Take classes that are transferable for your four year degree should you decide to pursue it. Community college is affordable and will allow you to have the time you need to decide what to do without wasting time or money. Get your RE license and get into the business but work for a great agent and mentor. I can not stress that enough. In two years you will have a transferable associates degree AND work experience enough to know which direction you want to go in. DO NOT borrow money for school until you are sure that is what you want to do.
Do not borrow money for living expenses while in school. Only for tuition. Work for the rest of it. Live at home, rent a room, do anything ( OK not anything) to not go into debt beyond tuition.
My son has a full time job 7 am to 330 pm and that allows him to go to school afternoons evenings. He is at our local community college which has transfer agreement with the university. He will finish his associates degree, fully transferable to the university, if he chooses, this year but in the meantime he has bought a home with his job earnings, rents out two rooms which covers the mortgage and has no college debt. He can take his time to decide what he wants to do from there.
Good luck! Real Estate is an amazing choice for those that are bold and willing to work hard.
@Jaden Adams
As an Architect, let me first say, you are pursuing a very specialized degree which sets you up to understand, design, construction, and real estate in a way 99% cannot. Don’t make the mistake of lumping your professional degree in with the countless business, communications, or sociology degrees out there. That said, once you graduate you will make pennies doing redlines for at least 3-4yrs before you can hope to sit for your exams and do what you want...... I think you should do what you NEED to do. And you do not NEED a degree. You can be educated in many other ways. Just think through it and be realistic. You will not be on million dollar listing any time soon and will have to network and scrimp and save to really make anything happen. But if you’re truly motivated, that’s really all you need.
Do not drop out of school. Take the advice from Daniel Jackson. Transfer to a local school then change your manger to business, finance, or accounting. This will give you a better understand of the numbers if you really want to have a real estate investor career.
.... why don't you get something at a cheapo community college. You dont need to go into 100k in debt. Thats stupid. Just get an accounting degree or something that will be helpful and applicable in starting your own business. If you choose to further your education down the road then you will already have a good start.
And you can invest while you're i school. No ones stopping you. Fatalist excuses dont get you ahead, thoughtful planning does.
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 agree with the first response. After I sold my first house I wanted to drop out of college as well and buy up properties.
As a first generation immigrant the degree has different meaning for me so I continued on with it. Currently I am just doing a BA in Business Administration and I am at the end now. Mind you this is after working in finance for 10 years and the fact that I’m a mortgage loan officer - I could have gone straight to investing and ditched school. Here’s why I didn’t;
Not only were there concepts brought to life I would never think of, but the interaction with your peers begins your network you and that’s where the gold is!!!! Yes it was a drag and homework sucks but I am 10 times more confident in my investing as well as my business plan for investing and it wasn’t 100% school- still do your independent RE study!
Assuming you want to be a successful investor your investments turn into your business therefore you should have a concept on what that means to own maintain and grow a business.
My advice;
Switch to business admin degree or some kind of business vocational training. The cost will be much less and you can work full time and stack cash for your investments because you will be too busy doing homework. Also try to find an employer who pays part of your tuition)
If you do end up dropping out try to create the same environment for yourself. Find a mentor (not the sleazy 5k kind) preferable someone you already know and respect who is in real estate who will teach you about how they got their portfolio to where it’s at.
It’s not that anyone who didn’t get a degree is a failure or dumb. It’s just those who didn’t go to school didn’t have the opportunity for more knowledge and I take that opportunity every time.
Good luck in your choice!
You have to be careful who you take advice from on the internet. But that being said here is mine, but let me qualify myself. I am 64 yrs old. I have a undergraduate degree and masters degree. College was so cheap back then everyone should go if not for the education just the experience. However things have changed. College is big business in and of itself and is cost prohibited unless you are getting a degree that is required (doctor, lawyer, engineer,) that results in high income.
First on my advice is WHAT NOT TO DO! Don't go into debt for a degree you most certainly don't want to do!!!!!
Secondly, BiggerPockets and investment real estate currently has your deep interest. Purse that passion locally with other BP members in your town. Find you a mentor (grey hair person) who will dump all his/her knowledge for the cost of a cup of coffee. You will need income so pursuit of a real estate license is fine or become an Airbnb co-host or learn how to wholesale. Lots of areas that you can start to pursue your passion. Live frugal, seek out knowledge and people that have either done it or are doing it now.
I love investment real estate and think it has a lot of potential for eager, enthusiastic self-starters! Results will be slow, don't get discouraged. Keep seeking knowledge and experiences and one day you will wake up able to do whatever you wish!
@Jaden Adams
If you're not happy, switch majors to something related to RE and go to a community college if there's one close to you. Way less debt. Or look into a trade that is construction related. Also, school will always be there so you can go back if you change your mind. Think it through and do what's right for you.
No don't drop out, you can do both I'm in the process of showing my children how to get income property so they can have a source of income while in college. No time for games do both so you will ahead of the game
Hi Jaden,
If you really want to get into commercial real estate, go for your CCIM designation and contact your local chapter :-)
Decide what you want to be, an educated millionaire or an uneducated millionaire.
Decide what you are trying to achieve, class, status, wealth, country clubs,...
There are no wrong answers. I will say this, if you are going to school only to make a lot of money, then you are wasting your time and money and totally missing the point of being educated.
Absolutely finish college. If you can switch schools and reduce the costs then great. If you can switch to a business degree which is 4 years, not 5, then great. You'll learn plenty that's applicable. In the meantime work part-time for a realtor or investor or property manager.
You're 19. When I was 19 I had no idea what I'd be doing 30 years later. In fact when I was 22 and getting my degree if you would have asked me what I wanted to do I would have said "I dunno but nothing with computers!" Guess what, 5 years later I was doing software development and still am. You never know where life will take you but one thing you SHOULD know is that having a degree will help with whatever it is you do. Just in real estate if you want to become a broker, at least here in CA, you can get your brokers license in less time if you have a degree. It substitutes for experience.
You may find that real estate sucks. That all these articles about "How I accidentally house-hacked my way to being a super millionaire" are BS. It's not that easy (or everyone would do it). And for every college dropout on here who is successful, there are many more that aren't. You may want to do something else. In fact, it's likely.
First rule of any plan, have a contingency. Your degree should be yours in this career plan.
Good luck. Be smart!
Stay in college because it teaches you to be focused. The degree you are in is good for the real estate business. My brother-in-law has the same degree and I don't have to worry about figuring out cost on repairs or the repairs themselves, any major structural changes are not a problem when rehabbing. As for your debt, don't pay for the real estate program because there are plenty of people out there to assist you at a significantly lower rate with better results. There is a learning curve, but it will be easier for you because of your schooling, and you can do real estate while you are in school.
Jaden, Perhaps you could consider a hybrid approach. One way to get a University Degree for less money is to go to community college for your freshman and sophomore years then transfer to another University for the last two years. My brother in law did that and got a degree from U-Penn. Regardless of the route his diploma is from U-Penn. You appear to be interested in business. You could take fewer classes, get your first two years done in four years, and learn accounting and finance on the side while pursuing real estate. If at that time you want a 4 year degree, you are halfway there without going into debt. If your career has skyrocketed, no need to look back. If you ever need a W-2 job, an education definitely helps. If you are an entrepreneur, it means less, but you still might learn something of value along the way. There are university programs in real estate finance. When I had similar discussions with my Dad many years ago about investing in an education. He did not go to University. He said... "They can take your house, they can take your car, but they can never take your education." Meaning... The value of your education is yours for life regardless of the ups and downs that can come along the way. I'm remiss to tell you not to pursue an education, but if you aren't happy with your current path, I wouldn't recommend piling on debt to get an education in something you do not want to do. Lastly, think about the future of real estate brokerage. Many years ago, stock brokerage had fat commissions. Technology has eliminated those. There are brokerage houses offering Zero dollar commissions now. One day, the commissions associated with real estate brokerage will get trimmed to a minimum via technology and streamlined processes for closing real estate transactions. If you go into real estate as a broker/agent, be an expert in some niche of the market or have a goal to be an investor/rehabber/property manager/commercial real estate professional. Those aren't going away. Real Estate brokerage will not look the same in 10 years as it does today. Good luck with this decision and your future education/career.. All the best, Robby
So have you ever thought about majoring in something else? Real estate investing is more than just buying houses. It’s a business. I would highly recommend majoring in business or something that helps you think about how to grow in the real estate field.
Jadan, you darn near have a portion of your college education in the valuable information contained in these posts! Everything you need to make the right decision has been posted. An architect with finance knowledge and direct real estate experience is rare and valuable. Continue with your education... all of it, but slow it down. I spent 7 years getting my bachelors degree which included many late nights and only one class a semester when money was tight, but I DID finish and had almost no debt when I was done.... oh, and I squeezed in a duplex to start along the way with a wonderful wife and two beautiful children. Do it all dude. The less expensive community college for the 'required' courses is a good idea. I did it - saved me thousands of dollars. Then transfer to the university that offers architectural courses you need. All this while working all the part time jobs you can handle and still get good grades. Then in all your free time look at some income producing real estate - no, not a ten plex needing a complete rehab, maybe a duplex with an attic or basement (or garage) that could also be made into living quarters for guess who? If you can graduate with an architectural degree, maybe minor in finance, have little to NO student loan debt, and even one income property that is 'seasoned' into a steady cash flow above expenses, well then my friend, you'll make everyone of us proud.
I would get a degree from a recognizable university’s online degree program. Try and find something that will have practical application. I wouldn’t involve the family, just do it. And be sure to walk at the graduation just like any other college student for your family’s sake. In the meantime bust *** on making it in real estate!
@Jaden Adams, I graduated with a bachelor in architecture and I know what you are going through. it's a lot of work and after 6 years you are still not an architect, you need to pass the 6 are exams and have 3 plus year of experience...and the pay is not that great. However the experience I gained from school and the work place has been extremely valuable. If I were you I would try to switch major to possibly finance or business while you pursue your real estate license. A friend of mine is a real estate agent with a bachelor in finance and he is more successful then some of his peers because of the skills and training he received as well as the mentors he chose. Also if you are interested in the business of buildings and not designing them maybe real estate development with a minor in business could be the path you are looking for...much more lucrative! Hopefully this helps a bit, good luck in whatever you decide!
My personal, gut level reaction to the OP;
"school is hard, expensive, I'm not having fun, so I'm going to quit"
Um, welcome to life, where many times, it will be hard, expensive, and you will have to do things you don't enjoy.
I do agree with previous posters
a) there are cheaper ways to get a degree. Find them. Figure out if any of them are better (long term) than what you are doing now.
b) make sure you have something to bring to the table when you do start RE.
c) College/RE isn't either/or.
d) work on decision-making. Either you truly can't think of more than 2 options (current college/major vs the "grass-is-greener" option of RE), or you want to quit college and are trying to justify it. Be honest with yourself and others.
(BTW, if you genuinely can only think of 2 reasonable options no matter how hard you try, PLEASE stay in college until you can come up with at least 6-8 realistic, do-able options. You'll need both creative thinking and analytics to do well in RE).
I did not read all the comments...
..but just to add to the "colleges are businesses and students are the customers" sentiment.
I dropped out of college in my last year and missing just 1 credit. Because I was determined to start my own internet business (in the middle of the dotcom bust). 6 months after announcing "I don't need your degree" they called me and told me they found a way to compensate for the missing credit and that I could come and pick up my engineering degree. Turns out they get 4000 Euro's per student that graduates from the government :D Hilarious!!
Finally knowing exactly what I wanted to do I thought myself more in 1 year than during my 4 years of college and no-one needed to hold me accountable.
After 15 years of running a small Internet business, saving and a plot flip, I have saved up enough to do a few cash deals.
So, if you're doubting, stick to getting a degree. But if you feel a burning desire...just go and take the first steps...you'll find the rest along the way!
I would say drop the expensive classes and pivot to a state university where you could earn a degree online, for 1/3 of the costs, and with online classes, you could pursue your real estate interests at the same time. I believe the degree in architecture will be an asset if you ever intend to flip properties. Thats my 2 cents.
When it comes to degrees, I think you should look at least two factors:
1. Value of Your Degree. Certain fields give you more qualifications and "valuable" skills than others. Architecture is probably not a bad degree although it's my understanding that the job market is pretty competitive. It's also my understanding that it's kind of like law school --- what you learn in school doesn't always prepare you for "real life" as an architect. That's different than say a doctor who gets an incredible amount of hands-on training during their education process.
That said, my construction company does a lot of work with amazing architects that make a very good living. And I know many investors that had an architect background. They were able to leverage their skills, experience, and connections to do what they wanted to do. Not saying it's absolutely necessary. But good architects have skills that many serious players in the real-estate world consider valuable.
2. Prestige/Cost. Not sure what school you go to. But some schools have such a "prestige" factor that it might be worth the costs. Many folks describe it as a polite way to ask for your IQ. Being a Harvard graduate, for example, tells many folks you meet in life that you are probably a smart/hardworking person. Likewise, my degree at a so-called T14 school gave me more opportunities. Not saying degrees are everything but there is a value to a prestigious degree.
Now if you don't go to such a school (and that's okay), then you may want to figure out what is the most cost-efficient way to get your degree. I had a really "dumb" undergraduate degree from a value perspective. But the fact that I basically had a full-ride scholarship made it alright in the long run.
Aside from the above, I would note that you can become an entrepreneur at any time. But most successful entrepreneurs I know could call themselves an "expert" in at least one field. It's incidentally why I think many successful entrepreneurs can get right back to where they were even after a total bankruptcy. Any entrepreneur --- by definition --- takes more risk than an average person. Because of this, it's not uncommon for many entrepreneurs to "fail." But while creditors can take all your assets during bankruptcy, they cannot really take away your experience, skills, and work ethic. Thus, it's not surprising that many people come back to find success again.
Take a look at a book called "So Good They Can't Ignore You" by Cal Newport. Not saying it's the bible but it has a lot of good thoughts on what you are thinking about.
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.
@Jaden Adams
Stay in school and borrow a **** load of money in student loans. Then invest it in real estate while you are in school. If you do it right you could end up with a number of houses before you graduate