Dropping out of college
Stroudsburg, PA · Member since 2019 · 14 posts · 67 votes
Dropping out of college
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Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
6yDude, 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.
210 Replies
- Member since 2018 · 25 posts · 6 votes6y
Although self employed, I feel good about my MBA and as my Mom always told me, that is the one thing they can never take away. it is really about what is important to you however do remember what is important to you changes and it is hard to go back. Maybe you are in the wrong major.
- Realtor · Ocean City, NJ · Member since 2018 · 2 posts · 3 votes6y
@Jaden Adams I dropped out of college my first year at a well know university. I despised school and all the people spending $40k a year getting these some of these crazy degrees. After taking a year off and still not knowing my right path i decided to take business classes for very cheap at my local community college. With this it allowed me to get my associates fairly quickly and enroll at my local university where I graduated with a business degree. I worked all year, lived at home and attended school. I have minimal student loans. I learned some but I feel what it gave me was the piece of paper everyone wants, more time, and connections. Now I’m a full time RE agent who’s getting by doing okay trying to become the next small time RE investor. I’m curious to see what the next chapter of my life entails. I know I could find a normal job but I enjoy having the possibilities I have as an agent right now while my debt is low.
- Stroudsburg, PA · Member since 2019 · 14 posts · 67 votes6y
@Cory R. Much respect to you! This has been a really hard time, but I really believe in myself. The thought of pursuing the grind of real estate and entrepreneurship excites me and I know I can do it without a degree and debt.
- Stroudsburg, PA · Member since 2019 · 14 posts · 67 votes6y
@Cory R. I’d rather end up as a HS janitor knowing that I TRIED, than some bs job I hate wishing I had taken the risk. Great story to tell the HS kids :)
- Realtor · Orlando, FL · Member since 2016 · 12 posts · 1 vote6y
@Jaden Adamso this is a brilliant idea that I usually recommend to alot of college students but some of them get mad 🤷🏽♂️
- Realtor · Ocean City, NJ · Member since 2018 · 2 posts · 3 votes6y
@Marlon Persaud @Jaden Adams
It was a pretty positive experience for me. Although I didn’t get to have the absolute “true” college experience, I feel I had most of it my 1st yr. I also spent a yr Living in another state between my 1st yr and community college. another plus to community college and the local university was that it allowed me to travel to many places others have not had the chance too. You save so much money that spending 500-1000 in another country/states isn’t much relative to the cultural experiences you get out of it. Maybe it’s just something I tell myself but I think local cc/university was the smartest For my situation. The one thing I wish I had done in this time was worked in a trade such as working for a contractor. That way I would have the RE knowledge, and the contracting Knowledge - both very important things when it comes to investing/ RE.
- lebanon, TN · Member since 2019 · 21 posts · 8 votes6y
I received my Master's Degree in Education. I taught for 15 years and hated every minute of it. My problems wasn't necessarily college but not getting into a career I would enjoy. My wife went on and is a Dentist. She has been very successful in this career. She doesn't have the personality to be in real estate. I do. But I have made many mistakes along the way. My first suggestion is to stay in college and get a degree in business. This would help in your future in real estate. However I would not go into great debt. Something to fall back on. Maybe go part time and work. But when looking for a job look for something in the area you are wanting to make a career. You can find someone in real estate to show you how to avoid mistakes. Keep in mind that starting in real estate without an income is very difficult. Listen to all the podcast and videos you can. You can learn so much from this. And get books. Once you get your feet wet in real estate and gain some confidence you will know if this is something you will be successful in. It is not easy and it has great ups, and lowly downs. Not for the weak at heart. Good Luck.
- Wholesaler · Eastpointe, MI · Member since 2017 · 39 posts · 13 votes6y
Starting & completing a college degree is a great thing. It shows you've got some intelligence, energy and get things accomplished. There is also a good chance that you will meet friends for life and business contacts. If you are lucky, you might even meet your spouse.
With that being said, I would NOT borrow any significant amount of money to do so. This is especially the case if you are going to be on the hook for well over $100k.
That is a life altering amount of debt.
I know many people (mainly attorneys) whose lives are TOTALLY ruined due to the amount of student loan debt that they have. I know several attorneys that have $250k+ in student loan debt who are LUCKY to make $50k a year. They will never be able to pay off their debt. Their lives are altered & wrecked.Here is a good rule of thumb. DO NOT BORROW MORE THAN 1X YOUR 1st YEARS STARTING SALARY. You might be able to borrow $60k if your starting salary is $50k...but anything beyond that, and you are looking at serious trouble.
One thing I wish I understood better when I was young is that the value of a degree can vary TREMENDOUSLY from school to school. A Harvard degree is almost certainly worth the money. A degree from "Directionless State University" might be worth only slightly more than the paper it is printed on. Not all schools are worth the same. Sadly, most have a marginal value.
The amount of money is simply too much to be gambling with. Coming out of school $100k+ in debt could very easily be a life altering mistake. - Developer · Houston TX · Member since 2018 · 423 posts · 400 votes6y
@Jaden Adams
You are bright and I’m sure will make the right decision. But consider this..... Real Estate is the in thing right now. What if market does correction in 2020. I know a lot of RE agents who got hurt in the last crash. Banks stopped lending, people stopped buying or trying to sale with no prospects. I was one of the weird guys still buying while most were on the side lines.
Semester is almost over. Why not look on Groupon for online RE agent courses at super discounted prices. Knock it out during break so u can take state exam for your license early next semester. Use the Spring/Summer semesters to explore getting your hands dirty. If RE is a calling then jump in and go for it. If not get business degree, maybe accounting so you can read P/L statements, learn the lingo of RE and maybe do on the side while getting an education. College degree doesn’t equate to success or career but at least you will have a backup if RE has correction which it will just don’t know when.
- Realtor · Los Angeles, CA · Member since 2019 · 3 posts · 2 votes6y
@Jaden Adams We’re practically in the same boat. I just turned 20 and have had my real estate license for about a year. I have yet to sell anything because I’ve had one foot in and one foot out of the business. I’m getting ready to transfer to a 4yr for the second time. I dropped out after two day’s from another school this past Aug. due to the loans that I had applied for. I was sitting doing my Chem hw and I just had a this like break and this wave came over me and I realized I was going to be in debt. I called everyone I had to and dropped out thankfully the loans hadn’t been processed and I got out. Anyway, I’m getting ready to go to this new school in January which will just be for my major (Biomedical Science) but I just received the financial aid packet and once again I’m having second thoughts about going to college and getting a degree due me refusing to be in debt. So I’m thinking seeing your post is a sign that I should just devote my time to real estate and get into commercial. Thanks for sharing!
- Rental Property Investor · San Antonio, TX · Member since 2019 · 19 posts · 5 votes6y
@Jaden Adams
Hey man, I was you a time ago, so I’ll let you know how I feel. I dropped out of college with only 3 credits left to get my associates & Ive never regretted my decision. I think the drop out life isn’t for everyone, but you know yourself better than me. You have to ask yourself if you want to work harder than the people with degrees & learn twice as much as them at the same time.
Learning isn’t something you do in college & quit. I spend more hours now learning and researching than I ever did in college & I made the deans list & did very well. Really I forgot almost everything I learned in college because I never applied any of the knowledge until years later when I already forgot everything.
If you talk to my friends with degrees in the same field & talk to me I 100% not only know more than them I’ve been working in the field for over 3 years before they even got any experience. What this taught me is knowledge isn’t powerful, it’s applying the knowledge that’s so powerful.
So continue to learn everyday, watch bigger pockets podcast, look up real estate courses, & learn as much as you can every single day for the rest of your life and as you learn apply the knowledge as you go about investing. This will help you learn faster and retain more.
You will make mistakes wether you get a degree or not. But these mistakes are what you will learn from the most, not college courses. Get all of your mistakes out of the way while you are young so when your friends graduate you can laugh when they are in thousands of dollars in debt making the same damn mistakes you already learned from.
Again, this will not be easy, but experience trumps any education you can get. And personally, when your money is on the line you tend to push yourself more than a teacher telling you a dead line.
The real question is how determined are you? Are you ready for people to say you can’t do it? Are you ready to sacrifice time scoping out more houses than every real estate agent combined? This isn’t an easy task so if you have the gut feeling like I did where you won’t let anything stop you, then nothing will stop you.
I don’t know what college will really do for you? You get a worse education, attain student debt, gain no real experience, & by the end of it you still have no real estate. Please someone tell me why this kid should go to college?
- 6yTamar HermesPro MemberReal Estate Coach · Austin, TX · Member since 2019 · 84 posts · 28 votes
I think if school isn't for you, drop out. I would get the Real Estate license and maybe take some classes at a junior college. You can always go back to school. I have three kids. Two are going to college and the other wasn't interested. Don't follow what you "should do". That never ends well. Good luck and congrats on questioning your actions instead of just following the herd.
- Member since 2018 · 2 posts · 0 votes6y
I assume you want to get a real estate license and your ultimate goal is to become a real estate investor. As an investor, you obviously have to know finance & accounting, need to always know where the numbers at; you also have to know economics, supply and demand is very important. You have to know marketing, you will need to sell or lease your houses. What about negotiations? Have to be able to negotiate price and repairs. You also have to know operations, need to efficiently and effectively mange your business. There are so many things you need to know to succeed in a career. To systematically learn something, you do have to go to school.
I majored in foreign language (I chose Japanese) in my undergraduate which now I think I must have a brain damage to choose that major, but it was certainly justified then. I was actually at your age when I made that decision. It was in my senior year that I had a hard time finding a job having anything to do with Japanese. I chose a minor major in international trade.
I worked in international trade for a few years then I started my own import export business and I decided to go to graduate school for an MBA degree to better manage my own business.
My friend, Once when you got into a prestigious graduate school you begin to know these high quality people from all different background and industries. Everyday you learn something from someone and then you realize there are so many things out there that you don't know and there are so many more things out there for you to learn. And most importantly these high quality people will become precious assets all through out your life. If you drop out of college, what kinda job will you be working at and what kinda of coworkers will you associate with?
You are way ahead of a lot of people the way you think about your career and your future, and you strongly believe you can succeed without a degree. But my friend, the society is biased. People look at your bio when they choose partnership which you see in lots of real estate deals.
Don't drop out, change to a BBA degree. Learn some accounting, finance or tax.
- Investor · Tallahassee · Member since 2019 · 249 posts · 93 votes6y
Personally, I think you should go to college, maybe not in the particular major of real estate as I'm not sure how practical that major is in terms of being hired in that field vs just getting your real estate license.
The way I see it is to not put all your eggs in one basket. In the world we live in today, if you have a college education (hopefully in something practical) you can have something to fall back on and still make a sizable living in your absolute worst case scenario. Lastly, college is a lot of fun, the friends and amount of growing you do is truly unbelievable. I don't think getting $100k in debt is worth that but if you can find a college that won't break the bank, that might be something to look into. I am not sure where your college is and how much the ones in your area cost but in Florida it's about $6K a semester or $48K for 4 years, something that can be paid back in 1-2 years of working, for expanding your network, finding yourself, just enjoying your time and youth and knowing you will always have a safety net.
Of course, if you know you're the type to work hard, live with 10 roommates, not complain, have a great mindset, mental toughness and can handle all the bumps in the road and obstacles that come your way, then go all out and crush it in the real estate world. For the majority of people, that's not the case and therefore I recommend the safer slower route.
just my 2 cents
- Real Estate Agent · Charleston, SC · Member since 2019 · 30 posts · 13 votes6y
@Jerry Lucker Do you think you could make serious dollars in only a year or less with only $20k?
- Rental Property Investor · Member since 2018 · 46 posts · 64 votes6y
College is a lot more than a degree you get at the end. College years were the best years of my youth. I made life-long friends in college. Also, don't forget the network you will be building there among the classmates. These are the people who will become successful professionals that you will have ties to should you want to use partnerships or syndicate your RE deals in the future. Like others say, transfer to a less expensive school, switch a major and start doing RE on the side while you're in school. You're so much more flexible with time as a student than as a 9-5 employee, you can easily invest and study at the same time.
- Investor · Portland, OR · Member since 2017 · 29 posts · 12 votes6y
Here is an actionable step.https://ocw.mit.edu/courses/sloan-school-of-management/15-401-finance-theory-i-fall-2008/
School doesn't have to be a waste of time if you have an intention for being there.
Such as . . . I want to learn how to make a whole bunch of money.
Take it from a guy with 2 bachelor degrees: Biochemistry and Electrical Engineering.
You don't sound like a guy who wants to "float" through life - So DON'T.
Don't ask people on this forum for permission to drop out. Be a big boy and make that choice yourself
Accountability is step one.
- Member since 2019 · 5 posts · 1 vote6y
Hi Jaden!
I agree with the folks that are encouraging you to switch majors and maybe even attending a cheaper school. There are plenty of paths of study that would compliment your real estate goals (business, accounting, digital marketing, finance, entrepreneurship, photography etc.)
I understand that college might not be for everyone, but having a "back-up plan" is always a good idea. Real estate is very cyclic, so it would be good for something to supplement your income in the lean times.good luck!
Becky
- Member since 2019 · 3 posts · 0 votes6y
The best responses I have seen talk about the value of finishing, at the very least, an associates degree through a community college. You never want to find yourself hindered by education, and you certainly don't want it to go to waste. My wife and I are both military vets, her an officer and myself enlisted, so we were lucky enough to be able to acquire some real estate on both sides of the country while we were in. As for our respective ceilings, hers is MUCH higher because of her degree and management experience, in and out of RE sales. I'm going to school now to finish, about 61 credits down and a couple of years to go, but using the GI Bill makes it a completely different scenario. I can say for a fact that some of the best realtors in my area do have degrees, giving them access to a whole other network while being more appealing when selling to educated buyers. Use your options, but don't give up on education in some way, shape, or form. Trust me.
- Real Estate Agent · Great Falls, MT 59404 · Member since 2019 · 2 posts · 1 vote6y
I'm in with the folks who say stay in school now and try to find a less expensive option.
It's much harder to go back later. And yes, what if you dont like RE in 10 years? I had my own massage therapy business, and decided to get my business degree during that time. Some people were supportive, some people were critical. "Why do you need a biz degree when you have your own business?" Answer is I wanted something to fall back on just in case. I am glad I did bc 10 years later I chose to go back to school for a master's in occupational therapy. If I hadnt had that 4 year degree I would have had to start from scratch with schooling at 36. It was hard enough to get thru grad school w a full time job, a home and adult responsibilities. I got my RE license earlier this year and I love it. Not sure I would have back then, but my passion has always been helping people so it's a great fit.
I will always have those degrees. I am proud of them and you will always have them just incase.
Just my experience. Trust your gut and most importantly take your time on the decision. Good luck!!
- Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes6y
First: Your original post is a false dichotomy. There's nothing that says you have to come out of school with boatloads of debt. If you don't want to go to school, that's fine, but don't justify the decision based on going into debt. Plenty of people go through a 4 year degree with little to no debt: grants, scholarships, family gifts, part-time jobs, fellowships, etc.
Second: if you can't even complete a year of college, what makes you think you can do the hard work necessary to be successful at real estate? You said you are a freshman so I assume you started in August/September. You're not even through a semester yet.
Third: where does all the money come from to become a successful real estate investor? You mentioned going and getting a real estate license. That's fine, but that's not becoming an investor. You're getting a job. You could just as easy go get a job in HVAC, electrician, plumbing or carpentry if you want to work a job in the industry - why real estate agent? Most realtors make far less money than any of the trades. And there's plenty of demand for trades, whereas there's virtually no demand for a 19 year old rookie real estate agent.
I don't mean any of this to give you a hard time but to give you some hard love. Most 19 year olds are dumber than a box of rocks - even the smart ones. I was pretty smart at 19 and looking back many decades now realize I was dumber than a box of rocks. You only *think* you know what you're doing at that age. You look for information that confirms your bias rather than that which challenges your assumptions.
I've posted this before, but I think it is worth repeating in this thread:
In general, I have found that people who say "college degrees are a waste of time and money" fall into one of several camps:
1. A person who never got a degree in the first place and uses this statement as justification for either not going to college to better themselves or to belittle the accomplishment of others out of envy/resentment/etc. This camp will often find the college graduate working in their same workplace and use them to prove their point - "I make the same 10 bucks an hour waiting on customers and I didn't have to waste my money on college." They are often looking for confirmation bias that their lack of action was the correct choice.
2. A person who went to college and got little out of the experience, usually directly proportional to the amount of time and effort they put into it. This camp often never finished their degree or took the path of least resistance and got the easiest degree possible but never made themselves or their skills marketable.
3. A person who went to college and got a degree but was unable to either find a job in the field they chose or found the field they chose was ill-fitted towards their strengths, interests, and financial goals. This camp is more sympathy-worthy, since sometimes it is difficult to identify your strengths and interests at a young age, or may have been the victim of bad timing (studying for one field just as it is declining/transitioning). Nevertheless, most people in this camp could have achieved a better outcome through more sampling or market research, i.e. if you know you don't want to leave your small town, don't pick a profession that doesn't exist in your small town.
4. A person who went to college, got a degree, was financially & emotionally rewarded by that career, and after many years found some "easy money" through investment or something similar that makes them question if they could have been making that money all along. This is pretty typical of real estate investors, who spend 20 years accumulating a chunk of money, parlay it into some rental property or a couple of flips, and make excellent returns in a high economy. This camp is using the benefit of hindsight to project how their financial future might have been had they chosen a different path.
Beyond that, anyone making a blanket statement that college is a waste of time and money should be dismissed immediately as uninformed or with some specific motive or angle. It is true that some colleges are probably not worthwhile financially relative to what they cost, and it is true that some degrees are not worthwhile financially relative to what they cost. This is untrue for most degrees and most colleges, however, and making blanket statements like that just demonstrate the individual to be lazy and misinformed - which colleges are a waste of money? Which degrees? Why?
As to the few "I can self-educate on youtube" people out there, that's really the height of laziness and irresponsibility. What are the qualifications of the person "educating" you? Who has vetted them? What makes you qualified to determine if what you are "learning" is true, if you don't already know how to do it? I'm not saying you can't learn how to make a birdhouse by watching youtube or reading a blog. Surgery education? You've got to be kidding me.
Investing in your own education is the best investment you will ever make. Whether it comes from traditional college, trade school, or self-directed, never feel like you wasted your time or money.
One last thing - don't confuse education and ability to act upon that education. Plenty of people get degrees and still work in menial jobs because they never bothered to act upon what they learned, or they didn't learn anything beyond what it took to get some grades on a paper. The economical machine grinds these people up pretty fast. Look at all the people who spend all their time on BP learning how to "invest" in real estate and then never make a single purchase. They obtained education and then refused to act. Is that the fault of the education?
Skyline Properties - Accountant · Boca Raton, FL · Member since 2018 · 1 post · 0 votes6y
No you should stay with architecture or go into construction. Get your Real-estate license on the side and test the waters. This way you will have the education to fall back on. Mark Matire CPA
- Investor · Midlothian, VA · Member since 2015 · 4 posts · 2 votes6y
Consider change! Signing up for 5 years for 100k in debt was a decision that was already made. Why wasn't real estate decided first? The grass will always be greener. Either way you need a real trade, as a contractor or business person in real estate. Getting a realtor license is not a trade (this does not imply that no work is involved). There is more than one way to get to the goal. Taking 100k in loans would stop me up front. Cut costs and make work your best friend.
- Member since 2019 · 1 post · 0 votes6y
@Jaden Adams do it :) I did it... best decision I ever made. Student loans are ridiculous and if you’re serious, you can make a lot of money that you can reinvest in real estate!
- Member since 2019 · 5 posts · 0 votes6y
Exactly what @Nic S. said. Get a general business degree. Do it on the cheap. Here in California everyone even the kids from affluent families (that's not me!) do 2 years at CC and then through California's GAP are automatically transferred to the school of their choice. (State College is awesome). If you do it right you can incur less than $20k debt in the final 2 years. I know because that is what I just did for my two kids. Additionally, if you want to be successful and gain a good understanding of sales/interpersonal skills/negotiations, business law, organizational theory, basic business practices (accounting, finance, being able to read and understand a P&L and Balance sheet, etc. college will give you a big leg up to not be in the 95% that fail in real estate. AND you will have that diploma to fall back on, leverage, whatever, whenever you decide or need to work in the Corporate sector.
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