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.
@Jaden Adams
I think that you should go for it! There are plenty of people who didn’t go to college who are crushing it in real estate. Why waste time, money and effort on something you don’t want 🤷🏾♀️ Live for you!
There are cheaper ways of becoming a real estate agent that don't involve 4 years of your life. Or you could join the military and buy a home at each duty station.
I have an architecture degree and have been in the field since graduating in 2002. I went to college for something I enjoy to do, but I have seen how the economy effects the industry. When times are good banks loan money, investors borrow, architects design and contractors build. When the economy is down things can get tight as banks get tight fisted with money.
I think you are wise to ask the questions now, because things change when you are no longer scrimping to support yourself to scrimping to support a family. Your skills in architecture transfer well into real estate, so I don't see your decision as needing to be either or.
There have been many good points made to you here. I think a base income under you while you gain the know-how of real estate is important. Just a recommendation, but check into what schools offer online course/ degrees. I have heard that some schools discount their costs for online schooling. An associates degree was mentioned... That would provide a better chance at getting a better paying job without sinking you really deep into debt. I have seen people make bad deals in real estate when they feel they need to make something happen because real estate was their only income.
I think this is the perfect question you should give Dave Ramsey a call and ask his opinion. I remember there is a call from a guy who used his credit card to purchase a real estate program for 25K and calling Dave Ramsey for help. I know you will do exactly the opposite of what the majority of people advised you to, because you are young, you probably watched so many YouTube videos having rich people flex their big house, exotic cars on you, selling their "Be rich quick", "don't go college, buy my successful program for $997". Form Tai Lopez with his "here in my garage, knowledge", to Grant Cardone "10X rule". How they become rich? one program sells 1K, a thousand people buy it, they are millionaire now. Then they use your money to invest, to make more money for them. Anything you want to learn for real estate is online for FREE, getting to know people, expand your network, you like someone to be your mentor? work for him for free.
I actually envy you by knowing your passion at your age. When I was 19, I don't know anything about what I am going to do, all I knew was go to college get a degree and find a job. "People say do what make you happy", this statement is incomplete, because happy is a relative term, you need something make you unhappy to compare with, so the complete statement is " Do what make you happy after you finish what make you unhappy". We all have things we don't like to do, but we do it anyway, because it makes something we like more enjoyable and valuable.
While you are in college, you can do house hacking, work part-time. Like @JD Martin posted, there are plenty of way to get out of college without student loan.
As someone with a very expensive masters degree in architecture, I can tell you right now that you will have a hard time paying back $100k+ in student loans. The hours are long, the pay is low, and the day to day tasks are not going to be as fun as what you do in architecture school – not to mention the 5 years minimum of education, plus the thousands of IDP hours, and the 6 licensing exams. If you were really in love with it, then I would advise you to find a school that costs less and look into scholarships and grants. But it sounds like you are having doubts, so I think it is incredibly smart of you to take a step back and consider another path before making a very expensive mistake that you'll regret. Drop out, get your real estate license, and work for a bit. Save up some money and then reaccess your life in a year or two. From there you can decide on what's working for you and what's not. You may decide to stick with real estate, go back to college, or go in a completely different direction. But at least by then, you'll have some experience on your side and some money in your pocket so you'll be better equipped to make the right decision.
@Jaden Adams you are a Maverick! I value education when it makes sense. College isn’t for everyone. But here’s the most profound thing you just said: you are goi to take real estate course and front he sound of you you’ll probably read a lot of investment books and probably ask some really cool questions on forums like BP that provides great “education”.
My answer is do it! You’ll do well and not have the debt.
On that note: don’t start talking about “buying a house” either. It’s perfectly ok to rent and live where and how you want with the landlord taking the large expenditures, while you buy rental properties.
Don’t fall into that trap either. As your friends and bankers ask “do you own your home” you can say no before I don’t want to, but I do own 3 rentals that make me money every month. (Then watch their dumbfounded face because they won’t really get it).
I don’t know you but I’m proud of you for thinking outside the box!
Unless you want that corporate job that requires a Bachelors you’ll give good.
Don’t get me wrong, I have 3 kids in college and lot telling them to leave. I’m paying the tuition for them.
If they come to me like you are hear, I’ll tell them to exit immediately.
Good Luck!
@Jaden Adams - You are going to get a million different answers here. All of which are very conflicting. Personally, I think I would drop out if I were you.
If you do decide to drop out, know that you are going to have to HUSTLE! There are a million real estate agents out there, what makes you any different? You are going to need to distinguish yourself somehow.
If you can do one deal per month and you make $5,000 per deal as a real estate agent that's $60k per year. Probably about what you would be making when you graduate a few years later and hundreds of thousands of dollars more in debt. The problem with being an agent is that it is not guaranteed.
The question I would ask you is, how much do you believe in yourself? Do you think that you can work harder and smarter than the typical 9 to 5 worker? If yes, quit and become a successful real estate agent. If not, then continue on with college.
@Jaden Adams if you're facing debt with college, I'd go to a smaller school and knock it out as fast as possible. Live with your parents or as cheaply as possible. Make it less expensive and grind to have it in your back pocket. I have a degree that I don't use. I'm 100% in real estate, but you better bet it provides some comfort in the back of my mind.
My partner Makay left a neuroscience track at 19 years old to pursue real estate. We have since flipped 3 houses and own 9 rental units since we began in 2017. She also has her real estate license and we have started a successful and growing property management business together in one of the toughest states for investing or management: Massachusetts. Build a strong team and educate yourself. College is not for everyone.
@Jaden Adams i think it is a great idea. i do not regret going to college but i cannot honestly say it has helped me much. i think you will find great success in real estate. Do not get deep into debt because your peers are doing it and your parents are pushing you. Really take some time and analyze your choices. happy to help in any way that i can.
Hello Jaden! I'll give you my opinion based on these qualifications. I graduated from college way back in 1980 with honors and I did that in business with real estate mainly because was doing well in licensed brokerage get in commercial sites mainly. I figured out it was not so simple and who you know was very important and at that time I did not have that so I ended not doing real estate and got into construction management and, thank God my father got me that interview and I must have given them desire and I worked their for 7 years and enjoyed the hell of it.
I was so impressive that there I had several jobs from estimating construction to a funding control officer because that owner bought a S&L and stopped only building condos and included very aggressive lending and eventually got shut down by our government in 1987cand I lost my job when they did. Thankfully back then you could go to college without going into debt and I had enough credits to get a broker license in Texas where I kept it for about 30 years. The only 3 other jobs I got were with, use to be, fellow employees and I ran 2 of those companies and moved onto having my own companies
I never did real estate full time but kept up with that and what was happening in and around Dallas from my dad and my licensed brother. I will follow that up by saying you should do what you like. I was into construction around Dallas for about 30 years. If it wasn't for my brain aneurism and stroke at 54 years old I'd probably still be doing that but it has almost been about 9 years since that happened and I still cannot walk, drive, and work ever since but I've been learning a lot about real estate investing, sales, and businesses.
I believe college is good today for learning to become a specialist, like Doctors and Lawyers and maturity. Architecture is not one of those unless you know somebody that will help you get into that business. An Architect I met early on was a great man and I enjoyed being around him and learning from his knowledge. My daughter, that just graduated from the University of Arkansas as a chemical engineer but that school charged us $6,000 a semester but we did not take on any long term debt. My wife being a computer programmer helped.
My daughter went from struggling in high school to doing well at the Univesity of Arkansas. Besides doing better and working as a tutor for them, she matured greatly. That might be the biggest advantage she acquired while there. She lived well and got many experiences while there may be the biggest advantage and she now w or is for a company that prints money for the U.S. and lives by herself after we lost her mother to cancer about 6 weeks ago. She has done much for us in the past 10 months without any negativity fights with us.
I hope some of my past experience can help you and allow you to make the right decision. That debt cannot be saved by bankruptcy. Learn as much as you can because education goes on forever an.keeps you above most others and makes you have a higher value over most others. Only you can justify going to college and the benefits you could experuence. I learned when I was in Apartment maintenance when 19 I decided to get a better education and not keep doing that or similar jobs like that for life and that was the main reason I went back to college. Soon after going back and struggling in high school that I was smarter than most other college students and could resist all of the partying that went on and caused several friends from graduating because they could not resist that and concentrate on learning instead.
It was a little hard to do but a phone call from my dad each week helped me too. He kept encouraging me to not quit and it helped me complete that ambition. If debt wasn't now a part of it makes my thought about college going harder. I have to say that it can help you to stay in college but the debt you have to live with makes that decision more difficult. There's several things that should be important factors, like maturity and learning versus your real goals, where you live and live with as well as your own character and how others can help you in real estate from money ownership and experience. Which style you are interested in and whether you're passionate, disciplined, and creative.
What you may gain by going or not going depend on how you might benefit or not. Educated people today are in higher demand. Your hometown growth might affect your decision. Do you see any opportunities there? Are there any people that can help you. It's not be an easy decision to make. There are many factors. Just do what you like and only listen and pay attention to those that have experience in one of those fields. Their opinions may count the most. Be careful on taking any advice from your family because they maybe brainwashed by taking any risk or misguided risk.
Good luck to you!
@Jaden Adams
If you’re not liking the topic you’re studying then perhaps you should take a break. Not drop out, but pause and figure out what you want.
In my mind, it doesn’t make sense to spend tens of thousands of dollars a year, on credit, without knowing why.
I think your plan is solid. Just make sure you execute it.
Good luck
@Jaden Adams I’m not going to tell you what YOU should do. But I dropped out of college and I didn’t even have real estate as an option on my radar at the time. Toured with a band a couple years then decided to get into real estate. I now own 377+ units with zero consumer debt and cash flow 6 figures a year. You don’t have to do it the same everyone else tries to do it! With that being said, use your head. You probably already know the right answer for you.
@Jaden Adams
Check out fortunebuilders.com. Try a seminar before you drop out. If this is what you want, spend your money on the education in real estate investment and learn how to do it the right way and protect yourself And your assets.
@Jaden Adams, You are asking good questions. A college degree can come in handy if you want to work for someone else. $120k in college loans will almost guarantee that you will have to work for someone else. If you can get a college degree without the debt, go for it. My oldest daughter has her AA degree and is into her third year of college without any expense to herself or me (her parent) so I know it is possible. My younger children aren't sure they want to go to college and I'm not putting pressure on them. I encourage them to think like entrepreneurs rather than employees. In my opinion, what's left of capitalism in the USA is mostly wasted on people who work a job for a lifetime -- and only "invest" in stocks and bonds.
If your parents have contributed to your education up til now, you should honor them by including them in the discussion. Not saying you have to bow to their wishes, just be respectful of any investment they've made.
I tell my kids that the most benefit they will get from college will probably be the relationships with teachers and peers and practice learning. Learning a teacher is more important than learning the subject matter: just like pleasing a boss (or a customer) is more important than being productive or good at your job. College peer relationships are often valuable in later life -- where else can you find a group who can finish something and can afford college. The knowledge will probably be outdated before graduation. Relationships are more important in business anyway. Relationships will probably get you a job (or find you a mentor, or partner, or enable you to start your own business). Consider that many of your fellow students have parents who own or run businesses that might hire you.
I couldn't stomach working for an architectural firm -- way more time reading specs, arguing with stingy owners, fighting with zoning, answering RFI's, butt covering, and copy-pasting than actual design work. From my vantage point as a contractor, all the big Architectural firms are run by lawyers and accountants -- other than awards and magazine covers, nobody at the top of the firm cares about aesthetics or quality -- it's all about maximizing profit and avoiding risk. My daughter is artistic and I tried to get her an internship with a mid-sized architectural company that I still has a soul -- but she decided to go after a marketing degree.
I have a BA but work for someone who barely got his GED when he was 25. My wife never went to college and feels inferior to her 3 siblings who are engineers and an accountant. My brother worked construction until he was 35, then took college courses in the evenings while working a full time job. At 43, he now has an MBA and could get a job as a computer programmer, accountant, or actuary if he gets tired of construction estimating. My sister got a teaching degree and taught 1 year before becoming a stay-at-home mom. She sews piece work for about $15/h at home.
So my advice is: try to find a way to get some degree without the debt. (an Associate's is better than nothing) Don't worry about disliking Architecture -- finishing a degree is usually more important than the subject. Maybe you can get an internship (work part time and summers for a company so they will pay your tuition). Think of your fellow students as a captive group to build relationships. Try to network with their families (hint: most college students have parents who own a home). Relationships beat knowlege. Go to REI meetups and read books. Talk about RE. Try to house-hack (rent a house and then re-rent individual rooms to other students). Find a way to work for a mentor -- possibly finding or evaluating deals for him (or her). You can absolutely become a real estate investor while going to college. You absolutely can graduate college without debt. Better yet, graduate with passive income from your RE investments.
@Jaden Adams
Jaden, do not pursue an Architecture degree unless you love the art and science of designing buildings. Do not confuse designing with constructing. There is a huge difference. You won’t make decent money as a junior architect until you pass your 6 separate licensure tests and receive your license. As a junior architect at a mid/large size company you will be doing a lot of redlines/CAD work for licensed architects. Gotta love it if you are going to endure this phase.
If you want to construct, then skip college and join a good construction company. Start as a general laborer and work your way up. If you like construction but want to be on the management side, get a construction management degree.
But best advice is: get an accounting degree at local community college without going into massive debt. It will serve you well in the long run.
For true financial education: 1) read and re-read Rich Dad Poor Dad, 2) read Brandon Turner’s book on buying rental properties.
Best wishes!
@Jaden
Jaden - forgot to add that I am a licensed professional engineer (PE) and certified project management professional (PMP) that has worked in the A-E (Architecture and Engineering) industry for 20 years so I have a little bit of understanding of the industry.
And most importantly, don’t take any of these decisions too seriously at your age. Life is a journey. We’ve all made a bad decision at some point, the important thing is to learn from it and make better decisions or at least more informed decisions next time. It is perfectly Ok to change careers or change degree majors or work for a while then go back to school or vice versus. But please do read those two books, educate yourself then press forward.
Best wishes!
@Jaden Adams
There are certainly a lot of state schools in PA where the instate tuition cost should end up being a lot less than $25k per year. So 2 years at community college, then transfer to finish out the degree.
Your still you enough to get your real estate license and work for 2 years to see if you can make something happen and get a good feel for real sales in general. It only takes a few weeks to get your license. If it doesn’t work out you could always go back to college. I would recommend calling around to some of the bigger teams and talking to them about your plans and how they might be able to use a young hungry go getter on their team. Don’t fool yourself into thinking real Estate sales is easy because it’s not. To actually make a good living and not just survive you have to work hard for several years to a point where it begins to get easier due to referral volume.
Why does everyone seem to think dropping out of an expensive college is the answer? I work at a place full time that will pay 100% of your expenses if you get a B or better. I go to an online school (SNHU, best online university in the country) for very cheap, and as long as I get a B or better (which should be incredibly easy, btw) it's all paid for. I'm 3/4 of the way through BS in Business Administration/Entrepreneurship, and I have a total of 3K in debt. TOTAL! Don't give up just because it's hard or expensive. You'll run into the same problems in real estate. Think smarter, cheaper, and more creatively, and you'll do better in the long run, in my opinion.
@Bryan Clement Not everyone is presented with the same opportunities as you, if they were, there wouldn’t be a student debt crisis.
With 199 replies to this thread I'm almost certain that this topic has been full covered, but here's my take:
The concern about going deep into debt for a college degree is a valid one, so it makes no sense to waste money. Having said that, it might be best to search for the happy medium. Why not explore getting into the business of real estate as you suggested while still pursuing some type of formal education? A $10k general studies associates degree is a lot less commitment both in time and money, and it gives you the option to make a more definite decision two years down the road after you have some experience with both real estate business and school.
Best of luck to you either way!
You are essentially going to have a mortgage if you take out 100k+ in loans. Go get your licence and work as an admin at the architecture firm.
Jaden, What you need to do is get into real estate investing *while* your to college. You don't need a real estate license to do this. Get a business degree if you don't want to stay in architecture. If you are a freshman it is likely all you've taken is gen ed thus far anyhow, so it is a good time to switch. What I always recommend college students do is house hacking. It is likely that with the money you are paying in dorm fees you could buy a house. If you can get your parents to cosign for you get what's called an FHA kiddie condo loan. Your down payment will only be about 3% and you can use it to get a house, duplex, triplex or up to four units. If it is a house, you rent out rooms to your fellow students or if it is a multi-unit you rent out the extra units. They end up paying your mortgage and more. When I lived in Pennsylvania they had all these old row houses that were perfect for students.
@Bryan Clement Not everyone is presented with the same opportunities as you, if they were, there wouldn’t be a student debt crisis.
My company is hiring at three different locations in Kansas City MO, Canton MA, and Rockland Maine where I am. We are literally hiring people who can barely read because we are so desperate for work. I am in what is considered an entry level position. I should also mention those are just the locations in my department, and my department is the smallest one in the company with the fewest benefits. Lots of opportunity if you go look for it, don't make excuses.