There is always money to be made in RE, don't rush in

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There is always money to be made in RE, don't rush in

Jennifer Lee
Real Estate Broker · Gibsonia, PA · Member since 2013 · 828 posts · 260 votes

Hi BP

I don't know if you agree with me.
But so many post of ppl just wanting to jump right in skipping school.
Afraid they miss the bandwagon or something.
I understand we all wished we started younger.
And I agree we all must start somewhere.

But get your education, stay in school.
you think college can't teach you about real estate?

Look around you, 80% of your classmates are tenants.
You probably signed your first lease,
Wrote your first security deposit check.
Fought with your landlord, or most likely got yelled at by them.

But I digress

If you are on school take a finance, accounting, marketing. Management and entrepreneur classes!

You dont need to be a business major, but it will help you.

Get an engineering degree , law degree. All that will reduce your costs bc u are an expert in the area.

------

I grew up around real estate, lived breathe it. But on the investment side tagging along with my mom.

I became a starving agent for a yr only to earn $100 of rental commission.

Got married, and moved to US, my mom bought us our first home.
Never been to the country, let alone the town. Over a wknd!!!!

Got the best deal hands down in entire bldg(condo)
Dog poop galore ;)
This unit bought me 2 other RE property. Its cash flow is insane, even with 100k assessment. Now we got new bldg. 12 year later.

Rental put me and my 2 sisters into college

Be patient. Get yourself ready. Education, financial, resources and ppl

There is always money to be made in real estate when you BUY RIGHT.

Remember real estate is local!

You have to understand your market.

Interest goes up and down, politics changes, bubble come and go.

But
Ppl will always need a roof over their head.

Ppl will always be getting married and have kids

Their kids will need housing in college, grad school. Residency etc.

Ppl will always get new job, relocation, transfers

And sadly
ppl will be over their heads with debt.
Ppl will be forced to down size
Ppl will be put to homes or die.

And on the other side is commercial.
We are a consumer nation and hopeful entrepreneurs looking for the American dream.

So stay in school, do your due diligence.
find your allies.

And good luck with Real estate investing.
You got to make RE work for you, not you for it.
Remember: Positive cash flow, investment.....not more debt ;)

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Ben Leybovich
Rental Property Investor · Phoenix/Lima, Arizona/OH · Member since 2012 · 4k+ posts · 4k+ votes
13y

I am a classically trained violinist at a top-5 conservatory in states. Columbus symphony has cut pay 4 time in 10 years. Minnesota musicians have been locked out for 6 months. Seattle symphony is getting ready to strike – again! The economics are not there for the arts.

The 501 c 3 non-profit art sector was lobbied for and instituted by the likes of Rockefeller, Carnegie, and Mellon. They had the money to live like the nobility of Europe, but they didn’t want to pay pre-tax for it. Thus was born the nonprofit sector in the arts. Guess what – these guys are dead! People want a $300 pair of shoes but are not willing to spend $50 to listen to Beethoven. The question is not whether we want to be that kind of society – we are that society unfortunately. We’ve been trying to change this trend for years, but the society at large has decided that shoes, clothes, big-screen tv, big house, and a $4 dollar cup of coffee every morning is more important…Sad, but true

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  • James H.
    Investor · Fort Worth, TX · Member since 2011 · 1k+ posts · 450 votes
    13y

    Those who argue against college either didnt' go, didn't finish or didn't do it right. If you are of the described ilk, you shouldn't go to college. If you are not, then you should. Simple as that.

    0Reply
  • Sorab G.
    Investor · Walnut Creek, CA · Member since 2013 · 38 posts · 12 votes
    13y

    I don't discount most of your arguments, as they are very valid in multiple situations... but not all.

    Looking back we see things more clearly, or do we? We might see them based on the bias that we've created for ourselves or that of society that gets beat into us everyday. I only state that because everyone states how one can get a job if they work hard enough, take the right classes etc. And this is true if you want to stay as a coder.

    As a hiring manager, i look for experience, but i also look at education, both degrees and continuing education. But i also look for people in higher level positions. Most people don't make it past HR if they don't have a degree. Why is that when in this day and age, anyone experienced can get a job?

    Is it because a college degree means your more well rounded? Is it because someone with a degree is better than someone who has equivalent experience? Is it because a person with a degree has a better personality than someone who does not? No, its because it shows the ability to commit to something, to take it seriously. The same way as getting certifications. A degree opens doors as a person WITH a degree gets looked at for higher level positions over a person without in most interview situations.

    Experience is important, but it is not everything.

    In order to succeed in life, you need steady cash flow, i know everyone talks about that as a stepping stone to success and wealth. Without a foundation for that, where will you have the money to get that business off the ground? Who will give you a loan without a well paying job? How do you get experience as a real estate investor without having properties or money to purchase them?

    The vast majority of people don't have the cash to buy outright, if you do, good for you! But to make that money, you need to have a good paying job.

    I know there are success stories and horror stories of people with education. "I know a CEO who worked at Starbucks. I know someone with a masters in english or sociology who is flipping burgers." But how many people do you know who do not have an education that work at minimum wage? Is getting "A Job" good enough to pay for you or your family's future?

    Is going to school the answer? Maybe or maybe not, but i'd venture to say that more professionals look to real estate as a supplement to their income, a way to build wealth than those that look to build it as a career from the ground up.

    Sorry to ramble, hopefully i made some sense out of this post.

    1Reply
  • Curtis C.
    Denton, TX · Member since 2012 · 40 posts · 12 votes
    13y

    Brian Hoyt I graduated back in the day in engineering (pushed one of my kids into it too). I don't agree with the current college model. I "did it right" as you say.

    0Reply
  • Sorab G.
    Investor · Walnut Creek, CA · Member since 2013 · 38 posts · 12 votes
    13y

    Bill Gulley, Well stated Argument Bill.

    0Reply
  • James H.
    Investor · Fort Worth, TX · Member since 2011 · 1k+ posts · 450 votes
    13y
    Originally posted by Curtis Cook:
    Brian Hoyt I graduated back in the day in engineering (pushed one of my kids into it too). I don't agree with the current college model. I "did it right" as you say.

    Okay Curt. I'm sorry you wasted you time in college. Sounds to me like you didn't do it right.

    0Reply
  • Curtis C.
    Denton, TX · Member since 2012 · 40 posts · 12 votes
    13y
    Originally posted by Brian Hoyt:
    Originally posted by Curtis Cook:
    Brian Hoyt I graduated back in the day in engineering (pushed one of my kids into it too). I don't agree with the current college model. I "did it right" as you say.

    Okay Curt. I'm sorry you wasted you time in college. Sounds to me like you didn't do it right.

    I did fine in college. And I make a good living today. The current college model is what I have issue with, and I am trying to point out the problems with the current system. There is no need for personal attacks or mud flinging.

    0Reply
  • Larry K.
    Investor and Architect · Ramsey, NJ · Member since 2010 · 305 posts · 84 votes
    13y

    I happen to be an employee with an large commercial real estate owner. Registered Architect but I landed here.

    The people I see day in and day out who are making real money (aside from the company owners) and seem to have really happy lives are the owners of the trade contractor companies (HVAC, Plumbing, Electrical, Flooring, Elevator, etc.)

    The money and lifestyle is with the company owners then passes over the employees and then shows up again with the trade contractor owners.

    So then I second what others have written here... be very careful about getting trained to be an employee (ie going to college, get a degree, put out a resume....). You just might be better off putting that money and time into starting a business.

    0Reply
  • Steve Wilcox
    Investor · Cranford, NJ · Member since 2012 · 303 posts · 153 votes
    13y

    I couldn't agree more with Brian Hoyt. There are enough ways to go to school without getting killed with debt. Look at what James Vermillion did, or take advantage of all the community colleges.

    As a grad who did not get any RE experience with my education I still think it was tremendously helpful. If you want to be a real estate investor it takes CASH to play the game. Even if your education does not set you up to be a full time investor, odds are it will help you land a job that pays better than what you would get without formal education. The money earned at that job could help you start your own dream business, real estate or other

    0Reply
  • James H.
    Investor · Fort Worth, TX · Member since 2011 · 1k+ posts · 450 votes
    13y
    Originally posted by Curtis Cook:
    Originally posted by Brian Hoyt:
    Originally posted by Curtis Cook:
    Brian Hoyt I graduated back in the day in engineering (pushed one of my kids into it too). I don't agree with the current college model. I "did it right" as you say.

    Okay Curt. I'm sorry you wasted you time in college. Sounds to me like you didn't do it right.

    I did fine in college. And I make a good living today. The current college model is what I have issue with, and I am trying to point out the problems with the current system. There is no need for personal attacks or mud flinging.

    Curt, the system is no different today than what is was 50 years ago. It is just more expensive now. AND, there are more ways to do it wrong - like doing it all correspondence and spending too much money. So you did it right and it served you well. Maybe your kid didn't do it right. If your kid got a degree in engineering, made good grades, got internships, got a scholarship here and there, went to the community college for basics and for summer classes etc., than I can't see that ending in anything but a success story. Those are the things I did and those are the things the peole I associated with did. We all have great jobs. Our classmates that didn't take it seriously...not all of them have jobs. They did it wrong.

    I graduated right when the bottom of the market fell out and people started loosing their jobs(December 2008). I got laid off twice within 6 months of graduating. Did I sit around and regret going to colleg? Hell no! I went out got another job with my awesome, magical, job landing degree - TWICE!

    0Reply
  • Wayne T.
    Long Beach, CA · Member since 2013 · 6 posts · 0 votes
    13y

    Jennifer Lee and BM members,

    Thank you for the awesome post and I am very grateful for all the great knowledge provided by BM members that posted a comment.

    I too think school is a great idea to build a strong knowledgeable foundation in the field of Real Estate. I have never attended college because I didn’t have solid career path that perk my desire to obtain it with passion. However, I always knew I wanted to be an entrepreneur and to create jobs rather than get a job. Ten or so years passed and now I finally found a place I can call home in Real Estate. I plan to get an AS degree in Carpentry Technology to start off and depending on my situation around this depressed economic I will move on from there.

    I have a few questions.

    What are your thoughts on this routine?

    How useful would carpentry technology be towards RE?

    Thank you.

    0Reply
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