College vs Real Estate??
Green Bay, WI · Member since 2020 · 17 posts · 18 votes
College vs Real Estate??
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Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
5y@Nathan Raisbeck why do you think its not for you? I believe it is one of the best degrees because it shapes your thinking and problem solving skills. I have a degree in Mechanical Engineering and had a 20 year long career in the corporate world, but never worked as an engineer - first in logistics, then sales, business management, later product management, than market development, director or marketing and finally business director for the Americas. None of those were engineering roles, but I learned a lot of things that make me a better investor (and agent) today.
As you can see from my story you don't have to work as an engineer, but it opens so many doors and job opportunities. And it gives you a great foundation and W2 income to become an investor. While there are many workarounds, having money to INVEST helps becomming an investor ;-)
If you feel that college is not for you, I would say don't switch majors, instead go into the trades. Do you know the guy who runs the YouTube channel Renovision DIY? He spent a couple years in each trade and built a phenomenal skill base. We have an extreme shortage of trades people in the US and it will get only worse.
With a skilled trade you have a lot of options. One of the best and most promising is growing it from a one man show into a large business. You can keep it in one trade, or grow it into a general construction business with designers and skilled trades.
There is and will be huge damand, you have unlimited potential on how much money you can make and how big you can grow. And you start out with no college debt.
Let me know what you think about that, I want to hear your thoughts!
63 Replies
- Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes5y
@Nathan Raisbeck why do you think its not for you? I believe it is one of the best degrees because it shapes your thinking and problem solving skills. I have a degree in Mechanical Engineering and had a 20 year long career in the corporate world, but never worked as an engineer - first in logistics, then sales, business management, later product management, than market development, director or marketing and finally business director for the Americas. None of those were engineering roles, but I learned a lot of things that make me a better investor (and agent) today.
As you can see from my story you don't have to work as an engineer, but it opens so many doors and job opportunities. And it gives you a great foundation and W2 income to become an investor. While there are many workarounds, having money to INVEST helps becomming an investor ;-)
If you feel that college is not for you, I would say don't switch majors, instead go into the trades. Do you know the guy who runs the YouTube channel Renovision DIY? He spent a couple years in each trade and built a phenomenal skill base. We have an extreme shortage of trades people in the US and it will get only worse.
With a skilled trade you have a lot of options. One of the best and most promising is growing it from a one man show into a large business. You can keep it in one trade, or grow it into a general construction business with designers and skilled trades.
There is and will be huge damand, you have unlimited potential on how much money you can make and how big you can grow. And you start out with no college debt.
Let me know what you think about that, I want to hear your thoughts!
- Green Bay, WI · Member since 2020 · 17 posts · 18 votes5y
@Marcus Auerbach I believe college isn’t for me because I haven’t enjoyed it this may be because of the corona virus but I never had a passion for engineering and always assumed if I had a degree for engineering that’s what I’d be. I definitely am open into learning more about the trades my step-father was a master carpenter who could really do anything for 30+ years.
- Investor · Greenville, SC · Member since 2016 · 5k+ posts · 13k+ votes5y
Use the search feature and you will find hundreds of posts on this subject.
Do both...real estate and education. Most of us have investment portfolios, jobs, kids, hobbies, and other interests.
- Rental Property Investor · OH (ohio) · Member since 2018 · 166 posts · 113 votes5y
This is gonna be along post, sorry, but I just graduated and was in the same spot as you multiple times through school. I have a lot of friends in the trades, and even after 5 years experience and making decent money, 20-30 an hour, it was still hard for them to get a loan even on their primary residence because technically they're self employed. They made it work and have decent houses, but to go out and buy another every year for rentals or flips, they just couldn't afford it. Trades are great, but its tough work, construction kills your body, most of the time you don't get benefits, and I believe statistically college grads make 40% more than those who don't. The reason trades are lacking now is because millennials are weak and lazy, and they think a college degree guarantees them a cushy seat in a corner office making a bunch of money. Thats why 80% of the students in my classes are still working at restaurants after graduation. You must being on this forum shows more motivation than most. I changed degrees a couple times, went from art and design to advertising and sales and marketing. I found I love busienss and marketing, the problems solving and creativity of helping people grow their businesses is my dream job. I'm great at math and almost went into engineering or architecture, but decided engineering wasn't for me either. I just didn't love it. So I took a few business classes, and couldnt get enough. I honestly dont think you need a degree for much other than being a doctor, engineer or lawyer. I thought countless times "this is so useless whats the point" especially now because I'm going to be a realtor full time, and possibly start my own business, and you dont need a degree for that. But college helped me decide what I want to do, find things I never thought i would like and try them, and most importantly to stick to something to the end. To set goals and follow through, it gave me confidence and built some good relationships. Also I could literally go out tomorrow and get a job making 40K a year in marketing, sales, business, anything if I had to. My options are pretty endless, and that higher paying W2 income DEFINITELY speeds up your investing career. Take one semester and try a few different classes in different areas, it might save you a ton of time in the end. Don't do something you hate cause it makes money, other careers make just as much as engineers. Construction management is great, real estate, finance, business, law. What most people here will suggest, and I very much agree with after graduating, is to find a small community college, dont spent a lot of money on it, and get a degree. Focus on relationships, get involved with groups in school, continue to learn real estate and getting your license helps! If you have any questions I'd be happy to connect and chat.
- Green Bay, WI · Member since 2020 · 17 posts · 18 votes5y
@Spence Kal Thank you for the insight I’ll make sure to try different things out to see what I enjoy.
- Member since 2020 · 14 posts · 3 votes5y
@Nathan Raisbeck BOTH. I HAVE STRATEGIC PLANS ON ASSISTING COLLEGE STUDENTS.
- Minneapolis, MN · Member since 2019 · 54 posts · 53 votes5y
@Nathan Raisbeck. If you aren’t very interested in/passionate about mechanical engineering, I’d probably stop that major. However, like some of the others commenting have mentioned, there is a lot that you can do with certain degrees. I’m no expert, but I don’t know how valuable a degree in property management would be. I think you could learn it all on your own. However, to pay the bills and start saving up capital, you’ll need a job and if a degree can help you maximize your income then it may be worthwhile. If you decide to stay in college, find a degree that you’ll enjoy where studying won’t be a chore and you have a high likelihood of a good income. If you do drop out, you still need to find a good enough paying job to support yourself which will be more difficult without a degree but definitely not impossible. You’ll just need to get creative. Good luck!
- New to Real Estate · Inver Grove Heights, MN · Member since 2020 · 18 posts · 6 votes5y
I am currently in the Real Estate Property Management program at Stout, and can say that it is something that I find a lot of enjoyment in. The online learning is less than ideal but the professors are all experienced in the world of real estate, many of which own and manage properties of their own. I am also questioning if a four year degree is worth it as well, but it has definitely been a good learning experience so far.
- Specialist · Valparaiso, IN · Member since 2020 · 10 posts · 8 votes5y
@Nathan Raisbeck
I’m a mechanic engineer, 35 and am just getting into real estate. I make a decent salary but I really dread corporate life. If I could go back in time, I’d focus straight on real estate because everything I learned about houses was taught to me by my dad or I learned myself. This would’ve saved me years of student loan payments and with time value of money negative much opportunity loss. I’d probably be “retired” by now owning my own property management company. If you’re accepted into engineering school, you already know how to work an equation and a spreadsheet. Learn those equations sooner and you’ll be glad.
- Green Bay, WI · Member since 2020 · 17 posts · 18 votes5y
@Van Hauter Great insight thank you much!
- Green Bay, WI · Member since 2020 · 17 posts · 18 votes5y
@Benjamin Munkelwitz You’re at Stout too? What year? Maybe we could connect and talk more about it.
- Lender · Vancouver, WA · Member since 2015 · 482 posts · 316 votes5y
@Nathan Raisbeck Find something you want to do now, don't put it off, as it will just "keep coming back." In my early years, I did what was "easier" to earn money, though I found I was bored mentally. I had an interest in IT network administration and cyber-security, though put it off because it was hard for me. 5 years ago I got into real estate following an interest I had when I was younger, now I am back to learning network admin and cyber-security. Funny how life works out. Or do 2 things at once, that works for me too, spending up to 40 hours per passion.
Previous comments also ring true, as long as you need traditional financing, those lenders like W-2 income more than self-employment.
- New to Real Estate · Inver Grove Heights, MN · Member since 2020 · 18 posts · 6 votes5y
@Nathan Raisbeck Yes I'm currently a sophomore. Always love to talk Real Estate, feel free to reach out!
- Member since 2018 · 4 posts · 6 votes5y
@Nathan Raisbeck STAY IN COLLEGE!! Having the college degree WILL still open doors and you’ll be viewed differently by those that you are looking to do business with! Not liking your major is a different story! Do something you’ll enjoy and be inspired by!!! It will pay for itself in the long run!!!
- Investor · Simpsonville, SC · Member since 2015 · 19 posts · 32 votes5y
This topic has come up so many times and you will get a variety of answers so this is my opinion only.
Go to college – get a degree - the world is moving at light speed with technology and change is guaranteed. How will you adapt to the world and stay relevant? It’s through education, continuous learning and adapting. If you don’t, you will be left behind.
If you don’t like engineering that’s OK get a business degree or minor in it. If you want to own your own business or be an investor then learn accounting, finance, marketing, etc. You need to know these things and they can only help you.
Also, going to college tells me you want to learn, you see things through to the end, when it gets tough or you don’t like a subject you persist because it has to get done. It’s more than a degree it tells people a lot about who you are and what you are capable of.
It can also open doors for you. Be intentional with who you friend, connect and network with.
That is only part of the answer. Opening doors is good but you should want more. Kick the door down and run through it. After the degree it becomes more about the hustle, drive, integrity, work ethic, never going to stop, work nights, work weekends, stop looking at twitter and research RE, Stocks, businesses instead.
My opinion. Good luck!
- Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes5y
Originally posted by @Nathan Raisbeck:
@Marcus Auerbach I believe college isn’t for me because I haven’t enjoyed it this may be because of the corona virus but I never had a passion for engineering and always assumed if I had a degree for engineering that’s what I’d be. I definitely am open into learning more about the trades my step-father was a master carpenter who could really do anything for 30+ years.
You can work as a tradesman or you can use that skill to build a business around that trade. Property Management is not something that takes a lot of classes to learn, read a couple books and the rest is practical experience working with people.
- Investor · NJ · Member since 2018 · 869 posts · 921 votes5y
Never went to college, thought it was a waste of money. Went into the trades as a plumber. Worked my way up to master plumber and started my own company. Never had a problem getting a mortgage like a previous poster said.
Dont listen to people that say you cant be successful without college. Theres a lot of room for growth as a tradesman with none of the debt. you don't have to swing a hammer necessarily either. Part of being an entrepreneur is figuring out how to maximize your time.
- Rental Property Investor · Hendersonville, NC · Member since 2016 · 446 posts · 412 votes5y
@Nathan Raisbeck - it doesn't have to be an either/or decision. I have a masters in Mechanical engineering and I'm a full time Realtor and investor.
First of all, what is your college situation? Are you spending $100k in debt to get your degree? Is it paid for? We need to understand the possible ROI on college and how much its costing you is important.
I would also separate college and mechanical engineering. If you don't like engineering, change your major to something that has a good career opportunity but aligns with your skills and talent, you don't have to give up college because you don't like engineering.
Now, what are some of the intangibles of college? The major one is how to think and problem solve (engineering especially for the latter). It also teaches time management and hard work. I learned all three of the skills and much of my success comes from these skill sets, even though I don't practice engineering anymore. If you're wanting to quit college because its tough (engineering is definitely time consuming and difficult), you are making a mistake. Learn how to push through the difficult struggles if you want any chance of success in any field. If you quit because its hard, you won't develop the grit you need to succeed in other areas (I'm not assuming that's your reason, but want to be sure to clarify).
Most likely, you should get a degree. The major, the college and the costs all need to be chosen wisely to give you a good return on your time and investment. I thought I loved engineering, but after 10 years realized it wasn't for me and I wanted to be a full time entrepreneur. Looking back, the degree was still worth it. My background allows me to think and problem solve differently than other agents, and gives me appreciation for what I get to do now.
Best of luck with your decision.
- Rental Property Investor · Jacksonville, FL · Member since 2020 · 3 posts · 3 votes5yI started out with the goal of mechanical engineering as well - as I progressed realized that's really not what I ultimately wanted. I switched to Finance and enjoyed that. After graduation - I ended up working in the Construction Industry. Been doing that ever since. I am a FIRM believer that education in any form is a key cornerstone to success. What college taught me mostly was HOW to learn. HOW to research. It taught me critical thinking and creative problem solving. It taught me in order to reach a goal (graduation) I had to successfully complete these steps to get there. It ultimately creates a discipline.
I strayed from that discipline and now am finally circling back after 30 years or so ... getting a later start in making my real estate investment as a business and dusting off some of the old financing principles that got me a degree.
You have plenty of opportunity to invest - you can do that while getting an education. Learn as much as you can each and every day. - Investor · Colorado Springs, CO · Member since 2017 · 21 posts · 15 votes5y
@Nathan Raisbeck I had a similar decision and decided to stop after two years of college. I don’t regret the two years I spent in college nor do I regret beginning to work full time after that. I was able to get into my career and real estate sooner. Maybe consider taking a year off and see how it goes. Possibly get a job in property management. Worst case you go back to school in a year but you may have a more clear understanding of what you hope to accomplish in school after that year or you may decide it’s unnecessary.
- Investor · Los Angeles, CA · Member since 2017 · 523 posts · 476 votes5y
Originally posted by @Nathan Raisbeck:
I am currently a freshman at University of Wisconsin - Stout. While my major is currently Mechanical Engineering I've quickly realized that isn't what I want to do. I've always been interested in real estate and found I could switch majors to Real Estate Property Management, learning how to manage properties obvouisly. Do I really need a 4 year degree to learn how to manage propeties? Should I drop out? What are other resources to learn how to do so? Also i've begun getting my real estate license to save money on future purchases as well as further my knowledge of real estate. Do you think also becoming a licensed appraiser would be a useful skill?
Nathan, ME is a pretty great degree to have. You're obviously a bright guy.
No, you don't need a 4 year degree to do real estate - but what makes you sure you'll want to be involved in real estate forever? Why not have a valuable skill like a mechanical engineering degree, and then get into real estate. If nothing else, you can get a great W2 job and use that to fund some deals.
I think it's amazing that you're interested in real estate and pursuing it - but be careful of folks telling you to drop out and give up a valuable opportunity like you have right now. I say find a way to start pursuing real estate on the side.
- Investor · Tampa, FL · Member since 2017 · 589 posts · 251 votes5y
I believe we can find job satisfaction in many ways. Some people love to work with their hands and others love the cubicle setting. Real estate is a career that you can take it any way you want. Doesn't have to be your main thing. Property management isn't rocket science but does have an artform that takes a while to understand and juggle all the hats. Lean in on what drives you. That will ultimately fulfill you more than anything else.
- 5yWale LawalBusiness MemberReal Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
Great advise you have received here @Nathan Raisbeck
NETWORTH BUILDERS5236 Reviews - Investor · Waco TX / Conroe, TX · Member since 2017 · 376 posts · 228 votes5y
Love the thought process, this is something that comes up a lot on the forum and you will see many different perspectives. This is something I have gone through myself, and I continually will change my opinion on the subject.
I will go ahead and give you my current outlook on the topic:
Get a degree.
It doesn't have to be engineering but find something that you somewhat enjoy and will have relevance to you future RE investing career. I think RE property management is a good idea, but I would also encourage you to look into something more broad like accounting, marketing or finance. And here is why, you can always go get a real estate job with a finance (or other degree) but you can't necessarily get a finance job with a RE degree. This just gives you more options and a better back up plan if RE happens to be not for you. This will also give you access to a solid W-2 that will make it easier for you to go out and get funding for investments.
In conclusion, finish out with a degree and in the mean time read, listen and watch any and all material you find on Biggerpockets or elsewhere regarding real estate investing. I have learned more about RE from the free content on BP than I have in the 3.5 years I have spent at my 40k/year university.
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