Green Bay, WI · Member since 2020 · 17 posts · 18 votes
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?
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!
Rental Property Investor · Jacksonville, FL · Member since 2020 · 19 posts · 12 votes
5y
@Nathan Raisbeck I also have an engineering degree and do not work in engineering directly. An engineering degree is super valuable, at least in my experience. It opens a ton of doors even to non-engineer in careers. And definitely gives you a high starting salary so you can save more for investing sooner. I would get a degree, try to do something in real estate immediately after college and if it doesn’t work out or you decide you need to save more cash first, then use your degree to get a great job and save the cash. It definitely helps to have a W-2 job when you start investing if you’re starting with little cash.
I absolutely wish I had the idea to start investing right after college or even during college, so definitely don’t lose sight of it! Hopefully things will turn around with the pandemic and you’ll get a real college experience, it was one of the best times in my life and I do not regret my degree at all!
Wichita, KS · Member since 2020 · 2 posts · 2 votes
5y
@Nathan Raisbeck I wish I would never have went to college. Now I am in a profession that is unfulfilling to say the least. I was unsure about college at the time as well. I wish I would have went into a trade school and learned to work with my hands. At the same time be sure to stay focused on your real estate goals. Save for investment goals. If you are passionate about it you can build your career around real estate as you appear to already be trying to do. You can gain the education and knowledge from books, podcasts, forums etc. you just have to remain disciplined to self teach. Good luck to you!
Rental Property Investor · Rockford, IL · Member since 2019 · 471 posts · 342 votes
5y
I say BOTH!
Because you are asking this question, you have a head start.
As you move forward in your degree pursuit, the cost will never be less than it is today.
I suggest getting as much education as you can in college and even a post Graduate program. Real Estate is not going away.
With an actual PLAN for your education, you may find less time for all of the many distractions college is known for. Not to say you need to just cram for tests and get done with it.
Use your college experience to grow your network as well as your book knowledge.
Living In a dorm or on campus will give you perspectives you can use.
The cost of college should be no more of a problem than the cost of many things. Real estate can help pay that college bill much better than cleaning grease traps in the cafeteria or at Taco Bell!
Be a kid, have some fun. Do it with some focus, and understand that knowledge is power, even if most of the knowledge you get will be from the failures of your actions, deeds, and that path you travel to get to the next level!
Rental Property Investor · Jersey City, NJ · Member since 2011 · 1k+ posts · 876 votes
5y
I agree with the many people who say stay in for various reasons. I'll add one more. I'm in my late 50s and very few people I know are doing what they thought they'd be doing when they were 18 or even 22. Getting a degree keeps your career options far wider than going back undergrad when you're in your 30s and have a family.
My son is a college senior and already successful in his chosen field of being a rock and ice climbing guide. But he's finishing his degree in recognition that things change. In 10 years he might go to grad school or go into medicine. Or he might be starting the next Patagonia. But his options will be open.
New to Real Estate · Port Orchard, WA · Member since 2019 · 26 posts · 13 votes
5y
@Nathan Raisbeck
I just graduated in the Spring with an electrical engineering degree and I know what it feels like to just start the college journey. Engineering is a difficult subject to study. Not sure how easy school is for you, but in my opinion the first year is the easiest. If you are not enjoying the intro courses, then maybe engineering is not right? Did you decide engineering just for the money?
Another thing I will say is that there is a shortage of engineering jobs out there right now. Even before the pandemic, the career fairs at my school(Montana State) only offered internship and not a lot of jobs. There is a good amount of my friends who graduated with me that did not have internships and currently do not have job. I am not saying there is not jobs out there, but it is getting more competitive out there as more and more engineering are graduating. Not sure how the market will be in 3 years when you graduate?
Last thing I would like to say is that with an engineering jobs, you have a not more disposable income. Also you have options like 401k to be a back up in case the real estate plan does not work.
Real Estate Broker · Member since 2019 · 27 posts · 11 votes
5y
My husband is a Director of Career Services at a local university, so we're very involved in the higher-ed world, however we really encourage students to measure and challenge the ROI on the degree they're earning. Having the degree will open doors in the future that would otherwise be unavailable. Even if you're dreaming up a certain career path now, most likely it will evolve and shift in the future, and having options is valuable. I think more emphasis in the university scene should be placed on practical degrees and avoiding debt, I believe that approach is the ticket to a high ROI on a college degree.
Rental Property Investor · Hammond, WI · Member since 2017 · 139 posts · 217 votes
5y
I would vote get the degree, it at least gets you a picture into an aspect of real estate and you may use it to assist your personal investing as well. I invest in Eau Claire and Wausau, so not too far from you, I also live only about 20 minutes from you. The management company I use for my long term rentals has several employees that get their degree from Stout in Property Management and routinely hire part time help that are working towards that degree.
Flipper/Rehabber · Jacksonville, FL · Member since 2018 · 1 post · 1 vote
5y
I say just finish your degree and move forward with your real estate dreams. I'm currently a pre-medical student at U Miami, and I do want to become a doctor, but real estate is something that I also have a passion for, so I'm putting that dream of becoming a doctor off for a while so that I can explore this passion. I'm currently in the process of obtaining my real estate salesperson license mostly just for the knowledge and supplemental income and I'm pretty excited about it. You don't need a degree in real estate whatever to get started or to do well in this industry, so I'd just say stay in your current program unless you really just don't like it.
Real Estate Broker · St. Louis, MO · Member since 2014 · 206 posts · 194 votes
5y
Absolutely DO NOT quit college. I am inclined to think that most of your dissatisfaction with college is because of the current COVID situation. I have older friends with kids in college and the stories I am hearing are horrible.... basically like a prison.
A degree will open up doors that will otherwise be closed to you for ever. It will also give you 4 years to grow, explore yourself, explore the world, and make connections. All of those will benefit you throughout your life.
I see a lot of talk in general about quitting/not going into college and going straight into real estate. That path essentially means going right into becoming an agent. You can make some great money doing that, but the odds are not on your side and most agents are simply just "surviving." How about go to college and get a part time job in real estate?
Real Estate Agent · Owatonna, MN · Member since 2017 · 221 posts · 152 votes
5y
@Nathan Raisbeck hey man, that degree is great if you want a property management JOB when you're out of school. I used to work with a lot of people who went to school there for that degree and they were not any more knowledgeable than I was from self learning through books and the biggerpockets podcast. In fact they might have been worse off because they hammered home all the risks so they were more scared of making mistakes. So if you're looking for a property management JOB I'd recommend it, but if you're just looking to manage your own rentals I think there are faster equally good ways to learn. Good luck!
Real Estate Agent · Owatonna, MN · Member since 2017 · 221 posts · 152 votes
5y
@Nathan Raisbeck and also, I dropped out of college my junior year to pursue real estate and it was life changing! Just gotta do what feels right to you. Good luck!
Rental Property Investor · Rohnert Park, CA · Member since 2014 · 306 posts · 160 votes
5y
@Nathan Raisbeck
Teens should only get a degree if they are focused on what they want to do. College is hella expensive, and if you don’t want to have $20k to $50k in debt upon graduating, without a certain job to pay it off, best to work for a while while deciding what you want to focus on, then go to college in a couple of years. Or start at your local junior college while you are deciding. Way less expensive that way!
A great book to read about this subject is
Quit Like a Millionaire
By Christy Shin
She talks about how she made her decision in what to major in. Very insightful!
Real Estate Broker · Minneapolis, MN · Member since 2016 · 530 posts · 398 votes
5y
@Nathan Raisbeck IMO nice skill set to have. Great to have a fall back as well.
Idk If this discussion leads to the burn all bridges theory. No downside to education. I graduated with both a finance and real estate degree and it serves me well.
However, go for what you want to go for. Good luck. I think we all gave you plenty of pros and cons to list and weigh.
Real Estate Agent · Alpharetta, GA · Member since 2017 · 151 posts · 76 votes
5y
Its different for everyone, college wasn't for me. I ran a chain of restaurants before I go into real estate. Making a lot more than most college graduates did the first 10 years out of school with zero student debt. My father also ran a very successful business with not even a high school education. Some people find their education was very helpful, I just saw it as time away from the work force learning hands on and making money at the same time.
Realtor · Jacksonville, FL · Member since 2019 · 95 posts · 87 votes
5y
You can always build up and learn more about real estate while going through college. I never wanted to be in corporate world but knew it was a means to an end. I was in for 6 years, got a great home becuase of W2 income, saved a lot, and now made a transition to being a realtor and investor myself. It was tough at times but I do not regret it. It gave me the opportunity to save enough and learn real estate investing along the way. But that is the great thing as well like some other people mentioned on this post, there is no wrong way as long as you have a gameplan and end goal. You can do trade school and develop unique skills/build a business that has real estate aspects weaved in. But every path has its own challenges but always enjoy the journey!
Investor · Bethlehem, PA · Member since 2016 · 929 posts · 951 votes
5y
@Nathan Raisbeck Any chance you can do both? Try and find a part-time job with a property management company while you're in school. A degree + 3-4 years of experience + a little extra cash will be a very nice combination when you graduate.
Lexington KY / Austin, TX · Member since 2020 · 2 posts · 1 vote
5y
@Nathan Raisbeck
Hey Nathan! I know exactly how you feel. I am senior engineering student and I graduate this May. I really struggled my freshman year of college. I have always felt that “school” wasn’t for me. It has always been harder for me than my peers. On the other hand even though I have not enjoyed this experience it has changed who I am as a whole. It has changed the way I think, showed me what I DON’T want to do with my life, and open many doors for me already. Most importantly I have proven to myself that I can do anything I put my mind too.
I don’t plan on being a typical design engineer. As stated above you can do anything with an engineering degree!
Real Estate Agent · Albany, NY · Member since 2017 · 55 posts · 21 votes
5y
@Nathan Raisbeck I went to college and loved my experience and learned a lot while there. I now have my real estate license and have begun investing using the income I make from my w-2 job. My college degree has nothing to do with real estate or investing but taught me lots of other skills that I use for negotiating and managing contractors and others. I considered getting a degree in real estate while in school (02-07) but my school did not have a strong program for that. Best of luck
College isn't for everyone. I myself stopped after a 2-year degree because I never enjoyed it and wasn't passionate about any particular subject. There are many other ways to be successful that do not require you to be buried in debt. With that said, a college education is important for career paths that require it so think carefully. You can always go back to college later in life as my wife did. At your age, I wish I got into real estate and stock investing early.
Rental Property Investor · Glens Falls, NY · Member since 2016 · 176 posts · 169 votes
5y
Being an engineer will help in making you a successful real estate investor.. To be a good engineer you need to problem solve, run numbers, be a good accountant, manage projects, know construction ect.
I am 5 years into the engineering field and have decided it is not what I want to do. Although, it provides me with good w2 income and ability to sharpen the skills I have needed the most in REI. If I were you I would continue the degree, get into technical sales ($$$) and continue investing in RE.
Investor · White Haven PA · Member since 2014 · 362 posts · 221 votes
5y
Do what you have a passion for.. I can't tell you how many friends just went for the $$ degree.
My best friend loved cars and his family owned car dealer lots.. They always wanted him to become a doctor as no one in the family had a college degree.. He spent 8 years in school and became a doctor. He HATED it and couldn't stand going to work every day even though he made $100 per hour. He quit and went into his family's car business which he loved. He basically wasted 8 years of his life and ended up with a $250,000 student loan to pay off.
If you know you don't have a passion for a career. CHANGE your plans..
Personally I went to school for 1 semester always knowing I wanted to be in Real Estate. I dropped out and figured I would spend the money I was paying for college on Self Help books and Real Estate Books. I then started selling real estate then got into Flipping Homes and investing.. I love it.. I don't even feel like it's work and wake up every day super excited about finding new deals and improving the property that I have. Real Estate branches out into my different areas too.. I owned a construction company and just bought a 40 acre campground RV resort with 120 RV spaces. (Like having 120 small rental properties all in one place)
Figure out what you have a passion for and work in that field.
New to Real Estate · Waco, TX · Member since 2020 · 2 posts · 4 votes
5y
Real estate. If you want to do full time use those money for college investing in real estate rental properties.. Or spend money on your growth increase yourself value and knowledge.