College vs Real Estate??
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?
@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!
I would say try to tough it out. I didn’t go to college out of high school, went in the military and spent 8 years learning a high-paying trade, got out and used those skills to get a well paying job, and now I’m doing school in my off time because I see people (mainly engineers) come into the workforce making close to what I’m making right off of the bat.
Hey Nathan, I'm 19 yrs old and like you, I lost interest in the idea of college. I've lived in Vermont my whole life, but after the summer of my high school graduation, I decided to pack my bags and move to Texas to pursue real estate. I've been super interested in real estate for years and I am always eager to learn more about it. While I cant tell you whether or not you should stay in college, I can say I think you're definitely on the right track in picking something you're really interested in and learning more about it. Just the fact that you got your license and you're asking questions on Biggerpockets shows you're wanting to learn. Always be curious and if you find out real estate isn't what you hoped, there's plenty of time to pursue something else.
Hi Nathan!
Great for you to be truly contemplating your career! Let me bring some points others have and have not addressed:
-You mentioned your step dad is in a trade. What he does, does that interest you?? I also know people in trades will later on (40's, 50's, etc) will complain about how hard it is on their bodies. Factor that in as well; if you mind or don't mind the intense labor.
-You mentioned you're good at math. Did you find high school enjoyable? Is that why you decided to go into college? My gut feeling is, if you're good at math, then you enjoy the challenge on the intellectual aspect.
-I quickly glanced at UW-Stout tuition, and it looks like you'll make more your first year than the debt you take out for the whole degree. So, the whole aspect of debt stress shouldn't be an issue since you could easily pay it off shortly after you graduate.
-First off, we're in a pandemic...life sucks for everyone, so please note you are not getting a true "college experience". So, ride this out, and wait til we get the vaccine for you to consider the life experience of college.
-Yeah, engineering is not for everyone. I personally got my degree in Finance and later a MBA. I love math myself, and honestly, my degree is the most worthwhile degree. My personal advice is for you to try and take a Business Finance course at Stout, then revisit this.
-As stated, I got a Finance degree...it literally has opened up sooooo many doors. Money touches everything. So, even if you finish school, get a degree in finance...you will use it every day!
-Con's. People trash talk college due to kids coming out with $100k of debt and are not able to get a job. Those people are also pursuing soft BA degrees, where you can't help but wonder what they wanted to do with that degree. Stout will not put you in that massive debt pool, and you're already 1/8 through right now. Yes, college is not for everyone; however, it is a huge door opener and I know many people who did not get a degree later going back when they're in their 40's. Not ideal when you have a FT job, family and so many demands.
-Honestly, you're the only one who can figure out what's right for you. However, as mentioned before, I would advise a list of pro's and con's. Then in addition, I would write out your 2, 5, 10, 20 yr plans. As you can see, many people do RE on the side in addition to their FT job because they really do enjoy what they do for a living, but also enjoy RE as a hobby.
Hope that helps!
I think a lot of people have got to the root of your question. Having taught for 14 years of High School and several collages. I can say that Collage can benefit you in so many ways. However if real estate is your path, a trade for your early years in life, I always recommend considering community collages. A degree of any level opens so many more doors. The greatest thing is that often grads and the school have little to do with it later in life. "A doctor last in his class is still a doctor!"
@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!
As someone dissatisfied with the engineering field, I like your optimistic outlook, I am currently still full-time engineering with a real estate license and looking for opportunities on the side.
Also, I love Home Renovision DIY, he is literally my go-to for all my rehab and DIY projects!
Forrest Faulconer
I think like most things in life it is better to finish wat you start,
unless you have a very good reason for not wanting to continue. The
grass always looks greener. Some say to not let go of the old before you
have secured the new. I remember going to CVTC years ago. I finished my 2 year computer programing/operating and got the diploma. Did an internship while going to school. Decided not to pursue a job after graduating though. Loved the experience...just decided there was too much i didn't like about it. I was thinking i was goona have to wear a suit and tie. Come to find out after talking to some of my peers who got jobs, they said they got to wear t-shirts at work... Go figure. So for better or worse i stuck to Drywall & Painting... ran my own business for the most part of last 30 years. Dabbling in R.E... and now getting serious about R.E Investing/business as i don't see myself drywalling forever, lol. Best in your decision.
@Nathan Raisbeck there's a ton of great information above, but I just wanted to add more feedback.
If you believe that real estate is truly your passion and want to get into property management, could you flip the script and work all day and take night classes? With everything online you could do both. Since you're still early in your college tenure, you could also switch to another major if you thought it would complement your future goals like Economics, Accounting, Finance which coupled with property management experience give you various options and a higher floor safety net.
@Nathan Raisbeck @Nathan Raisbeck College is not for everyone - education is however. Consider taking a year, set a goal to self educate (real estate, real estate investing, appraisal, trades). Reevaluate after that year to see what you’ve learned, who you’ve met, what direction you’re heading and whether it is the direction you want to be heading. Nine times out of 10, if you have set a focused, self educate goal for the year rather than just “taking a year off from college”, you’ll know where you are and where you want to go.
@Nathan Raisbeck
I would read so good they can’t ignore you by Cal Newport. I think that will give more guidance then I will be able to over a post.
Wish you the best
You don't necessarily need a 4 year degree to learn how to manage properties, but a 4 year degree will teach you skills that will become helpful once you are in the real estate investing field.
Id like to thank everyone for pitching in their advice. I feel very welcome by the BP community. I will definitely weigh my options with everything you guys have brought forth. Thanks again and good luck with your future endeavors.
@Nathan Raisbeck resilience is the ability to stick with your goals even when things get tough. You likely chose ME for a reason and had some passion for doing so. REI can be pursued along side of this goal. To be perfectly frank, it will likely find you REI career much more quickly.
Buy a duplex, triplex, or quadplex and house hack it. Stay in school. We can do great things when we put our mind to it. Do both! Have your cake and eat it too!
@Nathan Raisbeck What about construction project management? It pays well. And gives you a wide variety of skills that can be used in your real estate endeavors. Possibly opening doors to development, etc.