I have a year left of college and want to spend my summer learning as much as I can about real estate. I want to hit the ground running as soon as I graduate, so I'm looking to learn as much as I can before then. I'm thinking about moving to a hot market such as Boise or Austin for the summer and networking with investors in the area. Ideally, I would find part-time work with a contractor or investor. Any advice for finding a mentor/apprenticeship like this? What would be the best way to learn about the indsustry while making enough to feed myself for a summer?
Move somewhere ugly and boring that has stable real estate. I hate to knock my own market, but Omaha would be a good fit. If you go to Austin or Boise, the temptation to party and explore the city will be too great.
I don't recall who said it, but if you want to live like no one else one day, you have to be willing to live like no one will today.
When you arrive in Boringtown, USA find a property management company that will hire you on and offer to do everything they need. Don't worry about pay, just be sure to network with everyone you meet. Ask questions until people turn the other direction when they see you coming.
Best of luck this summer, wherever you go!
@Jody Sperling great advice!
Hey Robert! My wife and I have been in Boise for 2.5 years now. I can give you an idea of what life is like, and what the market is doing here. Feel free to reach out!
I'd recommend getting your RE license so that you can get paid while you learn. Be an investors agent and focus on REO stuff. Let's make sure to chat more. Also just for reference, I am about to graduate college in May and recently got my license. You can get your license while in college and start doing business right away. I just like it because it helps you get paid. Working for a property manager would work too, but why be broke? You can still network with property managers as an agent too! Also, you probably want to get into commercial or large multi family long term anyway.
I've lived in the Boise metro since I was a kid, moved here at 13 in 1993, so I've got a pretty good idea on what life is like here, and I'll do my best to answer any questions you have about here. It's amazing how much this place has grown and changed since I was younger!
In your shoes I would make a list of people to call and tell lay out clearly what you said here: you want to spend some time doing grunt work for a little bit of money and a lot a bit of experience/insight. That list would depend on your answer to my first question above. I would be clear that you'd be expecting some patience on their part to answer questions and help walk you through how they are thinking about things when time permits. Internships are really valuable, and are something I wish I had taken more advantage of when I was a bit younger.
I would not recommend working for a property manager. It is a lot of boring stuff like showing houses, combing through background checks, calling references, etc. - things I am taking a break from right now =p Maybe you can find somebody running a small crew doing renos/flips of investment properties etc. depending on what you want your focus to be. Maybe just search Boise in threads and send messages to people who are doing things you're interested in.