Is college worth it ?
Member since 2020 · 10 posts · 17 votes
Is college worth it ?
Most Popular Reply
Investor · Avon, IN · Member since 2019 · 30 posts · 59 votes
5ySelf-improvement through college isn't a bad thing, but I wouldn't go into debt to go to school. Invest while you're going to school... it is possible to do both at the same time.
I was able to obtain a college degree by using my military benefits, but the only real advantage was it allowed me to accelerate my real estate investing by providing a good income. Basically it was a vehicle for getting more real estate.
Looks like you're in Ohio so you might check out the Ohio National Guard and see if they have a 100% tuition program. The Guard typically has good tuition programs at state universities. You could also look into the military academies such as West Point or join ROTC at a university such as Dayton, Kent State, OSU. Those programs provide 100% tuition. The military would teach a lot of transferrable job skills such as leading teams, building/utilizing systems, process improvement, supply/inventory, etc. I would look more at the officer side instead of enlisted... I've been enlisted and officer and are very different.
Don't be fooled though you don't necessarily need college or the military to be successful in real estate. Hustle, dedication, and self-development can go a really long way in this business. The resources are readily available.
Whatever you do stay engaged in real estate. After 21 years of service in the Reserve my monthly retirement check will equal about what I would cashflow from six or seven single family properties. Of course I wouldn't have earned the money to buy the single family homes without the military and my degree.
If you go to college get a degree in something that pays money, not under water fire prevention or some useless degree.
153 Replies
- Real Estate Agent · Fairbanks, AK · Member since 2020 · 25 posts · 15 votes5y
@Nathan Smith Great question brother. I'll tell you this. I am in the military, and I have a masters in business administration. Which one has helped me with real estate? Not the MBA. The VA loan on the other hand I have used multiple times.
You’re looking at investment strategies that don’t really require college. You can learn everything on YouTube university.
That being said, you need an income stream to get loans from the bank. College might be able
To help with that part.
- Flipper/Rehabber · Romeoville, IL · Member since 2019 · 3 posts · 1 vote5y
It depends on what you want to do. If you believe real estate and investing is what you want to do, then skip college and get right into real estate. Do not go to college just because your parents want you to or because it is what everyone else is doing. You will waste your time and money. The money you spend on college could be put towards investments. Ultimately, do what you believe will make you happy.
I went to college for 3 years and stopped going because I was studying I thought I wanted to do. I wish I would have skipped college and went right into real estate out of high school, but you live and you learn.
To answer your question of is college worth it? It depends on what you want to do. If you want to be a doctor, then yes it is necessary. If you want to sell real estate or flip houses, then no you do not need to go to college.
- Lender · Virginia Beach, VA · Member since 2018 · 49 posts · 38 votes5y
@Nathan Smith why just choose one way when you can have it ALL!!
Join the Navy:
travel the world
move around the states
get college classes paid for
meet tons of like minded real estate investors
make plenty of money
learn a great job skill
buy a house via VA loan or buy a four Plex via VA loan at your duty station and
best of all serving your amazing country.
Read my bio and the proof is in the pudding.
#HomePortCapital
- Investor/Agent/Entrepreneur · Dallas, TX · Member since 2016 · 464 posts · 564 votes5y
You can do a lot without college. College simply gave me a ticket (degree) for my next opportunity (job). Aside from the social element, it did little. But there wasn't much of an alternative that would've been accepted, to get into a well paying job at 22.
I think we're in a different world today. If I was 17, and interested in RE, wanting significant passive income by the time I was 30 I would do the following as an alternate to school:
- Get a job in the RE world. Work for a property mgt. company, work to help an investor find deals, manage listings, anything.
- Get your RE license & work as an agent as well.
- Accrue money and buy your first property, get into it with little/no money, house hack, etc.
- Join a TON of groups. Be active on forums, groups, meetup events, etc. and network like crazy with a bunch of people that are ambitious, successful, etc. and try to add some value to them. This is planting seeds for the long haul, and trying to replicate the network aspect that college can provide.
- Never stop learning. But instead of a ton of useless classes like in college, take things that are important to you. Some, but not all the classes you should take: accounting, economics, writing/copy, communications, public speaking, etc. These don't have to be at a college, there are plenty of online programs or groups. Constantly be taking a class or two at all times.
If you are very motivated and driven, you will surely rise, doesn't matter the path you take. For most, I still think some form of a degree, either community college/100% online, is still beneficial. If you go for college, I think any old degree is fine if you know that you will not be working at a job that requires that particular degree, and if you know you'll be working in RE full time.
- Member since 2018 · 2 posts · 1 vote5y
It's great to see someone your age, looking to start investing early! I recommend that you approach your earning future as if you were a lender looking to loan to your future self. No disrespect to all the Entrepreneurs on here but you are much more likely to secure a mortgage and any additional financing offers if you have a solid and stable career. An hourly or salary position (rather than commission) is what lenders like to see as it's conservative incoming paycheck that is not seasonal and remains consistent.
Although I have great cashflow from my rental buildings, the bank always looks at my personal income and credit score- even for the commercial building that is under my company name. I would be in a much better position from a bank perspective if I had a professional career such as being an Accountant, or even a full time job in trades as a Plumber, Electrician etc...
I would recommend acquiring some sort of certification for a marketable skill (something that you could eventually freelance on your own if there's no jobs in your area). Stay away from fluffy 'business' courses that do not translate into an actual skill. This is the area that's the most saturated out there. However if you like business and study to be an Accountant or even a tax preparer those are applied skills that are in demand. Taxes are not going away anytime soon.
Personally, if I could do it over again I'd learn plumbing, electrical and carpentry so I could do some of the work on my own properties. You can lose a lot of revenue contracting everything out. SO to sum up: get a certification, get hired at a large stable corporation, preferably somewhere where you can get health, dental and stock options. Wait at least a year so you look great on paper, and approach a bank for your first mortgage. You should have enough saved up for a downpayment by then. Flip that one, rinse and repeat.
It's even more ideal if you can find a career with a firm that still offers a pension plan, you'll be able to build your wealth on the side with real estate while enjoying the benefits of extended health, dental, insurance etc.. As a young man you may eventually start a family so also keep that in mind. Perhaps a job where you can telecommute and still get all your benefits etc.. A great property manager will look after your properties well so you won't have to worry much there. Your focus should be on bringing in as much revenue as possible so you can get approved to finance your next venture...and the one after that. Best of luck to you young man!
- Member since 2018 · 2 posts · 1 vote5y
One more thing to add, start working on building the best credit score you can. If you cannot get credit cards yet, get a secured credit card from your bank for $100. Make small purchases and pay them off right away. Accept credit card offers for the lowest limit possible and with no annual fee. Some 'reward' cards have annual fees of over $150 and it's just not worth it.
The purpose is to show activity on the cards and to have a zero to low balance so that your credit score can mature and you have an established 'history' with credit reporting companies. Always stay under 50% of the card limit, if you go over that it will lower your credit score. I learned that the hard way ;)
- Investor · St Louis, MO · Member since 2017 · 250 posts · 181 votes5y
Hi Nathan,
I just graduated from college and have acquired a decently sized portfolio in 3 years, so I think I can bring some light. Having a good paying, W2 job has single handidly been one of the largest contributing factors in acquiring assets. The income allows you to save up money for down payments, and it keeps you from appearing desperate during your negotiations (needing to make a deal to eat next month). My opinion is, whether you decide to go to college or not , your goal needs to be to get or a job (or a skill) that will give you consistent, high paying income. If you are going to college to be an engineer, doctor, lawyer, etc. it's certainly worth it (if you're going for a liberal arts degree, probably not). Keep in mind that this decision is going to put you in a considerable amount of debt, so if you have a skill/opportunity that is going to allow you to have high income without the need of college, my opinion is that you should pursue that skill/opportunity. The high income, discipline, and the desire that you seem to have will allow you to acquire more assets over time. If you want to be a full time entrepreneur from the start, you are going to have a hard time getting loans, providing for yourself, and sleeping at night, but if you have the grit in you to do it then go for it! Hope this helps.
- remodeling contractor · Birmingham, AL · Member since 2015 · 69 posts · 49 votes5y
Skip college and follow your dreams. Unless you absolutely NEED a degree to do what you want to do, sounds like you don't, then skip it. That's a ton of money that won't be going to a school that you can invest.
- Investor · San Diego, CA · Member since 2016 · 49 posts · 15 votes5y
Sorry, phone posted this to the wrong forum
- Member since 2019 · 5 posts · 0 votes5y
Hi Nathan,
That’s a complex question and everyone will have a different answer.
I will tell you my experience. I went to a community college and got a business diploma in investment management for about $3000 (though I did get into every university I applied to). While my friends got mountains of student debts (every year!).
Currently I own multiple positive cash flowing properties and have never regretted my decision for a second. My opinion is forget university, jump into programs like toast masters, networking groups, find a mentor. Read rich dad poor dad (like now). Actions like these make the needle move not a degree.Though if you’d like a “career”. I’d recommend a trade that could also help you in real estate. Like becoming a lineman, learning carpentry, welders. It’s always good to have another source of income and another skill set as a back up. Once again that’s optional but it never hurts to have a way to make your own capital either. Trades are so low cost to obtain and immediately you are making good salary. Plus most of these you can make into your own business and corporations too for better tax write offs.
Hope this helps !
- 5yDan GoeckelPro MemberRental Property Investor · Portland, MI · Member since 2020 · 48 posts · 16 votes
@Nathan Smith you can do all of the above or just be willing to sacrifice and do what others won’t...work when they are not.
College is great for critical thinking, service is great for structure and many other things, working while going to college is accomplishable as well.
We have an 18 yo daughter that has started her own photography business and working 10-15 hours a week (was 20-25 through summer) at a golf course while taking 16 credit hours. Her business is about 35-40 hours of work per week. She has saved about $12k...now we have allowed the use of our car, but she pays her gas, car insurance phone...her goal is to have her first multi-family next year sometime. You can do it too. Just be willing to do what others won’t.
Good luck and reach out to all of us with questions.
- Rental Property Investor · Houston, TX · Member since 2017 · 29 posts · 25 votes5y
@Nathan Smith
Dude go to Ohio State and major in mechanical/electrical/chemical/software engineering. Engineering school will teach you how to process information and make logical decisions on your way to a decision.
Don’t go if you major in a dumb degree like art then that is like bad credit card debt. I’ve been out of school 5 years and my wife and I bring home about 225k / year with engineering degrees (40k student loan so 500% return on investment every year) What do we do with our excess cash? Invest in rentals!
My other suggestion would be going to trade school for welding, plumbing, electrician, etc and learning something that can help you add more value to your real estate portfolio. That would be even better if you plan to have a more hands on approach to managing your portfolio.
Either way is a sound approach. But do not go to school unless you plan on making a high paying salary at the end of it. Also don’t go to engineering school unless you can manage a 3.5 GPA. 3.5 GPA makes you competitive at pretty much any corporation.
- New to Real Estate · Twin Falls · Member since 2018 · 13 posts · 7 votes5y
@Nathan Smith
I think that answer as many people have said, depends on what you are going to do.
I think there are steps you can take down either path that could be helpful or harmful. Many people seek to work a W2 job, and invest on the side. Others have profession in the real estate industry that directly help their investing efforts.
The path you take should be thought out, and planned. Your next steps should align with your long term goals. What are your goals for investing? Why do you want to do this? Is it for freedom, a certain lifestyle, security? These are important things to ponder.
That being said, goals change, and so do the means of achieving them. The road is not usually as strait as we expect.
Good luck with figuring it out! Let me know if you have any questions.
- Member since 2020 · 25 posts · 16 votes5y
I worked on Wall Street for 10 years in manhattan and majored in economics. Going to college and getting student loans was my biggest regret. It's held back my investing a lot. I did well in many aspects of investing, but I had the dti conversation a lot. They eventually got paid off, but I could have bought 3 houses in the mean time. If you take the other route you have to work and hustle hard. The fact your thinking about this I'd say you'll be alright. Once you start earning income open up a Roth IRA.
- 5yPolo VazquezPro MemberReal Estate Agent · McAllen, TX · Member since 2017 · 382 posts · 281 votes
College is worth it if:
1. You won't come out with loans that you can easily pay off in less than a year or two.
2. The degree you get is useful and well paid. (Engineering, law, medicine...)I know sometimes it feels lke you could be using those four years to build a business, but having a college degree is always a good failsafe and those four years are also the best four years in many people's live where they meet lots of good hardworking people as well. That being said it isn't worth it if you are going to be struggling/working to pay off your student debt for years and years.
- 5yKamal TripathiPro MemberBordentown, NJ · Member since 2017 · 25 posts · 14 votes
@Nathan Smith first would say its a great start already. Most people at your age do not have investment on their mind.
Having said above. I am a strong believer of education. I would always suggest to take education in an industry that interests you.
Can explain wy I say so: Life depending on how you see it, Its too long or too short. More over its more about an "infinite game", it does not end in an year or two, decade or two. Neither it has any set rules for an end. Thus your definition of " lot of money" could be 1M today and 1B tomorrow, my definition could be 1M and for some unfortunate it could be 10K. It really depends. Highly suggest to quantify your success, so you can measure it. When downturn hits you in an infinite game this number you have defined and the College education you would have acquired will play the role of torch and show your the path forward.
Hope this helps. Wish you all the success and Good Luck!
- Flipper/Rehabber · Memphis, TN · Member since 2020 · 758 posts · 285 votes5y
You can do both.
You can go for courses that can help you with real estate investing such as structural engineering, accountancy, etc. Although these days, there are many people especially the money making gurus who would tell you to ditch college for money. I believe in the importance of education. It helps you develop a perspective looking at life. It helps you to become educated in many ways.
- Flipper/Rehabber · Denver, CO · Member since 2015 · 134 posts · 61 votes5y
I'm 25 years old and next month will be $130,000 month for me I graduated high school and skipped college. Got licensed as a RE agent at 19 and have been doing that since as well as flipping homes using others money and credit. If you have the drive and the passion I wouldn't go to college.
- 5yRemington LymanBusiness MemberReal Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
Originally posted by @Ben Lapane:
@Nathan Smith
Dude go to Ohio State and major in mechanical/electrical/chemical/software engineering. Engineering school will teach you how to process information and make logical decisions on your way to a decision.
Don’t go if you major in a dumb degree like art then that is like bad credit card debt. I’ve been out of school 5 years and my wife and I bring home about 225k / year with engineering degrees (40k student loan so 500% return on investment every year) What do we do with our excess cash? Invest in rentals!
My other suggestion would be going to trade school for welding, plumbing, electrician, etc and learning something that can help you add more value to your real estate portfolio. That would be even better if you plan to have a more hands on approach to managing your portfolio.
Either way is a sound approach. But do not go to school unless you plan on making a high paying salary at the end of it. Also don’t go to engineering school unless you can manage a 3.5 GPA. 3.5 GPA makes you competitive at pretty much any corporation.
Oooor go to The Ohio State University and get a business degree. Then become an investor focused Realtor here. The market is prime in Columbus.
- Rental Property Investor · Houston, TX · Member since 2017 · 29 posts · 25 votes5y
Originally posted by @Remington Lyman:
Originally posted by @Ben Lapane:
@Nathan Smith
Dude go to Ohio State and major in mechanical/electrical/chemical/software engineering. Engineering school will teach you how to process information and make logical decisions on your way to a decision.
Don’t go if you major in a dumb degree like art then that is like bad credit card debt. I’ve been out of school 5 years and my wife and I bring home about 225k / year with engineering degrees (40k student loan so 500% return on investment every year) What do we do with our excess cash? Invest in rentals!
My other suggestion would be going to trade school for welding, plumbing, electrician, etc and learning something that can help you add more value to your real estate portfolio. That would be even better if you plan to have a more hands on approach to managing your portfolio.
Either way is a sound approach. But do not go to school unless you plan on making a high paying salary at the end of it. Also don’t go to engineering school unless you can manage a 3.5 GPA. 3.5 GPA makes you competitive at pretty much any corporation.
Oooor go to The Ohio State University and get a business degree. Then become an investor focused Realtor here. The market is prime in Columbus.
As long as it is at The Ohio State University at least there is a good chance your graduating with a natty. You carry that championship year memory with you forever.
- 5yRemington LymanBusiness MemberReal Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
Originally posted by @Ben Lapane:
Originally posted by @Remington Lyman:
Originally posted by @Ben Lapane:
@Nathan Smith
Dude go to Ohio State and major in mechanical/electrical/chemical/software engineering. Engineering school will teach you how to process information and make logical decisions on your way to a decision.
Don’t go if you major in a dumb degree like art then that is like bad credit card debt. I’ve been out of school 5 years and my wife and I bring home about 225k / year with engineering degrees (40k student loan so 500% return on investment every year) What do we do with our excess cash? Invest in rentals!
My other suggestion would be going to trade school for welding, plumbing, electrician, etc and learning something that can help you add more value to your real estate portfolio. That would be even better if you plan to have a more hands on approach to managing your portfolio.
Either way is a sound approach. But do not go to school unless you plan on making a high paying salary at the end of it. Also don’t go to engineering school unless you can manage a 3.5 GPA. 3.5 GPA makes you competitive at pretty much any corporation.
Oooor go to The Ohio State University and get a business degree. Then become an investor focused Realtor here. The market is prime in Columbus.
As long as it is at The Ohio State University at least there is a good chance your graduating with a natty. You carry that championship year memory with you forever.
2 more weeks!
- Real Estate Agent · Fairfax, VA · Member since 2019 · 79 posts · 68 votes5y
@Nathan Smith
NO. If you go to college, you are adding more debt to your pocket. How many years will it take to payoff all of those student loans with interest? I went to college for Computer Science degree and later found out that it wasn't for me. I realized that I could make money faster by investing in real estate so I decided to become a full-time investor. I did BRRRR and built my cash flow to the point where it's greater than an actually software engineering salary. Now I go travel and live financial freedom. It was tough at the beginning but all paid off at the end.
- Member since 2020 · 6 posts · 0 votes5y
@Lina Bibikov I feel the exact same way as you. Have you quit you 9-5 yet?
- Member since 2020 · 1 post · 0 votes5y
@Nathan Smith I’m 29, studied Mechanical Engineering and was able to study abroad 3 times (actually got paid to do it). I’m far from being a genius, I’m simply motivated. Clearly that’s a trait you possess already if you’re thinking about your future this young.
If you have a passion and want a quality back fall in the future, I highly recommend any Engineering major. It’s not about what job you can get with the degree, after all it’s only a piece of paper. But I’ve been able to use the problem solving I learned and apply it to literally every situation (even interpersonal). The long hours make working or remodeling hours seem easy.
Whichever route you choose, remind yourself that you can always pivot. You can always go back to school, and you can always get into real estate. College is just more fun when you’re young. Just don’t get a silly degree like communication or liberal arts. Best of luck!
- Developer · Danville KY · Member since 2015 · 85 posts · 110 votes5y
@Marquita Ross Yes! I quit 2 years ago and never looked back!
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