Pearl City, HI · Member since 2016 · 15 posts · 21 votes
If you didn’t have to pay for your own education and wanted to get started in multifamily investing, would you go for real estate attorney or real estate agent?
I’m utilizing my GI Bill and working full time, so all the money I receive from the GI Bill goes straight into savings and my work income is used for rent, bills, etc. After I graduate with my bachelors I’ll still have time leftover in my GI Bill and I want to max it out. If you’re not familiar with the GI Bill, you pretty much get paid to go to school and the military pays your tuition. So I’ll graduate debt free. My end goal is multifamily investing, but I don’t have multifamily investing money right now. I want to continue going to school so I can continue to get paid and save up to invest. Might as well go to school for something beneficial to my end goal. Which option do you think would benefit me most in this business? Real estate attorney or real estate agent? Any advice is appreciated!
Realtor · WV · Member since 2018 · 454 posts · 310 votes
7y
Its not necessary to be a real estate attorney or agent to help with investing. Becoming an agent should really require an advanced degree, its typically one specific class and a state test depending on which state. I also wouldn't go to law school unless you have a passion for that. Your day job and your investing life don't have to be the same thing or connected. Figure out what your passionate about and take classes to help with accomplishing that, and use the income and stability of your passion job and use that to help with your real estate investing.
Realtor · WV · Member since 2018 · 454 posts · 310 votes
7y
Its not necessary to be a real estate attorney or agent to help with investing. Becoming an agent should really require an advanced degree, its typically one specific class and a state test depending on which state. I also wouldn't go to law school unless you have a passion for that. Your day job and your investing life don't have to be the same thing or connected. Figure out what your passionate about and take classes to help with accomplishing that, and use the income and stability of your passion job and use that to help with your real estate investing.
Pearl City, HI · Member since 2016 · 15 posts · 21 votes
7y
@Walter Aaron Poling thanks! I’m passionate about real estate. I’ve been studying and going to meetups for years now, I just need to get my foot in the door. I figured one of these options could get me in the door and help me the get experience before I invest my own money.
I cannot speak to Hawaii (Although I was stationed at Schofield Barracks for 3 years, I did no RE there).
However RE agent and Re attorney are 2 totally different entities. As far as agent, you can most likely take an online course for a few hundred dollars and take a state test. Being an Attorney is a completely different ball of wax. It;s like real schooling and actual work.
I used my GI bill for computer networking and had a good run in that career, but was all done and took the Agent courses to change careers (no way near law school more like drink beer and click Next). So if I had free time and free money I would be an attorney all day.
It's kind of like comparing a first aid coach at a high school wrestling match to a Doctor.
Pearl City, HI · Member since 2016 · 15 posts · 21 votes
7y
@Charles Soper thanks man I’ve tried! I live in Hawaii and the only thing I can afford is a condo lol. Duplexes and triplexes are close to $1million if not more. The GI Bill is not considered income so it doesn’t help at all when it comes to getting a loan. I work for the government so I don’t get paid much. Since it’s so expensive here, I just want to invest on the mainland.
Kailua-Kona, HI · Member since 2019 · 13 posts · 4 votes
7y
@Yosselyn De Abreu Thanks for starting this thread. Things you're learning will be really helpful to others in Hawaii. I lived on the Big Island for a few years before and am moving back there this fall. I think that is slightly less expensive than where you are, but not a ton. Trying to balance the ease of having rentals close by, and the availability of less expensive markets to get started. Would love to know how this goes for you, and what you end up deciding on doing.
Investor · Kaneohe, HI · Member since 2012 · 218 posts · 104 votes
7y
@Yosselyn De Abreu there are many other positions that is involved with real estate. being a lawyer will require a lot of schooling that doesnt seem worth it to just help with your investing. it should be something you enjoy. Don't be a realtor, its a waste of time for your situation. There are more realtors here than property available and if you are trying to invest out of state that wont help you with realtor costs anyway.
Have you thought about being a loan officer or underwritter, which will help you understand and know different ways to finance your investments. Appraiser will help you know what the property is actually worth vs a ballpark figure your realtor gives you. Home inspector and construction worker lets you know what things need to be done and rough cost of fixes. Building permit drafter or checker lets you know what can and cant be built with the structure and what the county permits due to zoning, setbacks, easements etc. All of these would help more than a lawyer or realtor.
Just find something that you like, maybe even be a doctor or engineer. Something that makes lots of money that will help you invest in better properties that will yield larger returns. You either do something that doesnt make a lot of money that will save you money or something that makes lots of money to offset the savings. Point is do something you enjoy, good luck.