Engineering Degree and Real Estate
Member since 2019 · 182 posts · 45 votes
For those of you that have an engineering degree I am wondering what was your progression from engineering to real estate and if you still continue with your W-2 job or transitioned partially or completely away from W-2 job or engineering
That's a great skill to apply to real estate. You have analytical and problem solving skills, both required. Be aware, though, of engineers' tendency to over analyze. You'll never know everything and there's a point where you decide you know enough, then take action. Also engineers tend to be introverts and you need to meet and partner with others, but everyone can learn to network.
Engineering taught you to do several things at once. When working your W2 job, find time in your day to research markets, take multifamily investing classes, call brokers, underwrite properties. Don't be in a rush to quit your job, just find 10-20 more hours in the week for real estate. Don't wait forever to buy a property as you'll learn more from that than any classes. Unless you have an experienced mentor or partner, keep your first properties small so your mistakes don't break you.
This has been my progression, from my background in computer science. What I battle, and I think this may be common with people who have studied hard, got a good job, and make decent money, is risk aversion. I have huge respect for people who didn't have much, took risks, and found success.
Hi All, First post on the forums, just joined as a pro member.
@Dustin Beam how has it been for you financially after the full move over.
Things are starting to ramp up. We bought our first home last year, and I am soon starting on my first investment property. Also an Engineer, but want to see if down the line, we can make this work as a full time investor.
Financially, it's been fine but I didn't quit my W2 until I had replaced my income. Some might say I should have kept working, but I had come to despise my work life. It was an emotional /psychological decision, not a financial one. On the flip side, I did better with some flips than I would have if I kept working. I wouldn't have done the flips if I was working a job, so new opportunities presented themselves because I wasn't working.
Can I repeat that? I don't know. The hardest part for me is trying to decide which direction to point my ship. I have extended dead periods between purchases due to either lack of deal flow or lack of capital. So I need to decide what to do to either build capital, increase deal flow, or both. Something to consider for yourself if you don't already have those answers.
You're not wrong, but I'm not chock full of either. I'd much rather have too many deals than with not enough money than the other way around haha. But the reality is I need to work on increasing both leads and capital generation.
Hi All, First post on the forums, just joined as a pro member.
@Dustin Beam how has it been for you financially after the full move over.
Things are starting to ramp up. We bought our first home last year, and I am soon starting on my first investment property. Also an Engineer, but want to see if down the line, we can make this work as a full time investor.
Financially, it's been fine but I didn't quit my W2 until I had replaced my income. Some might say I should have kept working, but I had come to despise my work life. It was an emotional /psychological decision, not a financial one. On the flip side, I did better with some flips than I would have if I kept working. I wouldn't have done the flips if I was working a job, so new opportunities presented themselves because I wasn't working.
Can I repeat that? I don't know. The hardest part for me is trying to decide which direction to point my ship. I have extended dead periods between purchases due to either lack of deal flow or lack of capital. So I need to decide what to do to either build capital, increase deal flow, or both. Something to consider for yourself if you don't already have those answers.
You're not wrong, but I'm not chock full of either. I'd much rather have too many deals than with not enough money than the other way around haha. But the reality is I need to work on increasing both leads and capital generation.