College or no?
Property Manager · Charlotte, NC · Member since 2022 · 269 posts · 135 votes
I've been seeing this question often from those in high school, especially those interested in Real Estate. Do I go to college? I think it's situational and depends on what you want to get out of college. What are everyone else's thoughts?
@Tommy Parker the question should NOT be college or no college, it should be WHAT FOR with college.
Too many go to college/university for a piece of paper. THAT is the problem, 100% of the problem.
A person who goes to college/university for the learning, skills, capabilities, that's a whole different story. But as I said above, most go for some piece of paper thinking that paper will somehow assure a certain life, it does NOT. It's only an authorization to pursue something, that is it and all. That paper alone does diddly-squat.
I myself have been to college/university 3 times, and I have 0 "papers". Business, Engineering, Psychology, Sociology. I went to LEARN, to gain knowledge and skills. Once I had them, I lost all interest in the other worthless BS. I realized this when I was taking a required class of Boolean Logic and our primary assignment was to google search stuff, I no joke started laughing so much from back of class at what a joke it all was I had to remove myself into hallway to stop disrupting the lecture. In that hall I decided I was going to keep to what mattered, getting the 411 I came for and skip the rest.
I did learn a lot, meet many interesting people I wouldn't have, it held a ton of value BUT I knew that paper did squat.
Being an Entrepreneur is NOT for everyone. yes, anyone "can" cook, but not everyone should. Same for business, anyone "can" but not all should, and not everyone can be great at it. A person has to be real with themself and find out what they can and can't be good at, and if there willing to earn it.
I am not capable of being a regular W2 employee, I am not, I go stir crazy, I suck at it. I need freedom to do-things, to make things happen, for me entrepreneurship is my natural state. Not everyone has that, few, very few i have found do. For most, it's best as a side hustle, which is A-OK. A world of Musk's would be insanity, right.
So, to thy own self be true.
For college/university, do it or don't do it for the SUBSTANCE, the purpose, NOT the paper.
I've been seeing this question often from those in high school, especially those interested in Real Estate. Do I go to college? I think it's situational and depends on what you want to get out of college. What are everyone else's thoughts?
I think there are two questions here... hiding in your one.
From a real estate perspective, if you had the resources to do real estate straight out of high school (read: financial backing)... college would not necessarily add anything that you absolutely need to invest in real estate.
98% of people won't fit that category. Taking the 'slow road' having to use your own resources to fund your real estate investments, college hopefully becomes a 'method to the madness' of being able to fund your real estate investments quicker - if you subscribe to the notion that you will earn more with a college degree (It really just depends on what you go into). There are plenty of great paying jobs that don't require college... so if you are a self-taught computer programmer, or whatever, college may not add value and your job may provide you the income necessary to launch a side career in real estate investment.
The truth of the matter is that real estate investing - at least owning real estate for profit - is a pretty passive endeavor. For perspective, my wife and I managed 20 units while both working full time corporate jobs. Most issues that come up can be handled with a phone call. When there is turn-over of course there is more to do, but turn-over is a relatively in-frequent occurrence (ie. once every 3-4 years per unit for us on average).
Given the passive nature of the investing, college becomes a question of bettering yourself or training yourself to do something that interests you that you couldn't do without it. I also think college just makes a more well-rounded person... it exposes you to subjects you would not have learned about had you not gone. Maybe it is government, or art, or humanities... in and of themselves, perhaps not overall valuable from a typical job perspective... but from a 'human being' perspective there is value there. It expands your knowledge as a person, so has side benefits beyond specific job tasks.
I once read that one of the big benefits of college is to actually hold you out of the work-force while you get older. Many people go into lower paying jobs straight out of high school because they have no other options.... they then stay in the lower paying fields. By getting to 22-24yrs old and then entering the workforce you are often just eligible for better paying jobs than what you might have found straight out of high school, so that is what you find. Obviously the college degree will also make you stand out above (only) high school graduates as well if the field you are interested in values that education (ie. professional settings and such).
In the end, I would vote for college and to leverage your financial assets at as early an age as you can to find ways to replace your need to work. I started in real estate at age 47, and in 2 years both my wife and I were able to quit our W2 jobs and just manage our real estate investments... making substantially more than our corporate incomes. But I will tell you it took a lot of money (ie 7 figures), and a bit of luck as to timing to pull it off. Without good jobs it would be a pretty slow road to accumulate the $30,000 / deal it took us to by an average rental a few years back. I TOTALLY wish I would have known about real estate sooner, and am working to teach my kids the benefits of it as they are in high school and college.
All the best!
Randy
I agree with you that it all depends on the situation! It is crucial to assess one's long term goals rather than just focusing on the short term here and now. Is real estate something someone is looking to be in long-term FOR SURE or is it just a present idea that could fluctuate?
Upon getting out of high school in 2020, I didn't know what exactly I wanted to do but I knew I liked real estate. Although college can be costly, I have found it undoubtedly the best decision I could have made as it has been a major stepping stone for my future. Not only is it a great method to learn but it is a perfect way to make lifelong connections.
Through going to college for business, I was able to connect with a few people that led me to get my real estate license during the end of my sophomore year of college (2022). Now, I am a real estate agent in PA but I also am going to be a senior in college this coming fall (2023). It is feasible to do both but it is not easy. What has been extremely helpful is that at my firm, Prime Home Real Estate, I work on a team so I am not left to do everything by myself and I am surrounded by individuals who have experience being at where I want to be.
On the other hand, if real estate is your calling, why wait? The guys I work with on my team never went to college and they are INCREDIBLE at what they do!!! Not going to college does not make you better or worse than the next individual. It is all about how you apply yourself and utilize resources around you!
Overall, looking at the opportunity cost as well as projecting for the future is KEY!!!
1000% go to college/university.
Your degree proves you can accomplish something.
The network you can build can be worth 100x the cost of your education in the long run.
Interacting with people with different perspectives and from different backgrounds is incredibly valuable when you consider how much of it you'll do in the future.
This is probably one of the toughest questions for someone interested in real estate investing, it should not be taken lightly. I believe one should ask questions such as what are your ultimate goals? Do you have other passions that could work with REI? What is your financial standpoint currently? Is it possible to do both simultaneously? What would you want out of college?
Obviously, there are countless other questions to ask but all that to say is, it is a very personal question of whether one should go to college. You should seriously consider these questions and others that you can come up with to make the most clear answer possible. At the end of the day, no answer is perfect and I'm sure you may regret some aspects of either decision but both should ultimately lead you to your goal of whatever you set before yourself.
Lastly, I would encourage whoever is wrestling with this question to write down their "why" for both and seriously consider which is more important.
College can be used as a buffer to figure out what you want to do in life. If your vision is crystal clear in high school then good for you, I wouldn’t recommend college.
If in your future you will be competing for a job you better have a degree unless it is a trade like a machinist or plumber. College is where you can build a life long network, and it is a great place to meet chicks and guys!
100% yes. All formal education is more valuable than the specific subjects you learn. The most important thing you gain from any level of school, is the ability to learn how to learn. the more advanced the level of school you attend, you gain more sophisticated ways to learn.
I recommend going to College where the tuition is low, and you are debt free when you get out. I also recommend working part time or full time when you are in college, whether it’s in real estate, or your future career path.
Taking this path will teach you 1) time management, 2) hard work, 3) how to manage your finances, and 4) you get your degree! IMO, those 4 things will be necessary if you want to be a successful Real estate investor.
Go to college or university if you know what you want to do-don't go just because. I know terms are different in the US than Canada, but colleges where you often learn trades are great. Universities are also good, but go in for a degree where you can get a job afterwards in an area that you love. Have things you like, that won't result in a job-take those courses as electives not your major.
Nothing wrong with taking a gap year or two and working to decide what it is you really want to do. Many landlords, myself included, have regular jobs and use that money to buy rentals. On BP, you will find people with all levels of education.
Biggest thing is not to go into massive debt paying for your education. Work part time, apply for scholarships, live frugally.
I've been seeing this question often from those in high school, especially those interested in Real Estate. Do I go to college? I think it's situational and depends on what you want to get out of college. What are everyone else's thoughts?
if we say no, then someone would ask do i need to finish high school.
@Tommy Parker
No, if you’re going the entrepreneurial route or trade school. Yes, if you don’t know what you want to do.
no wonder all entrepreneur are high school dropout lol
@Tommy Parker the question should NOT be college or no college, it should be WHAT FOR with college.
Too many go to college/university for a piece of paper. THAT is the problem, 100% of the problem.
A person who goes to college/university for the learning, skills, capabilities, that's a whole different story. But as I said above, most go for some piece of paper thinking that paper will somehow assure a certain life, it does NOT. It's only an authorization to pursue something, that is it and all. That paper alone does diddly-squat.
I myself have been to college/university 3 times, and I have 0 "papers". Business, Engineering, Psychology, Sociology. I went to LEARN, to gain knowledge and skills. Once I had them, I lost all interest in the other worthless BS. I realized this when I was taking a required class of Boolean Logic and our primary assignment was to google search stuff, I no joke started laughing so much from back of class at what a joke it all was I had to remove myself into hallway to stop disrupting the lecture. In that hall I decided I was going to keep to what mattered, getting the 411 I came for and skip the rest.
I did learn a lot, meet many interesting people I wouldn't have, it held a ton of value BUT I knew that paper did squat.
Being an Entrepreneur is NOT for everyone. yes, anyone "can" cook, but not everyone should. Same for business, anyone "can" but not all should, and not everyone can be great at it. A person has to be real with themself and find out what they can and can't be good at, and if there willing to earn it.
I am not capable of being a regular W2 employee, I am not, I go stir crazy, I suck at it. I need freedom to do-things, to make things happen, for me entrepreneurship is my natural state. Not everyone has that, few, very few i have found do. For most, it's best as a side hustle, which is A-OK. A world of Musk's would be insanity, right.
So, to thy own self be true.
For college/university, do it or don't do it for the SUBSTANCE, the purpose, NOT the paper.
no wonder all entrepreneur are high school dropout lol
I actually graduated H.S. sophomore year so, not a drop-out, lol.
@Tommy Parker
No, if you’re going the entrepreneurial route or trade school. Yes, if you don’t know what you want to do.
If you don't know what you want to do, I'd suggest taking a year off and working a few different jobs to get a better idea. It is fine to go to university and change majors, but to go when you have no idea of the end game is a waste of money. I see too many young people who shouldn't be at university in my classes.
no wonder all entrepreneur are high school dropout lol
I actually graduated H.S. sophomore year so, not a drop-out, lol.
The danger with this is that they would use you as excuse LOL , but not everyone is James Hamling or Bill Gates or Musk.
I still see college/university cost in US as relatively affordable and reward/risk is high, imagine if you born in Ghana, maybe you are screaming to enter college as you don't get support from parent or community or government LOL
If you were born in Kosovo, it's definitely a must to enter college LOL.
I have friend from third world country that his dad passed away a month ago, he was the first college student graduated in USA in 1959 from that country, once the dad passed the college all life surrounding them is getting better.
So there's that ....... for lot of other family, they are so proud when they're graduated from the US university they would place the graduation photo in their house to bragging for their kid's achievement lol
no wonder all entrepreneur are high school dropout lol
I actually graduated H.S. sophomore year so, not a drop-out, lol.
The danger with this is that they would use you as excuse LOL , but not everyone is James Hamling or Bill Gates or Musk.
I still see college/university cost in US as relatively affordable and reward/risk is high, imagine if you born in Ghana, maybe you are screaming to enter college as you don't get support from parent or community or government LOL
If you were born in Kosovo, it's definitely a must to enter college LOL.
I have friend from third world country that his dad passed away a month ago, he was the first college student graduated in USA in 1959 from that country, once the dad passed the college all life surrounding them is getting better.
So there's that ....... for lot of other family, they are so proud when they're graduated from the US university they would place the graduation photo in their house to bragging for their kid's achievement lol
Your missing the point Carlos; it's not the degree that makes a persons life any better, it's little different from having a Real Estate License, just getting it does nothing, it's how one uses it, put's it to work, via their work.
The older more "mature" cultures, regardless of their world status, you forget they don't have the "coddle" culture either. It's "get out and do something with yourself" not "oh, how are your FEELINGS about having to be an adult.....".
no wonder all entrepreneur are high school dropout lol
I actually graduated H.S. sophomore year so, not a drop-out, lol.
The danger with this is that they would use you as excuse LOL , but not everyone is James Hamling or Bill Gates or Musk.
I still see college/university cost in US as relatively affordable and reward/risk is high, imagine if you born in Ghana, maybe you are screaming to enter college as you don't get support from parent or community or government LOL
If you were born in Kosovo, it's definitely a must to enter college LOL.
I have friend from third world country that his dad passed away a month ago, he was the first college student graduated in USA in 1959 from that country, once the dad passed the college all life surrounding them is getting better.
So there's that ....... for lot of other family, they are so proud when they're graduated from the US university they would place the graduation photo in their house to bragging for their kid's achievement lol
Your missing the point Carlos; it's not the degree that makes a persons life any better, it's little different from having a Real Estate License, just getting it does nothing, it's how one uses it, put's it to work, via their work.
The older more "mature" cultures, regardless of their world status, you forget they don't have the "coddle" culture either. It's "get out and do something with yourself" not "oh, how are your FEELINGS about having to be an adult.....".
These days most UCLA student was international student coming from Shanghai , Beijing , Hongkong or any other Asian country . Their parent pay for hundred of hundred K for admission and tuition.
now coming our young guy here from Riverside High school and asking “shall I go to college ?”
From the other side of the world, the reputation of having US university graduates is so great that it is the ticket to enter senior director level position in multinational company …..
no wonder all entrepreneur are high school dropout lol
I actually graduated H.S. sophomore year so, not a drop-out, lol.
The danger with this is that they would use you as excuse LOL , but not everyone is James Hamling or Bill Gates or Musk.
I still see college/university cost in US as relatively affordable and reward/risk is high, imagine if you born in Ghana, maybe you are screaming to enter college as you don't get support from parent or community or government LOL
If you were born in Kosovo, it's definitely a must to enter college LOL.
I have friend from third world country that his dad passed away a month ago, he was the first college student graduated in USA in 1959 from that country, once the dad passed the college all life surrounding them is getting better.
So there's that ....... for lot of other family, they are so proud when they're graduated from the US university they would place the graduation photo in their house to bragging for their kid's achievement lol
Your missing the point Carlos; it's not the degree that makes a persons life any better, it's little different from having a Real Estate License, just getting it does nothing, it's how one uses it, put's it to work, via their work.
The older more "mature" cultures, regardless of their world status, you forget they don't have the "coddle" culture either. It's "get out and do something with yourself" not "oh, how are your FEELINGS about having to be an adult.....".
These days most UCLA student was international student coming from Shanghai , Beijing , Hongkong or any other Asian country . Their parent pay for hundred of hundred K for admission and tuition.
now coming our young guy here from Riverside High school and asking “shall I go to college ?”
From the other side of the world, the reputation of having US university graduates is so great that it is the ticket to enter senior director level position in multinational company …..
Also in our area , in tech company , to enter the senior level management , it is kinda expected for one to have dual master degree, first in engineering and second from business economic school like Stanford or Berkeley …
You guys need to have higher level goal of achievement
I took business classes in college , thats it . Started my construction business when I was 24 . Real estate came about 3 years later . I never regret not getting a degree .
@Scott Trench turned me on to this massive study: https://public.flourish.studio...
My BA is from SUNY College at Oswego, in English Language and Literature. According to my mother, on the day I graduated summa cum laude and having won the department prize, my brother remarked, "He'd be better off flipping burgers." To this day, my brother denies making this statement, but technically, according to the study, he was absolutely right. The ROI on my degree clocks in at -$152,633.
My brother's BS is from Carnegie Mellon University, in Computer Science/Mathematics. According to the study, this is possibly the degree with the highest ROI in America, at $3,588,742.
I'm not saying statistics lie, but they don't tell the whole truth. My brother is in debt up to his eyeballs and he'll probably die working for someone else. His degree and life choices, more than anything else, trained him to be a good worker bee. I'm not going to put a target on my back, but I'll say I've done well enough in real estate not to be impressed by my brother's ideas about financial success. At all.
The actual education involved in getting my degree helped me a lot. I was too proud to cheat and cut corners, so I read a lot of books and articles, and wrote a lot of long papers. The papers helped me figure out how to study complicated concepts using multiple sources, and to write coherently about my conclusions. There was enormous intellectual liberation in finishing at the top of my class. Literature and philosophy broadened my perspective greatly, as did all the general education requirements we all moaned about having to take.
But perhaps the biggest benefit was something Teddy Roosevelt once talked about: "A man who has never gone to school may steal from a freight car; but if he has a university education, he may steal the whole railroad."
I can't tell you how much truth I've found in that over the years. I did not receive a technical education. I was not prepared for the job market. These things, to a large extent, really didn't end up mattering, next to the ability to figure out how to beat an unfair system and not be a chump stuck for forty years in a cubicle farm breathing all the building occupants' filtered farts all day long, with my greatest ambition being to get out of the cubicle farm and move twenty feet away into a perimeter office with a sorry little window that doesn't open, covered by cheap blinds that are never drawn.
@Tommy Parker If you know what you want to do, and it requires a college degree, then do it.
If you can get a scholarship and go to school for free or nearly free, then do it and choose a degree that will be applicable to your goals and has a high ROI.
If you have to go into debt for a bachelors with no clear career path (most college students) then it's not worth it IMO.
If you just want to invest in real estate or start a business, and don't think college makes sense for you, then understand that a good income will make things 100% easier. Learn a valuable skill (like sales) and master it to a point where your income will realistically allow you to invest aggressively.
@Tommy Parker
It also depends on who is paying for college. If college involves taking out thousands upon thousands of debt just because everyone is doing it...versus receiving a scholarship or having parental aid....
Have you considered trades? Trade school can get you making a decent income quickly AND teach you skills that can directly support any real estate investing strategy. I'd reccomend looking into your local market to see what trades are hiring and what rates. Thats what I would do here in Detroit if I was on the fence to go to college!