To become a decent sized player in the real estate market, what is the best background to have? An MBA, some other type of formal eduction/business courses, self-education and experience, or ??? I realize people come from all backgrounds, but I am talking about if one wants to eventually make say, $1 million+/year, for example, strictly from real estate. I'm not expecting to be there overnight, but I am researching how to best prepare myself ahead of time.
I started with real estate many years ago when I bought my first house, renovated it, and rented out rooms, which I continued to do with my next house, until I fully rented out that house, then another, and then another.
I'm considering doing real estate more seriously and want to move into commercial properties, probably starting with 3- to 4-plexes and then going bigger. I'd like to one day own full apartment complexes and perhaps retail.
A MBA can be beneficial in regards to the education you get: general business, and accounting, marketing. However i don't think it is really necessary, unless that is one of your life goals to get a graduate level degree. The thing that is necessary is the knowledge and you can gain that through a internship, partnering, Bigger Pockets.
It helps to have a varied background. I think tenacity as a trait will serve you better than anything else.
To me, there is only so much that school can give you. My 10th grade education has served me fine.
Ok, I have a Bachelor's in Computer Engineering and a Master's in Journalism. I took some business courses but a long time ago. Just looking at what's the best route. I read posts but maybe some books would be a good place to start?
I have an MBA and a background in financier/accounting. That being said the first time I did the mortgage paperwork (MBA complete) it gave me a headache! My degrees got me the W2 jobs that allowed me to play with other people's money ! Tahn I took those skills to start my empire! Could I have bought 5 houses without my background of course! Could someone repeat what I did in my exact way? No!
We all have our "gifts" for some of us our degrees are just theoretical extension others it's not! So figure out your path and than dive in no matter your education!
Thank you! I think for me, I would feel better if I took some classes on finance at least. I took some accounting and marketing classes a while ago, but do not remember much from them. I don't feel confident going out and looking at 3- or 4-plexes, if that's the best next step, and buying one without knowing more of what I am doing.
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