Is college worth it?

Wholesaler · Brooklyn, NY · Member since 2020 · 11 posts · 13 votes

If you were to restart your life at 17 already knowing you want to get into real estate investing, would you go to college with a full-ride or would you get started investing without wasting any time, and why?

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Joe VilleneuvePro Member

Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes

Full Ride? Go to college. You will learn so much more than you think in college. Things that many (way too many) never learnt today and we are seeing the results. This includes REI. Make sure you take math. Make sure you know geometry and Algebra backwards and forwards. REI is both. Geometry teaches how to build a plan, solve problems by tracing a path, and how to multi-task. Algebra teaches how to execute that plan, follow the problem, establish the specifics of the path, and an understanding the the left side of the equal sign is more important than the right.

REI is nothing but math with dollar $ign$ in front...not percentage signs behind.

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Ryan LubyPro Member
Rental Property Investor · CT · Member since 2016 · 258 posts · 227 votes
6y
I would get started in real estate right away.
I would still start with my realtor license, and contractors license and start in the trades as a contractor initially.
I feel this is the best place to learn, I feel understanding construction especially where I am is extremely valuable, and I feel the trades are only becoming more valuable so having the ability to both work or manage a trade business is an awesome opportunity to earn a living or have as a side hustle while investing.
Then I would start flipping houses, managing the projects and rehab's myself and slowly start from there seeing where that takes me. I would still intend to buy rentals but I would figure out what rental strategies make the most sense and buy in a good market with low taxes and a great commercial/business- city footprint.
I am a huge fan of education. But I'm not a fan of academia in America in its current form. It's too easy to get loans that are too big for children of that age. There is insanely high quality content available for free everywhere, and the ability to educate yourself has never been this easy and applicable to real-world life. I know you're example said a full ride so I'll answer that question even though that example is a rare reality for most college students. I still feel the opportunity cost is too high spending 4 years in a classroom not getting useful enough real world experience when you could start at the lowest possible level in a brokerage or construction company and in less than 4 years be able to flip a house, or manage a rental or much, much more.
I always prefer hands on, real world experience over the class room but that's because it fits my intelligence, and my learning style.
Great question!
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Wale LawalBusiness Member
Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
6y
@Edgar Ehrsam Formal Education is still a valid asset. Does it worth it for your personal goal? It depends.
Real Estate Investing is a great strategy for financial freedom but without formal education to get a good job that will allow you to have a substantial downpayment or buying real estate with cash, Investment may not be possible for that individual except you want to start with bird-dog (Wholesaling, Real Estate Investor Apprenticeship, Assistant etc).
I have a Bachelor and Master's Degree in Chemical Engineering and I will say (with confidence) that it all worth it.
Goodluck man!
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Joe A.Pro Member
Realtor · Waco, TX · Member since 2018 · 75 posts · 80 votes
6y
@Edgar Ehrsam Full ride? DEFINITELY GO TO COLLEGE. Get yourself a business degree. You will learn so many other things you can’t learn anywhere else.
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Gi'angelo Bautista
Flipper/Rehabber · San Francisco, CA · Member since 2017 · 176 posts · 70 votes
6y
My goal is real estate development. If I had to start all over again, I would:
- Go to top business school (i.e. UC Berkeley, Wharton, etc)
- Major in Finance & Minor Architecture (Because I like architecture)
- Intern and Work for a Real Estate Developer/Private Equity Company
- Get an MBA & MRED at USC
- Work for a Real Estate Developer
- Go off on my own
The reason is because most successful real estate developers that I come across have worked for a real estate developer. They basically learned all their systems, fundamentals, and etc then went off on their own.
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Account Closed
Member since 2020 · 11 posts · 5 votes
6y
@Edgar Ehrsam the biggest reason in my mind to go is to provide opportunity. College DOES NOT make you rich (does the opposite initially haha) but the way employers and society are structured it places value on those who go and therefore opens opportunities. Look are the current demand and your interest and choice based on that. My recommendation regarding real estate investing is start as early as possible. Time is the most valuable commodity.
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Bob Prisco
Specialist · Cleveland, OH · Member since 2018 · 1k+ posts · 666 votes
6y
@Account Closed "give me guys that are poor smart and hungry, keep your Harvard grads any day GG " IF RE is your passion simply connect with those doing deals vs reading books and going to seminars, learn and apply what you learn .
Good luck
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Kris L.
San Antonio, TX · Member since 2019 · 930 posts · 836 votes
6y
@Edgar Ehrsam
I would go, though I would probably change my field of study a bit. A nice W2 would still help jumpstart RE investing.
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Brandon Stevenson
Rental Property Investor · Indianapolis, IN · Member since 2019 · 21 posts · 12 votes
6y
@Edgar Ehrsam
No brainer. Go to college. Start REI while in college. Real easy to find some friends to "house back" with. Rent out each room. Build and grow your portfolio.
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John LyszczykPro Member
Rental Property Investor · Marine City, MI · Member since 2016 · 145 posts · 230 votes
6y
College certainly opened my mind to different perspectives and I learned quite a bit, but I wish I would have taken advantage of networking better. I wish I focused on building and nurturing more relationships with my fellow classmates.
Colleges need to adjust their curriculum, and maybe they already have, but there needs to be a focus on how to become a "businessman/women". NOT how to become a corporate ladder climber. In addition, they need to teach college students how money works, and how to start a LLC or corporation. We learned the terminologies, but never the process and hands on experiences. We need more Sales programs with courses on negotiation skills, networking, digital marketing, public speaking, salesmanship, etc. Colleges lack these areas and businesses are in HIGH demand of motivated sales people to drive the company's growth. A company can't thrive without a strong sales department. Just my two cents
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Cherif Medawar
Investor · Santa Clara, CA · Member since 2017 · 37 posts · 53 votes
6y
There are certain rules you need to follow to succeed in business and investing. Usually you will get them all from a good apprenticeship and not necessarily in college. Especially if you are attentive, focused and interested in learning and applying.

These rules will help you make money, in my experience, even if markets go bad for a while as they often do:

1) Learn how to present your ideas, communicate, sell, negotiate both verbally and in writing and both one on one and publicly

2) Know your math, wealth is a skill based on numbers, so know current numbers, expected numbers and cost plus time to get there

3) Know how to organize, prioritize and focus on the macro as well as the micro steps by truly observing and analyzing to constantly shift and adjust as needed

4) Know how to stay healthy, alert and energetic to produce productively and be effective efficiently to get more done in a unit of time based on the 80/20 rule

5) Network strategically time exchange in abundance with powerful well connected allies who can show you the short cuts that you can duplicate, leverage and scale

6) Master the creative process and use your resources in a resourceful manner to get started, build momentum, grow and contribute to the greater good

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Erik Emmer
Member since 2019 · 2 posts · 2 votes
6y
Go to college. Being able to hang your hat on value in yourself and learning to think critically will serve you throughout life. Better yet, find employment that pays for your college or part of it.
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Erik Emmer
Member since 2019 · 2 posts · 2 votes
6y
Go to college. Being able to hang your hat on value in yourself and learning to think critically will serve you throughout life. Better yet, find employment that pays for your college or part of it.

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Matthew Irish-JonesBusiness Member
Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
6y
@Edgar Ehrsam I studied philosophy and would
Not change it for the world.
I would also not recommend it for anyone. When I graduated I was way behind others in terms of business, but a head in other ways.
I have had to read a ton of books on RE, economics, and business but, I would rather have the foundation of what I learned in philosophy than the other way around.
College is worth it if you make it worth it.
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Trey Green
Investor · Dallas, TX · Member since 2019 · 15 posts · 32 votes
6y
@Edgar Ehrsam
College is worth it, depending on the field of study. Law, Medical, Stem to name a few of worthy degrees.
You know what’s scary? A kid born today will need at least 400k or 500k for college.
Outside of the curriculum, I do believe the environment of college, the ability to cross paths with students from different backgrounds and upbringings, and the university’s network (if leveraged right) can be valuable in the long run. But you can also gain that through exposure of meetups, networking, travel, etc.
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Joseph DeCola
Homeowner · Malden, MA · Member since 2017 · 12 posts · 12 votes
6y
Go to college in order to get a job that pays a decent salary but college is not going to make you wealthy. You need to invest and be smart with the money you make at your job. College taught me how to learn. It taught me how to think critically, analyze, look at different perspectives, etc. Take those skills you learn in college and bring them elsewhere but don't be ignorant and think you know everything just because you have a college degree. The learning needs to continue for the rest of your life afterwards. Looking back it was fun and a great experience but it does teach you a narrow specific skill. You can use that skill to work a specialized job but its up to you to expand your skill set. Best of luck. I am telling you this as what I would tell my 18 year old self if I knew.
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Justin Thorpe
Member since 2020 · 437 posts · 675 votes
6y
The debate against college was started by so called “investment gurus” who well know that if more people went to college the market for their books, audios, seminars will be a lot smaller. They’d rather have youngsters not go to college!!!!!!!
As for the good well paying jobs on Wall Street or in Silicon Valley, there is a reason why a bigger and bigger chunk of those jobs are held by foreign born immigrants and that reason they went to college and got advanced degrees.
To me there is no argument not to go to college. Most wealthy people in America likely went to college with few exceptions. Even Bill Gates, Michael Dell or Mark Zuckerberg went to the best of colleges but clearly they were smarter than college and dropped out. But they went to college!
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Ian WalshBusiness Member
Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
6y
It can be. It depends on what your goals are in the long run and the tools needed to get there.
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Aaron F.
Investor · US · Member since 2017 · 71 posts · 80 votes
6y
College can be a waste of 4 years and put you behind, or it can give you 5x the earning potential and put you back ahead quickly. It depends what you study. I really don’t know how someone would get started in RE without that income.
Now if you’re paying 20-40k a year it’s entirely different. I would consider a trade skill if that’s the case. Plumbers bill 100/hr.
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Zachary Bellinghausen
Member since 2017 · 143 posts · 76 votes
6y
If I had a full ride scholarship, I would go into a field that allows you the ability to make a lots of money upon graduating, and that alone will put you further ahead in the long run. Do not go for an art major, or psychology like most of these modern day yuppies. I went to four years of college that I paid myself and will never use my degree. I went straight to the gas and oil field afterwards and learned on the job and make 5x more than anyone I graduated with. If you have a good w-2 job, it helps you finance deals much easier.
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Steve HyznyPro Member
Investor · cedar lake, IN · Member since 2017 · 32 posts · 18 votes
6y
Go, its not about the subjects you study, at a young age, it shows you can start and finish large tasks, are mature enough to complete a degree. Can follow the rules to graduate and understand you have to follow the rules. You have rules in REI and its a good lesson to learn.
It shows future employers that you can complete what you start, that applies to investor too.
You don't need to spend 6 figures, community college then a local state 4 year college costs less and provides the same life lessons.
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Account Closed
Flipper/Rehabber · Cincinnati, OH · Member since 2020 · 300 posts · 417 votes
6y
I would choose college all over again, and I didn't even have a full-ride. With a full-ride, I think choosing to go to college is absolutely a no-brainer.

While I've heard some good arguments from successful people about why they didn't go to college (or why they think other people don't really need to go to college), I think some of these people often had a lot of money and/or valuable connections already which set them up for success.

Self-guided learning (which is sometimes argued for in the age of so much free info on the internet) is not necessarily the best way to go. I couldn't have said it better that @Joe Splitrock did. You really don't know what you don't know, and it's invaluable to learn from professors who have specialized expertise. Even if your degree is not directly related to the exact career you end up in, the connections you come away from college with are invaluable. Go to office hours whenever you can to build relationships with your professors. Of course build relationships with your fellow students. Lastly, keep in mind, as many others have said, a college degree really says something about you to future employers.
Hope this helps!
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William Jenkins
Real Estate Broker · St. Louis, MO · Member since 2014 · 206 posts · 194 votes
6y
@Joe Villeneuve - One of the most important things you learn in school is "how to learn". College takes that statement to a much higher level.
Great post..... I have a BS in Finance and even went back to get my MBA. Their were a lot of things I learned that were not applicable to success, but it does teach you how to learn and how to research/solve problems.
Also, most investors start out working in a non real estate related full time career and then leverage that income to invest in real estate. I still think college is very valuable in terms of its ability to get you into a higher paying career path. That income stream make getting into real estate MUCH easier.
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Joe P.
Philadelphia, PA · Member since 2017 · 824 posts · 1k+ votes
6y
Unless you're independently wealthy, or know a trade of some sort, you need seed income to start in this business. Sure, it would be a viable path to do contract assignment to start as a wholesaler, but that assumes you want to wholesale full-time. Personally I think its easier to establish oneself and then begin investing with money outside of what you need for living expenses. If something goes wrong, you've invested "extra/saved" money not "desperately need to eat money"
I wouldn't go to college just to go to college - while I don't think RE investing is inaccessible, I just think its a difficult path to jump into without some financial stronghold behind you. It is a risk, after all.
If you're 100% into the business and all aspects of it, consider roles/training/education within the business itself that would interest you and can help you make money (as well as reduce costs for you otherwise). Examples could be becoming a PM, handyman/handywoman, learning a trade, architecture, RE tax/financial consulting, mortgage business, et al, would all be great ways to have stable income and get you closer to your RE goals. Some of those require college, some don't.
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Account Closed
Fort Collins, CO · Member since 2017 · 110 posts · 69 votes
6y
I would go into the military, do a minimum of 1 term (usually around 4 years) and come out with the Gi Bill, VA home loan benefits, and some very good life experience. Then, not only is college covered, but you get paid to go as well.
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Erica Larence-Penna
Attorney · RI · Member since 2019 · 157 posts · 93 votes
6y
I would have still gone to college even knowing what I do now, but I would have likely studied something else. I double-majored in Sport Administration and Film and then somehow ended up in law school. I would have studied something more useful, like business and I would've broken out of my shell a bit more and tried to network as much as possible and learn as much as possible from people in real estate. I would have still gone to law school, too, but I would have gone immediately into real estate law and not do litigation. I would have been a lot smarter with my money and purchased my first property a lot earlier than I did.

Aside from obviously needing income to fund your real estate ventures, I grew up a lot in college and I think that's another reason I would absolutely go to college all over again. I also met some of the best people that continue to have a huge role in my life.
If you have a full ride, go to college.
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