landlords, what major should your kids study?

Question

Hi all, My kid is on high school now, she say she would like to become like me have few propoerties and collect rent have a simi easy life style, however she doesn't know what major she want to study for becoming a real estate investor ( mainly landlord of many units with cashflow every month) I suggest her to study for a business major, and apply for nyu stern or u-penn business school.  what do you guys suggest?

Nathan Gesner · Answer

College used to mean something 30-40 years ago. Now it's a time-suck and one of the biggest reasons for personal debt.

If your kid is half-way smart and serious, they can get a job with a property management company. It will earn them a paycheck while teaching them the ropes of managing investments. If she likes it, then she can figure out how to earn the money and start buying her own property.

BiggerPockets Podcast 554 is just one of many examples of a young person killing it. 21 years old with 80 rentals and he had no experience, no money. He got his real estate license, found an experienced investor willing to help him get started, and the rest is history.

Nick Robinson · Answer

@Tina LeeTina,A business or even an accounting degree to go over financials for bigger properties.  I also want to stress the fact that if the main goal is to be a real estate investor, she does not need to go to school to do that.  The main goal would be to get a job that directly helps her real estate career or that makes the most money possible, so she has more capital to deploy on real estate.  It also seems like she wants to invest in real estate but not sure what she wants to do.  If that's the case, get a job and go to the local JC.  She can make money working and save a ton of money on school.

Terrell Garren · Answer

Leave a calculator and a Dremel near the cereal box at breakfast.  If she plays with the calculator - business degree.  If she picks up the Dremel - construction management.  This is tongue in cheek, but you get the point.

Scott Mac · Answer

Brain Surgery....low hours, high pay, set your own hours...

Can use the money for down payments.

Theresa Harris · Answer

She needs to figure out what she wants to do when she grows up and study in that field.  Most people rely on their regular job to get mortgages and pay the bills.  So she may as well make it something she enjoys.  If she likes numbers and business, that isn't a bad degree to get.  If she likes working with her hands, she should also think abut going into the trades.  Not enough people are going into the trades and that is one job that there will always be a demand for.

My job depends on my degrees, but has very little to do with real estate.  Teach her how to budget and handle money as well-that will go a long ways to helping her succeed in life.

George M. · Answer

@Tina Lee

Engineering, IT, cyber security, nursing.  In demand careers with low barrier to entry

Greg R. · Answer

I would personally advise against "traditional" college degree programs. They are a huge money suck and it's unlikely that she'll gain much usable knowledge. I don't see a lot of benefit for an investor to incur hundreds of thousands of student loan debt. Colleges now are basically high-priced indoctrination camps. And this is coming from someone with two degrees.

I would say to maybe study for a real estate license and perhaps a few finance courses. Do that and start working and saving money for her first deal. Or, consider the military. Put in 4 years and then get the most powerful loan in all of real estate - the VA loan. If she goes that route she'll also get the GI bill which will cover tuition for a degree program if that's the route she really wants to go.

Jon Kelly · Answer

@Tina Lee If she wants to be like you tell her to study whatever you studied

John Underwood · Answer

Business major will be fine.

landlords, what major should your kids study?

Most Popular Reply