21 Year Old in College and NEEDS advice!

8 Replies

Hello all! My name is Dillon Kiley and I currently go to Colorado Mesa University studying software engineering. I believe college is a scam, generates a crazy amount of debt and just gets you stuck in the corporate rat race. I love to code but I hate paying $100 grand to get a piece of paper that says I can code. I want to drop out and pursue real estate. I've listened to every BP podcast and am always learning more about real estate inventing online. When I'm in Denver I also go to real estate meetings. So here's the thing... I know I want to invest in the next few years but the market in Denver is SOOO high right now. My current plan is to get a house on an FHA loan. I want to fix up the house and rent out the basement to a tenant. Does this seem like a good plan to you experts? And should I even try to invest in Denver or is it to high of a market to pursue at this time? I'm looking forward to your responses and I want to thank you for your help ahead of time :)

@Dillon Kiley Hey Dillion! Welcome to the group and sounds like you’ve been doing a lot of research. As someone who also went through college, collected a good amount of debt, and later joined the rat race, I see where you’re coming from. Sometimes I wish I went straight into entrepreneurship right after high school, but live and learn. I’d say if you’re almost done, no harm in finishing it out and have that degree if you ever decided you want to use it. As far as investing in the Denver market is concerned, I’m a firm believer that time in the market beats timing the market every time. Look at the case Schiller index (historical home values), and you’ll see that even with the couple blimps, values always go up. If you plan on getting into something and keeping it for 10+ years, I’d say it’s always a good time to get in as long as the numbers make sense from a cash flow perspective.

Hope this helps!

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You can't buy a house without a job. I'd finish the degree only because it's in a decent field, get a job, and then house hack your way out of a job. 

$100k though... I might look for a cheaper option. 

Banks like seeing that W-2 so you having a job is pretty vital, at least when starting out.  If you don't want to go the tradition college route, you could look into a Praxis apprenticeship. They'd match you with a start-up most likely and it's a paid apprenticeship, after that's over (6-9 months) you get a job offer. It's an accelerated way to enter the job market without incurring any debt. Here's the creator talking about it. 

https://www.youtube.com/watch?...

You should really read Scott Trench's book Set For Life and Craig Curelop's book The House Hacking Strategy, they both invest in and around Denver and do quite well. I think they're the best books for young people to read.  BTW if you're in Denver why not just try to get a job at BP? :) 

Subscribe to Mark Ferguson's Youtube channel while you're at it, he's a wealth of information and takes you along his investing journey in Colorado.

https://www.youtube.com/user/I...

   

 

Originally posted by @Dillon Kiley :

Hello all! My name is Dillon Kiley and I currently go to Colorado Mesa University studying software engineering. I believe college is a scam, generates a crazy amount of debt and just gets you stuck in the corporate rat race. I love to code but I hate paying $100 grand to get a piece of paper that says I can code. I want to drop out and pursue real estate. I've listened to every BP podcast and am always learning more about real estate inventing online. When I'm in Denver I also go to real estate meetings. So here's the thing... I know I want to invest in the next few years but the market in Denver is SOOO high right now. My current plan is to get a house on an FHA loan. I want to fix up the house and rent out the basement to a tenant. Does this seem like a good plan to you experts? And should I even try to invest in Denver or is it to high of a market to pursue at this time? I'm looking forward to your responses and I want to thank you for your help ahead of time :)

 Welcome aboard Dillon.

Originally posted by @Dillon Kiley :

@Matt M. I get what you're saying. I know enough coding that I could get a job already. So first step would be to go into the work force?

I know nothing about that industry, but I remember reading that those with a degree got better pay unless they were great at coding, etc. You'll need 2 years of w-2 income to qualify for a loan. IIRC that condition was flexible if you had a degree in the field coming out of college. I'd speak to a lender about it.  

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