Career Advice for a 25 year old wanting to get into the business

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Career Advice for a 25 year old wanting to get into the business

Gavin Beard
Member since 2022 · 1 post · 0 votes

I was hoping to get some advice. I'm 25 and just got a $300,000 inheritance. I left college at 20 and have been trying to do self storage facilities with a family member but nothing to show so far but a 14 acre parcel we own. I know I want to be in commercial real estate but not sure where to start at this point. Do you think I should go back to college and get a business finance degree or try to go work for a commercial firm. I know I'm not going to get wealthy working for someone else but definitely need to learn although I've grown about around the real estate industry with my Dad being in it. I know the information is vague, but I was just hoping to get some advice. Thanks so much!

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  • Dominic Pizzi
    Lender · Freehold, NJ · Member since 2022 · 236 posts · 85 votes
    3y

    Hey Gavin!

    Truth be told, you do not need a degree to get into this field. I actually have a Masters in Healthcare, but I love what I do now and it is not even in the field of study I had when I went into college. Some people have degrees and some people do not. It is okay either way. 

    I honestly think you could do so much good as an investor in real estate, a diversified portfolio of STRs and LTRs that can cash flow for you and you can create your own financial freedom. If you feel strongly about commercial real estate, go for it! Every decision you make is entirely up to you and you alone. Advice from me or anyone else should not sway you one way or another. 

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  • Eliott Elias
    Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    3y

    Take things slowly, learn the game, respect and study it. Practice negotiation and real life deal situations on petty things. Once you are prepared get out there and be a killer

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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    3y

    @Gavin Beard

    Go back and get your degree - work for a company for several years to understand how businesses are run and then determine right time to attempt it on your own.

    Life is a marathon not a sprint

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  • Paul MoorePro Member
    Commercial Real Estate Fund Manager · Lynchburg, VA · Member since 2015 · 1k+ posts · 1k+ votes
    3y

    Hi @Gavin Beard! It sounds like you're off to a great start and BiggerPockets is a great place to start to get advice. 

    I recommend that you go to some commercial real estate courses or events to learn more before making a decision. If you decide to skip college you will need this type of training to manage your own firm. If you decide to go to college it will give you some more guidance and focus your efforts there. 

    I have an engineering degree and an MBA but the vast majority of what I do I did not learn in college. I am not saying you shouldn't go, it is really up to you. But a lot of very successful commercial real estate investors have went a different route or after going to college have switched careers. You're in a great position and as @Eliott Elias said above you have some time to make decisions. I wish I was asking that same question as your age. 

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  • Drew C Grossman
    Investor · Jacksonville, FL · Member since 2019 · 135 posts · 106 votes
    3y

    @Gavin Beard - I am also 24 and in the storage game…I graduated from college with a degree in finance and although I did learn some things, I learned WAY more from mentors/people in the business. I’m not advocating against college, I just think you can accelerate your learning by working with the right people! At this point I think getting valuable experience should be your #1 goal, whether that is working corporate real estate, residential real estate sales or working for an investor on the side part time to find deals…that will be for you to decide!

    You may want to start with your why? Why real estate? Why self storage? What are your goals? What do you want to accomplish? You already have something many don’t have (especially at our age) and that is a significant amount of capital. Be very wise and smart with it and you can use it as your nest egg to grow and build enough passive income to not have to work! There are so many opportunities ….get really good at one avenue and make your move. 

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