College Or No College?

Question

Hi, My name is Jake and I recently turned 18 and am still in high school. I've had the real estate bug for about a year now and have read many of the Rich Dad Books as well as some of the bigger pockets books. From my time sitting on the "sideline" studying, reading, analyzing deals and listening to the amazing podcasts I am finally ready to start my life and begin my real estate journey. I am currently starting my real estate license course which will put me on track to becoming an agent and hopefully starting my own brokerage later down the road ( as well as build my real estate empire of course ). I know being on a path like this not everyone has to like what I do but I'm receiving a LOT of pressure to go to college. Personally I don't see how that can get me anything but in debt and stuck in a 9-5. I decided to reach out because I don't know anyone who is a successful real estate investor (achieved financial freedom) and I wanted to talk about college/career paths and all the pressure to go and if it would be smarter to go etc. If you are knowledgeable on this subject and have a solid real estate investment portfolio please reach out!

Derrick Dill · Answer

You can do both. You can have a career and be a real estate investor. I'm an RN in my lower 30s with 6 properties under my belt. I could be financially free, but I love my job and will work per diem at least during retirement.

I've seen people immensely successful doing just real estate, and having just a career, as well as both real estate and a career.

Why not take a little bit of both, and do trade school, learn how to be a contractor, BRRR houses and do real estate? Depends what YOU want to do..

Joe G. · Answer

@Jake May @George W.

Concur with all and want to touch on military again.  Military provides so much including a solid financial base to your life, besides all the training and life experiences.  Formal education (trade school or college) also provides.  Reach out if you have more detailed questions.

Jake, thanks for mentioning military.

George W. · Answer

College Is not for everybody but most white collar jobs that have a decent w2 salary will require some sort of it. If you wish to invest using loans from banks you will need a good w2.

I own a plumbing business and can tell you that there is such a shortage of skilled workers that its basiaclly name your own salary if you're good. Most medium to large shops offer benefits too. Some shops will even pay for your schooling to get you through your apprenticeship. Also being handy has helped tremendously as far as real estate goes.

In my state (NJ) they issued roughly 1,000 master plumber licenses in the last 20 years. I was told of the 14,000 licenses issued EVER, only 5,500 of them are active. Of that 5,500 less than 7% are under the age of 40. there's over 8 million people living in my state...

Moral of that story is that the trades work force Is aging, nobody is filling those jobs. There is a ton of opportunities in plumbing, electric, hvac, welding, utility workers industries.

Alot of people tend to overlook the Military as well. if I hadn't gotten into the trades I probably would have went the military route.

John Teachout · Answer

I agree with the above post that it would be prudent to get educated in something besides real estate. If you've been on Bigger Pockets for a while, you'll learn that real estate is cyclical and in a downturn you may not be able to generate enough revenue to live on. I would also suggest a trade school of some sort, especially one that would benefit your real estate endeavors. ie, plumbing, electrical, carpentry, etc. Even in real estate down turns, people in these areas still have work. Keep in mind that real estate has been on an upward trajectory for about 10 years now and while I can't say when that is going to change, I can confidently state that it will change. Best wishes in your career choices.

Derrick Dill · Answer

I house hacked a duplex with 3.5h% down FHA to get started. That really put me in good position. Eventually I moved out of that duplex, and it cash flows a few hundred. I used equity from that property to purchase out of state rental properties. You'll need a good year of income (2 years for some) before you can get pre-approved.

Michael Plante · Answer

Both

Would hate to see you in your mid twenties, decide you don’t want to do real estate and then what?

That being said I never graduated college and think high school and college are absolutely horrible at what they are suppose to do.  But I would do them both again if I had it to do over again

Retired at 48 long before any of my well degreed relatives and friends

But I still think you should get your 2 year degree and then maybe go on for another 2 years    You can always do real estate at the same time

Laura Spaulding · Answer

My opinion on college is definitely different than it was when I was college age.  I have a master degree that cost me $40K, and my undergrad cost me $36K.  As an investor and business owner I didn't need either to do what I am doing.  I have learned more from reading books and finding anything and everything I can learn about RE.  I find that trade schools have a far better ROI than a college degree.

Samantha Prince · Answer

Along with that, I would say if you do decide to attend college, choose a university or community college that is cost effective. It’s not worth going into debt for your education, there’s ways to pay your way through if you look hard enough.

I paid my way through selling pest control door to door each summer. I only needed two summers to pay for all of my schooling. That student debt will only hold you back from your real estate investing goals.

Samantha Prince · Answer

My college education was valuable. Especially all of the networking I did — helped me in my real estate ventures.

The value of a college education isn’t just the education itself.

College Or No College?

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