Formal Real Estate Education

[Don Konipol]

I was wondering how many RE investors have some FORMAL real estate education?  Anything from real estate broker licensing and continuing education classes; college classes or even a degree in real estate; CCIM or BOMA classes; open education online classes, etc.  with the amount of information available on line SOME investors can probably duplicate or even surpass formal education, and of course most successful investors are constantly learning.  So the question is (1) do you have a “formal” real estate education and if so what it is, and (2) are you continually adding real estate knowledge and if so how?

[Jay Hinrichs]

some College class's way back in the day. 

Real Estate brokers license in 3 states which required of course all the study material to pass first one ( CA) was toughest since I was 18 and just learning although grew up in the business so I had somewhat of a leg up as i understood the process at least.  And the MS brokers test I was able to use my OR Brokers license to get a reciprocal test so when I went into the state office in Jackson to take the test I was surprised to see it was a total of 13 questions I got 11 right and passed :) It was more like studying for a driver's license :) 

So to keep my CA Brokers license I have to take CE every 4 years and its fairly robust it's about 40 hours of studying and passing the tests it's all online, but you do have to pass the tests.  In CA Once you hit 70 and have had your license for more than X number of years you no longer have to take CE your grandfathered in for life. at that point I will have had my license for 52 years and to date never a blemish on that license!

I also have a State of Oregon Mortgage Bankers license which of course means NMLS registration (all though I am inactive right now) I am in the process of the annual CE for that this week which is 10 hours every year. The Mortgage license test for someone like me that has never really done owner occ loans and only HML was pretty tough since I never really worked in the space I passed first time but when Dodd frank came out it washed a lot of LO out who either could not pass or now your required to submit a Personal financial statement to the feds and state and have a bond.. Many just could not get bonded or their finances were a mess. I find the CE for these annually is valuable to stay up on current legislation and trends and they do dive into RE related subjects. Like this year there was a complete module on Foreclosure rescue schemes that are the target of the states ( this was Oregon specific though not all states have adopted these laws)

[Chris Seveney]

@Don Konipol

1. Bachelor in civil engineering

2. Masters in real estate finance

Always trying to continue to grow through groups I participate in, memberships like mindvalley, MIT open source.

While I believe education was 100% worth it, including my masters.

I worked 15 years for a top ENR GC and I worked with really intelligent people as well as for several other companies with really sharp people. So I was getting paid to do a job but also was able to learn a ton.

[Joe Villeneuve]

Internet and books off the shelf is information. Formal education is knowledge. Information is dangerous because it may look complete, but it usually isn't. Most important though, particularly as it applies to a career (like REI), there is no system. REI must be worked as a system, or you will lose money....lots of it. There are many that will say they have made a lot of money using the info from the internet only. They may have, but their situation can best be described as you don't know what you don't know, or in this case what you didn't learn may have made you more, faster, with less hassles.

Education is the one thing that has no limits on it.  When short cuts are taken, or being satisfied with just enough to get by, the world beyond will never be experienced.  I wonder what that could have been, and in the back of your mind will you hear a little voice reminding you that "you don't know, because of what you didn't know".

[Shiela R.]

@Don Konipol. Yes, I have formal education as follows:

1) Paid nationally known investors for a year long mentorship course with an upfront fee AND splitting my first 2 deals 50/50

2) Real Estate License in CO since 2005.  CE annually

I continue to educate myself through reading, taking courses and doing deals!  I learn on every deal - wether I'm doing a fix and flip or brokering.  The quote :"If you're not growing you're dead" is a mantra of mine.