Accounting should I do it?

Question

This is my first post. A little background: I am in the Air Force and I am stationed in Germany. I have 3 years left here. I am considering a degree in Accounting because I want to be a real estate investor eventually. I would actually like to start investing when I return to the states. I have been looking for degrees that I can pursue while I am in another country that would help me in this endeavor later. I also like the idea of an Accounting degree because if I fail I will at least have a good degree to fall back on. I am currently working in the IT field and I don't really feel like it is something that I am passionate about anymore (Actually I am not sure if I ever was). Different jobs that seem like would be a good idea to start off with would be with title companies or firms that work with investors. I would also be interested if anyone has any good schools to get good online accounting degrees. I am currently looking at UMUC. I have heard mixed reviews about this school, but I am not sure if there is anything better out there. Please feel free to suggest jobs, schools, degrees or anything else you can think of for me to consider.

PS. I am probably getting out of the military after this term is up and I am trying to decide with my wife where to live. We are thinking about Washington state, Colorado, or Alaska. We like the outdoors, rock climbing and, the outdoors in general.

Alex Chin · Answer

I won't comment much on the question of pursuing an accounting degree. I believe that if you are interested in Real Estate for the long-haul, then an understanding of accounting concepts and basics is vital to maintaining a profitable business.

I will lay out a quick set of pros and cons if you are looking to live in Washington State.

Cons:

Western WA is expensive. The Seattle area in particular has seen skyrocketing house prices with rentals being damn near impossible to cash-flow.

Grey skies and rain. This is a personal preference thing. I love the rain, but a lot of folks will get down on the months and months without sight of the sun.

Passive aggressiveness. Seriously, it is a thing in the PNW

Pros:

You say you like the outdoors? the state of Washington is f***ing beautiful for hikes, camping, fishing, biking, climbing.

High wages for professionals. Lotta folks seeing very good money to move to the region. Thus many are able to afford stiffer rental rates or housing prices, even in the outlying regions.

Education. Seattle-Tacoma region is a solid hub for institutions of higher learning, and for hospitals and medical research. I.e.- it sucks to get cancer, but if you do Seattle is probably one of the least crappy cities it could happen to you in.

Cheers and good luck Jason!

Logan Allec · Answer

@Jason Walke, I learned a lot about real estate through being a CPA even before I jumped in for myself.  Just my two cents.

Gino Barbaro · Answer

@Jason Walke

Hi Jason

Accounting is vital if you are either going to be a real estate investor or if you are going to run a business.  You need to learn how to read an income statement/balance sheet.  If and when you decide that you want to relinquish that role, you need to make sure your accountant is performing.

Real estate is all about the numbers, and learning taxes can only help.

Gino

Jeff B. · Answer

Good idea to at least take Accounting 101 - - get the principles for at lease background.  I aced it, but hated it then AND now, but I still enter the bills and client invoices;  necessary evil I guess.

Re Bookkeeping; dime a dozen.  If you want that line of work, get the CPA and Registered Agent certification.  You'll get a better class of clients and the accounting gets more interesting too.

Nice part of that career is you can get a job anywhere.  I was in I.T. for 37 years as a developer and that made severe restrictions on the communities where that job description was useful.  May sound kinda 'hoo hum' but I'd bet you & your family would prefer that kind of flexibility after so many years of being told how HI TO JUMP.

Very best to you and yours.

James Cash · Answer

@Jason Walke Have you thought about Real Estate full time? I worked a corporate job for a long time before I got into real estate...biggest mistake I've ever made. The first biggest one was going to college. What do you want to do with the rest of your life? The reason people get "fall backs" is to make excuses to not pursue their dreams.

Patrick McCarty · Answer

Take a look at Canada. Their dollar (Loony) is weak right now. No language barrier, sort of.

Jason Walke · Answer

I am going to try some accounting classes before I fully commit. Thank you all for your feedback. I thought it was interesting when Kerry Baird talked about buying houses in other countries. It is an interesting prospect. My wife and I like the idea of flipping houses, but the idea of doing that in Germany with a language barrier is a pretty daunting prospect. We also have very little knowledge. Would this be a good idea? It seems like the European union is not doing that well in general and is headed to a breaking point. I am not sure if this would really be a good time to invest in Germany. My goal is to learn and save up as much as we can before we head back to the states. Once there I hope to know enough and have enough to start investing. I would really love to flip, but I am opened to doing whatever would work in the market I end up in. I also hope to eventually have buy and hold properties.

Kevin Greer · Answer

Jason - Highly recommend accounting - It is one, if not the best major coming out college today.  See link - Accounting is the No 2. occupations with the Most Job Openings: Bachelor's Degree.  It has been a life changer for me which great job stability, advancement, and opens the latter to all business jobs - highly  recommend.

https://bigfuture.collegeboard.org/explore-careers/careers/hottest-careers-for-college-graduates#bachelors

Nick J. · Answer

@Jason Walke, I was born in Stuggart to military parents myself. Made it stateside when I was 5.

I don't have any additional advice but I do sincerely thank you for your service!

Kerry Baird · Answer

I would take management classes, because it will assist you while on active duty *and* in any business endeavor you choose.  Of course, you could also apply for OTS with either degree.

I had my degree completed (in Biology...totally unrelated to my AFSC) before I enlisted , and worked on two grad programs, one through UMUC and the other through Troy State.  We were stationed at Mildenhall at the time.  My husband took classes through Liberty and Phoenix, which were a pain in the butt.  Because it was online, he says, they would triple-tap him for writing assignments.  He said the University of Maryland in-residence classes were awesome.  Additionally, he got his CCAF, while in.  He finally gathered up all those loose ends into a degree from Excelsior.

That said, we have been purchasing single family residences since we were E-3s, two houses in the UK and about 16 in the States. You don't have to wait until you have boots back in the US.: two of those we bought turn-key through contacts we made here.  I used all kinds of methods to save up for the down-payments:  the10% gov't savings program, while deployed, extra money we got from re-enlistment bonus payments, tax free, combat pay, family sep, mutual funds that we set aside.  We also borrowed from the TSP for one down-payment and we used the VA loan on the most recent house.  We had one small inheritance that I used for a rental house.

I did 6 active and 4 reserve, while hubby is still going strong at 23 years.  We figure at the end of this road, we will have the pension, of course.  Five-houses-paid-for, were my original goal, but I'm now working bigger.  :D

Accounting should I do it?

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