Most beneficial/advantageous education to pursue?

Question

Hey everyone, I’m 21 years old and an Air Traffic Controller in the United States Military. I just recently bought my first rental property and am looking to continue investing. I know its not required but was curious as to what degree/certification/etc would be most beneficial to becoming successful in this world. Ive been thinking about pursuing a degree in finance, business and even getting my realtors license. I am looking to invest in rental properties in hopes of holdIng them. Appreciate any feedback/experience!

Steve Morris · Answer

"I know its not required but was curious as to what degree/certification/etc would be most beneficial to becoming successful in this world."Well about 90% of RE investing (sales, finding the deal, convincing sellers, etc) they don't teach in schools, but you need to learn.The 10% about financials, you can take classes in, but again that something better learning empirically.

David Wandel · Answer

Like Ned, I did not go to college. I didn't even finish high school and in no way has a lack of a formal education held me back. The only thing that has ever held me back has been myself. I do consider myself fairly educated though. I read a lot and on a lot of different subjects and occasionally will take a weekend course, attend seminars , etc. I would encourage you to read up on tax planning and tax strategy and not just count on an accountant to advise you. Next, I would encourage you to read up on whatever area of real estate that currently interests you. Starting with the landlord/tenant laws where you currently own your rental at. Success is a personal thing and what is success for one person may not be for another. I would define what success is for you and then set some goals towards becoming successful. And don't be afraid to change/modify your plans and goals. You're young and there are many curves in the road ahead of you. The biggest thing is to take action.

Ned Carey · Answer

@Zach Cottone welcome to BP. I am sure there are degrees that can help especially if you get into development or large commercial world. My thought though is you need less academic knowledge and more practical real estate specific knowledge. I did not go to college and I don't think it has in any way held me back in real estate.

LeAnn Riley · Answer

@Zach Cottone - I love it when young folks like you are so ambitious and planning ahead. A business/finance degree will help you no matter what you do in life. As Ali said, take the education that is paid for. In Real estate I agree with others that different education applies specifically to what strategy you are deploying. My favorite is to combine strategies like value add and multifamily. That way you can scale faster. I started myself with house hacking a triplex when I got divorced and didn't like living with roommates. It was the beginning of a $14 million portfolio. My brother helped me as my mentor in the beginning. I remember we figured out that first deal on a napkin - no computer spreadsheets back then. It's still the same principle. CASH FLOW is what helps you get to the next one quicker. Now, it's easy to get info but the most difficult part is actually executing. Info overload is super common. That's why so many people need a coach to get them in action. What if you could get to your goals faster?....how much more money could you generate?

Matt Lewis · Answer

@Zach Cottone - Congratulations on the new rental property! And thank you for your service.When I was 18 I took some real estate inspection and real estate law classes at a city college here in Seattle. It really helps to have a traditional education foundation to build off of. I have learned a thousand times more about real estate and investing by reading every related book I can find and listening to every episode of the BP podcast. If you don’t know it google it. It adds up. Audiobooks are a good way to consume books if you don’t have the time or patience to read consistently.It seems like the really savvy investors are constantly educating themselves throughout their careers.

Ali Boone · Answer

Hey Zach...very cool on ATC... I'm a pilot! Just a civilian CFI, but I used to work as a defense contractor for some of the military brances in flight test, etc. Have stayed on plenty of bases because of that. Others are right about real estate knowledge not really being taught in school, but I also think it's better to have a degree and not need it than not have it and need it later. Especially if you're military and can get it paid for and do it around your normal job. I would do one of the ones that you mentioned--finance, business, etc. I think I'd personally go for business because it would hit more facets of the general industry. A lot of that could apply to real estate as you learn that too, and if you ever needed a job with that degree, it's broad enough to cover a lot of options. And lastly, congrats on getting started early! You'll do great.

Ned Carey · Answer

@Zach Cottone as I read the other messages someone mention classes about the law. This is one area most new investors ignore but it is very important. Real estate classes to become an agent will give you a foundation of real estate law and contract law. Another area of law that is important to know is landlord tenant law and fair housing

Steve Morris · Answer

Ali Boone · Answer

You bet! Because another thing to think about too always is--what if at some point I just don't want to be in real estate anymore? You always want to have stuff in your back pocket to fall back on. A fully paid degree is the easiest no-brainer for that. There are actually a lot of pilots on here! I can't remember the thread, but if you search pilots, I think there's some threads. :)

Zach Cottone · Answer

@Matt Lewis Just checked out the podcast you referred, definitely will be listening to the rest!