How To Decide Which Path To Take?

Question

I am 23 years old in NYC. I work as maintenance superintendent at a commercial building (about 80 000 sq ft) (4 years experience).

So I love working in the Real Estate industry, And my goal is to start investing.
But I am lost because in the USA there are many paths you can take to move forward in the real estate industry.

Currently, I am not going to college, and this is where it gets tricky

Should I go to college and get a degree, if not
Should I get certifications at Baruch College that are for the Real Estate industry
Or should I focus on meeting successful real estate investors, bankers, attorneys, brokers, and paying for mentorships, courses, books?

Julio Gonzalez · Answer

That's a great goal Danijel! This is a great place to learn and to connect with people! Welcome aboard and best of luck investing!

Stephen Brown · Answer

Stick with the real estate industry. 4 years practicing that will serve you much better than wasting 4 years in dance studies!

John Daniels · Answer

Great questions! I think we all started out asking those same questions. I ended up going to college and getting a degree, but it has not helped my investing career other than giving me a bigger hammer to build slightly faster. If you go to college, make sure it is for something you love doing AND pays more. Then use the increased wage to super charge your investing career. As far as information, BP has some of the best resources on the web- think of them as your mentor. Either way hustle and integrity are what allow you to succeed with or without a degree.

Theresa Harris · Answer

You will need to earn an income to buy properties, so what do you want to do and what are you good at?  Trades like construction are something that will be in demand and you'd get a good wage.

Don't pay for mentorship or courses as most of those will encourage you to spend more on the next package which costs more and you could use that money as a down payment.

Chris Levarek · Answer

Going to college isn't really necessary for real estate. However the experiences are worth it and accreditation can help getting any kind of job.

Still, There a plenty of people who don't have degrees and are exceling at real estate. Plenty of stories of agents making six figure salaries with no more then a real estate license. Or wholesalers/flippers doing the same.

I'd say work out a 5 year plan of what you want your life to be. Then boil that down to a 1 year goal and then down to a four 90 day sprints or quarters of action. Maybe that first quarter is simply podcasts, books and attending meetups. Set goals(5 books, 100 podcasts and 20 meetups) and hit em for 90 days. Then see where you at every 90. This will further define your strategy, your direction and your focus.

John Daniels · Answer

@Danijel Mladenovic

Many of these skills will definitely help you in your investing journey!

The other item I wish I would have started improving earlier in my career was to get my personal finances under control. I didn't realize that if I could not control my personal finance, it was going to take me longer to get into the investing game. Also, if I can't control my own money, how was I going to be responsible enough to manage business funds.

If you cannot get started investing right away, then your primary goals are to save, learn, and network. BP, work, BP, save, BP, cut costs, BP, talk real estate, BP, repeat! - You get the idea.

Danijel Mladenovic · Answer

@John Daniels

I have a real passion for Real Estate.

I enjoy learning about HVAC systems, plumbing,electric systems,elevator systems, building envelope systems. Maintenance,preventive maintenance has caught my attention.

Although I can't become specialized in all of them (it requires continous learning) ,what I learn I implement at my job .

My daily chores are:

-repairs (light electrical work,light plumbing work, patching the flat roof,drywall repairs,sheetrock repairs,etc)

-maintenance (painting, cleaning,light labdscaping)

-preventive maintenance on pumps,tanks,gears that are vital to the daily property operations

-find ways to increase heating efficiency and lower the cost at the same time

-find ways to lower water consumption in the building and energy (electric and gas) consumption

-increase the buildings occupants comfort

-increase the NOI for the landlord

-collect the rent

-resolve tenants issues

-basic inspection (I look for air leaks, gas leaks,water leaks) (of course a property inspector has much more skill in doind that than me)

All of that brings me joy in my life, but it doesn't bring a high income (because I don't have a specialized skill)

So I would love to find a way to acquire a property and put my skills into my properties.

Thank you for answering, John

Danijel Mladenovic · Answer

@Stephen Brown

True,I agree.

But,sometimes I wonder where to get solid knowledge to help me. 😂

There are many paths

Thank you

Danijel Mladenovic · Answer

@Julio Gonzalez

Julio,thank you!

Danijel Mladenovic · Answer

@Theresa Harris

I am good at day to day property operations, I find ways to increase the efficiency of property systems such as boilers,HVAC, energy consumption, water consumption, I make sure the systems will last longer,I make sure the occupants in the building are safe.

Basically maintenace, preventive maintenance,repairs, managing tenants,collecting rents (even though its not my job,I do it), I make recommendations to the landlord on how to save money without sacrificing the comfort of tenants and I do my best to avoid defferred maintenance.

My father does construction (20+ years,he operates a small construction business) maybe I can put him on my team

Thank you for answering

How To Decide Which Path To Take?

Most Popular Reply