If you could go back in time?

Question

My daughter will be graduating from high school this year and wants to be like her mom and dad, real estate investors, she asked us for advise if she should go to college if so what classes should she sign up for or if she should go to a trade school. She wanted to know what classes we took, we looked at her with blank faces because we didn't even finish high school, but we don't want her to struggle as much as we have to get to the point where we are. We would like for her to go to college or take some courses to help her with her journey in real estate investing. Honestly we don't know what to tell her, like I said we didn't finish high school so we don't know what classes she should take in college for this kind of field. So I ask the BP community to help us out in this dilemma.

If you could go back in time what would you have done differently with the choices you made after graduating from high school and if you went to college what would you of majored in or what classes would you have taken that would of benefited you now as a real estate investor?

If you could go back in time what would you have done differently with the choices you made after graduating from high school and if you went to college what would you of majored in or what classes would you have taken that would of benefited you now as a real estate investor?

Matt N. · Answer

Hello!

Black sheep here checking in. A few scholarships and a chemical engineering degree, ramen noodle soup, and PB&Js allowed me to buy the house I live in 1 year after graduation. Then allowed me to buy/fix a rental home outright at 25yrs old. I'm 26 and searching for house #3. No guidance. Lower class parents.

With help/advice. She could get a great education, great job, and still invest.

If I could go back and do it allover again, start with community college for 2 years. I saw many friends shoot for lofty degrees and fail... Left with debt and nothing to show for it. Community or cheap college should be stop #1. Then pursue your passion after nabbing a 4.0 in 2 years of minor league college.

-Matt

Betty Sanders · Answer

I have been to college, BA and MBA, as well as several certificate and certification courses. Truly, if I could have done it all over, I would have just taken a 2-year technical in a field like radiology or similar so I had a skill with the potential for real jobs. I was lucky back in the late 1990s. Everyone wanted to be a Y2K programmer so I took the secretary jobs when I moved to Chicago. I then found companies willing to pay my tuition so hardly any school debt.

However, if I had parents who were real estate investors and wanted to go to college, I think law, finance, construction, customer service and marketing would all be good courses to take.

Allen Mock · Answer

Sounds like you and your husband have worked hard and paved a path to success. After all that hard work by you and your husband why not let your daughter use the same path to success that you paved?

College teaches students to work for others, not to be entrepreneur. I know I have a college degree.

Elizabeth Colegrove · Answer

I have an undergraduates degree and masters degree and it has been the best thing I did. I did not get an expensive degree, my masters was 8k from Texas A &M Corpus Christi. My degree got me a foot in the door at a real estate company and I have worked my way up. I have used the knowledge gained at my day job to invest my W2 and grow my real estate empire. Best the decision I made (thank you parents).

Good luck!

Merlina Rodas · Answer

Hi Lucero, congratulations on your daughter's graduation!

I graduated high school two years ago and was in your daughter's position, my parents are real estate investors. I know many people might disagree, but not going to college was the best thing I could have done for myself. I do keep a day job for support for now, but I find myself needing it less and less. With my parents' guidance I am learning more about the industry and at a more advanced level than some of my acquaintances who are STILL in school, through experience. Through watching my parents I am making progress. If she's a hard worker, just by following your footsteps and your husband's footsteps, she will learn what she need to learn!

Best of luck

Merlina :)

Brian Plowman · Answer

Understanding how a building is put together and what it will cost to fix or maintain an asset is extremely valuable. With that comes confidence in what you are investing in giving you a sense of security. Construction courses and acquiring a real estate license in your area seem like a no brainer. However, I wish that I had taken some accounting and finance classes in college!

Chase Gochnauer · Answer

This is my frustration with college - there are so many generic courses that are mandatory that you have to grind through classes you're not interested in to get to the ones that you enjoy. I wish high school got the gen-ed stuff out of the way and college focused more on specializing.

I'd recommend a mix of finance-based courses with construction. I think knowing construction basics would be important even if you're not swinging a hammer so you're not giving your handyman a blank stare. Then anything focusing on numbers analysis.

It's tough to become an investor right off the bat unless you're helping her out. Likely she'll need a day job to support for awhile. Think about what day job she'd like that's related to the industry and courses that revolve around that, also.

Bhekizwe M. · Answer

While Economic and Finance courses would help,assimilating skills from mum and dad real estate investors is priceless.Consider Donald Trump and what he learnt from his dad, Fred Trump

Lucero Sanchez · Answer

Yes my husband and I have worked super hard and still work hard for what we have and for what we want for our future, it's true the path is made and of course my daughter can definitely follow she sure wants to. We will be her mentors, financial advisers and support, something my husband and I didn't have.

We are going to place our live in flip property for sale this April and brake ground for our new home in June or July, mean while we will need a place to live, my daughter saw an opportunity at this point, she said that she can use the money she has been saving as a down payment to a house where we can live in while our home is being made. That's how she can start her first investment. So I see she has the eye of an investor already I'm sure she will be successful in this business with or without college.

Thank you for taking your time to reply.

Wishing you success;)

Lucero

Lucero Sanchez · Answer

" I wish high school got the gen-ed stuff out of the way and college focused more on specializing." I agree with your statement 100%, college is so expensive.

We do plan to help her financially and be her mentors she already has learned so much from us, she listens to us about finances, she started working at 16 and has been saving money to this day she has saved $5k I asked her what plans she has for that money and she responded " I'm going to keep saving till I have enough for a down payment on a house and have enough to fix it". I believe her because the first year she started working she said she was going to save up for a car, she picked up a little side job (organizing paper work for her grandpa) and in 6 months she saved enough to buy her first car that was $1800.

I resently found a book on her night stand that is almost half way finished it called RICH BITCH, so I truly believe she is a very determined girl and I think with college or no college she will surpass my husband and I and I hope she does. :)

Thank you for your advise

wishing you success :)

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