Real estate license?

Question

I’m 19 should I go to College to get my real estate license

John Warren · Answer

@Oscar Flores yes to both! I think most people should still look to attend college as long as you are smart about picking an affordable option. There are plenty of state schools that still make sense. Just don't go for the college "experience". Live frugally (at home if possible) and pick a useful degree.

As for the realtor license, you will need to check your state. In Illinois you have to be 21 to get it anyways, so it would make sense to get your degree while you are preparing for the test. I am not sure what the age limit is in CA

John Warren · Answer

@Zoran Stanoev has some great advice @Oscar Flores. If you could work for a title company or a real estate attorney (depends on your state) you could see first hand what the transactional part of real estate looks like. Real estate agents see this too, but while I might close 50 times per year, my attorney closes 50 times per month! A title company probably closes 200 times per month. There is a lot to learn seeing all the different real estate deals close and that could give you valuable perspective that would be way better than flipping burgers.

Craig Curelop · Answer

@Oscar Flores - I 100% agree with @John Warren above.

Additionally, college is a decision you need to make. You need to pay your dues somewhere. If you go to college, you'll pay for it in dollars and time. If you don't pay for college, you will likely pay less dollars, but you will certainly make a few mistakes that cost you. Also, you will need to hustle to get a decent paying job so that you can take a loan out yourself.

If you do not want to take a loan out yourself, you'll have to learn the ins and outs of raising private capital. Matt Faircloth wrote a great book on that!

Joe Norman · Answer

If you're asking if you should go to college OR get your real estate license, then follow John's advice above.

If you're asking if you should go to College TO get my real estate license (your original question), then my advise is NO.  A college degree is not required in any state (that I'm aware of at least) and if you just want a real estate license then a college degree would be a waste of money, no matter how economical of the school you choose.

Good luck!

John Warren · Answer

@Richie Thomas I am guessing that working for an attorney you would see a lot more of the behind the scenes transaction. You would see negotiations up close. With a title company you are pretty much just closing the transaction, so you won't see the way deals are negotiated as much. You will see a lot of the back end of pulling title though which would certainly be helpful! No matter what, working for one of these real estate businesses would be a better use of time for an aspiring real estate investor than working in a random job just to make a few bucks.

Zoran Stanoev · Answer

I'd echo the sentiments of everyone above.  Couple things to keep in mind.  Just because a FAFSA is free to apply doesn't mean the money will be.  While it may be a low rate, it'll still be an interest loan.  Also, if you're going to a CC, I'd recommend getting a job at a real estate broker's office and learning about the business.  Or a real estate attorney's office.  Even if you just start by answering phones or being a runner.  You'll get great experience that you'll never learn in school or by taking the agent's test.

Richie Thomas · Answer

@John Warren I'm curious about the point you made about the relative transaction volume of attorneys and title companies.  I'd imagine that starting out under an attorney who handles 50 properties per month, @Oscar Flores would see fewer deals than he might if he started out at a title company that has to process 200 properties each month, but I reckon he'd get to dive into each one more deeply (and possibly learn just as much?).  I'm also a new investor though, so I'm here to learn as well.

I don't want to hijack this thread with a tangential question, but could you give us your opinion on that quality vs. quantity trade-off?

Jonathan Klemm · Answer

@Oscar Flores - I am jumping on the @John Warren and @Craig Curelop bus.  Just do both!

Going to college and having a degree is hard to replace, but tons of people do it and do it successfully.  I like Craig's point about paying your dues - whether you do it at college or through life experiences all successful people have to pay your dues so you just have to decide what's for you.

I  made it all the way through college before I discovered real estate but being an engineer has made me a better investor.  It's funny how life has a funny way of working things out.  Good luck either way!

Oscar Flores · Answer

@Craig Curelop

My plan was on attending a community college to earn that AA degree in real estate so I could get my real estate license so that way I’m saving money. Since CC is basically free and I could use the scholarship money and grants and FASFA ( Free application for student aid) save that for a future down payment.

Real estate license?

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