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All Forum Posts by: Logan Jorns

Logan Jorns has started 34 posts and replied 59 times.

Post: What is your reason why?

Logan JornsPosted
  • Rental Property Investor
  • Belleville, IL
  • Posts 60
  • Votes 29
Because for three years I was working on a goal that was not set by me. For three years I was miserable and after my studies I would read every business / entrepreneurship book I could get my hands on. I would fantasize about what I could do / know I can do in the real estate business. Now that I’m out of my old situation, the fire is back in my eyes and I can’t wait to get out of bed every morning. I know what this path has done for others and I know where it can take me. I’m young, hungry and have been blessed with parents who have been investing in real estate for 10 years. For 10 years I would watch them and make notes to myself. It’s time to put my 10 years of silent studying to work. I finally am stepping out on my own and am for the first time in three years, excited again. I can’t wait for all of the great things REI will bring! Cheers

Post: Are “Live in Flips” really worth it?

Logan JornsPosted
  • Rental Property Investor
  • Belleville, IL
  • Posts 60
  • Votes 29
Hello BP community! I’m a new investor who is about to finish up my first flip and come the first of March, will close on another house to flip. I’ve heard a lot of buzz about live in flips and I’m wondering your opinion on them. Are they really worth having your money tied up for 2 years just to avoid paying CG tax? Yes, it may be less money if you decide not to live in it, but you then have money available for your next investment rather than having it tied up for two years. I was wondering if they are really beneficial for new RE investors? Looking forward to your responses! Cheers, -Logan Jorns

Post: Is college worth a real estate investors time?

Logan JornsPosted
  • Rental Property Investor
  • Belleville, IL
  • Posts 60
  • Votes 29
Michael Biggs You hit the nail on the head. Yes I would have a decent salary and a network of high income individuals. However, at 26 years old I’ll will have just graduated with about +250k of student debt. On top of that, a Pharmacy is not something that really lites the fire in my eyes. I’m definitely smart enough to finish the program, it’s a matter of if it’s worth it. Essentially, what I’m concerned with is the next 6 years. Either I: A) stick with Pharmacy, have a mountain of debt but a high salary B) forget college, continue to flip until I build up a large enough cash reserve to purchase first multifamily and scale from there C) get a degree online (something to do with business) while continuing to grow my REIs and scale up to multi family My goal is to move into large multi family properties and be completely financially independent by 30. These flips are more for learning and getting my feet wet, while building up a nice cash reserve to use as a down payment on my first multi family.

Post: Is college worth a real estate investors time?

Logan JornsPosted
  • Rental Property Investor
  • Belleville, IL
  • Posts 60
  • Votes 29
Originally posted by @Jason L.:

The answer to this question will vary person-to-person and most college experiences aren't apples-to-apples anyway. The name/brand of your school, your legacy/networks, and quite frankly just random luck will play such huge factors into what path you take out of college. My point to this is not to take any one (or even group of) answer to your question as gospel, including mine.

That said, I'm in a bit of a unique position to lend input to your problem. I dropped out of college when I was 19 to pursue entrepreneurship, went back when I was 23, and then went for my MBA when I was 28 (I like to joke on job interviews that I'm part of a rare subset of "college dropouts who have a masters"). Without getting too much into it here, I was doing extremely well with my business when I dropped out. I already had proven a solid track record of sustainable income while doing the business part-time, and it was very clear to everybody around me (parents, college advisers) that my time was better spent pursuing that business full-time than to finish my last 3 years of college (where best case was probably getting a job making less than I was already making part-time). I had good years with the business -- much better than I would have had doing it in lockstep with school -- but I had to give it up 4 years later due to reasons beyond my control.

My college experience (at least my second one) was a huge negative. I picked a school close to home that didn't have a big brand name, which made finding a job extremely tough. Not to mention that a lot of Corporate America isn't exactly open-minded when it comes to people who took the "non-linear" path to get in front of them (Corporate hiring managers are notoriously risk averse because they'll usually have 100 other candidates who are deemed to be "safer" than you. I'd spend so much time on interviews basically having to defend myself for leaving school to do something else that they'd barely discuss my actual skills or credentials).

I went back for my MBA years later basically as a double-down on what I already had considered to be a bad decision. I was certainly heading in a much more positive direction during grad school, but ironically I might be the only person in the world who got fired for finishing his graduate degree (I got downsized because the company felt they could no longer afford the promotion they had promised me if/when I graduated). While I'm optimistic I'll be back in something in the next few weeks, let the record show that 4 of my first 6 months after getting my masters have been spent unemployed :)

My point in sharing this with you is the following:

1) Is college really worth it? Most likely no, unless you are A) going to a big name school; B) have a significant scholarship, are not paying for it yourself, or if it's at least just like a cheap state school; or C) have family who are going to gift you a career when you graduate. Anything outside those 3 are largely going to be reliant on random walks of luck, which is inherently a sucker's bet.

2) However, you need to be positive that your time is better spent outside of school to justify leaving. If you can already flip houses while in school, then are you 110% positive you can immediately scale that with the added time? I don't just mean that your plan is to read more books and attend more meetings. I mean that if you can flip 2 houses while in school now, then can you immediately flip 6-8 with the time added by removing school?

3) While you could always go back to school later, remember that once you leave the linear educational path that you're probably going to have to defend that decision for the rest of your life, and the majority of people aren't as open-minded as you would hope.

Really appreciate the detailed response. I think you're absolutely right, this isn't a cookie cutter decision. There are unique factors that come into play. I'm just trying to figure out if I really need a degree to scale up, or can I use 1031s / OPM to grow? I was on year of 3 of 7 of a Pharm.D. If I go back, I would switch to a business degree to help with REI. Possibly an online degree that way I could continue to work on my RE portfolio.

Post: Is college worth a real estate investors time?

Logan JornsPosted
  • Rental Property Investor
  • Belleville, IL
  • Posts 60
  • Votes 29
Originally posted by @Jake Harris:

Well I was in the college doesn’t really matter camp for a long time. However, I went back to school and finished my undergrad and then went on to get a Masters in International Real Estate. I would say both have been hugely beneficial for my investing and the growth of my career. But, it’s hard to give advice in a vacuum without knowing the bigger picture. Are you incurring debt? What is the degree in? What is your future goals?

Jake, I am taking on a massive amount of debt for Pharmacy School. I am paying my way through it, and if I were to finish out all seven years, I would have ~250K of debt. If I were to return to school, I was thinking of getting some sort of business related degree to help with REI. Possibly taking classes online so I could continue to invest in RE while building my personal resume and have an option to land a good w-2 job to fund future investments. Currently, I am 20 and by 30 my goal is to be completely financially independent with a minimum of 300 units. I would like to scale up to larger multifamily properties once I have a large enough cash reserve that is built up through flipping and possibly a 1031. I just don't know if I'm shooting myself in the foot by not having a degree so that I can have a good w-2 job to help with my scaling?

Post: Is college worth a real estate investors time?

Logan JornsPosted
  • Rental Property Investor
  • Belleville, IL
  • Posts 60
  • Votes 29
Originally posted by @Alex Johnson:

How much time do you have left? Are you paying for it or are your parents?

Since you've already paused and are considering whether or not to continue, I would treat it as you would any other investment (college tuition is a rather large investment, depending where you go). Do you think the added tuition costs, time lost to classes, and the eventual degree will pay off with revenue you would not have been able to obtain without it? Or do you think you could go on the same path and be just as successful without the degree? I went to college but didn't fall into real estate until my junior year. My business degree helped me land a good w-2 job, which helps fund REI.

Exactly right. It's a large investment. The path that I paused was for a Pharm.D. I am on year 3 of 7 for that very expensive track. All said and done, I would come out with 250K in debt. I agree with you on the w-2 to help fund REI, which is why if I were to go back, I would return to wherever is cheapest, (possibly online so I could continue with REI while "at" school) and works the best with my transfer credits.

Post: Is college worth a real estate investors time?

Logan JornsPosted
  • Rental Property Investor
  • Belleville, IL
  • Posts 60
  • Votes 29
Originally posted by @Steve Vaughan:

A degree in what may we ask? Jamaican bobsled making? German polka history? Business? Marketing?

How far are you along? Racking up student loans?

I know successful people that majored in history or music. What they do now has nothing to do with their degrees. It was a nice experience. Hopefully they didn't go deeply in debt while there. 

I have a degree in finance and was glad I had it while I worked. I can still figure the NPV given future cf projections, but thats about it. I didn't become full time RE til 31 and also glad to have had that nice w2 to get financed. A lot of people have a job or career in addition to their RE endeavours. A lot tougher to obtain  loans without a w-2.

So  if getting a marketable skill or sheepskin without a bunch of debt, it doesn't hurt. If a bunch of debt and no economic benefit... 

 I am on year 3 of 7 for a Pharm.D. However, if I we're to further my education I would switch to something more business related. Pharmacy school is extremely expensive, 40-60k per year. If I do go back it would be wherever is cheapest. 

Post: Is college worth a real estate investors time?

Logan JornsPosted
  • Rental Property Investor
  • Belleville, IL
  • Posts 60
  • Votes 29
Hello BP community! Recently I decided to take this spring semester off from school to take the time and really decide if college / the degree path that I was on was really something that I wanted. Currently I am about a week away from finishing up my first flip. It’s going great and I really enjoy it! I’m set to close on my second flip on the 1st of March. My parents have been investing in real estate for 10 years and, growing up I was spending my weekends working at their properties while watching and learning as much as I could about real estate. I’ve been attending my local REIA meetings have surrounded myself with every book I can get my hands on that relates to real estate investing and business / entrepreneurship. I genuinely believe this is something I could excel in and actually enjoy doing. However, my biggest concern right now is regarding school. Is a college degree worth it, or should I spend that time & money that I would have to drop in school and instead, invest it into learning and getting to know real estate and networking? As a fellow real estate investor, what would you recommend? And why? I really appreciate all responses and look forward to reading them! Cheers, -Logan Jorns

Post: YouTube / Facebook Ad?

Logan JornsPosted
  • Rental Property Investor
  • Belleville, IL
  • Posts 60
  • Votes 29

***My goal is to use profits from flipping, to invest into multifamily and then scale up from there. 

Post: YouTube / Facebook Ad?

Logan JornsPosted
  • Rental Property Investor
  • Belleville, IL
  • Posts 60
  • Votes 29

Hello Bigger Pocket's community,

      I am always on the lookout of ways that I can network with other, high performance individuals in the real estate business. In about 1.5 weeks, my first flip should be completed and I am thinking about producing a video explaining what all I did to my property, introduce myself, give a general run down of the strategy / how my numbers looked. The conclusion of the video would be me explaining my real estate investing goals, then inviting other investors to contact me if their goals aligned with mine and would like to work together in the future. 

Would this be something you would be receptive to and respect as a fellow investor? Or, is it too much? 

     All replies are appreciated! Thanks!

               -Logan Jorns