Need opinions/advice

[Payden]

Hi everybody. I need some advice from people who "get it". I’m sort of at a cross roads.


I'm a 24 year old married college student at The University of Kansas. Currently I'm working part time at the dining hall on campus while going to school full time to get a degree in Finance.


So here's the deal. I have about a year (maybe a year and a half) left until graduation, but I feel like I'm not learning the stuff that will truly help me down the road. I'm thinking about dropping out at the end of the semester and trying to get a job that will teach me about real estate investing.


I originally started going to college because I had a football scholarship and I honestly didn't know I even had a choice. I was taught the standard, "Go to school, make good grades, and get a nice secure job." Over the years I've realized that, not only is that not the only way to make a living, it may not even be the best way.

I've never really done well in college because I'm not interested in what I'm being taught or how I'm being taught it.

I really want to get into real estate investing. I'm a good saver and I have enough for decent sized down payment but because I'm only working part time and for just over minimum wage, I don't have the income to qualify for a loan. I'm having an internal battle right now and I don't know what I should do. I could...


Scenario 1:

Continue going to college for the next year to year and a half, work in finance (something I’m not even completely sure I want to do), learn about real estate from a bunch of books, and save up so I can buy my first investment property. Then continue to use money from my job and previous investments to build my real estate portfolio until I can quit my job.

Or...

Scenario 2:

Drop out of school at the end of this semester, get a job in the field such as with a property management company or a broker's office and learn about real estate while I'm also making money to go towards my first investment. Then continue to learn and make money from my job as well as my investment property so I can continue to build my real estate portfolio until I can quit my job.


My question is what are your opinions on this situation and is there any advice you could give me? Also, if I do go for scenario #2, what kind of job would best teach me about real estate investing?
.

 

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[road_runner]

I think you have invested too much time in college to just drop it like that. Furthermore you are still far from financial freedom. So i would stay in college for one more year trying to get as much knowledge as possible from books and be as less unprepared as possible before you really commit to real estate investments. As you mentioned, you will be saving more money down the road too.

 

[Gale4rc]

a year and a half is nothing, finish it but, keep your real goals held on tight.

 

[IAmTheJeff]

I would take as many courses as possible that would benefit you in your real estate future! Maybe drop the big college (don't know where you go...) and go to a community college for those courses. Read read read read read as much as you can and learn as much as you are able to. Finance is a pretty broad field. What is your specific concentration, or are you just in school for a general degree?

 

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[DeletedUser12]

I moved back to KC less than a year ago as I grew up here and I was struggling out in Los Angeles. The thing that really surprised me was the prices of homes in some areas. We decided to really cut our expenses and buy a fixer upper with over 1 acre cash for $17k. Google fiber basic is $300 total for 7 years of service. The house next door sold for $6,000 (smaller, no land). There are some real deals out there.

I go back and forth with degrees, it's a tough call, but I would probaby get the degree since you've invested so much time and money so far.

 

[Lathan]

I need some advice from people who "get it".

From what I have read on this forum throughout the time I've been active on here, I' think that a lot of the guys/girls who "get it" would probably tell you something along the lines of, "if you want to be an entrepreneur, you need to make this decision yourself".

Your question is pretty much the most famous question asked by people just starting out. "College, or no college?".

You know your situation better than anyone here on this forum or anywhere else. Take some time to think about it rationally. Make a pro/con list and see which scenario comes out on top.

You said you are working a part time job right now. Why couldn't you just start applying to places that would help you become more familiar with real estate and work there instead of at the place you currently work. Sure it isn't a full time job, but you can spend all of your off time reading books, this forum, and also the biggerpockets forum to learn more about real estate investing.

Good luck Payden

 

[Roland]

@zen******* has written a great post on how he would do to get into real estate from scratch if he had to. You should have a look at it.
If I remember well, the thread is called "Golden nuggets, tips, processes and how to's" and again if I remember well, his post is on page 4.

 

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[Payden]

Thanks guys. I needed the other perspectives. I appreciate the help. I think I'm going to stay in school and try to find some part time work doing something in real estate. My wife had a math professor last semester who she said talked about real estate investing a lot in the class. I'm going to talk to him and see if there is anything he needs help with on the weekends.

 

[jon.a]

Hi Payden, glad to see you made it

 

[DeletedUser2]

Go read my posts

Summary : quit school. Stop being afraid. Grow a pair. Get shit done. Burn the boats bring a mentor so much vale the he will teach you real world shit that will make you more money than you spend !

Ps be a man

Z

 

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[jon.a]

Go read my posts

Summary : quit school. Stop being afraid. Grow a pair. Get shit done. Burn the boats bring a mentor so much vale the he will teach you real world shit that will make you more money than you spend !

Ps be a man

Z

I guess we know which 2 voted for option 2.

 

[jon.a]

Payden, with the exception of the "professions" in most cases getting a degree is a waste of time. With a finance major you should already have the business basics done. Are you fast tracking your degree or cruising along? Some of us overloaded to reduce the time pain.

Why are you working at the dining hall? Comfort zone?

Have you gone to some local RE meetings? Have you met with some PM's? Have you met with some brokers?

I say look at PM's for rentals or construction for flips for meaningful experience.

I was hoping that you'd post about your internet business.

jon

 

[DeletedUser2]

Have you gone to some local RE meetings? Have you met with some PM's? Have you met with some brokers?
I say look at PM's for rentals or construction for flips for meaningful experience.

start here.
Z

 

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[IceCreamKid]

My friend, in addition to the advice posted above I recommend you surround yourself with people who have the "go-getter" mentality of constantly moving to get stuff done. Rid yourself of the losers in your life(if there are any) who only seek to stay in one place or drag you down.

When you are surrounded by people who are constantly moving at a fast pace, you tend to subconsciously absorb those same characteristics. They don't necessarily have to be in the same industry as you, but they must have the same "get it done and do whatever it takes" mindset.

Best of luck!

 

[Payden]

I'm working in the dining hall partly because of comfort, partly because they work well with my school schedule, and partly because I'm gaining leadership experience, however, I've squeezed just about all of the benefit I can out of that job. I think I will take your advice and go look at some PM's

I have not met with anyone or gone to any RE meetings yet but I was planning on attending a meetup later this month in Kansas City that I found out about on the Bigger Pockets website.

Our business is going to produce a text-to-speech reading pen called Read 'n Style. My wife, Jamee, grew up with dyslexia. When she was younger, her mom would read to her as she followed along in the book. The Read 'n Style pen will simulate that. The user will be able to scan any printed text and the Read 'n Style pen will read it to you via Bluetooth headset. Our competitive advantage with the Read 'n Style pen will be it's discreetness. While dyslexia isn't anything to be ashamed of, we realize that many people don't want to broadcast the use of a device to help them read. That is why we are designing the Read 'n Style to be as discreet as possible. Last year we placed in the top four in the Mark L. Morris New Venture development competition out of 200+ entrants. Currently we have a team of 4 computer engineers designing a prototype for us. I attached a drawing of what we kind of want it to be like.

 

[RBefort]

I live in the KC area working slowlane job. Spent majority of my schooling at KSU though I voted stay in achool, but spend that time attending meetings, reading books, solidifying a plan, etc. I quit school after 3.5 yrs and went back to finish after a couple years. Basically just forced me into a slowlane job, but I only read the book AFTER I had started the job. Do what u think is best. Youll save a ton of money and time by quitting, but it sucks quitting after investing that much already for a backup plan. Have to let the losers go sometimes, however (a failing business or idea) good luck!

 

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[kazmrczk]

I would start analyzing properties that are on the market immediately. Look at them as if you are going to buy. When you find one that you really think is a good deal, "pretend" buy it. Keep an eye on it, when it sells, find out the price that it actually sold for. Keep a spreadsheet to show that as your purchase price, get a mortgage calculator and find out what the payments would be(you can guestimate taxes and ins.). Chances are that if it's a really good rental or flip home, another investor is going to buy it. You might even try to make contact and see if you can help do some of the work on the property in exchange for them mentoring you.

 

[LisaK]

I've been thinking about your post this morning and just thought, there's more than 1 way to skin a cat so to speak. I'm in the middle on this because you are so close to graduating. The degree may open doors for you that would not be open otherwise. Not everyone is cut out to make the fastlane happen...fast. There still is the thing about eating and paying rent. I avoided a degree for many years because I was in sales and it wasn't really necessary. With the recession, almost every job needs a degree to even get an interview now including sales. (If you are going the job route for awhile) So, I could not spend 4 years in school and I also did not have $50,000 to pay for a degree. I found this College, fully accredited WGU.EDU
Western Governors University. $3000 a semester, semester is 6 months, you can accelerate and take as many credits and courses in that 6 months as you can no extra cost (unlike University of Pheonix that charges by credit hour). I started with 27 credits and I was done in 14 months. They have a good business program and a good marketing program. Since you want to get into Real Estate, either of these would give you valuable knowledge. The business program requires you to write a business plan as your Capstone. I did learn some valuable information. This is an online school. Most of your credits I would guess would transfer over. Instead of having a job that works around classes you can work your classes around what ever you are doing. Thus, allowing you to pursue the Fastlane projects you want to do or find a mentor etc. You can also, maybe finish your degree FASTER for less money. I’m glad I did it. It has not really made a huge difference for me in the work place at this point and now with my Fastlane pursuits it may not. I did learn some valuable business basics and although I’ve been in the business world for many years I still did get some good knowledge. I loved it because I am very disciplined and pretty laser focused on my goals. With 3 years under your belt you may be able to finish in a semester if you put your mind to it. This is a fully accredited college – not some goofey online diploma mill. I did a lot of research before I chose them. I am glad I finished and accomplished it for my personal journey. That said I don’t think you have to do a brick and mortar school to get a decent education.