Looking to get into RE

I am 17 years and a freshman in college, But I am strongly considering dropping out and pursuing RE. I know it is what I want to do but my question is am I too young to start now? I turn 18 next week. Also I want to have a strong plan and goals set before I even begin, any advice on what I should focus on before getting licensed or what some goals should be?

Comments

  • edited October 2015 Posts: 0
    Hello John,
    I don't know which college you attend, its cost, which classes you are taking etc. so I don't know what value your college will add to your life and if it will be worth your time and money. For many of us, college meant learning life skills, developing a national and international network of friends and acquaintances, and acquiring a broad knowledge base. Knowledge not necessarily related to a career, but being able to speak another language, knowing where to find Namibia on a map, hold your own when discussing art or South- American politics at a dinner party etcetera. For some, these things are not important. Some consider that a waste of time and want to start earning a lot of money asap. For others, it's important to be well-rounded in many things and to be able to form an evidence-based opinion. I'm in the latter group, and at the risk of sounding like your grandmother, I believe it is valuable to learn much about many different things and develop yourself, before you narrow yourself down, become highly specialized and develop very specific skills. I think it is healthy for your mind. But I think you can be succesfull either way. I know quite a few very succesfull people who are excellent at what they do, but don't know much else outside of their particular field of expertise. And they are perfectly happy.
    If you have international ambitions though, a broad knowledge base and wide interest will get you further.
    So it's up to you, what you want in life and when you want it. And you have to figure out if your college can provide what you need.
  • Have you thought about staying in college while you pursue real estate? It should not be too hard to set goals, make plans and possibly take RE classes while in college. Then when you knwo for sure what you want to do you could decide. 
    Creator of Invest Four More
    If you want more help with your investing, check out http://investfourmore.com/blueprint-for-successful-real-estate-investing/


  • Hey John.  I am 29 years old and have been in the same boat as you.   If it were up to me I would have never went to school.  BUT THIS IS JUST MY OPINION .   I will say that school had did more harm than good for me.  While I have a great job in the software industry I really would have loved to be my own boss.   Thank goodness I only went to a large university for one year and left to go to a cheaper school.  I wasn't able to get a job out of school and had 30,000 dollars in loans to pay off which eventually went into default.  I just finished paying them off and I can honestly say that it put me back 6 or 7 years.  

    In my opinion you have to look at school the same way you do investment.  School is an investment.  It should be there to get you a job later on to make a lot more money.  What you are studying is vitally important.  A lot of my friends who work in finance are no geniuses yet they make well over 100k a year.   Yet I have very smart friends who went to NYU and cannot even get a steady paycheck because of their major.   

    However, and Im still a beginner with 0 properties so just take my advice with a grain of salt.  I think if you want to get started in real estate I believe you will need a steady job to convinced a bank into giving you a mortgage for a property.  Also take into account that the job you can get out of school will likely pay more than a job with no education.   If you didn't go to school and wanted to make capital quicker I would consider construction type jobs.  Anything labor intensive could make you a lot of money.  Starting your own contracting business could also get your foot into real estate as well

    Where you live is important as well.  I live in NYC so prices are very very expensive here. It is taking me some time to reach enough capital to get my first property, however that might not be the case for you.

    All in all I would ask myself these questions:

    1) if I didn't go to school, do I have a job that would support my goals

    2) Would going to school feel like it is wasting time, where I could make money doing other things?

    3) If I do choose to go to school and I am interested in investment, make sure to major in something that will be profitable when you leave.  Like I said, things such as finance can be very lucrative which can aid you in your business goals

    School is great, and it can make you well rounded, however theres nothing in school that you cannot learn on your own time.   Most of the knowledge I have has been from my own reading.  I think if you decided to stay in school it would be a good decision only if

    1) Majored in something lucrative
    2) Went to a college that was not very expensive.  In my opinion some of the prices for these schools are highway robbery.  There are many local community and state colleges that offer a great education for much less
    3) Moved you toward your goal of financial freedom


    This is just from my own personal experience and is definitely a question that you should iron out with a lot of thought as there are many variables that come into play here.    Talk to many people and make the decision that is right for you

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