Hi there! I’m Stephanie…I’m a 20 year old female who is Highly interested in pursuing my dream of full time (real estate) investing. I’ve read literally hundreds of books on business, investment, and real estate and I’ve gathered a lot of information but I don’t know where to go from here?
I’ve read in many places that a college education isn’t necessary to succeed in this kind of work. So I’ve been going on that idea since I graduated high school at 18. Lately though I’ve been feeling like I’m lacking or missing the big picture. I’ve learned so many tidbits and facts and things which are helpful but I feel the information just out of books, videos, programs, workshops and the likes are just not solid. I’ve researched colleges and universities which I thought might be helpful in assisting the pathway to actually dive in and start. (but where to start?)
I know that there are things which you have to get together prior to actually purchasing (rentals are my interest) like great credit, money down, and generated income to support these endeavors, and I’m working on that.
My question is, has anyone taken any college courses that you considered extra helpful in pursuing ? I’m considering some online finance classes and general business studies that might give me a better edge on understanding the ins and outs of finance and business.
I’ve came across some interesting web sites like investorsunited.com which seems a little flaky?? Also ‘Trump University’?. Don’t get me wrong Trump is a highly successful man who should be a role model for us all, but is that a serious school?
I don’t know…
:help
your input/suggestions are highly appreciated! Thanks!
The problem with most of the gurus that you’ve described is that they are in the MARKETING business, NOT THE REAL ESTATE BUSINESS! Therefore, they only talk about the good aspects of the business and don’t cover the negative issues. That’s probably why you feel that the information you’ve received isn’t “solid” (and you are right).
All of the information that you need to be successful in this business is on this forum (for free). If you have specific questions - ask, and you will get good information. I don’t believe that a degree or further college work will be very helpful. The rental business just isn’t that complicated. Do a lot of reading on this forum, especially in the landlording forum, and that should answer any questions you have.
I would also strongly suggest that you join your local REIA and become friends with the SUCCESSFUL investors in your area. Your new friends will be happy to help you (for free).
Stephanie,
Welcome to the board. Yes, this is a great place where you’ll get solid advice. When I found this board, I looked at the forum list to see what I’d be interested in. I picked five of them and started reading every single post from the oldest up to current day. It was very enriching.
Are you currently enrolled in college in a degree program?
I haven’t taken any college courses specifically to help me with REI. Remember, you don’t have to be an expert in every area of the business. You just have to have a working knowledge of things and know who to go to. If you’ve read that many books, you should have a pretty fair base knowledge anyway.
Don’t sit on the sidelines forever and be afraid to pull the trigger. Outline your goals and make a plan of how to get there. Get your basic landlord paperwork together before you buy your first rental (i.e. lease agreement, rental application, move in/out form, etc). You can tweak things as you go. You can’t change a lease that’s in effect, but if you find something isn’t worded quite as good as it should be or if you left out something, you can fix that later for your next rental. Treat people well. Be fair, but firm.
It sounds like you’re looking for a “roadmap” or somethng that puts all the information together in a way that you can apply it. That will come from developing a business plan. This business plan will be created by setting your short & long term goals. You mentioned rentals. You need to define the criteria for the properties. This criteria should support your goals & business plan. Propertymanager has a good book that describe this process and other great info. Click on the link at the bottom of his post. There are some other good books I found helpful.
“The Millionare Real Estate Investor” by Gary Keller.
“The ABC’s of Real Estate Investing” by Ken MKelroy.
Another good basic resource is the Carleton Sheets course. You can get one on ebay for under $70. Get the one witht he DVD’s and the “toolkit” CD. Its a good basic course that has a good section on setting goals and taking action to achieve them. The toolkit has all the form you’ll need and you can download it on your computer. You can fill out the forms and printthem out as you need them. It also has a section that organizes all the your property/tenant info.
There are a ton of good books out there and they’re pretty cheap. This site is great (and free). It won’t take too long to get educated. Welcome & good luck.
It is true that a college education is not necessary to succeed as a real estate investor. What is necessary to succeed as a rental property owner is money. When most of us were just starting out, we had full time jobs that guaranteed our income and put food on the table. We invested in our spare time using money saved from our W-2 income.
No, you don’t need a college education to succeed in real estate, but if an education gets you a job that gives you the resources and freedom to invest on your own time, then maybe the college education is not so bad after all.
As far as college courses are concerned, the only courses I took in college that may have had some application to my real estate activity were Business Finance and Accounting. If I knew then what I know now, I would have also taken several Marketing courses, and perhaps whatever prep courses were offered to prospective real estate agents.
This website is exellent and I’m glad to have came across it. Your right, just looking through the forum is really educating, it’s easy to learn and remember from examples and real situations over text in books.
I’ve even ‘manifested’ the oppurtunity to generate income as a highly successful investor’s assistant in San Diego. Which is amazing how it came together because currently I’m in Scottsdale/Phoenix Arizona but San Diego is where I’ve been wishing to move for so long. So I’m excited to see where this goes.
Stephanie - I am also a new investor and I live in Phoenix. I joined the AZREIA (Arizona Real Estate Association) 3 months ago and found it very helpful. I met several other investors that are in diferent stages of their investing career.
This coming Tuesday, 9/23 we will have a meeting of the AZREIA New Investor subgroup in Scottsdale. You are invited to join us if you feel like it. I believe visitors can attend one subgroup meeting even if they are not members of the AZREIA. If you would like more information, PM me and I will give you the details/direction of the meeting and the contact of the leader.
You don’t need college to invest in real estate, yet here you are, 2 years out of high school, no college and no real estate.
You could be half way throgh your college degree right now. Whether you do anything or not, time still passes. If you do nothing, that time is wasted; gone forever.
The classes in college that I find to be useful in real estate are marketing, economics, advertising, accounting, foreign language, and art. You’ll also get good mileage out of any other class that makes you nicely educated so that you can actually talk to the wealthy investors and not sound like an uneducated hick.
I would start by joining your local real estate investors association. Know that it will take several years and deals to get up to speed in the business, so don’t give in to the temptation to rush things.
I would start by becoming a property locator (aka bird dog) for one of the established wholesalers in you area. That way you’ll get a free education and earn money without ever having to risk your cash or credit.
As for college, the best courses I can recommend are the accounting and finance courses, because at the end of the day it’s all about the money. You have to know how it works or you won’t be successful.
Eventually you’ll learn that the most important factor in your success is not how many houses you own, but how well you are able to put together deals that help others in reaching their goals.
