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11-02-2010, 05:00 PM #11
As a full time RE investor, who started not far out of college, I'd move into a finance program if I were in your shoes. Fundamental understanding of finance is required if you plan to make it in RE investment.
On top of that, getting involved in the business on the ground level is the biggest key. Get your RE agent license, and intern for an experience agent/broker, or find a successful local investor that's willing to take you under his wing. As someone on the other side of the table, its amazing how hard it is to find intern types that are hard working, dedicated, and committed to learning the biz. If you fit this box, and are persistent, you'll find opportunities.
And one piece of advice I give everyone new is to locate the top Real Estate MBA programs, find their curriculum with textbook requirements, buy those textbooks and read them cover to cover until you have a basic understanding of the fundamentals.
11-02-2010, 07:11 PM #12
Spencer, I really appreciate the input.
I've always wanted to work towards investment and ultimately development. I've been pondering as to whether or not getting my RE license would be worthwhile (if unsure of wanting to ultimately be a full time practicing RE agent). The fact that it's a career where it sometimes seems like everyone and their dog is an agent I sometimes feel like it doesn't seem practical. But the information covered would be beneficial you're saying?
Or do you feel practicing as an agent would be integral to understanding the process. And does an MBA mean much in itself or just the information covered?"Whatever you're thinking, think bigger." - Tony Hsieh
11-02-2010, 10:59 PM #13
Totally know what you mean in saying "It is easy to get into real estate as an agent, it is difficult to be 'good' and well respect as an agent." Which is why I don't want to just jump in, because I know my ultimate goal is not to sell properties full time. I want to learn how to invest, create value, and own. If it would be extremely beneficial to become an agent as somewhere to start and learn, then I'm all over it.
Where degrees mean shit is where I want to go. Becoming independently wealthy is far more interesting to me than being the flavor of the week grad. I am an extremely hard worker, have a family/gf I could to lean on if I had to for a low paying/free internship, and really am interesting in furthering my education; be in in a structured setting or not.
Is there any way to take the classes but not become licensed, and thus reap the rewards of both sides? Are they that informative? I have one of the course books available to me. As well as a massive appraisal book. But to be honest I feel like the being in a classroom could help to get me get my foundation set. And maybe improve my resume, because right now it shows no moves in that setting.
The problem I've had revolves around everything you and I have mentioned. There isn't a school for it. All I've heard is having a strong financial background is super helpful, which I don't have.
Sorry for the threadjack, and if I sound like I'm completely lost. Help... Me... lol.
Also feel free to tell me if I'm a dreamer.
Last edited by lifeoftheparty.; 11-02-2010 at 11:04 PM."Whatever you're thinking, think bigger." - Tony Hsieh
11-03-2010, 03:23 AM #14
I have been in the real estate business for 10 years now, buying and selling single family homes and small multi unit apartments. I have bought and sold right at 600 houses in that time, with a high of 98 houses in my biggest year. My operation has done wholesale, retail, rental, rent to own, and even owner finance some homes to tenants as well. In the current market we are doing buy and hold primarily with a sale here and there to rent to own tenants.
Realize that real estate is an up and down business and you must learn to ride the wave. In the comercial side of the business it follows a different wave and sales are fewer and father between. However it is a big boys game and both sides of the coin are cash intensive and credit intensive.
Stack your money, protect your credit, and network your butt off and start to build relationships with potential partners that you can put into your business to invest with. Even Trump plays the partnership game on big deals.
Learn all you can about the industry you want to be in and a real estate BA is not that important and a MBA? Save the money and use it to invest. Instead of an MBA find a residentual real estate person that you admire and like and follow them around like a shadow. Same on the comercial side if that is what you are interested in. A mentor in the real estate industry is more important than anything else you can have. School programs teach you the book version and your mentor will teach you what happens in the real world.
11-03-2010, 04:29 AM #15
Currently I plan to change my major to something more geared towards real estate and development, although I have not figured out exactly what as ASU does not offer an undergraduate degree for real estate specifically.
I am all so a student at ASU, in the Housing and Community Development undergrad program. You probably haven't heard of the program because as i graduate in May there will only be one more class after mine as ASU is eliminating the program for some reason. This was a more diverse major including real estate, planing, development and finance. sounded good on paper but the program was spread so thin that I did not get as much out of it that i had hoped, I am looking at you grad school.
As a side note though i am a board member for the The Society of Urban & Land Development, a student organization at ASU. we have by weekly meetings with guest speakers from the industry, as well as social events and site visits to local projects. very good networking opportunities!! we actually have a site visit planed this Friday at 10am to Tempe Counterpoint (the paper weight of a skyscraper behind mill Ave.)
check out the website Society of Urban and Land Development
you can also reach me at firstname.lastname@example.org
let me know by tomorrow if you want a spot on the tour as space is limited.
pm sent as well with some more info.Dai nemici mi guardo io, dagli amici mi guardi Iddio!
11-03-2010, 04:40 AM #16
I agree with Spencer 100% that fundamentals will always remain the same and should be studied and learned by heart. You don't however need an undergraduate degree in real estate to crush it, especially since most conventional investment strategies changed post 2008.
questions to ponder are; do you want to invest in RE? Commercial, residential? Do you want to sell real estate? Do you want to work on the analytical side like underwriting and modeling? do you want to lease buildings?
real estate sales, especially commercial, isn't for everyone. i went from broker to investor and one thing I quickly learned is a somewhat above-average commercial broker in a big city like LA can outperform the top Lamborghini salesperson anywhere. By that I mean you're not selling herbalife here - these are expensive assets to move and the customers are highly sophisticated. it's hard to bullshit your way through such a numbers-driven sale; there's little to no emotion in commercial. that's the fun part.
11-03-2010, 05:57 AM #17
Sorry I have been MIA from my own thread but I went to vegas this weeknd for halloween and still recovering lol
This is awsome so far and I am already learning alot....i am gonna go back through the thread and quote and respond with questions.
Till I get a chance to do that here is a few things I remembered reading.
I really like the idea of investing side of things....especially in todays economy I want to learn and grow as much as I can to take advantage of the current state. Now being a broker is something I also think I would enjoy, what exactly would this entail compared to investing and selling? Again im still learning so bear with me on the dumb questions please.
So far i've gotten that real world expierence and learning heavily outweighs some degree from somewhere however the basics are essential and those must be learned to a T to benefit fully from real expierence. I need to find an internship or person willing to teach me ASAP....I have always learned better hands on doing things with people that do them than from someone standing in front of a class writing on a board. Finding someone in AZ would be great while i am here at school however I want to focus on commercial investing and brokering since I plan to eventually make my way back to downtown Chicago. I love the idea of buying and selling commercial as said above with no emotion all business. I feel like doing business with the type of people as said above who are highly sophisticated and know about what they want is something that will benefit me largely (and the commision or profits on such deals I wouldnt mind either)
I do however think I need to focus on learning as much as I can about the fundementals before anything.
Keep the advice coming guys this is great and i've loved learning and reading so far.
11-03-2010, 06:03 AM #18and the commision or profits on such deals I wouldnt mind either
That being said you can make it happen a lot faster but it takes an incredible amount of hustle. don't expect anyone to pay you hourly to sell a building.
11-03-2010, 06:45 AM #19
-I eventually would like to make my way into investing however I feel like buying/selling or brokering would be a good learning expierence.
-Commercial is what I want to focus on. I love the big city and the business of buildings and a few large deals rather than residential industry and many things at once. I like putting all of my focus, effort and time into one or two major projects rather than multiple smaller ones so I think this would be the way for me to go.
-I am confused as to what you mean by underwriting and modeling? Again still trying to learn many fundamentals
-I think leasing buildings would be something I would consider doing however the actual buying/selling and investing in large projects is what I would like to focus on.
As far as the broker vs investor aspect what made you decide to move to investing over brokerage. One thing I do know about and absolutley love is cars (hence also wanting to focus commercial...I want/love so many different cars I would like to establish enough wealth to have such luxuries) and top lamborghini salesmen make dough! I in know way, shape, or form plan to be a above-average salesmen, I like to be the best at whatever I do and wanting to base my business in Chicago maybe being a broker would be a good path?
The little to no emotion part I do like to a point, I hate being bullshitted around nor have I ever been someone to do that to others out of pure respect. However I have always been good at making positive impressions and leeving people happy with my aproach and attitude to the things I do so I think selling assets such as real estate is something I could excel at.
Do you have any advice being in the commercial side of things for me as far as good first steps to take getting into such business?
Definitely dont plan to make hourly wage, nor do I want that. However what would you reccomend as building blocks to this for someone who will need to more than likely work another type of job while building contacts and learning the biz. Unfortunatley I pay for everything myself so I will need to find some sort of income to simply live while building myself.
11-03-2010, 06:46 AM #20
I wishhhh I had the money to start out cash however it is not an option so yes it will be loans at some point. I currently have 2 credit lines both of which i have in check and pay off both completely at least once per year. The attorney I will figure out soon as needed but I want to learn first.
I need to find someone like you here in AZ or Chicago to learn from. If it is something I am interested in I put everything into learning and perfecting it so to have an opportunity like having a mentor would be a godsend. I dont know how some people blow or dont take advantage of the opportunities given to them.
Are there any texts you know of personally that helped you or you found beneficial. I am gonna look into programs and try and find some good curriculum to learn from on my own time.
I am also interested as to how many people think it beneficial to getting your license, or not to for the matter of not having to follow certain laws and regulations.
Also agree with the degrees mean shit and what you want o do in sense of investing and becoming independently wealthy rather than going to school for all of this time just to come out into a mediocre job at a firm. At this point any internship paying or not I would love just for the expierence.
I eventually want to make it into commercial real estate investing however what you do with residential is something I can see myself starting out in to build my expierence and network base, as well as building some capital along the way.
How did you first get into this business (ex. steps taken, investments made?)
The biggest thing I have gotten from this whole thread is I NEED to find someone to learn from in the industry or get in a firm and learn as much as possible. What would be some good steps to take in finding someone willing to teach me or work with me or getting an internship at a firm?