Thread: College kid looking for some advice in Real Estate

Well to start this off I am a student currently studying Urban Planning at Arizona State University and looking for some advice. I am beginning to realize that Urban Planning is not exactly what I want to do with my life and I am much more interested in real estate and buying and selling properties.

I grew up in the suburbs of Chicago and over this past summer working downtown grew very fond of the city. I have always been interested in real estate and the buying and selling and development of cities and even just towns. I have realized this is what I want to do and was hoping that some of you here at the four would be willing to give some guidance. This forum has been an inspiration to me and seeing so many successful people make something of themselves makes me want to do the same.

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.

So here it is: If anyone here has any advice as to what to focus my studies on, opportunities to pursue, things I can learn outside of school on my own, or any information or advice you feel could be relevant or helpful to me it would be greatly appreciated. I hope to graduate from ASU and pursue a Masters degree in real estate from a school back in Chicago.

Finally, I plan to send email’s to a few of the commercial real estate firms in Chicago this week to try and obtain an internship for when I return for summer so any advice as to what to include in that email ex. Wording, topics, important things to touch on, etc. That would also be greatly appreciated.

Come on guys help a college kid out so he can be on the right path to maybe be as successful as you one day! Haha
Sincerely,

Charlie

p.s. Sorry this is so long and as some incentive for your time and advice if anyone is in Chicago over summer time and is downtown give me a shout and I can get you on the speed boat tour I work on for free just shoot me a p.m. Got to take care of the fellow L4Pers.

I'm in a rush right now but I'll do my best to give you some input. I'm a fellow student with similar interests.

Cheers.

Originally Posted by lifeoftheparty.

I'm in a rush right now but I'll do my best to give you some input. I'm a fellow student with similar interests.

Cheers.

Awsome thanks alot I appreciate any help I can get. Whenever you get a chance Im all ears.

Anyone else out there with some input?

wow thank you so much for that advice. I am 19, and also going into the real estate industry. I have no experience but I am studying about it everyday so that I am equipped with the correct knowledge. The main thing is to KNOW like MarkNV said. I asked a similar question before and people in this community helped me so much. The first thing that is the most important step is to learn real estate and your market in your town. Keeping learning and you will succeed. At the moment I am gaining knowledge about real estate and building my credit. Hopefully by next summer before I turn 20, will have my first investment.

Just my $0.02 CAD to add, start your relationship with creditors as early as possible.

Originally Posted by MarcNV

Hmmm, lets see..

I'm young as well (Just turned 21) and here is my experiences and reviews of the business since I've been in it.

I started in real estate since I was about 17 years old. I have been involved in real estate in Europe(which is a whole different story, so) and the USA, specifically California, Nevada & New York.

The hardest part, in my opinion is for people our age to be taken seriously. They see us and instantly assume we are not experienced enough or know what we are doing. I always try to dress to impress & leave a good first impression.

It's my goal to turn the age disadvantage around and use to my advantage. We as the younger crowd have a wealth of knowledge in regards to technology. We can use that in marketing, networking, communication, etc. Convince yourself now, that no matter who may look down on you because you are younger, you will always push forward.

Some people may not want to work with you, may not take you seriously, might even insult you, but you know what? You are going to be pissing on their face pretty soon.

Strive to be the best possible. We have energy and innovative idea's to be the best. We are also in the prime of absorbing and learning new techniques.

Those people that have been in real estate 10+ years or so, might be 50+ years old, have no idea what is going on NOW. This market is like nothing they have probably experienced before.

After that little summary, the second thing is KNOW your market. Mine is different then yours, and different then the next person and any other state.

Here in Reno, NV it is so distressed up the ass, traditional sales are hard to find. What I mean by a 'traditional sale' is no special conditions. Seller's that are not selling as a short-sale or foreclosure.

Short-sales are where home owners are selling their home for LESS then what they currently OWE on the mortgage. To have a short-sale you must be able to present a 'verifiable' hardship. This can come in many different forms, job loss, pay cut, relocation, etc.

New development in my area has virtually stopped. There is some standing inventory from 2008 or so, but its not being sold commonly.

Investment:

Investing for yourself, could not be a better time. There are so many opportunities out there right now, it is just ridiculous. You would be overwhelmed if you tried to capture a fraction of them at once. Overtime have a goal of acquiring properties. Whether they be 'flips' or long term rentals.

I could go on and on about the business.

It's like nothing i've ever experienced before. To be honest, in my area, there are alot of brainless incompetent assholes. It's depressing, it hurts to work with them, but frankly you have no choice.

They are so moronic it takes YOU to do EVERYBODY's job. You need to make sure that everything is doing what the should be and doing it the right way.

NEVER assume somebody is going to do it and do it the right way. Why you ask?? Because they will say something, NOT fvcking do it, and then you are dead in the water with a) delayed closing b) buyer walking away) or c) in a short-sale the approval expiring.


the pro's about the business... well

1) No boss!! Do whatever you want, when you want. You can take vacation whenever, just make sure your business is covered.
No need to submit vacation forms to anybody.
Do i want to go to SEMA, next week (Hells ya, so i just go )
Or goldrush next year, yes ssiirrr!!

2) it is HARD work, but can be very rewarding
You like seeing big paychecks, yes of course.

Don't be the person that is average and with the group, the person that everybody talks about and knows. Be the person that people look up to (despite your age).

Share your knowledge, the more people that know what you know, the easier a potential transaction could be.

Some people don't like to share their 'secrets' or 'tricks of the trade', but you know what? Those people are just making life harder for themselves.
I do agree, don't share ALL of your personal tricks and how you make clients happy, but make sure that whenever you can assist in a transaction, do it..

i think it might be easier if you ask questions you might have, then us rambling on about the business.

Good luck in your choices

Wow thank you so much. This is the kind of knowledge and insight I am looking for and want to learn from. I am gonna have to think of some specific questions for you but honestly the "rambling" is perfectly ok with me as I want to learn as much as possible.

I guess to continue this going, what actions would you suggest I start taking to get my foot in the door and learning? maybe some good reads or websites that are good to learn from. Unfortunatley I do not have the income to consider any investments and do not have the good fortune of parent with money. (they're probably worse off than me) So between living and paying for school money is tight. I am trying to build my credit score but school cost is making that tough as well. I dont consider myself educated or knowledgable enough at this time anyway so I just want to keep learning as much as I can.

Also do you think it would be a wise decision to try and get an internship at a real estate firm to help with expierence or would you advise to learn on my own however I can?

Originally Posted by Gambino

wow thank you so much for that advice. I am 19, and also going into the real estate industry. I have no experience but I am studying about it everyday so that I am equipped with the correct knowledge. The main thing is to KNOW like MarkNV said. I asked a similar question before and people in this community helped me so much. The first thing that is the most important step is to learn real estate and your market in your town. Keeping learning and you will succeed. At the moment I am gaining knowledge about real estate and building my credit. Hopefully by next summer before I turn 20, will have my first investment.

That is awsome I am glad to see there are others out there with the same mind set and drive that I have to be successful in this business. As MarkNV said you get to be your own boss and make your own decisions, and if you make something of yourself the pay isn't exactly bad either. These are what I strive for and always dreamed of when thinking about what I want for my future.

Where are you learning from, other than this site which is great, and gaining knowledge. I'd love to learn more as I just started really focusing on this and making the moves necassary to get going. And investment already by 20 is impressive to me and would be quite the accomplishment in my mind and a huge step into making something of yourself early.

Originally Posted by Waldoonay

Just my $0.02 CAD to add, start your relationship with creditors as early as possible.

With no disrespect but did you mean this sarcastically or are you serious? I could see having good relationships and good credit is key and very helpful but when I hear creditor I think negative as in huge debt.

Im 21... I own a little bit of land...

just buy and wait.

Originally Posted by NITEMARET/A

With no disrespect but did you mean this sarcastically or are you serious? I could see having good relationships and good credit is key and very helpful but when I hear creditor I think negative as in huge debt.

Are you planning on purchasing these properties cash? If not, a loan will be necessary, start a relationship with your bank early, and get a good attorney, it will help you expand a lot quicker.

I guess I'm sort of confused. What career in real estate best describes what you'd want to do?

I'm envious of your position. I am wrapping up a unrelated undergrad but have heard urban planning is a terrific degree to have to get involved in development.

One route would be to finish, go work for a planning firm for a few years, make some $, invest in some properties, then eventually go back to a top tier school for a Master's of Real Estate (development) or an MBA geared towards RE. MIT, Harvard, and a few others all have ones I've looked at. You do need substantial experience in the field.

I doubt you'll find a degree more focused on RE as a whole. Most biz undergrads are fairly general.

Ultimately it sounds like you need to just read up to see where you see yourself fitting into the puzzle. There is sales (RE agents), development, construction and contracting, entrepreneurs (flipping), architects, planners, city planners/boards, landscape architects, appraisers, etc. And of course any combination of those is out there too.