Posted by eric-fl on June 11, 2002 at 08:52:13:
Hi Steph. I’ve not seen you post here before, but I’m not here every day, so I’m not sure if this is a continuation from something previous or not. If I could kick in my 2 cents though. I’m also in Tampa. I also left college. In spite of having a successful full-time I.T. career (in addition to RE investing on the side), I have not finished my degree. It’s not something that has really affected me until now. But I have come to the realization that I will not be able to take the next step in my career (management) without it. So I am “going back” to school. And I would encourage you not to leave until you are finished, or to also go back if you have.
There are very real, non-philosophical reasons why you should do this. One of them is called “matriculation”. Matriculation is a latin word which means “Universities will screw you for leaving in the middle of a degree program, by changing the requirements for graduation in your absence, and then refusing to grandfather you in under the old requirements upon your return.” (Latin is a very dense language). Another, perhaps less concrete, but still very real reason, is that there is a certain mentality that goes along with studying and taking tests. You don’t do this nearly as much in the real world, and it’s a hard groove to get back into. Plus, it’s just a real pain in the A** to go back when you’re in the middle of a career.
Often there is a sentiment expressed that finishing college, and investing in real estate are mutually exclusive. There is no reason they have to be. There’s no law that says you can’t do both. Maybe do one or the other part-time. But I believe, all things being equal, it is better to finish a degree, if you’ve already started, than not. Once you’ve finished it, it is permanent. Unlike certifications, or licenses, you never have to re-test for it. Having that in your back pocket, even if only as something to fall back on, will give you an extra level of confidence that will indirectly help you in your other endeavors.
a note of appreciation - Posted by tampasteph
Posted by tampasteph on June 10, 2002 at 21:55:25:
I would just like to stop and praise all those seasoned investors out there who have made it past the point I’m at right now.
This venture has been so much harder than I ever expected.
Yes, I will continue to plow forward. I will take what all my friends and family tell me with a grain of salt: Get your degree, just finish college, people with a college education are so much better off…
I will continue to listen to them and know that deep down they are just looking out for my best interests.
I will conitinue on with my real estate education BY MYSELF, and take the criticism I get from everyone I know in stride because I know that one day I WILL be a success.
I know this because I read the posts from people like you. People who come to this site who have started with nothing more than me. People like you who have started with nothing, and made youselves something that I dream about day and night.
I have been told again and again that I need to have a thick skin to survive in this business. I just never knew how true this was, until now.
I would just like to commend all of you who have stuck it out through the hard times.
With awe and admiration,
Re: a note of appreciation - Posted by Joe Eckburg
Posted by Joe Eckburg on June 11, 2002 at 22:40:44:
You’ve been given the advice to stay in school. That’s what I did, for 14 years past H.S. (I have lots of degrees). Nothing I learned in any of my schooling has been directly applicable to real estate. However, it did provide secondary benefits: I met my wife at one of my schools, it taught determination, humility, it’s allowed me to make enough money to walk into any bank and get almost everything I want (I don’t buy homes creatively, I make all cash, no contingency offers), through my profession I’ve met all the right people(contractors, realtors, attorneys, etc).
Sometimes you don’t know the value of something until later. Am I better off in my real estate investment career because of college? Yes, but not for the reasons for which most people think.
Re: a note of appreciation - Posted by Todd
Posted by Todd on June 11, 2002 at 09:57:53:
I’m not sure about all your circumstances, but I would encourage you to complete your college studies. This should be a source of tremendous pride and accomplishment that you can carry with you throughout life. It should also give you the confidence you need when times do get tough. And yes, it does make a huge difference to employers.
One great thing about real estate investing is that you do not have to jump in head first. You can do this on a part-time basis, while completing your studies. Whether you are investing yourself, or supporting other investors, real estate agents, mortgage brokers, you will be gaining valuable experience. Also, if you have the opportunity in your studies, take some business courses like accounting, marketing, sales management, etc.
As far as having thick skin, this is really necessary in any career where acceptance and rejection are a part of every day activities. If you have a tough time with this, try to stick it out. Over time, it should be easier to deal with. If it doesn’t get an easier, as you become more experienced and established, you can leverage other members of your team, that have an easier time dealing with it. Put them in the line of fire.
Best of luck.