Day or Evening Best for REI? - Posted by Marcus

Posted by E.Eka on February 04, 2004 at 11:51:51:

Who would think to go to law school to further an investing career? Even the dumbest person would find that laughable. Ok, I’m done. Don’t bother replying.

Day or Evening Best for REI? - Posted by Marcus

Posted by Marcus on February 04, 2004 at 07:52:17:

I’m going to start law school this fall, and am either going to attend the day division or evening division. While in school, I want to do REI, and would like to know whether it’s best to have primarily days free or primarily nights free. I see the advantages of each (days allow you to research and file court paperwork, while nights give you a better shot at seeing properties). Unfortunately, I can’t have it both ways, and if I choose to attend law school at night, then I will be in class 5 nights a week from 6-10pm. Of course, I’ll have my weekends to do REI also. Any insight as to which schedule would be best would be greatly appreciated. I know it can be done either way, but I’m going to be in law school for 3-4 years, and want to maximize my odds of success in the REI business. Also, flipping properties will be my main focus for the first year or two, and then hopefully buying and renting out. Many thanks in advance.

Marcus

Advice from a current law student - Posted by JJJ - FL

Posted by JJJ - FL on February 04, 2004 at 10:02:43:

I am pursuing a similar path right now. I’m starting my RE investment career, still have my full time job (As a computer programmer), and I go to law school at night (4 days a week, 5:30-9p).

The short answer is I think you’ll definetly need your days free in order to make any headway with your RE career. Most of the people you will want to talk to and deal with have business hours during the day, and more importantly, its easier to see and show homes during the day.

Other than that, if you have any questions about balancing work and school, give me a holler and I’ll be glad to answer any questions.

What will you do for income? - Posted by Chuck

Posted by Chuck on February 04, 2004 at 09:48:43:

I was thinking of doing the exact same thing…Go to law school and be a part time REI. However, I want to attend law school full-time! Which means for the first year, it’s recommended that students not work. If I wanted to purchase a property, I have no income to show for it. I’m sure I’d have to be approved to make offers on properties listed with agents. Therefore, I would have to really dig deep for owner financed homes that would allow me to rent out their homes.

Re: Day or Evening Best for REI? - Posted by bob

Posted by bob on February 04, 2004 at 08:29:01:

Go to law school at night. I see it this way- nights are comparable to weekends and you’ll be free on the weekends. But, title companies, courthouses, lawyers, etc. do business during weekdays (almost exclusively). Nothing can beat having your daytime free!
BTW, why are you going to law school? Is it to become more proficient at your (soon to be) RE career? If it is, you may want to give it some more thought. The only reason I bring this up is because that was my plan. I thought if I am an engineer (which I currently am) and a lawyer, there’d be no stopping me. I was already shopping for my private jet! HAHA. But what I realized was this…most real estate prodigies are not attorneys because they don’t need to be. And, law school is 3 years and $100k that could be better well spent investing.
Just my two cents…I apologize if you aren’t interested.

bob

Re: Day or Evening Best for REI? - Posted by Rob FL

Posted by Rob FL on February 04, 2004 at 08:07:53:

I’ve been investing full-time for several years now, and seldom do any business at night. Occasionally I don’t have a choice, but I try to avoid it. You can’t see the exterior at night anyway.

What do you have to take for parttime Law sch? - Posted by Brad mi

Posted by Brad mi on February 04, 2004 at 15:23:31:

What do you have to take for parttime Law school? I am also interested in law?

Re: What will you do for income? - Posted by E.Eka

Posted by E.Eka on February 04, 2004 at 10:28:51:

Find motivated sellers and/or buy homes sub-to.
You can also build up your cash reserves by flipping.

Go to law school Marcus. Evening is better! - Posted by E.eka

Posted by E.eka on February 04, 2004 at 09:24:22:

He’s going to law school because he wants to go to law school. REI is something to do for some income. As you can tell from his email address he’s in the military which means he’s not going to be paying anything close to $100,000, more like $000,000!! My thing is it sometimes erks me when posters offer advice to people who want to further their education. Most of the time saying, you can do it without a degree, I did, Blah, blah blah. That’s one of the problems with this country. A lack of emphasis on education, and as a result our citizens are getting stupider and stupider to the point where 3rd graders can’t read at a 3rd grade level. TO the point where Pres. Bush has to mention it in the state of the union address…Ok, i’m done.

Re: Day or Evening Best for REI? - Posted by Marcus

Posted by Marcus on February 04, 2004 at 08:43:57:

Thanks for the reply. You are right about law school not being the most profitable way to spend my time or money. But, I’m somewhat risk averse and want to be balanced as I go forward. If I can put 10-15 hours of week into REI while attending law school, learn the business, and somehow break even after 4 years (that’s how long the night option takes), I’d be pumped. The other factor is that I’ve always been interested in the law. If I can combine my interest in REI and the law, this would be a wonderful situation. I’m only 26, and have much time to learn the business, get rich, and enjoy myself! Thanks again.

Re: What do you have to take for parttime Law sch? - Posted by E.Eka

Posted by E.Eka on February 04, 2004 at 15:53:16:

Exactly what you’d need for a full time program but on the application you chose to go part time or evenings or both. Have to take the LSATs, have undergraduate/graduate grades, letters of recommendation etc.

Check out LSAC.org for more info.

Re: Go to law school Marcus. Evening is better! - Posted by mikeW

Posted by mikeW on February 04, 2004 at 12:16:00:

…and a country where Bush himself cannot pronounce “peninsula”.

go figure.

Re: Go to law school Marcus. Evening is better! - Posted by bob

Posted by bob on February 04, 2004 at 09:52:45:

With all do respect, I think you misconstrued the purpose of my post. I was not trying to discourage marcus from furthering his education. I was merely trying to point out that becoming an attorney is not the most productive way to succeed in RE investing (if that is his goal). Also, contrary to what your strategies may be, there are many people out there who invest in RE for more than just “some income,” as you put it.
If Marcus can go to graduate (or law) school on the military’s dime, that is great! But, do you think the military should spend $80k or $100k on education that may not ever be put to good use. Remember from your basic economics class that "there’s no such thing as a free lunch."
I apologize for “erking” you. I have 2 bachelor’s degrees and a masters degree. So I will be the first one to argue how important education is. I love learning and I think everyone should. By the way, I’m 24!
Law school application submissions are the highest they have ever been. Why? Because law school is the cure all for people who don’t know what they want to do. It’s fitting because there are many things one can do with a law degree.
So why is this a problem? Ever hear of supply and demand? If there is an overwhelming number of qualified attorneys out there, the rates that they are able to charge keep getting lower. 30, 40 years ago there was no such thing as a “poor” attorney. Now, “fresh” lawyers take $30k a year jobs just to have a job.
I agree 100% that this country is behind the rest of the world in education. But, how do you solve such a problem? I submit it is more than a lack of emphasis on education, but rather a sociological issue. People are working harder and harder and have less time to spend with their children. This, I believe, causes a lack of interest on the child’s part in his or her education.

Don’t mean any disrespect in this post…just my 2 cents.
Have a good day!

I agree with you MikeW - Posted by E.Eka

Posted by E.Eka on February 04, 2004 at 13:22:15:

But I’d rather have a president who mispronounces words then one who cheats on his wife and lies to her, and lies to grand jury. If I have to pick the lesser of 2 evils, I’d pick mispronunciation over a lack of integrity anyday.

In retort, you’ll probably mention the WMD issue in Iraq, and to that I say, it was still necessary. Besides did you think Bush was supposed to do the intelligence himself?
Ever since Saddam’s demise, the region has been a little more stability. Libya has opened its doors and stop a nuclear program, North Korea is talking, Syria kick out Baathist Party members, and Iran is talking again as well.

Ok, back to real estate.

Re: Go to law school Marcus. Evening is better! - Posted by Brent_IL

Posted by Brent_IL on February 04, 2004 at 11:46:01:

?Because law school is the cure all for people who don’t know what they want to do.? How apt.

Re: Go to law school Marcus. Evening is better! - Posted by E.Eka

Posted by E.Eka on February 04, 2004 at 10:14:17:

You don’t need to lecture me on the importance of education. I’m in a part time law school program and I’m also a CPA. Nor do you need to lecture me on supply and demand or economics.

With regards to your point on supply and demand and the oversaturation of lawyers, one thing you’re forgetting is that you can’t lump all lawyers into one category. By that I mean that there are many areas of discipline. Whether or not you’re successful will depend on the demand in your discipline. During the tech boom, it was Intellectual Property lawyers, now it might be litigators. Each applicant has to assess his or her desire to pursue a JD in a certain field and determine, through trends and other information, whether or not there will be a demand upon completion of their degree. There are plenty of people who become career students and collect degrees, mainly because they collect degrees in areas of little demand. Or competitive areas that make is difficult to be successful. I have plenty of friends who have 2 BA degrees and working as retail managers, why you ask? because they chose a BA in something general like business, or a BA in philosophy.

Regarding Marcus, he is ALREADY in the military so, no it’s not a free lunch. Usually those are the terms of the deal. Military owns you for several years and in return they’ll pay for college.

And as for the problem with education in this country…I agree with you, but I’ll take it one point further. If a person chooses to have children, it’s their DUTY to raise them as best as possible and even sacrificing themselves in the interest of the child. The reason we need to work so much harder and more is because we are a society obsessed with consumption. I’m not talking about being wealthy, but buying whatever we can by. That is a contributing factor to why debt is so high in this country, and how herioin addicts can’t pay their mortgage but have 2 sea-dos in the driveway.(old post)

Maybe next time you should be more clear in your post so that a reasonable person could not misconstrue it’s contents. With all do respect.

Just the way i view things (Sorry JT-IN, but I like it!)

I disagree with E.Eka - Posted by An American

Posted by An American on February 04, 2004 at 23:45:00:

E. Eka

You rightwing fundamentalists are really wacked out. You turn logic on its head just to score a so called political point. And you apparently think it is OK to do this. Are you not men? Do you all have no sense of decency? Has everything been reduced to poltical score for you ? How could any man with an iota of a brain make the statement you just made. You want us to believ that its just fine that this administartion lie to its own citizen, its own allies, deceiving the entire world with a basket of facts that had more shadow than substance, and driving us into a war, not only with Iraq, but into a cold war with the rest of the world. And E. Eka you dont see anything wrong with that ? Shame on you!

And as a true rightwing fundamentalist you very quickly dragged President Clinton into this and condemned him even when he had nothing to do with the topic at hand. If you do not see a difference between lying to one’s wife and a grand jury, and repeatedly lying to the entire world and dragging a country into war,then you do not belong in rational discourse. Go listen to Mullah Limbaugh, and Ayattolah Hannity. Iam sure you know who they are.

Re: I agree with you MikeW - Posted by mikeW

Posted by mikeW on February 04, 2004 at 16:20:35:

I don’t think its possible to argue the success of the Clinton administration compared to the atrocity that we have now. However the circumstances in which each were handed as they stepped in played a role in their outcomes.

But, I recently got into a fairly drawn out political argument on another board so I’ll refrain from another.

back to RE. =)

I thought that was business school! HA HA (NT) - Posted by E.Eka

Posted by E.Eka on February 04, 2004 at 13:16:27:

@

Not Clear??? - Posted by bob

Posted by bob on February 04, 2004 at 10:29:51:

Maybe you should re-read my post if you think my point is unclear. I think it is very clear. I ask Marcus if his reason for pursuing law school is to further his investing career. I then offer my opinion that “minute-for-minute” and “dollar-for-dollar” it’s probably not worth it, if that’s his intention. I never said "don’t go to law school."
I’m unclear how this post was “unclear”?