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Old Posted Dec 13, 2010, 2:58 AM
Nowhereman1280 Nowhereman1280 is offline
Join Date: Sep 2006
Location: Pungent Onion, Illinois
Posts: 8,492
Originally Posted by ChiTownCity View Post
Getting a Real Estate Broker License doesn't require a degree just being 21 years old and the 75 hours pre-license courses. A real estate broker basically sells real estate that's owned by other people correct? This is a job that doesn't need any prior experience that I can do temporarily while in school? This is similar or different to a Leasing Consultant?
Essentially. You need to do 120 hours of courses for Broker. Don't waste your time with the 75 hour Salesperson course. You may want to take the courses in person, but I did it all online in about two months. Granted it might take you longer since I had quite a bit of experience (2 years doing closings) in real estate before I did it. Another thing about doing it in person is that you get to network with the others in your class which can be useful.

I really don't want to get side-tracked.

Would: getting an Associates Degree in Business Administration 1st

Then, a Bachelors of Science degree in business financing and/or management or something secondary

And after that, Just take a few courses in Urban Design as a Minor (or would that be a whole other degree in its self?)...

Be a good route?
If your credits towards Associates Degree in Business can be transferred towards your core coursework in a Bachelors program in finance program I would transfer to the Bachelors as soon as possible, it will be the fastest route to getting the basic financial grounding you need.

Also, if you spend enough time on here, you don't need to know shit about urban studies because this site will school you better than any course can on urban studies. I would focus very heavily on finance and any real estate economics or finance courses they offer.

PS you said your GPA is a 2.8 or so. That is what I had in High School and I got into Loyola and ended up with like a 3.8 by the time I was done with Loyola. I also got a good deal of financial aid and scholarships, so at least give applying there a try.

Since I have multiple places to live I was planning on using as much of my income as possible for the 1st 2-3 years after I graduate to get rid of my student loans. I'm estimating I would need to make atleast somewhere in the ball park of $40k a year to knock out the vast majority pending on where I decide to attend (hopefully I would be able to get a scholarship). I was thinking after I graduate I can by 1-2 lots and/or get one property to rent out to start.
Don't start with new construction, its much more capital intensive and risky. Start doing rehabs of single family homes and two flats. You don't need to worry about your student loan debt if you can hold down a job at $40k a year. You should be able to maintain about $180k in total debt on a $40k salary. That should be enough to allow you to get your first property (use an FHA loan and live in the property while you renovate it).

Don't get a job as a residential realtor, just start working as soon as you can in real estate law, for a developer, for a REIT, for a consultant, for anyone you can find who will give you work that involves the mechanics of real estate.

Originally Posted by Amanita View Post
So is there any place in the development world for an oddball like me? Can I play the game without having to wear suits and pretending to be something I'm not? Learning Urban studies and business is one thing, completely hiding and suppressing myself is a whole other- something I've never been able to do.

No, I'm not some wild and raging freak, but I would hate to have to never be seen at a public Pagan event or sci-fi convention again, or wear clothes I really like in public again (see my pic in the skybar thread on nightclub entrance rules) lest those be held against me.
Yes there is room for the most eclectic people in Real Estate. Just don't display that side of yourself when you are trying to network. In other words, as long as you don't mix your personal and work lives until you have more money than you know what to do with, then you'll be fine. Once you make an assload you can do whatever you want and no one can tell you not to.
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