Should I finish college before pursuing real estate?

If you are close to graduating college, it's generally advised to finish your degree. The extra year and a half will likely not significantly impact your real estate career in the long run, and it's often harder to return to studies later. You'll still have plenty of time to pursue real estate after graduating.

How can I connect with people in the real estate industry?

Find online forums and groups related to your interests, such as subreddits for financial independence or real estate. If meetups don't exist, consider creating one yourself. Attending open houses for high-priced listings is also a great way to meet experienced agents and ask for advice.

What's the best way for a young person to learn real estate?

The most effective way to learn is to intern or work as an assistant to an experienced professional in the field. This hands-on experience allows you to observe the day-to-day operations, learn subtle skills, and dramatically cut down the learning curve compared to self-study alone.

Is it a good idea for a young person to invest in real estate in Houston after Hurricane Harvey?

Investing in areas heavily impacted by natural disasters like Hurricane Harvey carries significant risks, particularly if dealing with flood or water damage. Properties may require extensive repairs and have numerous unknown issues like mold. It's generally recommended for beginners to focus on less risky cosmetic repairs.

What's a good strategy for real estate investing for beginners?

For beginners, focus on properties that mainly need cosmetic repairs, where the foundation and structure are sound but the interior is outdated. Tasks like painting, flooring, and updating kitchens or bathrooms are generally lower risk and easier to estimate costs for.

How does pursuing real estate at a young age impact personal growth?

Starting in real estate young can positively impact personal growth by expanding your perception of what's possible and pushing you out of your comfort zone. It helps overcome fears and limiting beliefs, like the initial doubt of being too young or inexperienced to make a sale.

What's the difference between learning in college and learning independently for a career?

Traditional education often focuses on conformity, while independent learning allows you to explore any topic you desire without limitations. This self-directed approach teaches you how to learn on your own, which can be more valuable and prepare you to 'hit the ground running' when you start your career.

Key Moments

“The most useful piece of advice to get into real estate at 18?” - Calling Subscribers on Snapchat!

Graham Stephan

Education4 min read30 min video

Oct 3, 2017|13,321 views|638|163

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Key Moments

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TL;DR

Graham Stephan calls subscribers to answer real estate and life advice questions.

Key Insights

Finish your degree, even if nearing completion, as it's a small sacrifice for long-term benefit.

To meet like-minded individuals, leverage online forums and create meetups for shared interests.

For aspiring real estate agents under 18, study materials can be accessed early; focus on practical knowledge over test specifics.

The best real estate advice for young people is interning or assisting an experienced professional to learn nuances.

Avoid investing in properties with significant water damage post-natural disasters unless highly experienced.

Focus on cosmetic repairs for initial real estate investments; gradually move to larger renovations and additions.

ENGAGING SUBSCRIBERS FOR INSIGHT

Graham Stephan introduces a new video format where he calls Snapchat subscribers who have submitted questions, aiming to provide advice and insights. This initiative stems from his inability to respond to the high volume of messages he receives. Stephan encourages viewers to provide feedback on this engaging, interactive approach, emphasizing that constructive criticism will help him improve future content and determine if this format should become a regular feature.

COLLEGE EDUCATION VS. EARLY REAL ESTATE PURSUITS

A subscriber asks whether to finish their business degree or immediately pursue real estate. Stephan advises finishing the remaining year and a half of college, arguing that stopping now would make it harder to return. He believes the timeframe is insignificant in the long run and doesn't represent a major opportunity missed. This perspective suggests prioritizing the completion of foundational education, even when passionate about an immediate career change.

NETWORKING AND FINDING LIKE-MINDED COMMUNITIES

The discussion shifts to meeting people with similar interests. Stephan shares his experience finding communities through platforms like Reddit, connecting with others interested in financial independence and real estate. He highlights the effectiveness of attending or even creating meetups. This emphasizes proactive engagement in niche online communities as a powerful strategy for building a network of like-minded individuals.

PREPARING FOR A REAL ESTATE CAREER AT A YOUNG AGE

For those under 18 aspiring to enter real estate, Stephan suggests obtaining study materials and books early. However, he cautions that much of the test material is not practically applied in daily real estate work. He recommends focusing on practical knowledge from resources like BiggerPockets and books such as 'The Millionaire Real Estate Agent' over rote memorization for the licensing test itself.

THE VALUE OF INTERNSHIPS AND PRACTICAL EXPERIENCE

Stephan's top piece of advice for young people entering real estate is to intern or work as an assistant for an experienced professional. He argues that observing the day-to-day nuances, subtle interactions, and practical application of skills firsthand is invaluable. This hands-on experience, even unpaid initially, significantly accelerates learning and cuts down the learning curve compared to independent study. It allows for imitation and adaptation of successful strategies.

INVESTING STRATEGIES AND POST-DISASTER CAUTIONS

Regarding real estate investment, Stephan advises caution with properties affected by natural disasters like hurricanes, especially for beginners due to numerous unknowns like mold and structural damage. He recommends focusing on properties needing only cosmetic repairs with good foundations. For more advanced investors, he suggests considering renovations that add value through updated floor plans or increased square footage for greater returns.

DEVELOPING CONFIDENCE AND OVERCOMING LIMITING BELIEFS

Stephan touches upon how real estate, particularly at a young age, fosters significant personal growth. He explains that overcoming initial fears and limiting beliefs, such as being perceived as too young or inexperienced, is crucial. The process of making sales, even after a slow start, builds confidence and demonstrates that previously held doubts were unfounded, pushing individuals beyond their comfort zones.

EDUCATION SYSTEM'S ROLE IN MINDSET DEVELOPMENT

The conversation includes a critique of the traditional education system for focusing on conformity rather than mindset development or practical financial education. Stephan notes that while schools may not teach specific business strategies, this lack of instruction can inadvertently encourage self-learning. This ability to independently seek knowledge is presented as a potentially more valuable skill than structured academic learning.

NAVIGATING REAL ESTATE MARKETS AND PROPERTY TYPES

When considering market entry, particularly in areas impacted by disasters like Houston post-hurricane Harvey, Stephan reiterates caution. He advises against investing in heavily damaged properties as a first deal. Instead, he champions focusing on cosmetic upgrades for initial investments, gradually progressing to larger renovations and additions as experience grows. This approach balances risk with the potential for profit.

SCRIPTING VS. AUTHENTICITY IN PROFESSIONAL INTERACTIONS

Regarding communication in real estate, Stephan expresses a personal preference against heavily relying on scripts. While acknowledging their effectiveness for some, he feels a more authentic, individual style is beneficial. This viewpoint suggests that while preparation is key, genuine interaction may build stronger rapport and trust, though he admits this is a personal approach and others may find scripts more advantageous.

PROACTIVE STRATEGIES FOR AGENT ENGAGEMENT

To gain experience and make connections in real estate, Stephan suggests targeting agents with high-value listings. He recommends approaching them directly, perhaps by attending their open houses or reaching out via phone or email. Offering assistance, even for free initially, can provide invaluable learning opportunities and practical exposure to high-end transactions and client interactions.

LEARNING FROM MISTAKES AND PRACTICAL APPLICATION

Stephan's own experiences, like humorously forgetting to flip a light switch after spending hours troubleshooting wiring, highlight the importance of practical problem-solving and staying grounded. These relatable anecdotes underscore that even experienced individuals have moments of oversight, reinforcing the value of persistence and learning from every situation, big or small, encountered in the field.

Mentioned in This Episode

●Software & Apps

●Books

●People Referenced

Real Estate Career and Investment Essentials

Practical takeaways from this episode

Do This

Finish your degree if you're close to graduating, as it's harder to go back later.

Leverage online forums like Reddit to find communities with similar interests.

Create your own meetups if they don't exist for your niche interest.

To prepare for the real estate license test, buy study materials and read them thoroughly.

Focus on gaining practical knowledge from books like 'The Millionaire Real Estate Agent' and websites like BiggerPockets.

Embrace challenges to push out of your comfort zone and overcome limiting beliefs.

Seek internships or assistant roles with experienced professionals for rapid learning.

Consider working for free initially if the learning opportunity is significant.

Target experienced agents with high-priced listings to learn from them.

Attend open houses of expensive listings to network and ask for advice.

Offer your time, dedication, or enthusiasm in exchange for experience.

When investing, focus on properties needing cosmetic repairs with good foundations.

Look for houses from the 90s or older that are outdated but structurally sound.

As you gain experience, consider renovations like changing floor plans, adding bedrooms, or increasing square footage.

Provide something in return for opportunities, whether it's time or dedication.

Avoid This

Don't assume you need to abandon your current education path immediately to pursue real estate if you are close to graduating.

Don't solely rely on studying for the real estate license test; practical knowledge is more valuable.

Don't be afraid to pursue your passions, even if it feels unconventional.

Don't underestimate the value of practical, in-person experience over theoretical knowledge.

Don't limit yourself to just what traditional education teaches; learn independently.

Don't use scripts rigidly; develop your own style, though learning scripts might increase business.

Be wary of investing in properties that have undergone significant flood or water damage due to numerous unknowns like mold.

Avoid taking on extremely large repair projects as a first deal, especially in unfamiliar areas.

Don't be hesitant to show up at open houses or offer free work for valuable experience.

Avoid properties that require extensive repairs that negate the potential benefit of a low price.

Be cautious of natural disaster-affected properties due to potential hidden issues and unknowns.

Don't solely focus on the state test for real estate knowledge; prioritize practical learning resources.

Common Questions

While you cannot take the real estate license test until you are 18, you can still prepare by purchasing books and study materials. Focus on learning from resources like BiggerPockets.com and books such as 'The Millionaire Real Estate Agent' by Gary Keller, as practical knowledge is more valuable than test memor memorization.

Topics

First-time Buyer Real Estate License

Mentioned in this video

Books

The Millionaire Real Estate Agent

A book recommended for learning about real estate, considered more impactful than studying for the state test.

Legislation & Policy

Hurricane Harvey

A natural disaster mentioned in relation to real estate investment in the Houston area, highlighting potential risks.

People

Matt McKeever

Mentioned as the person whose channel a subscriber won a book from, and someone the host found through Reddit who recommended YouTube channels for financial independence.

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