Hello, I am a Senior in High School and I'm kind of freaking out about what I want to major in for college. I want to learn everything I can for some day to be a house flipper. I know now isn't the time to get into this and i'v heard it a million times... I'm just curious what I need to major in for college in order to be the best flipper I can be.

So I need to study Business and... Have any ideas?

Just my thoughts....

1. Being a "house flipper" isn't a bad idea, but its not something your going to learn about in college. You are going to learn more from the school of hard knocks.

2. It requires cash. I don't care what Carlton Sheets or anyone else says, the more money you have the easier this is going to be.

3. Go to school, get a job, save your money, and if you still want to flip houses after all that then do it. Maybe you don't want to go to school? If not then I recommend getting a job learning a trade and making money...then flip houses.

4. My last thought, don't let people talk you out of the things you want to do. No matter what the market is doing, you can make money in real estate, you just need to figure out how.

Study business -- and take a few psychology courses with that.

Study business (so you know how to run a business effectively, particularly pay attention to the section on taxes), finance (flipping houses is all about numbers) and some interior design and basic architectural design electives.

Photography
Creative writing; brush up on grammar if this is not your strong suit.

You could also save yourself a ton of money if you learn HTML / web design and basic SEO.

Internet marketing.

Oh great stuff, that really helped me out, I looked into all of our replies and have a very good idea on what I should do now and will keep on going back on what you all said, thanks again and will still love to read more!

PS: I know that no one said this but generally when someone wants to get into house flipping, it is because they think it is an easy buck and thats why they do it, well....I really have a passion to do this, not looking at the $ at all, and quit frankly, I'd think it isn't an easy buck at all, especially how the economy is right now. Just wanted to let you all know.

Ok so you are going to go to college and rack up tens of thousands of dollars in student loans from Sallie Mae one of the most notorious and dirty bill collectors out there (just youtube them)and how is this going to help you???? Exactly.

College is THEORY
Experience is ON THE STREETS

I graduated high school with an all A average.I went to a private college for 2 years and did great A's with a few high B's but decide it wasn't my calling.

College is great but not for what you want to do.If I were you and you like the construction aspect of it.Take classes on construction and how properties residential and commercial are constructed from the ground up.Different ages of properties come with different issues.

For example with older house from the 1930's I have a much higher reserve fund built in and offer a lower price.If there is big upside in selling the land when flipping then I don't care as much about the subject(example old dumpy house on 1 care on a corner lot going commercial).If there is little land and just the house then there is not much upside as smaller homes even after refinish have less after repair value because of there size.In other words you might have bigger repairs for smaller returns.

With older homes you have to worry about lead based paint,radon,knob and tube wiring,galvanized pipes,asbestos,old foundations that will not meet today's codes when remodeled,etc.

With newer properties (last 30 years) there are still some siding and plumbing issues but not near as many as the older properties.

Flipping is basic math.You make your profit when you buy period.Most people talk themselves into taking adeal or overpaying figuring on low repairs or reserves.Then they over remodel for the are figuring the can recoup there costs of overpaying only to find out they get foreclosed on or are stuck renting it out to until they can get out from under the bad deal.It's better to make 2 good deals all year long and make great returns then get impatient and do many marginal deals when you can lose your shirt.

If you like it go work for a company that does this.You can go to college later.

The KEY is do you want to be a lawyer or doctor and just do some investing here or there on the side or do you want this full time??

That will dictate if you should go to college or not.The first 2 years is core rehashed stuff anyways.

I am not beating up college but if investing is what you want to do in real estate 5 years of college and expenses is not the best use of your time.Like I said you could work for a rehab company for a year and if it isn't liek you though it would be go to college and do something else.

Well if you must go to college I guess I would suggest finance or business with an emphasis in finance and a Marketing Minor A part time job while going to school would be great and should be with a contractor learning as much as you can about the construction and repair of homes. Make good contacts for the future you never know who may want to invest in your business which is a great way to get financing to start out.

I really liked what you two said after my second post

WHY do you want to flip houses?

I have a degree in business and you'll learn nothing for house flipping from it. I got mine in 98 but i can almost guarantee its probably that case now. What are you planning on majoring in?

If you want to learn the flipping biz just get with a flipper build a relationship with one. Maybe you can offer to help with running errands. Anything. It will be more worth your time than trying to find college education for the job. Although I wouldnt doubt that there are or soon will be flipping 101 on the schedules soon.

Take the $100k+ (possibly far more depending on where you go) you would spend on college and buy a house. Then get your license, start working, and read everything you can find. After 1 year you'll be in better shape than any college grad.

100k+ for a college degree? That's bunk! There are plenty of colleges from which you can get a good degree while spending a fraction of that amount. You have to be a savvy shopper for your education just as you do for your groceries, your car, your house, etc.

And majoring in business is never a bad idea. Take plenty of marketing classes, and economics. If business doesn't turn you on, major in liberal arts. You'll get a well-rounded education. College grads make up to a million dollars more throughout their adult working years than do high school grads./rant

You need to know that the flip market waxes and wanes - It's almost dead here at present. It's a locale-specific field, as is about anything that has to do with real estate.

"College grads make up to a million dollars more throughout their adult working years than do high school grads./rant"

That statistic is based on people holding a JOB and not the self-employed.I know many people that are millionaires that never went to college and or went for 1 or 2 years.

Yes if you want a JOB then a college degree will make you more money over the long haul for that JOB. Me personally I don't like giving my soul to a corporation and them telling me when I am going to breathe or go to the restroom.It's a choice work a JOB and if so get a Masters degree or higher or take the risk and work for yourself to achieve freedom.

As far as flip markets.Every market is different in how it is doing.I would agree that flipping is DEAD for the IDIOTS who bought properties and made 10 mistakes and still made a big profit.The days of idiot proof flipping are over.

There are plenty of properties I buy at the right price,fix them up,and sell for about a 20k to 40k profit.You really have to know what you are doing in these markets to get everything right.There are still many professional flippers out there making alot of money in any market.

It all goes back to what I said.If investing is just a HOBBY and you want to do just a few deals a year then by all means get a Masters or a PH.D.

I know many investors who work jobs doctors,lawyers,etc. who do a few deals a year.I know families who do just a few flips and rentals to put there kids through college and that's it.

Me I enjoy it everyday and live for it full time.So you have to decide is it a HOBBY that's part-time or do you want to be ALL IN? Only you can decide.

haha...yea, but the problem lies in that that 100k, or whatever amount of loan is more than likely a special school loan that is easy to get into. Try getting a 60 to 100 k loan out of high school to purchase investment property.

^^A guy I went to school with saved every freaking dime he ever received from the time he was a little kid getting money in birthday cards and presents from relatives. He also saved everything he made as a teen mowing lawns, doing other odd jobs etc. He didn't go out partying with kids after school and on weekends. He worked. He bought his car himself with cash. Then he wanted to buy a house after graduation.

The bank laughed at him - until they saw his history - he had saved over 20,000 for a downpayment on an 80,000 house. He told me that they did give him the mortgage which he paid off in 10 years. Here he was, ten years out of high school, no car payments, no mortgage, and a terrific house which he fixed up.

It CAN be done - or, I should say, it COULD be done then. Not sure how the banks would be now. This guy used a local, small town bank where he had his long time savings account, too, so that helped.

Well, okay, I'll admit he was unusual. It never occurred to ME as an 11 year old to save the $5 Aunt Ruth sent me because I wanted to buy my own house one day. LOL

CrazyJayC,

Good for you for being so precise on what you want to do at such a young age!

Your parents are going to hate us but I too agree that college is unnecessary unless you want to be a slave called an employee. The way to wealth is working for yourself. As far as an education, you can teach yourself anything you want to learn. You don't need a teacher at the head of the room teaching you, learn by doing, by reading books, by interacting.

As far as the $ to buy your first rehab project (I assume this is what you mean when you mention "flipping"), start by wholesaling. Wholesaling does not require any of your own money or credit, it is essentially finding the deal for another investor and assigning the contract. The terms that I am using may sound foreign to you but the information is really out of the scope of this thread.

I would read/study creonline.com (an investing forum, I am not sure if I am allowed to post this here, if not, moderators please erase it) and google "wholesaling houses" . Get as much information as you can and I would also suggest joining a real estate investors group and getting a mentor.

Best of luck whatever you decide.

CrazyJayC: Dare I suggest that perhaps, in this instance your best source of information would be from those that are trained and experienced as Academic and/or Vocational Counsellors.

Some points that you may wish to consider are as follows:

_Your formal education is the foundation that you can build upon, in the direction of your choice.

_If you look around, you will see that almost every aspect of society is governed by a law of some description or another.

_Most people, yourself included, will during their lifetime require and/or benefit from competent legal advice, and this also includes real estate investors, flippers, renovators, contractors and realtors all of whom deal in legal contracts.

_Many successful businessmen today have a degree in law that has aided them throughout their careers

_One distinct benefit of a legal education and training is the development of a different way in which you will view, examine and analyse a given situation, that is not normally found in the bulk of society and thus gives you an advantage that can be utilize in any endeavour you may chose to embark upon.

Discuss your possible choices with your loved ones and others close to you, who have your best interest at heart and want to see you develop your full potential.

Best of Luck in your decision.

Important Notice: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult a lawyer in the relevant jurisdiction to ensure accuracy before acting on this information

Haha Perky, good story. Thanks also Sure Thing :) I'v wanted to flip houses since I was maybe around 13...Can't remember but there is NO WAY I will ever change what I want to do, I take ALOT of interest in wanting to do this.

Oh and some of you mentioned that its best not to go to college if I want to make house flipping my career, I'm about to let my parents read this and see what they think about all of the posts on not going to college but.. I dont think there's any way my parents will allow me to skip college, personally, I'd probably like to major in something just so I have a plan B, but i guess i would major in something that would have helped me in house flipping, like you all are helping me out with right now (doing a great job! taking in some great stuff that seriously has helped me decide on some important decisions).

So now I'v made up a list so far, I'v narrowed it down some but here is what you all have said:
. psychology
. business
. finance
. interior design
. architectural design
. Photography
. Creative Writing
. Internet Marketing and HTML classes
. construction
. Marketing Classes
. economics
. liberal arts

Thanks for the help! been putting alot of thought into every post. Would love to read more!

I admit that my suggestions kind of ignored your original post. Photography and Creative writing were suggested if you were planning on becoming an agent. While you can be a successful agent without that stuff, you'll be a better agent WITH it....

If college is a must, then here are some thoughts:

*Make college your #1 priority. Get in and get out.

*Try to get a part time job in a trade industry (electrical, plumbing, etc...). This doesn't need to become your career, but it will give you some first hand knowledge about what your doing.

*Save, save, save. Even if you are going to have help, the more money you have the more independent you can be.

*Know that no matter how prepared you think you are, owning your own business can be the hardest thing in the world. You can be the smartest person in the world and fail! It can also be the most rewarding thing in the world, and I personally wouldn't have it any other way.

Just some thoughts...

utritr, GOOD idea.
"Try to get a part time job in a trade industry (electrical, plumbing, etc...)."
Thanks!

Perky, Yeah I was curious on why you mentioned the photography and creative writing on the first post. But now I fully understand what you were leading it towards, thanks! Good advice, i'll probably be getting a real estate agent license incase I do ALL of the work without hiring one which might not be a bad idea..

Btw, Currently i'm taking a Arch. CAD class in school which is helping me out alot in showing what I might want to do when flipping a house. EX: Like tearing down a wall, making the room a more open spaced area, which will need to be graphed out so i might want to take a arch. class in college as well. Along with all the great advice you have given me.
- thanks

PS: not trying to say this just to flatter you all, :) but this honestly is the best forum i'v ever been on for getting advice and help, along with some other interesting topics i'v read, thanks again.

business major, minor or emphasis in real estate, if possible where youre going, or take electives that are in the real estate field, or major in real estate, minor in business.

make sure you're focused in college, and know your major before you even start. try not to change the major, despite the fact that many college students do change at least once. make a decision and stay with it, or your college investment may not be worth it.

a typical business degree will cover most of the subject areas you listed, including the required general ed courses. some colleges offer a business degree with an option/concentration in real estate. next best option will be finance, which usually includes more advanced statistics and financial analysis. by all means start your own business while you are in college. it will be great entrepreneurial experience.