Luxury Real Estate Sales vs. Going to Law School

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JimmyJ63
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Luxury Real Estate Sales vs. Going to Law School

Postby JimmyJ63 » Mon Apr 13, 2015 1:34 pm

Hello guys. I am currently a senior UG at a good private school, debating on taking the LSAT in October. I currently have the GPA and ability to get into T-14 more than likely.

I often find myself watching "Million Dollar Listing" on Bravo and I see these young guys selling these homes and making crazy commission checks. I talk to a friend who currently is in sales (he didn't go to college) and he tells me he is going out west to L.A. to set up shop and sell "high end luxury real estate." He suggests I should come out after graduation. He tells me how he is going to have a driver, and make 500k per year. (Clearly optimistic to say the least.)

He puts forth a good outlook and gets me excited. On paper it looks great. The lifestyle, the thrill of the sale, art of negotiation, and so on. But then the realist in me says, well wait a minute. Wouldn't all those MBA's all be going to do that if that was the "thing" to do.

I'd be interested to hear peoples opinions on this. I don't want to hear, "well you can always try it and see." Yes, I know I can try it and see. I want your opinion on this being reality or complete b.s. My instinct tells me outside of the 1 percent of brokers with crazy connections, good agents that work hard out there are probably making 60k and working hard to get it.

Thoughts?

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unlicensedpotato
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Re: Luxury Real Estate Sales vs. Going to Law School

Postby unlicensedpotato » Mon Apr 13, 2015 1:37 pm

lol

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zombie mcavoy
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Re: Luxury Real Estate Sales vs. Going to Law School

Postby zombie mcavoy » Mon Apr 13, 2015 1:43 pm

unlicensedpotato wrote:lol

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BrazilBandit
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Re: Luxury Real Estate Sales vs. Going to Law School

Postby BrazilBandit » Mon Apr 13, 2015 1:47 pm

I would go the Dentist or Senator route...

JimmyJ63
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Re: Luxury Real Estate Sales vs. Going to Law School

Postby JimmyJ63 » Mon Apr 13, 2015 1:47 pm

What's so funny?

togoornottogo
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Re: Luxury Real Estate Sales vs. Going to Law School

Postby togoornottogo » Mon Apr 13, 2015 1:50 pm

First off, perfect place for this question. To begin, I would compare Suits and Million Dollar Listing, alternating between the two shows until you have a solid feel for the characters and their general levels of happiness. Secondly, send a write-up of your analysis to the Deans of the T-14 and ask them to defend their school vis-a-vis the general happiness of the casts of the aforementioned shows. Finally, become a Doctor because Scrubs.

BigZuck
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Re: Luxury Real Estate Sales vs. Going to Law School

Postby BigZuck » Mon Apr 13, 2015 1:52 pm

This idea might be kind of crazy but I'll throw it out there anyway: You can always try it and see.

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AreJay711
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Re: Luxury Real Estate Sales vs. Going to Law School

Postby AreJay711 » Mon Apr 13, 2015 2:02 pm

Drug dealers look like they have a glamorous life. You should buy a brick and start slangin.

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starry eyed
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Re: Luxury Real Estate Sales vs. Going to Law School

Postby starry eyed » Mon Apr 13, 2015 2:14 pm

plus you have no regulations or recourse via the ilicit route but that could be a disadvantage; if tyrone wants to bust you up, too bad.

FSK
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Re: Luxury Real Estate Sales vs. Going to Law School

Postby FSK » Mon Apr 13, 2015 2:15 pm

AreJay711 wrote:Drug dealers look like they have a glamorous life. You should buy a brick and start slangin.


Just cop BIGMAFIA

JimmyJ63
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Re: Luxury Real Estate Sales vs. Going to Law School

Postby JimmyJ63 » Mon Apr 13, 2015 2:17 pm

Aside from the predictable mockery of my question. You're saying to stick with my original plan. My buddy tells me he hopes I don't go so he can laugh at me when he gets his first 2 million dollar listing and I'm sitting in a boring law class...

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El Pollito
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Re: Luxury Real Estate Sales vs. Going to Law School

Postby El Pollito » Mon Apr 13, 2015 2:19 pm

law school isn't going anywhere, so now is the time to experiment with your career

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deadpanic
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Re: Luxury Real Estate Sales vs. Going to Law School

Postby deadpanic » Mon Apr 13, 2015 2:30 pm

I'll bite and give you a serious answer.

Doing well in real estate is most always in who you know. The vast majority of those making a ton of money just have a bunch of super rich clients - it is not that they have some super skill set. A lot of people that are really successful in real estate do not even have college degrees because education is largely irrelevant. The most successful usually just had their families' book of business handed down to them. Also, it is kind of bimodal like law in that a relatively small people do very well (e.g. BigLaw) and the rest do pretty shitty.

You all (1) are not from L.A./the west coast, (2) presumably do not know anyone out there, and (3) are fresh out of college without a day of experience in selling luxury homes. This sounds like a disastrous plan.

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MarkfromWI
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Re: Luxury Real Estate Sales vs. Going to Law School

Postby MarkfromWI » Mon Apr 13, 2015 2:32 pm

El Pollito wrote:law school isn't going anywhere, so now is the time to experiment with your career


Yea, especially since you're not sitting on a 4yr-old 174 on the LSAT or something. Law school will be there for you if you want it; you definitely don't have to (and shouldn't) go straight out of UG. Are you likely to be making 6 figure commissions right out of the gate? Hell no. But that doesn't mean you can't go give it a try. If you flop, then start thinking about the LSAT.

Go get 'em tiger

P.S. Deadpan above nailed it.

abl
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Re: Luxury Real Estate Sales vs. Going to Law School

Postby abl » Mon Apr 13, 2015 2:44 pm

What's the risk here? Is your friend asking you to put any of your own money on the line? Are you going to need to sell to cover living expenses in LA? If things really don't work out and you burn through your emergency fund in 3 months, do you have somewhere that you can return to (your parents' basement, for example) to regroup and work on restarting your career in law?

You clearly seem interested and excited in this luxury real estate thing. I agree with the other posters: it's a very, very long shot (nowhere near the sure riches that your friend is implying). But if you're not being asked to put up your own money, and you have a safe landing plan if/when you flame out, this is the right time in your career to do something a little crazy (and the primary thing you're putting at risk is whatever small emergency fund cushion you've saved up and a year of your life).

Don't do it because you think it's a great investment opportunity: it's almost certainly not. Do it because you're really pumped and have relatively little to lose.

JimmyJ63
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Re: Luxury Real Estate Sales vs. Going to Law School

Postby JimmyJ63 » Mon Apr 13, 2015 3:01 pm

Minor detail. I'm going to be 29 soon... (non traditional)

wildhaggis
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Re: Luxury Real Estate Sales vs. Going to Law School

Postby wildhaggis » Mon Apr 13, 2015 3:05 pm

JimmyJ63 wrote:I often find myself watching "Million Dollar Listing" on Bravo and I see these young guys selling these homes and making crazy commission checks. I talk to a friend who currently is in sales (he didn't go to college) and he tells me he is going out west to L.A. to set up shop and sell "high end luxury real estate." He suggests I should come out after graduation. He tells me how he is going to have a driver, and make 500k per year. (Clearly optimistic to say the least.)


Weirdly apt metaphor of your average college grad's reason for attending law school.

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Albus Dumbledore
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Re: Luxury Real Estate Sales vs. Going to Law School

Postby Albus Dumbledore » Mon Apr 13, 2015 3:11 pm

I like watching the New York version of Million Dollar Listing. I've seen a couple of episodes of the L.A. version as well, which isn't as good. The lifestyles of the featured real estate agents are definitely worthy of envy, but I doubt they are representative of agents in NY and L.A. in general. As some have already mentioned, you need good connections to have a better chance at success especially when you are moving to somewhere new.

But if real estate intrigues you and have enough money to get yourself started, then why not give it a try? Also, here's a bit of trivia. Michael from the first season of Million Dollar Listing NY went to law school, but ended up in real estate. He seems to be doing well, but his father owns the real estate firm, which once again shows the importance of connections. I know this is true for any type of career, but it is especially more important in real estate.

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deadpanic
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Re: Luxury Real Estate Sales vs. Going to Law School

Postby deadpanic » Mon Apr 13, 2015 4:08 pm

I am surprised a lot of people are telling you to just give it a try. This is not risk-free or even low risk at all. I did not see anything about your friend fronting all the costs for this and I cannot see why he would. Your friend has just essentially sold the lifestyle part but has not given you any concrete plan in how to get there.

I am not endorsing you to go to law school, either. I just think going to one of the most expensive cities in the country with zero connections in an industry you only know about by watching a TV show seems poorly planned. What will your degree be in?

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starry eyed
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Re: Luxury Real Estate Sales vs. Going to Law School

Postby starry eyed » Mon Apr 13, 2015 4:13 pm

yea this isn't a risk free venture at all if OP decides to listen to the encouragement..

and there have been folks suspected of trolling who turned out to be genuine so maybe we should err on the side of being careful

JimmyJ63
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Re: Luxury Real Estate Sales vs. Going to Law School

Postby JimmyJ63 » Mon Apr 13, 2015 4:19 pm

I'm definitely genuine. Seriously. I know this could easily come off as trolling but it isn't. My UG degree is in Polisci. (ofcourse) lol. I'm going to be 29 soon and 30 before you know it. I'm not 23 years old with my 20s to burn through. It's time to buckle down and get it done. I'm going to heed the advice here get my butt into law school before I end up meeting a gal and having kids or something like that. I realize it is "risk free." But I do have a decent amount of student loans already that will kick in, no nest egg, no connections, no knowledge. I mean it has been done before but ehhh... I'm going to go the more legitimate route I think.

I guess I'll kick myself in the butt if my friend ends up making a killing. But these are the choices we make in life.

sparty99
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Re: Luxury Real Estate Sales vs. Going to Law School

Postby sparty99 » Mon Apr 13, 2015 4:23 pm

I enjoy that show as well (the new york version, not LA as much and definitely not miami), but you should probably try new home sales instead. I mean, the money isn't $1,000,000, but six figures if you are good. Have you tried Troll Brothers or Pulte Homes?

JimmyJ63
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Re: Luxury Real Estate Sales vs. Going to Law School

Postby JimmyJ63 » Mon Apr 13, 2015 4:30 pm

I haven't tried anything yet because I haven't graduated. I have fall semester left, so I can take the LSAT in October.

abl
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Re: Luxury Real Estate Sales vs. Going to Law School

Postby abl » Mon Apr 13, 2015 4:42 pm

JimmyJ63 wrote:I'm definitely genuine. Seriously. I know this could easily come off as trolling but it isn't. My UG degree is in Polisci. (ofcourse) lol. I'm going to be 29 soon and 30 before you know it. I'm not 23 years old with my 20s to burn through. It's time to buckle down and get it done. I'm going to heed the advice here get my butt into law school before I end up meeting a gal and having kids or something like that. I realize it is "risk free." But I do have a decent amount of student loans already that will kick in, no nest egg, no connections, no knowledge. I mean it has been done before but ehhh... I'm going to go the more legitimate route I think.

I guess I'll kick myself in the butt if my friend ends up making a killing. But these are the choices we make in life.


Oh dang, in that case I definitely wouldn't go with your friend: it's a huge risk. Why do you want to go to law school?

JimmyJ63
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Re: Luxury Real Estate Sales vs. Going to Law School

Postby JimmyJ63 » Mon Apr 13, 2015 4:48 pm

Honestly, I just can't see myself doing anything else. I am interested in law and policy. I did my first 2 years prior to transferring to a selective private school at community college in the Paralegal Studies program and did very well in it. I also really enjoyed the classes I took. So I do have some experience learning the subject matter and I guess I am in the minority when telling you I enjoyed reading through case law and putting together arguments. I really enjoyed the challenges it presents. I certainly wouldn't be going to "make a lot of money." I know that isn't the legal market today. I would however like to be a public defender perhaps and transition into private practice after developing my game.




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