Learning Out-of-state Investments

[Kincaid Ryken]

As a young, pretty broke, college student attending SDSU in Brookings, SD, as a double major in physics and math, this whole post may be a long shot. I would like to give a little background information about myself for more context. I have always been in love with all things math and the way things work in the world, and I have also always been interested in reaching financial freedom early in life. A life where I work 40+ hours a week to make someone else money for the majority of my life, and enjoy the last 20 years of my life instead of the reverse, is a life I don't want to live. I was probably first introduced to real estate at the young time of being a freshman in high school and have been in love with it since. Because of this, I have learned a lot about real estate on my own mainly from BP books and the BP podcasts with a pen and paper at my side. I have also put my love for math in it, as I have created a spreadsheet, much like the BP spreadsheet, that analyzes income vs. expenses for me after I type in a few metrics. I have also put together a data sheet with many different metrics on all cities within the United States with 100,000+ population. These metrics are catered towards rental properties with some of them being population growth, wage growth, RTP, and some more. I have analyzed many properties, but due to "analysis paralysis" and lack of confidence in my estimates, I have not done any deals yet. Although I learned at such a young age, I know that there is so much to learn that you can't learn from books or podcasts, but you have to learn from experience in the field.

This is why I am wanting to make this post today. If you have made it through the rather lengthy post, then you must be interested in me in some way (or you're just bored going through BP). I would like to meet (over zoom, email, call, etc.) with anyone who is experienced in Out-of-state investments, specifically long term SFR, Small Multifamily rentals, and for future sake, large multifamily rentals. I would like to someday be a real estate millionaire and I know I can't do that on my own. I know, this is a pathetic way to ask for a mentor, but I would also like to add any value that I can, whether that be analyzing specific markets, analyzing deals, or any other creative way you can think of that will add value to your life.

Thank you all in advance, I love the BP community and I would be no where near where I am today if it wasn't for biggerpockets. I'm excited to meet you all!

[Matthew Irish-Jones]

@Kincaid Ryken you don’t need a mentor you need a way to invest. As a young somewhat broke college student you are not ready. You need stable W-2 income so you can get a loan.

As far as working 40+ hours to make someone else money… that’s a tough attitude to have entering the work force. If you are working for someone else they are paying you. Owners make money last, have all the risk, and often times pay and train employees who don’t pan out. The employee leaves with a paycheck and the owner is left with the bill and no profit.

Get a job working for someone that pays you while you learn and it’s mutually beneficial.

I left my corporate 9-5 to work for myself 5a-9p best day pretty much.

You will work twice as many hours being an entrepreneur with no guarantee you will be paid, all the risk, and you will be paying employees up front with the hope you get a return and they stick around.