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All Forum Posts by: Kincaid Ryken

Kincaid Ryken has started 2 posts and replied 21 times.

Post: Learning Out-of-state Investments

Kincaid RykenPosted
  • Yankton, SD
  • Posts 21
  • Votes 58

@Mitchell Goldstein

I would 100% agree with you that I am over thinking things which is why I said that I have been in analysis paralysis and not confident in my estimates. But I would have to disagree when you say real estate is nothing about numbers. I agree that it has a lot to do with knowing the seller and what is motivating them to sell, but how do you know what to pay for that property either way without numbers? Also how do you know the resale value or cash flow of the property without knowing any numbers? Real estate has a ton of math involved, and I'm not talking about calculus. I'm talking about metrics such as appreciation, ROI, and CAP rate to name a few; all of which have to do with numbers and math.

Post: Learning Out-of-state Investments

Kincaid RykenPosted
  • Yankton, SD
  • Posts 21
  • Votes 58

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!

Post: Important Books To Read Before My First Deal

Kincaid RykenPosted
  • Yankton, SD
  • Posts 21
  • Votes 58

@Megan T.

This sounds like a great idea and I will definitely be looking for a REI meetup around me in the near future! Thanks for the advice!

Post: Important Books To Read Before My First Deal

Kincaid RykenPosted
  • Yankton, SD
  • Posts 21
  • Votes 58

@Cameron Lim

I have already read “Rich Dad Poor Dad” and I will definitely be looking into the other one you mentioned! Thank you!

Post: Important Books To Read Before My First Deal

Kincaid RykenPosted
  • Yankton, SD
  • Posts 21
  • Votes 58

@Justin Johnson

A few others have suggested this book so I will definitely get my hands on it and start reading as soon as I can! Thank you!

Post: Important Books To Read Before My First Deal

Kincaid RykenPosted
  • Yankton, SD
  • Posts 21
  • Votes 58

@Ivan Melendez

A couple others also suggested “Set For Life” so I will make sure to read that one soon. As for the other ones I will add to my list! Thank you!

Post: Important Books To Read Before My First Deal

Kincaid RykenPosted
  • Yankton, SD
  • Posts 21
  • Votes 58

@Cody Weber

Thanks so much for the encouraging words! I’ve always been interested in learning about house hacking and never came across a book about it. I’ve always thought it was a great idea and I will definitely check this book out!

Post: Important Books To Read Before My First Deal

Kincaid RykenPosted
  • Yankton, SD
  • Posts 21
  • Votes 58

@Joe Villeneuve

I’ve never looked into complex proofs in Geometry but with math being one of my passions I will probably dive deeper into that subject.

As far as the complex word problems, I’d say that’s where I excel because I am well off on finding equations from the words.

May I ask why these two concepts are important when it comes to real estate investing?

Post: Important Books To Read Before My First Deal

Kincaid RykenPosted
  • Yankton, SD
  • Posts 21
  • Votes 58

@Jacob Lapp

I’ve already read Rich Dad Poor Dad but the others I’ve heard nothing about so I’m excited to dive in! Thanks for the list of books, I know they will help me along my journey!

Post: Important Books To Read Before My First Deal

Kincaid RykenPosted
  • Yankton, SD
  • Posts 21
  • Votes 58

@Zachary Ray

Where I’m from there are no meetings for local real estate investors so when I’m in college I might start looking around for some near by!