373: Invest Locally or Out of State? Why Not Both! BRRRRing & Building with Lee Ripma

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 12 March 2020

⏱️ 97 minutes

🔗️ Recording | iTunes | RSS

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Summary

Four years ago, Lee Ripma was brand new to real estate. She vowed she'd one day appear on the BiggerPockets Podcast. That day has come. And we're all better off for it! In this action-packed episode, Lee traces her journey from full-time field biologist to newbie who jumped straight into long-distance multifamily (wait 'til you hear about her first deal!) to developing apartment buildings in the high-end Los Angeles market. You'll learn how she formed relationships with local, "boots-on-the-ground" partners on her BRRRR deals in Kansas City, why she came to prefer value-add multifamily deals over BRRRR, and how she's able to find higher and better uses for properties in Southern California. From looking at our podcast stats, we know a LOT of you are in hot markets like L.A., New York, San Francisco, and Washington, D.C. If you've ever thought to yourself, "My market's so expensive... How can I invest in real estate?"—look no further. This episode will get you motivated, and it may just ignite your real estate investing career! Be sure to subscribe to the BiggerPockets Real Estate Podcast, sample the other BiggerPockets podcasts in our network (just search "BiggerPockets" in your favorite podcast app), and as always, if you appreciate this content, please give us an honest rating and review on Apple Podcasts. In This Episode We Cover: Why she abandoned the idea of building a tiny house empire How her career as an environmental consultant prepared her for real estate investing Why innovation can be overrated How she screwed up her first deal and still made 28% cash-on-cash Why choosing a “submarkets” is more important than the general market you choose Why she shifted from BRRRR to value-add multifamily investing How she unlocks value in rundown apartment buildings Finding “boots-on-the-ground” partners for out-of-state deals How she learned the development game by apprenticing under an experienced investor How real estate development creates money out of thin air Tearing down single-family homes and building 4-unit apartment buildings How she moves projects more quickly by using “prefabricated construction” Why “value-add” drives the biggest returns on investment And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Webinar BiggerPockets Money Podcast How to Find Overlooked Opportunities in a Hot Market with Andrew Cushman BiggerPockets Task Rabbit BiggerPockets Podcast 092: No (and Low) Money Down Real Estate Investing with Brandon Turner Podcast Movement BiggerPockets Money Tiktok Check the full show notes here: http://biggerpockets.com/show373 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the BiggerPockets Podcast Show 373.
0:04.0	I Googled top 10 cash flowing markets in the United States
0:09.0	and I went down the list and I was like,
0:11.0	yeah, Omaha, they're all in the Midwest. I didn't know anything about any of them except for I had been to Kansas City one time in college and I knew it was cool and my partner at the time was a Kansas City chief span so we're like that's it can't city it is
0:26.0	you're listening to bigger pockets radio simplifying real estate for investors large and small
0:32.0	if you're here looking to learn about real estate
0:34.6	investing without all the height, you're in the right place. Stay tuned and be sure
0:39.8	to join the millions of others who have benefited from BiggerPockets.com.
0:44.8	Your home for real estate investing online.
0:47.6	Hey what's going on everyone this is Brennan host of the BigerPockets podcast here with my co-host David Green. David having a good real estate week I hear.
0:56.0	Oh my gosh, I had the busiest day I've ever had in my life with real estate two days ago,
1:02.0	but it came out awesome. The next day we basically put
1:05.2	four people under contract. There's a ton of people that are house hacking right now in the Bay Area, which is a perfect
1:10.9	market to do it because housing is so expensive but springtime's coming.
1:14.5	So this is like that last mad push when you can try to get people in a contract before it just becomes
1:19.3	crazy and it's very exhausting but it's very rewarding.
1:22.5	Yeah, very cool.
1:23.5	Well, congratulations on that.
1:25.2	I know you got some cool flipping stuff going on as well,
1:27.2	so you know, keep it up.
1:28.7	And I'm excited to hang out with you.
1:30.4	I think you're coming out here here in a few days. few days so couple days yeah absolutely yeah
	...

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