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

Episode • Mar 12, 2020 • 1h 34m

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

Check the full show notes here: http://biggerpockets.com/show373

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