All Forum Posts by: Lee Ripma

@Danica Moeller

I was in the exact same boat as your starting out in 2017. I recommend doing value add without massive rehab. Checkout my podcast 373 on BP where I talk about it! 

@Michael P.

It depends on how high your land value is. In CA vs Kansas City (MO/KS) I will get similar results after land value is taken out. With CA properties 40-50% of the value is land where in KC it is only about 5-10%. On a real 4plex in KC I got 32% bonus deprecation using DIY cost seg. My rule of thumb in low land value areas is 25% of the purchase price but it’s usually closer to 30%. Land value and finishes make a big difference so you really need to know those for your specific property. I do cost segs on all my rental props in year 1 using DIY. 

This is not tax or legal advice, it is just my personal experience. 

Checkout the resources at vestmap.com. Exactly what you need to pick a market and vet locations quickly. 

@Daniel Imahiyerobo

This is exactly what vestmap.com does! Checkout zipfinder (paid) where you can filter by what you’re talking about! 

Checkout the median household income by block group on vestmap.com. It’ll give you the data you need in 30 seconds. 

@Charles Carillo

I use vestmap.com as my first pass on any property location. 

@Larry Rogers checkout the DISCERN reports on vestmap.com. Free and paid versions. 

Great list! I start with the location info, growth, median household income, all the vestmap.com DISCERN metrics. So I’ll add vestmap to this list since it’s invaluable for quick location due diligence. 

@Nicholas D. KC has a stock of 100 year old buildings as well as new construction and everything in between. Neighborhoods were often built at the same time, so you’ll have a whole neighborhood of 60s, 70s, 80s. Certainly can find 60s+ MF. Certainly can find small MF, 4 units, 8 units, 12 units, etc. 
The MSA is growing and affordable although prices have gone up (like everywhere). I like a mix of cash flow and appreciation and KC is great for that. 

Checkout the features on Vestmap.com. You can vet location in 30 seconds, including pulling in rentometer data.