All Forum Posts by: Lee Ripma

The B class rental property map on Vestmap is invaluable. 

@Alyssa Feliciano - go all seasons and bring a jacket! I’ll send you how I vet areas on a very granular layer. 

I have one QB file, I use classes 

https://www.vestmap.com/the-hu...
This isn’t tax or legal advice. I personally do cost segs on all my props because I benefit from the passive losses. 

@Evan Swanson 

Although it may be overall harder to get into RE in 2011 or 2017 it’s still POSSIBLE. I started in 2017 when everyone on BP was saying the market was so hot and there were no deals. I found deals that worked and built up a portfolio. Each year I’ve bought and sold RE, transacting millions. This year I’ll buy 46 doors. Just because something is hard doesn’t mean it’s impossible. 
If you want and excuse never to do RE, you have one. But an excuse not to do it doesn’t get you all the benefits of being a real estate investor. Nothing worth doing is easy but it’s possible. Take action instead of finding excuses. 

That’s what vestmap.com does, less expensive and more reliable that neighborhood scout. 

If it was a 6 unit building it would have one roof and one foundation, you instead have 3 roofs and 3 foundations but it's not that different. It'll sell as a commercial property and be valued on income. The buyer will get it just like you get it. 

@Nicholas Gayton - I think you can be successful in a lot of markets and I'm glad to see that you avoiding the low growth midwest cities with "great" cash flow. Cash flow won't be a very large portion of your overall return but it is important. I talk about this more on my podcast and website. I personally am in Kansas City and it's hard to beat for cash flow and appreciation but the secret is certainly out (lots of competition). 

Not sure if you're talking about the cities or the MSAs. Regardless I did a little pulling of that data for you, hopefully it helps. You want to make sure that the market you pick actually has the asset type you want. Killen only has duplexes really. You'll find Texas prop taxes are very high. Pheonix has the most small MF by sheer number, it's a way larger market than anything else on your list. 

@Nicholas Gayton 

So after doing all of this what have you selected as your market or your top 3 markets? MSA metrics are great for picking a market but don’t forget to vet individual locations with that market, happy to send you some ideas on how to do that.

@Aaron Moayed

You need legal advice! Whatever people tell you in response to this thread should be checked with a qualified 1031 intermediary and tax attorney.