All Forum Posts by: Lee Ripma

Some great stuff on here. I like to try them on a small job first, see how it goes, then give them progressively larger jobs. Their skill and approach is generally very clear on the small job. 

No, I’ve looked into it to try but it’s always been really expensive to RE-sheet rocks. I think your best bet is always carpet above. It’s weird, it’s like it’s the vibrations that travel through. Let me know if you try the quiet rock! 

Sounds like your approach to vetting similar locations and similar airbnbs is solid. I personally vet locations using the DISCERN method, I would suggest this, and you can DM me for detail. Briefly I look at demographic group, income, schools, crime, population growth, expansion of the population, and neighborhood indicator stores. 

I would suggest you go to the markets before making this purchase, no one looks after your money like you do! 

BRRR will take more capital than that. You can use hard money or private money to get the capital you need. This is the dirty secret of BRRR, takes a lot of cash. What about a 200k value add duplex in a midwest market?

@Joe S. I talk about it on my podcast, I use local partners on my projects. Then find a few good ones and a good local PM. There is always some trial and error. 

As others have said carpet is certainly your best bet, if with the under lament and quiet rock on the ceiling about the sound will travel. 

@Amin Bakhtiari

You'll never find the 1% rule in LA. Also the 1% rule is garbage as @Bruce Woodruff also pointed out. 

@Anshul Pandey

What about an analytical way to pick an out of state market? You’re really looking for B class areas in the path of progress. So is there a way to find those? Yes, I did this analysis for you so that you don’t need to spend the time trying to research areas. Briefly here is that methodology and the list. Feel free to DM me for a link to the complete article.

Filter for MSAs that have 150k plus people and are within 50 miles of a major airport (1M or more flights per year). 

Only look at zip codes that have a least 3k housing units (target rich environment) and a median home value of 100-250k. Rank by number of housing units that meet those criteria.

Here is the list by housing units. 

1. Houston, TX
2. San Antonio, TX
3. Las Vegas, NV
4. Philadelphia, PA
5. Indianapolis, IN
6. Jacksonville, FL
7. Phoenix, AZ
8. Tucson, AZ
9. Orlando, FL
10. Fort Worth, TX
11. Charlotte, NC
12. Minneapolis, MN
13. Columbus, OH
14. Miami, FL
15. Louisville, KY
16. Dallas, TX
17. Kansas City, MO
18. Oklahoma City, OK
19. Omaha, NE
20. Albuquerque, NM

Why not pick a few areas off this list and then find submarkets that work for you? That is what I did… I invest in Kansas City and it's a great market. 

Having a great PM and a great agent is key! I know you can be successful in any of these markets, so get going! 

@Owen Thornton

I vet the location first and the property second. Take a look at the report for this one. I won't buy if the population is declining. So vet locations! Note the subject in this report is your property and the Achor is a property that I own and would buy more of. 

@Jody Greenberg I personally would only use DIY because you can correct errors. My rule of thumb is 20-25% can be taken in Y1. Not tax or legal advice, consult professionals, just my personal opinion.