All Forum Posts by: Lee Ripma

@Account Closed

Lots of folks do this and there are many ways to do it as well as many local regulations. There is company called HomeRoom that offers a turnkey product where you can buy homes where they do this. Of course it can done on your own as long term or short term rooms. 

@Dan Gilliam

We specialize in small MF in KC 2-75 units. If I were to list that property for you I would suggest that you list at 179k and expect to sell for 165-170k. I'm looking at the income and I'm also looking at the comps. Here those are for you: 

https://hmls.mlsmatrix.com/Mat...

@Tristan Osborne

I was in your shoes, albeit a little older, 5 years ago. Investing in RE changed my life. I never did the house hacking thing, just went for out-of-state rentals. I still do that today and I'm so glad I got started. My advice is - take action, even though it is imperfect action, that way you'll learn and build and grow. One deal won't change your life but the 5 you buy next will, so get going! 

Yep, scam. Very common unfortunately. Don’t give this guy any money. 

Usually SFH are too small for engineered studies - I do algorithm based ones. I personally use DIY cost seg, I'm such a huge fan they gave me a discount code, feel free to reach out if you'd like it! Love cost segs!

@John Williams

To find new locations I filter on ZipFinder by VestMap. I also always vet locations on VestMap. I am always looking for GROWING affordable submarkets. 

The best way to find this, in my opinion, is to get the SFH (down leg) on the market, once it is non-contingent start shopping for your new MF (upleg). If you can get one or two 15 day extensions on the SFH sale that's nice to have. Give yourself 60-90 days to ID the upleg MF if you can, 45 days once you close, but if you are sure you'll close but haven't yet that gives you extra time. Hope it goes well for you!

@Gerardo Waisbaum

Hi Gerardo - 

I personally use DIY for my own cost seg studies, even on larger buildings. I am a huge fan and I have a discount code if you want to reach out for it. 

I have priced out engineered studies that the DIY studies and haven't found a huge difference in my benefit but I have found a huge difference in the price that I pay. So I personally use DIY and I personally recommend DIY. I've spent tens of thousands with them over the past 5 years and I am a happy customer. 

@Jarron V.

I've never been but to Memphis but I can tell you that I look at DISCRN results for any property I am buying or area I want to invest in. See income and growth below for this zip code. 

Would agree that it's likely B-/C+ and higher income on the east side rather than the west. Good growth on incomes and population - so if you don't mind the class now could work! 

I started investing out of state and you can totally do it. I had no idea there was a difference between a 100 year old property and a 20 year old property when I started. I can tell you - in the midwest it is a huge difference. I now try to buy 1980s+ but I'll settle for 1960s+ sometimes, depending. I won't buy those old properties anymore. Just make sure you vet the locations you are investing in FIRST then inspect the building. Remember, it's location, location, location NOT cashflow, cashflow, cashflow.