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

<p>Four years ago, <strong>Lee Ripma</strong> was brand new to real estate. She vowed she'd one day appear on the BiggerPockets Podcast. That day has come.</p><p>And we're all better off for it!</p><p>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.</p><p>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.</p><p>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.</p><p>This episode will get you motivated, and it may just ignite your real estate investing career!</p><p>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.</p><p><br></p><p>In This Episode We Cover:</p><ul><li>Why she abandoned the idea of building a <strong>tiny house</strong> empire</li><li>How her career as an <strong>environmental consultant</strong> prepared her for real estate investing</li><li>Why <strong>innovation</strong> can be overrated</li><li>How she screwed up her <strong>first deal</strong> and still made 28% cash-on-cash</li><li>Why choosing a “<strong>submarkets</strong>” is more important than the general market you choose</li><li>Why she shifted from <strong>BRRRR</strong> to <strong>value-add multifamily</strong> investing</li><li>How she unlocks value in <strong>rundown apartm