Move from All Bills Paid to RUBS and the affect on underwriting

[Michael Dang]

How do you account for RUBS in your proforma underwriting if the property is all bills paid?

Does one reduce the current effective rent and then implement rubs?  If so, by what measure?  Reduce to market rent without bills paid?  

What are some suggest processes\methods to remove all bills paid and implement RUBS?  Should RUBS start on new leases and slowly  phase out all bills paid when a lease expires\renews?

Can you implement RUBS within 3-4 months for the entire property?