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All Forum Posts by: Steve Rugg

Steve Rugg has started 4 posts and replied 6 times.

Post: Underwriting advice during COVID19

Steve Rugg
Pro Member
Posted
  • Real Estate Broker
  • Corona, CA
  • Posts 8
  • Votes 0

COVID19 has just affected the original plan to rehab units and increase rents. Without that, its not a bad deal, but not the greatest. 

Post: Underwriting advice during COVID19

Steve Rugg
Pro Member
Posted
  • Real Estate Broker
  • Corona, CA
  • Posts 8
  • Votes 0

Does anyone have deals that were put in escrow before the COVID stuff and are now either canceling or renegotiating? We have a good (not great) deal in escrow on a 40+ unit complex. It was a value-add opportunity, with a plan to do some interior rehabs, raise rents, lower expenses, and improve management, but now we are not so sure about those opportunities...at least in the short term. 

Post: 1st time apartment owner

Steve Rugg
Pro Member
Posted
  • Real Estate Broker
  • Corona, CA
  • Posts 8
  • Votes 0

Thanks for the feedback. Our inspection went well. Property is in great condition. There is a HUD contract tied to 17 of the units in the complex that is up for renewal every 6 month. We are leaning towards not renewing only because it seems like a hassle with all of the hoops they make you jump through. Some of the units are getting higher rents than they should considering the condition of those units. Anyone have any experience with these contracts? Are they worth keeping? I feel like I could rehab the units and get the same rents or more without having the hassles of inspections, financial audits, etc.

Post: 1st time apartment owner

Steve Rugg
Pro Member
Posted
  • Real Estate Broker
  • Corona, CA
  • Posts 8
  • Votes 0

Hello, I live in California and my partner and I currently own and manage 20 doors in Missouri (a mixture of fourplexes, triplexes, duplexes, and SFRs). We recently took the plunge into larger multifamily. Our offer was accepted on a 40 unit apartment complex and we are currently in our diligence period. He is local in Missouri, so that helps tremendously, but I just wanted to reach out to the community here and see if anyone out there was willing to share some experiences with apartment investing. The numbers look good. We have financing lined up with 25% down. It is a value-add deal. It currently has 4 vacant units that need to be rehabbed immediately. Our plan is to renovate all of the units over the next 2 years, take better control of the management, and increase the rents by at least 15% (they are currently under-market). We have some inspections set up next week as well as a meeting with the current owner and property management company. I'd love to hear anything anyone has to share or recommends... THANKS!

Post: Cash Flowing Commercial Condos - Cannabis Cultivation Zone

Steve Rugg
Pro Member
Posted
  • Real Estate Broker
  • Corona, CA
  • Posts 8
  • Votes 0

Over 20% ROI for landlords!

These buildings will provide amazing cash flow to an investor who simply just wants to own the buildings. Leases in the cultivations zones range from $3-4 per sqft. 

I have tenants chomping at the bit to get in here but the developer only wants to sell them. 

Each unit is 29,925 sqft in a guard gated complex, all with approved conditional use permits for cultivation, extraction, manufacturing, and testing.

It is a brand new concrete wall tilt up project with ceiling heights from 26-32ft and will provide ample space to accommodate the 22,000 sqft allotted canopy space permitted by law.

Each unit will be powered with 2500amp - 3 phase - 480V that is ready NOW! This is the only complex with units this size with sufficient power ready NOW!

Every unit also comes with a dedicated office space with HVAC, ADA restrooms, fire sprinklers, standard plumbing and lighting, and roll up doors.

All of this and more can be found on our website: CA420Properties

Youtube video

Here is also a link to some additional information about the buildings including photos, video, maps, and building specs: More Info

Post: Cash Flowing Commercial Condos - Cannabis Cultivation Zone

Steve Rugg
Pro Member
Posted
  • Real Estate Broker
  • Corona, CA
  • Posts 8
  • Votes 0

These buildings are located in the city of Adelanto. Each unit is 29,925 sqft in a guard gated complex, all with approved conditional use permits for Cannabis cultivation, extraction, manufacturing, and testing.

It is a brand new concrete wall tilt up project with ceiling heights from 26-32ft and will provide ample space to accommodate the 22,000 sqft allotted canopy space permitted by law.

Each unit will be powered with 2500amp - 3 phase - 480V that is ready NOW! This is the only complex with units this size with sufficient power ready NOW!

Every unit also comes with a dedicated office space with HVAC, ADA restrooms, fire sprinklers, standard plumbing and lighting, and roll up doors.

All of this and more can be found on our website: http://ca420properties.com/properties/adelanto

Here is also a link to some additional information about the buildings including photos, video, maps, and building specs: https://www.dropbox.com/sh/46kzetijhzkmyot/AACr5H4JwYGkQxFhxAOUeX6xa?dl=0

These buildings will also provide amazing cash flow to an investor who simply just wants to own the buildings. Leases in the cultivations zones range from $3-4 per sqft.