JF3659: Converting Hotels to Apartments, Navigating Permits, and Maximizing Affordable Housing ft. Ryan Sudeck
The Best Ever CRE Show - A podcast by Joe Fairless
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Ryan Sudeck, CEO of Sage Investment Group, discusses their strategy of converting hotels into apartment buildings to address the affordable housing crisis. They look for hotels with existing infrastructure and amenities that can be repurposed for residents. They focus on growth markets with wage and employment growth and near transit corridors and centers of employment. The average cost for conversion per unit is between $37,000 and $50,000. They typically hold the properties for cash flow for about three to five years and then do a cash-out refinance. Investors in their fund receive quarterly distributions and share price appreciation. Ryan Sudeck discusses the benefits of investing in a fund that focuses on hotel conversions and multifamily properties. He explains that investing in a fund allows for immediate cash flow and diversification, as well as the potential for tax benefits. Sudeck also shares insights into the process of acquiring and converting hotels, including the challenges and lessons learned. He emphasizes the importance of thorough due diligence, construction budgeting, and engaging with local municipalities. Additionally, he highlights the positive impact that hotel conversions can have on communities, such as reducing crime rates. Ryan Sudeck | Real Estate Background Sage Investment Group Based in: Kirkland, WA Say hi to him at: LinkedIn www.sageinvestment.com Twitter Best Ever Book: Rich Dad, Poor Dad by Robert Kiyosaki Sponsors: Altra Running Apartments.com Learn more about your ad choices. Visit megaphone.fm/adchoices