JF3659: Converting Hotels to Apartments, Navigating Permits, and Maximizing Affordable Housing ft. Ryan Sudeck

The Best Ever CRE Show

Best Ever CRE

Realestatepodcast, Entrepreneurship, Business, Realestate, Investing, Realestateinvesting, Realestateinvestingpodcast

4.8 • 983 Ratings

🗓️ 10 September 2024

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

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:
Best Ever Book: Rich Dad, Poor Dad by Robert Kiyosaki

Sponsors:

Altra Running

Apartments.com

Transcript

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0:00.0	I'm a pretty avid runner and recently my foot have been bothering me for running so much
0:05.7	Then my friends at ultra running send me a pair of shoes to try
0:09.9	I got the experience flow which is a road running shoe and I can't tell you how
0:15.4	surprise I am with how comfortable these shoes are. My foot pain is gone and
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0:26.0	and I could immediately tell a difference.
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0:30.0	They're super comfortable.
0:32.0	Ultra also makes their shoes zero to low drop,
0:35.0	which basically means your heel isn't elevated off the ground
0:39.0	like some other shoes, which is great for enhanced balance
0:42.0	and keeping your feet in a more natural position.
0:45.0	It's all day comfort that you really do need to feel to believe.
0:49.0	And right now, you can try a pair risk-free with a free 30-day trial.
0:54.0	So try them out, and if they're not for you,
0:56.7	send them back for a full refund.
0:58.6	Just head over to ultra-running.com
1:00.7	and find your new favorite pair of shoes today. That's a L-T-R-A- running
1:06.0	com. Stay out there with Ultra. Places come in all shapes and sizes.
1:11.0	Whether it's a three-story town home or a 300 square foot condo,
1:15.2	apartments.com will help lease them all. Because no matter what kind of rental property you own,
1:20.7	apartments.com believes that every landlord from big to small deserves access to the most
	...

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