As we reflect on the year 2020, there are so many different circumstances and results of the pandemic. Here on the show today to talk about the 1031 exchange that he and his company conducted during the year, is Omar Ruiz of LeRu Investments. Omar explains the early part of the deal, that occurred during 2019 and how this all bled over into 2020, and eventually meant having to see through the intended 1031 exchange in the uncharted waters of a global crisis! Omar explains how this complicated things in some ways while actually benefitting the deal in others, and we get to hear from our guest about the important steps he took and how they kept the deal on track.
Watch the episode here:
Listen to the podcast here:
We talk about the outside help that made things easier, how Omar approached communicating with investors, and the concerns that many people had when the COVID-19 pandemic became a reality. We also get into the structuring of the deal, how money-lending has shifted in 2020, and much more. We cover our usual final questions with Omar, having him weigh in on meeting new investors, recent business improvements, and his commitment to education.
Key Points From This Episode:
- An update on Omar’s business and an introduction to the deal in question.
- Omar’s thoughts and concerns going into the deal and why he decided to sell.
- The planning that went into the sale and the closing of the deal in early 2020.
- Early effects of COVID-19 on deals.
- The positive side of the effects of the pandemic on the deal.
- How Omar went through this process with his investors.
- Worries over vacancy and rental payments with the advent of the pandemic.
- Unexpected results of the pandemic and the abundance of prospects that Omar is engaging with.
- How Omar went about structuring the deal with his team.
- Reflecting on the 1031exchange and how the deal panned out.
- Benefits of going through this process and the lessons that Omar learned along the way.
- The legal help that Omar received from an attorney in the area to get the deal through.
- How Omar has upped his fundraising game lately!
- The in-person and online platforms that help Omar with investor outreach and connection.
- Why Omar keeps tabs on the latest trends and how this has helped his business succeed.
- The ways in which Omar and LeRu like to give back through education.
- How to get in touch with Omar and his company online!
[bctt tweet=”I’d spent thousands of dollars. All my due diligence was done and I was ready to move forward. But then these COVID reserves landed and we had to renegotiate on that deal. — Omar Ruiz” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Omar Ruiz
Omar Ruiz is co-founder of LeRu Investments LLC and Home Choice Property Management Inc. LeRu Investments acquires value-add multifamily and single-family homes to increase value; improve resident appeal and achieve high investment returns for investors and the communities. Home Choice Property Management is a residential property management company that manages properties for other landlords in the areas of Orange County, Long Beach, and the Inland Empire of California. Omar’s been a real estate investor and property manager for 14 years and involved in numerous transactions that included purchasing large apartment complexes, single family homes, mobile homes, and vacation rentals. He’s the company’s leader in performing due-diligence and asset management of apartment properties and single-family rentals totaling over 100 units. These properties are located in California, Texas, and Indiana. Omar also runs the Orange County Investment Club – the largest real estate investment club in California and 2nd largest in the country. He is a member of the Apartment Owners Association (AOA). He has a background as a quality control manager in the aerospace industry and business marketing. He holds his bachelor’s degree from California State University of Long Beach.
Love the show? Subscribe, rate, review, and share!
Join the Real Estate Syndication Show Community: