Forge Innovation Development Corp., a development stage company, focuses on the commercial and residential land development business, including, to a lesser extent, the possible purchase and sale of real estate, targeting properties primarily in Southern California.
The company also intends to manage properties it owns and properties owned by unaffiliated third parties. The company's activities will include securing acquisition rights to properties, obtaining zoning and other entitlements for t...
Forge Innovation Development Corp., a development stage company, focuses on the commercial and residential land development business, including, to a lesser extent, the possible purchase and sale of real estate, targeting properties primarily in Southern California.
The company also intends to manage properties it owns and properties owned by unaffiliated third parties. The company's activities will include securing acquisition rights to properties, obtaining zoning and other entitlements for the properties, securing financing for purchase of the properties, improving the properties' infrastructure and amenities and selling the properties to homeowner and commercial owners for restaurants, offices and small businesses. The company's first property acquisition was 29 acres in the city of Desert Hot Springs in Southern California. Due to problems with permits and adjacent landowners, rather than get involved in protracted negotiations, the company sold the property to an independent third party for a profit.
Business Strategy
The company's business strategy includes the following three main segments of the real estate business:
The company intends to acquire and develop land for residential and commercial development.
The company also, to a lesser extent, intends to develop a diversified real estate portfolio by investing in residential real estate, including single-family housing, condos and town-homes and commercial properties, including strip-malls and small office buildings.
The company intends to provide property management for the company's own properties and for properties owned by non-affiliated third parties.
Property Development
The company primary business is to acquire land and develop and sell fully constructed homes and commercial property such as stores, offices, private schools, etc., to non-affiliated third parties. The company's first property acquisition was 29 acres of vacant land in the city of Desert Hot Springs in Southern California. The company's original plan was to build various commercial buildings on the parcels, including stores and restaurants. However, due to problems with permits and adjacent landowners that would lead to lengthy negotiations and possibly additional costs, the company sold the property in March 2017, to a non-affiliated third party for a profit.
The company's principal activities are securing acquisition rights to properties, obtaining zoning and other entitlements for the properties, securing financing for the purchase of the properties, improving the properties' infrastructure and amenities, and selling properties to third parties. All of the company's property development activities are centered in the Southern California area.
Investing in Development Projects
The company intends to invest a small portion of its funds and to utilize funds pooled from investors to directly invest in income-yielding properties. The company will concentrate on investing in properties with long-term leases.
The company's primary business strategy is to seek out and secure real estate properties that may have been formerly subjected to distressed financing terms as a consequence of recent economic factors. The company's focus is on residential, single-family detached homes throughout Southern California made available individually or bulk transfer from various private parties or financial institutions seeking to liquidate non-performing assets.
Another business strategy is designed to generate a rate of return by acquiring distressed properties (individually or in bulk transaction(s)) for investment purposes and eventual resale. There is a significant market opportunity to acquire discounted real estate assets or in some instances, to lend to or invest with real estate developers and property owners or otherwise participate in real estate related investments where non-traditional financing sources are not available.
Property Management
In many cases the company will manage its own properties and market the company's property management service to others. Property management involves most of the following duties:
Establishes rental rate by surveying local rental rates; calculating overhead costs, depreciation, taxes, and profit goals.
Attracts tenants by advertising vacancies; obtaining referrals from current tenants; explaining advantages of location and services; showing units.
Contracts with tenants by negotiating leases; collecting security deposit.
Accomplishes financial objectives by collecting rents; paying bills; forecasting requirements; preparing an annual budget; scheduling expenditures; analyzing variances; initiating corrective action.
Maintains property by investigating and resolving tenant complaints; enforcing rules of occupancy; inspecting vacant units and completing repairs; planning renovations; contracting with landscaping and snow removal services.
Maintains building systems by contracting for maintenance services; supervising repairs.
Secures property by contracting with security patrol service; installing and maintaining security devices; establishing and enforcing precautionary policies and procedures; responding to emergencies.
Enforces occupancy policies and procedures by confronting violators.
Prepares reports by collecting, analyzing, and summarizing data and trends.
The company also intends to provide the following special services to the company's third part owners:
Legal Services: Eviction Coordination, Personal Property Management, and Property Inspections.
Closing - Title Services: Title Closing Documents and Preparation, Escrow and Closing Coordination, and HUD Reviews and Analysis.
Reports: Daily, Weekly or Monthly Reporting; Custom Reports; and Performance Reports.
Accounting - Financial: Expenses Report and Management, Expense Tracking, and Review and Process Reimbursements.
Sales and Marketing
The company intends to market its properties through real estate brokers and agents coordinated by company marketing personnel. The company's marketing efforts will target both international and local buyers and builders. The company also looks for suitable real estate projects for management and operation.
History
The company was founded in 2016. It was incorporated in the state of Nevada in January 2016. The company was formerly known as You-Go enterprises, LLC and changed its name to Forge Innovation Development Corp. in November 2016.
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