Thank you Juan and Cody! I’m an agent in south Orange County and struggling to sell a building with low rents and this concept is giving me hope that I can help my seller win despite lower rents. Thank you for all this information.
Its a real tough call to raise rent every single year though, running the risk of losing people who were stable sources of income for 1-3 years, just moving out and now you miss out on that rental income. For however many months it takes to get a new tenant, and the new tenant sucks, ends up destroying the property when you could have had that stable rent payer bc you didnt raise his rent 100 bucks.
@@SageRealEstate I'm a tenant in Inglewood, Ca (right across the street from SoFi Stadium). My building is being demolised (Ellising the building). The new owners offered 10K. I said no and countered with 30K. His response was that's "Beverly Hills money!" I was insulted. Now I'm really firm on price.
Yea you can get lucky sometimes but most of the time 6K won’t work. Some tenants will ask for a ridiculous amount but 20-30K is normal. Per LA city: Between 2019-2023: • 4,869 Tenant Buyout or “Cash for Keys” agreements were filed • $24,704 was the average buyout amount
That exactly what they have been doing using our credits they file the 1099 in our box unit name apt number then 1099 OID then they 1099b 1099 A abandoned property see the landlord never sent us our copy we are the lender they are the borrower and double dipping
Thank you Juan and Cody! I’m an agent in south Orange County and struggling to sell a building with low rents and this concept is giving me hope that I can help my seller win despite lower rents. Thank you for all this information.
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Great info! Thank you! I'm gonna watch it again and will have to take a note ;)
Glad it was helpful!
Its a real tough call to raise rent every single year though, running the risk of losing people who were stable sources of income for 1-3 years, just moving out and now you miss out on that rental income. For however many months it takes to get a new tenant, and the new tenant sucks, ends up destroying the property when you could have had that stable rent payer bc you didnt raise his rent 100 bucks.
We don't see tenants moving out for a small increase. Rents continue to go up and there are not a lot of rental options.
Thank you for making this video gents. Wealth of knowledge as usual 🤙🏻
Thanks for watching!
The way you talk you know that what you’re doing it’s wrong, I can hear it in your voice
So how does an investor/Landlord increase the rent? Is there a process that an investor has to go through to raise the rent?
The process has to be in writing.
Interesting:
Hello Gentlemen, If we TENANT SHUFFLE existing Section 8 tenants, do we get the higher payment standards from HACLA??
Hello, I don't believe section 8 would pay more unless there is a higher bedroom count. Best to check in with them.
6k is waaaaaaaay too low in California. 25k-30k minimum
Depends on what side you are on. As an owner I never signed up nor can afford excessive fees.
@@SageRealEstate I'm a tenant in Inglewood, Ca (right across the street from SoFi Stadium). My building is being demolised (Ellising the building). The new owners offered 10K. I said no and countered with 30K. His response was that's "Beverly Hills money!" I was insulted. Now I'm really firm on price.
Yea you can get lucky sometimes but most of the time 6K won’t work. Some tenants will ask for a ridiculous amount but 20-30K is normal. Per LA city:
Between 2019-2023:
• 4,869 Tenant Buyout or “Cash for Keys” agreements were filed
• $24,704 was the average buyout amount
extortion!
1099 the recipient!
That exactly what they have been doing using our credits they file the 1099 in our box unit name apt number then 1099 OID then they 1099b
1099 A abandoned property see the landlord never sent us our copy we are the lender they are the borrower and double dipping
What's Mr Cody's TH-cam channel?
I like the negotiator idea; I'm too emotional, too soft!😔