#287: The Negative Consequences of Rent Control & How to Capitalize on them by Utilizing a Little Known Tenant-In-Common Conversion Technique – with Michael Gallin

Real Estate Investing for Cash Flow with Kevin Bupp

Kevin Bupp

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4.9 • 675 Ratings

🗓️ 27 August 2020

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

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Summary

Michael began his real estate career in (TIC) Tenant-in-Common and Condominium development in 1996 and has since developed over 20 apartment buildings and 40 (TIC) projects. His niche specialty is converting rent controlled buildings into market rate condominium units.

Growing up in Ventura, California; with a Grandfather who was a real estate developer along the Southern California coast, Michael attended the University of California, Berkeley, earning a B.A. in Psychology and then worked in medical research at UCSF.

When not wearing a hard hat or closing business, you will find Michael focusing on fitness, at cultural events, visiting wine country and traveling globally.

What You’ll Learn:

How Michael was first introduced to the legal loophole where one can convert a rent controlled unit into a market rate condo.
The typical profit margin that Michael is seeking when identifying potential rent control conversion projects.
Why rent control doesn’t work and never will.
Michael’s perspective on alternate solutions to the typical rent control model, including beefing up the section 8 voucher program.
How to utilize and profit from this same exact strategy in various other rent controlled markets throughout the US.
The qualifying factors that go into determining if a specific rent controlled property is a good candidate for a conversion.
The various political and tenant road blocks experienced when attempting to convert a rent controlled building along with the various strategies to get successfully get passed them.
The cash for keys program that can sometimes cost upwards of $50,000 to buy a tenant out of their lease.
And much, much more…

Recommended Resources:

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• Grab a free copy of my latest book “The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them Click Here

• Schedule your free 30 minute "no obligation" call directly with Kevin by clicking this link https://www.timetrade.com/book/KV2D2

Transcript

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0:00.0	You've been searching for the best way to generate passive income in your life
0:06.6	and heard that real estate is a great way to do it.
0:09.2	But you're tired of all the so-called gurus who are all talk and no substance.
0:15.7	Get ready to celebrate because Kevin Buck has spent 14 years successfully making it happen.
0:21.6	This is the Real Estate Investing for Cash Flow podcast.
0:25.3	Now, here's Kevin Bup.
0:29.9	Hey guys, Kevin Bup here, and I want to welcome you to another episode of the Real
0:33.6	Estate Investing for Cash Flow podcast.
0:35.9	Our mission is to help you build and maintain massive amounts of cash flow through
0:39.9	income producing real estate investments.
0:42.5	Now, our guests for this week's show is a real estate advisor and tenant-in-common
0:46.1	developer, Michael Galen.
0:47.7	Now, Michael began his real estate career in tenant-in-common and condominium development back in
0:52.3	1996 that has since developed more than 20 apartment buildings and 40 tenant-in-commonium development back in 1996. It has since developed more than 20 apartment buildings and 40 tenant-in-commonic projects.
0:58.9	Now, his niche specialty is converting rent-controlled buildings into market-rate condominium units for sale.
1:05.0	Now, growing up in Ventura, California, with a grandfather who was a real estate developer along the southern California coast,
1:11.5	Michael attended the University of California, Berkeley, earning a BA in psychology,
1:15.6	and then worked in medical research at UCSF.
1:19.4	When not wearing a hard hat or closing business, you'll find Michael focusing on fitness at cultural events,
1:24.7	visiting wine country, and traveling globally.
1:27.1	Now, here's what you're going to
1:27.7	learn in our conversation with Micro today. You're going to learn how Michael was first introduced to the
	...

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