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All Forum Posts by: Jenny Bayon

Jenny Bayon has started 1 posts and replied 24 times.

Post: Nationwide insurance leaving California

Jenny BayonPosted
  • Property Manager
  • Posts 24
  • Votes 10

I feel like this is a huge deal. It will have to have a big impact on housing prices and rents, right? How could it not? Thoughts?

~ Jenny Bayon

Post: Insurance for California

Jenny BayonPosted
  • Property Manager
  • Posts 24
  • Votes 10

Hi! I'm very concerned about this and wonder how it will affect real estate in CA. Here's an article: State Farm stops home insurance in California

Quote from @Mark Pedroza:

There are numerous forms on this link that pertain to CA:

https://journal.firsttuesday.u...

Select one that meet's your investor needs..

I have no affiliation with this company..

Good luck..


 Thank you for sharing the link!

Post: Business plan template

Jenny BayonPosted
  • Property Manager
  • Posts 24
  • Votes 10

@Account Closed Hee hee, me too, please! I must see this famous template! Thanks in advance.

Post: Traveling Nursing / HealthCare Rental

Jenny BayonPosted
  • Property Manager
  • Posts 24
  • Votes 10

Hi Andres! Which company did you end up going with? Our first rental is almost ready and we are considering Furnished Finder.

Thanks!

Jenny

Post: Raising Rent to Fair Market Value

Jenny BayonPosted
  • Property Manager
  • Posts 24
  • Votes 10
Quote from @Henry T.:

I'd say first requirement is to know the laws about rent increases city, and state.. and This probaby goes without saysing, that you're acting as a PM under the protection of an LLC? Especially in California. Follow the laws and especially the notice procedures, or you'll find in court that you did it all for nothing.


 Wise advice! Thank you, Henry! 

Post: Raising Rent to Fair Market Value

Jenny BayonPosted
  • Property Manager
  • Posts 24
  • Votes 10
Quote from @Patrick Drury:

@Jenny Bayon
I would tell your father-in-law to sell the residential real estate in California given the strict landlord laws and rent control and reinvest in self-storage or in another state more landlord friendly. Columbus, OH, for example, has no rent control and favors landlords. 


Hi Patrick! Columbus, OH sounds like a dream! You get an amen from me. Though, my FIL is elderly, loves his current home, and is very unlikely to move. The family is in discussions about how to best proceed with the portfolio. I appreciate everyone's input!

Cheers!

Post: Raising Rent to Fair Market Value

Jenny BayonPosted
  • Property Manager
  • Posts 24
  • Votes 10
Quote from @Eliott Elias:

You're going to lose some short term money and have a few vacancies, but i'd up all of them to market rent. Or else you're going to be under market rent forever and never able to catch up 


Hello! Yes, indeed. The three properties that I raised rent on in the spring are still $500-700 below market value. :( I did notify them that another increase is coming, but it's a difficult spot to be in. I liked what Jeff Costa shared about Dion McNeeley's Binder Method. 

We have the same problem at our storage facilities. Some people have been there for decades and never had a rent increase, so they were paying $90 on a unit that currently rents for $160. It is really difficult to communicate how much we appreciate their business over the decades, but need to try to catch up to market value. Thanks for the input!

Post: Raising Rent to Fair Market Value

Jenny BayonPosted
  • Property Manager
  • Posts 24
  • Votes 10
Quote from @Jeff Costa:

Dion McNeeley's Binder Method is what you are looking for. 


 Hi Jeff! Thanks so much. I just listened! Better late than never. Hee hee. :) I love this idea. 

Post: Raising Rent to Fair Market Value

Jenny BayonPosted
  • Property Manager
  • Posts 24
  • Votes 10
Quote from @Brian Poirrier:

@Jenny Bayon I hear ya and I certainly don't miss CA MFR. I helped several clients 1031 out of MFR to out of state NNN back before it even got this bad but now enjoy working in MFR in the great state of South Carolina. If you're ever interested in deals that cash flow and simple laws that don't hinder landlords, feel free to reach out!

 @Brian Poirrier Thank you! It's been rough!