Making Rent Control Work for Real Estate Investors with Michelle Jeong

Rent control does not automatically mean a real estate deal should be avoided. For Michelle Jeong, the bigger question is whether you understand the rules, have the right local team, and have underwritten the property conservatively.

Michelle invests in value add multifamily properties and student housing across the United States. Based in San Francisco, she has firsthand experience operating in a heavily regulated market.

She explains why investors need a seasoned local attorney and a property manager who understands the rules at the property level. Michelle also talks about using the local Rent Control Board as an educational resource.

Another major part of her approach is due diligence. Michelle shares the story of discovering a nearby opportunity through a tweet, canceling her morning meetings, and going to see the property herself. For older properties in rent controlled markets, she says both financial and physical due diligence matter because additional CapEx may need to be built into the underwriting.

Key topics and takeaways:

• Why rent control does not automatically make a deal unattractive
• The importance of a seasoned local real estate attorney
• Why hyper local property management matters
• How Rent Control Boards can help landlords understand procedures
• Why Michelle uses conservative underwriting in regulated markets
• The importance of physical due diligence on older properties
• Why Michelle sends detailed monthly investor newsletters
• How she matches investors with specific types of deals

Guest information:

Michelle Jeong is with Fire Capital and invests in value add multifamily properties and student housing. She said her portfolio includes roughly 1,100 to 1,200 doors and more than $100 million in assets under management.

Connect with Michelle through Investing with Fire.

Michelle also mentioned Fire Metrics, a free AI market metrics tool designed to let users enter a city or area and evaluate the market. She said the tool would be available through her website.

Call to action:

Visit Investing with Fire to connect with Michelle and look for Fire Metrics. Michelle is especially interested in connecting with people who may be interested in student housing opportunities.