California Legislation Update
During the past couple of years, we have accomplished many important things that have protected real estate investors throughout the country.
Most recently, a flip tax proposed in California would have been absolutely devastating for real estate investors in the state. The proposed tax essentially would have created a tax on every fix-and-flip investment, essentially wiping out investors’ profits—and, quite frankly, putting many out of business. Fortunately, however, the proposal essentially stalled in committee, which is great news for our industry.
We have been actively recruiting new members, and currently our members cover all the regions of the United States. Our great group represents our industry well! We are always looking for new members that want to get involved, so please contact us if you’re interested in joining.
Also, we have secured our Virtual Day on the Hill this year with congressional offices in Washington, D.C., on Sept. 20, which is exciting! What I have learned in the past is that meeting with our congressional leaders is invaluable. Many times, the laws they are trying to pass have unintended consequences that are bad not only for real estate investors but also bad for the people they are trying to protect. With our help, they are able to see that.
Our next in-person meeting is in March 2023 at the Think Realty Houston Conference and Expo. If you are interested in learning more about the GRC, please reach out to us.
Glenn Stromberg is a member of AAPL’s Government Relations Committee. He began his career in real estate in 1982, quickly rising to the top of the real estate game. He owned and managed a Clayton Home franchise and owned and operated 13 independently owned manufactured home dealerships. He also ran a successful fix-and-flip business.
During his 39 years in the mobile home industry, he developed mobile home subdivisions; owned a mobile home park; owned and operated mobile home sales centers; and bought, sold, and leased single-family homes.
In 2006, he formed Stromberg Investment Group with the mission to be one of the best real estate investment companies in the country. The 2008 crisis that took over the American economy led Stromberg to redefine his business model and create the current model SIG uses, allowing investors a safer option to investing and receiving higher returns without the high risk that Wall Street or the “flipping game” yields. With more than 500 homes under management in more than four states, SIG deploys over $1 million dollars in investment capital each month and closes an average of 12 properties each month. Stromberg Investments offers investors lucrative passive turnkey options and long-term lending opportunities. To learn more about Stromberg Investment Group, visit www.stromberginvestmentgroup.com.