All Forum Posts by: Kim Leduff

Oooo This is sooo helpful!

-Thanks for the tips about furnished Finder :-)
-We are getting MTR inquiries on Airbnb just not very often. Id say about 1 inquiry every 2 weeks. Seems low huh?
-I am starting to think maybe my pricing might be the problem. However, if my pricing goes any lower its almost basically the same as LTR at this point. Do you ever have that issue? It seems if Im getting LTR prices then I should just switch to LTR which I was hoping to avoid.

Quote from @Allen Duan:

Quote from @Kim Leduff:

@Allen Duan how are you able to do mid-term rental in LA? I listed my property months ago and get no bites the minute I suggest they fill out an application considering it would be a 30+ day contract? would you say that is common?

Hi Kim! Where are you getting leads from? Are you getting bites who lose interest at the application step? Or no bites at all? If you're getting no bites at all, you're not marketing it correctly or the property doesn't work for MTR. Give me some more details and I'm sure I can point you in the right direction =)

 Hi Allen, thanks for the reply and thoughtful response. 

Currently we are listed on Furnished Finder and get about 1-2 leads a week with about 1/5th being direct inquiries. Our first lead was very interested and eager to book but our dates did not align with pre-booked guests form Airbnb at that time as there was a bit of overlap from ending our STR and transitioning to MTR. Every conversation we have had between then has gone cold when we ask them to fill out the rental application and let them know there will be a tenant lease to sign before they can book/stay. (California has strict tenant laws and we will not consider a booking without one).

Currently there is only street parking for the unit, which we have theorized may be a filter cutting us out of many potential bookings. We are about a month away from having the dedicated parking spot finished (gated w/ keycode access). The parking will have EV charging available to the tenant when booked.

Apart from that, its hard to know what may be a detractor. We are sandwiched between well known hot spots and its an ideal location for someone who wants to explore the beach life or any of the down-town areas nearby (Los Angeles, Long Beach, Redondo, Manhattan, Southbay Etc), new build with modern amenities, washer/dryer in unit, full sized fridge, dishwasher, professional range cooktop, queen bedroom, full standing shower, large kitchen, full sized couch in the living room, private front patio. 

Some of the cons of our location is that it is attached/sharing 1 wall to the front house, the patio is 30 ft up an alley where they walk past our front yard to get to their patio, it is lit and our neighbors have their front door on the same access alley so not a threatening looking alley by any means. The neighborhood is about 10 minutes form a lesser desirable area to the east (across a freeway), and the main road is busy/larger. There is no coffee shop within walking distance and very little commercial properties within walking distance.

Not sure if its a pro/con but we are across the street from a large park with a public swimming pool. We are 5-10 miles from a handful of major medical centers and facilities. 

What are we missing to make MTRs have no second guessing?

TIA!

@Allen Duan how are you able to do mid-term rental in LA? I listed my property months ago and get no bites the minute I suggest they fill out an application considering it would be a 30+ day contract? would you say that is common?

@Michael Baum Awesome! that is so helpful. Thank you or getting back to me

@Theresa Holl Thank you! id love that

Hi BPers,

Ive been diligently looking for an Insurance company that will insure STRs in Los Angeles CA and finally found one called Proper Insurance. Has anyone heard of them? and if so what are your thoughts?

I was moving forward with them but was just informed i need to sign CA form D-1 which states "the insurer does not patriciate in any of the insurance guarantee funds created by California Law, therefore these funds will not pay your claims or protect your assets if the insurer becomes insolvent" .

Seems kind of risky but does anyone have any thoughts on this? I also have struggled to find any other company to insure my STR.

Thanks in advance for any and all help!

Kim

@Rivers Fikee hi! I’d also be interested if you happen to have a bank in which I could get a 2nd position loan 

Quote from @Jason Kudo:

Quote from @Chris Strandburg:

Hey everyone. I've followed BP for years but have become serious more recently. I've read multiple books and through some of the forums and blogs. I'm considering doing a short term rental (duplex) in the Playa Del Rey area. From what I've read in the forums, the consensus for STRs in LA seems to be "Don't do it!" 

I think I understand a few of the reasons why (and I'm sure there are many others), but I was curious if anyone is actually making it work. If so, is it sustainable for you? Are you hating your life? Since I've seen some STR listings in the LA beach areas, part of me thinks it might be possible. But I don't know how much pain those hosts are going through. I'd appreciate any tips or insights from anyone--thank you!

 @Chris Strandburg I have a contrarian take on this with a caveat. First thing to know about LA County, except for a few cities (Malibu, Topanga, Long Beach for example), only a primary residence can be utilized as a short-term rental. So, a duplex is not eligible unless you're living in it. If you live in one side and want to STR the other, that won't work because each unit is its own primary residence.

That said, I have clients who have successfully rented out a guest house/ADU in LA on a short-term basis and since they occupy the main residence, they are not bound by the 120 day limit to fulfill the primary residence occupancy requirements.

Hi @Jason Kudo , how are folks successfully renting out ADUs as STRS in LA city over 120 days? Id love to chat more about it if you're available

@Jason Kudo

Quote from @Allen Duan:

I don't have the links to back it up, but I remember reading that a multi family doesn't count as an owner occupied resident that you can STR. It would have to be your primary residence where you either rent out a room short term, or rent out the entire home for a limited number of days a year when you are away for travel for example.

Have you looked into mid term rentals? Those would be allowed in LA and Playa and increase your rental earnings over a LTR. 

If you want to purchase a STR near LA, look for the drivable vacation destinations around LA that have a well established STR ordinance that you are able to comply with.

Happy to answer any more questions about STR and MTR in LA. We've been managing both types of rentals for the past 5 years.

@Allen Duan 
Hi Allen, where do you post your MTRs and how did you get into it? I own a primary residence in LA city and am interested in MTRs and STRs and would love to pick your brain about the MTR idea.

@Drew Sygit Thank you Thank you!! I've read a few of the BP books written by Brandon & David Greene and they say something similar to choosing a PMC. It never hurts to get re-advised on such things so I really appreciate you getting back to me with such a detailed response. I think you are 100% right and it takes a lot of time and work to really compare the different options.

Thanks for sharing that BP link as well. I hadnt read that before. You've been so helpful!!