All Forum Posts by: Richard Evanns

Ill add to what the above poster said- my biggest mistake was letting tenants push me around, demand things, ask for special treatment, get discounts, etc.

the #1 thing I have absolutely found is: The people who ask for extra things or special treatment, and especially the ones who ask for discounts- tend to be the worst. they are the ones that complain and ask for money back, and make the implication that they will leave bad reviews otherwise. 

I'd say #1 mistake is, giving in to demands of entitled guests.

(NOTE, this does NOT mean that, when something goes badly, that you shouldn't compensate them, im a firm believer in giving discounts when some sort of lame thing happens (e.g. hot tub craps out and guests cannot use something that they were seriously looking forward to, and things like this- but when they ask in their initial message "would you consider taking less" - absolutely never. Im ok w staying empty rather than having a bad guest)

"Act as if" someone said, about success. Act as if your Bnb is great and that you have something that everyone should be thankful to have, rather than something you are desperate to give away for cheap- and then it'll be true. (or something like that)

Thanks for the welcome and yes, i have heard it "only gets better" - but then I have looked in other allegedly "good" markets- phoenix, milwaukee, Houston. And none of that stuff pencils out either. Seems the disease of so-cal is spreading to alot of markets so its time to get creative- i ordered the book so we shall see what happens.

Hi there

I have not done this myself but I work with some attorneys who deal with investors/business entities all the time. According to them, it is standard practice to quitclaim the property back to the name of the individual to get financing, and then put it back into the LLC or other structure. Again I have never done this, but I have seen it done, and heard of it being done from some pretty reputable individuals. YMMV but maybe ask your lenders if this works anyway.

Hi all

New user here. Lurked awhile never posted.

I have some holdings here in los angeles and some short term rentals in surrounding areas.

looking to expand into bigger multis outaide CA that actually pencil out (not like in the city). Really dont know much about anything outside LA. Never done a seminar or read a book. Donr know anything about investing in larger things than 1-4 or commercial financing or anything-- But looking to expand my horizons and looking for like minded folks preferably locals but  obviously not necessarily. Have ALOT to learn. 

I also have some knowledge of LA rebt control, evictions, basic asset protection and have some decent LA resources at my disposal and am more than happy to share anything i have/know (for fun and for free)

looking forward to seeing what other markets people are having success in and actually getting deals- i looked at milwaukee at suggestion of a friend and seems like I'm a year too late there. Ditto with houston. 

Immediate goals basically are

-find other markets than so cal; and

-figure out commerical financing, preferably use leverage of existing assets to acquire new ones rather than cough up tons of cash (ive heard this can be done but never tried it, looking into helocs now)

looking forward to contributing as much as i can and learning from you all! And hoping to find some like minded people maybe here locally to brain storm with-