All Forum Posts by: Sam Cardenas

Hi Neeraj, 

I'd love to connect and talk AirBnB's with you! You're close to Lake Arrowhead and that is a booming STR market right now!

Have you ever used AIRDNA? You should check them out! 

DM if you'd like to connect sometime. I'm in Riverside county.

Best, 

Sam

Hi Sara, 

It sounds like you're getting nickled and dimed without any transparency. The best business relationships are the ones where both parties win and where trust is built through transparency over time. Find yourself a new manager or get properly aligned with your current one. 

Best, 

Sam

Hi Neil, 

How did you asses the viability of your property as an STR listing before deciding to move forward?

There might be a higher and better use.

I would get an analysis from AIRDNA for your property and see how there suggested performance fares with what your property manager is actually delivering. These reports are typically $40, but you can find some reputable sites that give them away for free. 

I get mine for free here: STR AIRDNA ANALYSIS

If you can rule out management, then perhaps your property just isn't a good STR.

Reach out if you need any additional help!

Best,

Sam

Hi Gregg, 

I'd highly recommend doing the job the right way the first time. Hire the right professional and you'll thank your future self. 

Go with a licensed, bonded, and insured electrician.

Best, 

Sam 

Hi Xavier, 

Mynd is definitely an interesting model. WeWork tried for a tech valuation - but was anything but - Mynd seems to be doing something similar. They boast a robust portfolio management suite with some fancy bells and whistles, but they're using independent third party contractors to scale on the ground. I'm not sure how you can maintain a scaled and properly trained staff this way, but they're certainly trying. 

I'd recommend choosing a company that has a few years in business, but isn't too large. When companies reach the size of Greystar or Western Management customer service really starts to suffer. Alternatively you don't want to pick a company that just started in property management because it is a tough business and they might not make it. Stick to a company that has been around for a couple years, has positive yelp reviews, and whose staff is attentive, knowledgeable, and eager to do a great job. You can download a list of interview questions from National Association of Residential Property Managers (NARPM) and that will help you find the right fit. Just interview a few and try to stay away from long-term contracts.

Best of luck!

Sam 

Hi Angela, 

Yes it certainly sounds like you have your hands full! Being a landlord can be awfully time consuming, difficult, and confusing with such rapidly changing laws in this environment. Most owners reach out to us when they've just about had it and are done with everything and are ready to just call it quits. If your'e going to be doing this full-time then you are on the right track and you'll continue to learn difficult lessons quickly, but you'll get the hang of it eventually. If you are not going to be doing this full-time, I would save yourself the headache and hire a property manager with a good reputation. They'll save you a ton of time, alleviate stress, maximize your profit, and maintain your property. 

Reach out if you need help!

Sam 

Hi Sam,

Here's the link to the most recent CPI release on the U.S. Bureau of Labor Statistics. 

Link to CPI

It could take some time raising rents traditionally. Perhaps you can procure new tenants as your existing leases expire, and get there quicker. 

Hi Sharon, 

Your tenants have been there for several years and they're covered under the Tenant Protection Act of 2019. Be sure to respect the implications of this law and you should be fine.  

Best of luck! 

Hi Luigi, 

People really seem to love this market right now. I remember when I was selling fix and flips at New Western and a large amount of the properties we sold were in the Inland Empire, mostly Eastvale, Fontana, and Ontario. Real Estate investors seem to be finding some cash flow opportunities there with a lower barrier of entry than with some of the other markets in California. It's definitely a great place to get started! 

Hi Ejay,

It seems like we're on the same journey! I would love to form a real estate investing club in the Inland Empire. We're getting a lot of calls in investors who are interested in Ontario, Fontana, and Eastvale. As a matter of fact, we just closed a home in Eastvale that was purchased in 2020 for $499k and sold last month for $750k after being listed at $733k. I never thought I'd see the day, but if you've driven through the area lately it is looking more and more like Irvine, CA. Clearly, the Inland Empire is on the up and up and there's only so many homes this close to the Pacific Ocean. 

Please DM me so we can talk more!

Sam