Lost Millions in His 20s, Now One of LA’s Biggest Landlords (Here’s How) | Richard Mehta

*No Vacancy Podcast: Richard Mehta (Xenon Investments) on Building a 3,300 Unit Empire in Los Angeles*Taylor Avakian sits down with Richard Mehta, co-founder of Xenon Investments. Richard has built one of the most impressive multifamily portfolios in LA with roughly 3,300 apartment units, mostly on the Westside, Mid-Wilshire, Koreatown, and parts of the San Fernando Valley.In this episode, he opens up about his journey from losing money in the early 90s crash to becoming one of LA's most active buyers. He shares how he thinks about deals, why he trusts gut instinct over complicated models, his love for strong locations, and how he's navigated rent control, the mansion tax, and today's tough market.*Timestamps:*- 00:00 - Welcome and Introduction- 01:07 - Xenon Investments Portfolio Overview (3,300 units)- 02:26 - Richard Mehta Origin Story and Early Days- 04:05 - Family Background and Lessons from the 90s Crash- 05:35 - Cash Flow Philosophy and Investment Criteria- 07:19 - Gross Rent Multiplier vs Cap Rates- 08:13 - Why Location Matters Most in LA- 09:07 - Scaling From 1,000 to 3,300 Units- 11:00 - Current Market Challenges in Southern California- 12:33 - Westside Habitats and Building the Brand- 12:58 - Richard's Superpower: Being Decisive- 13:52 - First Big Home Run Deal - 747 Gayley Avenue- 18:07 - Buying with Intuition Over Spreadsheets- 19:22 - Working with Family and Running the Company- 21:43 - Leverage, Refinancing, and Portfolio Strategy- 23:00 - Early Deals and Non-Contingent Offers- 26:47 - How Richard Approaches Negotiation- 30:39 - Raising Money Experiences- 33:41 - The 3-Year Cash Out Refi Strategy- 38:13 - How the Name Xenon Came From a Nightclub- 42:03 - Worst Deals and Lessons from 2021-2022- 45:55 - Selling Strategy and the Mansion Tax- 49:54 - Who Richard Goes to for Advice- 53:17 - Future Plans for Xenon and LA Multifamily- 55:08 - Reputation, Integrity, and Legacy- 58:08 - Most Interesting Deal: The Bel Air House RTC Story- 01:02:56 - Advice for Young Investors*Guest:* Richard Mehta - Co-Founder, Xenon Investments *Host:* Taylor AvakianSponsor - Loan TitanUpscale your experience withhttps://loantitan.com/Sponsor - AI for CRE CollectiveAI for CRE Community: https://www.skool.com/ai-for-cre-collective/about?ref=3b3ff2c0ccce44ba8039fafd54bf291aReal estate investing, multifamily apartments, Los Angeles real estate, Westside LA, apartment investing, rent control, commercial real estate, value add multifamilySubscribe and Stay Ahead! Stay informed and empowered in the multifamily real estate market. Subscribe to the channel for exclusive insights, rental updates, and expert analyses on the Los Angeles market.🔔 Don’t miss out on the latest trends and tips to maximize your property's potential: https://www.youtube.com/c/TaylorAvakian📈 Connect with me:Website: https://www.thegroupcre.com/Email: [email protected]: https://x.com/TAYVAY_LinkedIn: https://www.linkedin.com/in/tayloravakian/#realestate #podcast #commercialrealestate