Making Money in Los Feliz: Short-term Rental as an Income Generator

Little Dom's - one of the many reasons that Los Feliz makes is a good place for a vacation rental

Los Feliz is awesome. It's safe, beautiful and close to downtown LA.

Did you know that you can make some extra money from your Los Feliz home while you're out-of-town?  It's called short-term rental. You rent your home to vacationers coming to Los Feliz and Los Angeles.

They pay you handsomely. You get to take a vacation of your own.Short-term rentals in Los Feliz can range from about $1,000 for a week to over tens of thousands for a month.

That's a lot of money to simply let someone stay in your house for a little while.

The best way to arrange this is to use a website that provides you with a reliable system for renting.There should be a rental agreement that provides for damages, etc. Also, you should, as with any other rental, know to whom you are renting or get some form of deposit.

There are lots of great websites that will allow you interact with potential renters.It's not legal everywhere – Although not a problem in Los Feliz, there are places where this isn't legal.  Before you rent, you should check local ordinances to make sure.

There are no guarantees, maybe – Some rental sites, like AirBnB, have begun to include “host guarantees.” At AirBnB, it's $1,000,000! It still won’t replace your home owner's insurance, but it's worth knowing.

Check with the neighbors -If you're out-of-town and your renters end up hosting a kegger, it's your neighbors who will be bothered by it. You might find one who will call you, if there is a problem. You should definitely make sure they all know and have information to get a hold of you.

Tell your insurance agent – Whether your in good hands or have a piece of the rock, your agent is going to need to know what you're doing. If something goes wrong and they don't know, you might end up footing some expensive repair bills all by yourself.

Relax and Have Fun – Once you have made all the right and smart decisions, relax.

There have been millions of short-term rentals and a very small handful of problems. Short-term renting has become a great way for folks to make a bit of extra income from their homes and it provides visitors from your area to be part of the community, rather than staying in some sterile hotel. This is especially important when they are traveling with large families.

Selling Your Los Feliz Home? Best to Get the Price Right From the Start.

If you want to sell your Los Feliz home in the shorterst amount of time, for the best possible price, it only makes senses to get the price right when your home hits the market fo rthe first time.  Let's look in to the reasons why.      

Los Feliz agents that are working with buyers, whether in the luxury market or in the condo market, are always searching the MLS (especially these days with inventory being so tight), looking for new properties - often we have our clients and ourselves set up to automatically receive new listings.  If we haven't found the perfect home, but have seen everything on the market, we are looking for what is NEW.  When the agent sees the new listing they will examine the photos  which are critcal to have the minute your listing goes live, read the description, look at house and lot size, bed and bath count, condition, neighborhood and price. If the home looks promising, they will schedule a showing or preview the home at the broker's open house - if it REALLY looks promising, we will bring our client to the broker's open to get a jump on things.   As a result, a home for sale will often see the most activity in the first couple of weeks after it comes on the market.

It’s true that those first buyers may not be “the ones,” but if your home makes a good impression on the local agents who show it, they’ll be back with other buyers. On the other hand, if they believe it is over-priced, they’ll avoid showing it. Agents don’t want to waste their  clients' time.  Los Feliz is a unique market, a wonderful area for a family, an executive relocating, and high-profile sports and entertainment figures.  

Both buyers and agents search within price ranges. Buyers who can pay up to $2,000,000 generally don’t even look at homes priced at $2,300,000, nor do their agents. And buyers searching for higher priced homes may want more square footage, more amenities, or a different location.

So while sellers may have the idea that they can price high and come down when there’s an offer, chances are there won’t be any offers.  An overpriced house is simply being seen by the wrong buyers. And overpriced homes become stale  if they've been on the market for a while.

Lst high and reduce the price later? Not a good idea either.  We agents hear ALL the time from a buyer, “How long has this house been on the market?” Everyone has a preconceived idea that if real estate has been for sale for quite a while, there’s something wrong with it. The result is that they either won’t want to see it, or they’ll view it as a house on which they can make an offer well below market value.
The sad truth is that homes first listed above market value often sell for below market value – and only after an extended listing period.

That’s why I take my time and do careful research when preparing a market analysis. The price analysis I give you might not be what you’d like to hear, but it will be an accurate estimate of your home’s market value on the day it goes on the market.

​And is this market, you all most can't price a home too LOW.  The news you hear is true, multiple offers, and cash offers, are the once again the norm in Los Feliz - from The Oaks to Laughlin Park to Franklin Hills, to the best streets above the Blvd.

Taste of Eastside is Back - Mark your Calendar!

Taking place in legendary Barnsdall Park, this will be the food event of the year in Los Feliz.

Taste of the Eastside will include seminars, tastings and much, much more. Each year this event gets bigger and is one of the most exciting events in all of Los Angeles.

Over 30 restaurants are expected to be a part of the event. The list as of March 10 included:

• SILVER LAKE WINE
• GOLDEN ROAD BREWING
• L & E OYSTER BAR
• LITTLE DOM’S
• PAZZO GELATO
• DIABLO TACO
• THE PARK
• G & B COFFEE
• SQIRL JAMS
• LARGE MARGE SUSTAINABLES
• CANELÉ
• HUGO’S TACOS
• XOIA
• HEIRLOOM LA
• MOHAWK BEND
• MAESTRO SAUSAGE COMPANY
• KTCHN DTLA
• GOOD GIRL DINETTE
• INTELLIGENTSIA COFFEE
• JUICE SERVED HERE
• CUSCATLECA BAKERY
• CLIFF’S EDGE
• LEMON POPPY KITCHEN
• SILVERLAKE JUICE BAR

And that will be just the beginning as other restaurants join in.

This is a great family-friendly event that will go all day in the park.

Tickets will go on sale on March 15th. Tickets can be purchased locally The Green Bean (5060 Eagle Rock Rd) and Yolk (1626 Silverlake Blvd).

Tickets are available in multiple levels and prices. The coolest are the VIP tickets that allow early entry, exclusive food and drinks demonstrations and special food, wine and cocktail tasting. You must be over 21 years old.

One of the neatest parts is that child 2-12 only cost $5 to attend the event. That's an awesome price. You can't feed a 12-year-old at McDonalds for $5.

You can find more information on the Internet at http://tasteoftheeastside.com.

Stay tuned right here for more information as more restaurants are added and more information is released.