Lost Millions in His 20s, Now One of LA’s Biggest Landlords (Here’s How) | Richard Mehta
From No Vacancy with Taylor Avakian by Taylor Avakian | Los Angeles Multifamily Broker
May 21, 2026 · 1h 6m
About this episode
Richard Mehta shares his journey from losing money in the 90s crash to becoming a major landlord in Los Angeles.
*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…
People in this episode
Host: Taylor Avakian
Guest: Richard Mehta
Topics covered
- real estate
- multifamily investing
- portfolio building
- market challenges
- investment strategies
Keywords
- real estate investing
- multifamily portfolio
- Los Angeles apartments
- investment strategies
- market challenges
Mentioned in this episode
Organizations: Xenon Investments
Places: Los Angeles, Westside, Mid-Wilshire, Koreatown, San Fernando Valley
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