Newbie looking in Palm Springs/desert cities馃尨

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Newbie looking in Palm Springs/desert cities馃尨

Marysol F.
Financial Advisor 路 Hermosa Beach, CA 路 Member since 2022 路 7 posts 路 2 votes

I am starting out and looking for my first RE investment property in the Palm Springs area. I am open to all dessert cities, but appears as if condos are the only properties available in my price point. Well, manufacturerd homes as well but I'm not comfortable starting there. Part of the reason I started looking in Palm Springs is bc my credit union is offering decent terms but the property has to be in California. I had previously searched in Las Vegas and Phoenix but am now considering something closer to home (Los Angeles resident) bc it seems "easier" for my first run , the properties seem to be similarly priced across these three markets for what I am searching (sub-200k) and the conventional loan rate I was quoted is under 7%.

Any advice on condos, HOAs, or this area in general? Also would like some realtor and property manager referrals, my current realtor (that inwas referred to) seems to be less enthusiastic to help a newbie. Thank you!

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Zach L.
Investor and Real Estate Agent from Los Angeles 路 Los Angeles, CA 路 Member since 2017 路 41 posts 路 28 votes
3y

Have you tried using the BiggerPockets agent finder? I used it once when a client needed to sell land in Florida (I'm also in LA so I had no clue who to reach out to) and it worked out great! I know it's not as good as a direct referral from an investor, but if they're on BiggerPockets then they're likely to be more investor friendly than average.

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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker 路 Cody, WY 路 Member since 2010 路 28k+ posts 路 41k+ votes
    3y
    Quote from @Marysol F.:

    Condos and homes in an HOA can appear more affordable, but they can be difficult. Many have restrictions on rentals, lots of rules to follow, a Nazi neighbor that likes to count how many times your tenant walks in the door, and fees that always go up and never down. Even if they cash flow, they can be tough.

    Your current REALTOR probably isn't that enthusiastic because you are looking for a unicorn and have no background of buying/selling, so they don't see the money in it. You'll have to prove yourself.

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  • Marysol F.
    OP
    Financial Advisor 路 Hermosa Beach, CA 路 Member since 2022 路 7 posts 路 2 votes
    3y
    Quote from @Nathan Gesner:
    Quote from @Marysol F.:

    Condos and homes in an HOA can appear more affordable, but they can be difficult. Many have restrictions on rentals, lots of rules to follow, a Nazi neighbor that likes to count how many times your tenant walks in the door, and fees that always go up and never down. Even if they cash flow, they can be tough.

    Your current REALTOR probably isn't that enthusiastic because you are looking for a unicorn and have no background of buying/selling, so they don't see the money in it. You'll have to prove yourself.

    Well I wouldn't say I have no experience in buying/selling, I own my own home. I am just new to the investment property game, but thanks for your input. The realtor also sent me 26 listings that matched my criteria so I don't know if what I'm looking for necessarily qualifies as "unicorn". Seems like there's plenty of properties, however I was looking for a perspective on purchasing a condo as my first venture, or for someone that understands the desert cities in this area. I intend to buy and hold, long term rental.

    Also, the realtor I began working with is super slow to respond, if at all to my questions, so want to look for someone else to team up with because although this is our first, this won't be our last property!
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  • Zach L.
    Investor and Real Estate Agent from Los Angeles 路 Los Angeles, CA 路 Member since 2017 路 41 posts 路 28 votes
    3y

    Have you tried using the BiggerPockets agent finder? I used it once when a client needed to sell land in Florida (I'm also in LA so I had no clue who to reach out to) and it worked out great! I know it's not as good as a direct referral from an investor, but if they're on BiggerPockets then they're likely to be more investor friendly than average.

    3Reply
  • Judson Osbon
    Real Estate Agent 路 Winter Garden, FL 路 Member since 2017 路 57 posts 路 28 votes
    3y
    Quote from @Zach L.:

    Have you tried using the BiggerPockets agent finder? I used it once when a client needed to sell land in Florida (I'm also in LA so I had no clue who to reach out to) and it worked out great! I know it's not as good as a direct referral from an investor, but if they're on BiggerPockets then they're likely to be more investor friendly than average.


    Great tip to use the agent finder.  If they're on BP Agent Finder, they should definitely know what they're doing.  I'm on Agent Finder for Orlando area.  We have to pay to be there and it's not cheap so if they're paying to be on BP Agent Finder then they know how to work with investors.  

    3Reply
  • Nicolas A. Scaron
    Real Estate Agent 路 Tampa, FL 路 Member since 2021 路 16 posts 路 5 votes
    3y

    Marysol, you'll have a much higher probability of landing a Realtor that makes it his/her specialty working with investors. In addition, they might also be an investor themselves, which could give you greater insight not only from the Agent/transaction perspective but also from an investor standpoint. If you were to go out of BP asking for a referral, it will be difficult to assess if it is being done out of your interest or the interest of the referring Agent.  I work out of the Tampa Bay area and if there's anything I can assist with, reachout anytime. I work out of the Tampa Bay Area, if there's anything I can help with out of this MSA, please reach out anytime.   

    1Reply
  • Phillip Vaughan
    Investor 路 Cathedral City, CA 路 Member since 2017 路 76 posts 路 25 votes
    3y

    Hello Marysol, I actually live in the Palm Springs area and could definitely provide some insight for you. When looking at condos, in Palm Springs specifically, you have to be aware if it is located on leased land or not. The leased land condos are usually less expensive but come with additional fees and caveats. 

    You might also consider the Palm Desert area as there may be more options and is centrally located in the valley.

    I love talking about the Palm Springs area so if you need any additional info please feel free to directly message me.

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