Long time member of the community and finally making the leap to buy an investment property. I'm looking in the LA and Yucca Valley market and would love advice for cities I should keep an eye out on. I've been looking at Inglewood and Palm Springs for the last year and I'm afraid I've missed the boat — prices are so high now. PS has so many regulations on STR which would limit our upside. Feeling a bit discouraged but this community is inspiring and we want to act fast now.
Any advice? Recommendations for places to keep an eye on?
29 Palms is still very affordable and up and coming due to the Phoenix Project which is re-vitalizing areas. It's also the East Entrance to Joshua Tree National Park. My husband is a RE Broker and we have lived in the area off an on for 40 years. Also know of a great hosting company. Long Term Rentals are needed very badly since so many landlords have sold and so many have been turned into STVR.
@Ashlyn Harris Hi Ashley, I’m in LA. Do you think that the Yucca Valley, areas near Palm Springs, are still providing the returns given the regulations? We’d be looking at the home as a vacation property but would like to make profit from renting it on AirBNB or HomeAway.
Rental Property Investor · La Quinta, CA · Member since 2018 · 263 posts · 95 votes
6y
@Janet Ikpa
Hi, I live out in the greater LA area and self manage 2 short term vacation rentals in La Quinta for the past 2 years. Happy to share any information. The STR landscape changes frequently with many cities tightening restrictions but there are opportunities depending on what your looking for.La Quinta for example, has a 90 day moratorium on any new STR permits as they look into their STR and balancing recent neighborhood complaints due to the increase in demand for STR due to the pandemic. Each city has its own regs. Palms Springs is heavily regulated and typically at a higher price point than most other desert cities.
Rental Property Investor · La Quinta, CA · Member since 2018 · 263 posts · 95 votes
6y
@Brandon Carlson
I have 2 houses in La Quinta. I don’t recommend condos as they don’t rent as well IMHO and from my understanding, most hoa’s (which most condos are a part of) don’t allow short term rentals in the area.
Real Estate Agent · Woodland Hills, CA · Member since 2015 · 24 posts · 15 votes
6y
@Janet Ikpa
@Mark Futalan
Mark is the best! We connected a few months ago and since purchased my first STR in la quinta in July. We are already cash flowing positive and I am looking to purchase my second. If you need help in the LA area, I can help. I am an active real estate agent and investor here in the San Fernando Valley. I know the regulations here in Los Angeles are pretty tough for short term rentals but a regular rental can be a great investment.
Hi! We have a STR in Palm Desert. Palm Springs was way too heavily regulated and expensive. We're still getting steady business right now. PD has been great, you just have to get in the appropriate zone for STR.
We're stuck between buying a LTR in LA county (where we live) next or doing another STR in Coachella Valley. Just look carefully at the different regulations for each city. PD, Indio, and potentially DHS looked the least expensive/restrictive right now, but we're still researching good areas for their ordinances
I am looking at the La Quinta market and I heard about the moratorium on new short term rentals.
what do you expect to happen after the moratorium and do you have any insight on how the new ordinance could look like?
i also read that long term vacation rental could be an option in the area. What are the sites or channels used to book these longer type of rentals? Still Airbnb or others?
Rental Property Investor · La Quinta, CA · Member since 2018 · 263 posts · 95 votes
5y
@Christina Hall
They banned any new STR permits indefinitely except in a few tourist commercial zones or those where hoa's allow them. Existing permits are allowed to continue to operate.
29 Palms is still very affordable and up and coming due to the Phoenix Project which is re-vitalizing areas. It's also the East Entrance to Joshua Tree National Park. My husband is a RE Broker and we have lived in the area off an on for 40 years. Also know of a great hosting company. Long Term Rentals are needed very badly since so many landlords have sold and so many have been turned into STVR.