Anyone own an LTR in Lake Arrowhead? What is the demand for this, are you able to find quality renters, etc.
Hi Christina ! Funny enough I lived in Temecula for a lot of my life!! But also grew up in Lake Arrowhead! With that being said the LTR market in Lake Arrowhead is actually great because the inventory is pretty low. As far as the quality of renter I think that all depends on the price and location just like any property. But most people up here are good people. Working class. The economics are a little strange being that most homes are second homes and full time people work “down the hill.”
My family has been in Lake Arrowhead for over 50 years and owns an insurance agency specializing in hard to insure homes in San Bernardino mtns! If you have any questions feel free to PM me!
Thanks @Beau Boyster ! We actually closed on a house in Feb there ... and it has been performing very well as an STR
Fantastic to hear!! I own several STRs up here personally! They have been doing great!
Do you manage yourself ?? I have a lot of clients ask me this. Being that my entire family lives on mtn I don’t need it but I never have a good reference for them for management company!
Hi guys! Me and the lady are looking to get our first property up in arrowhead. Our thought is we’d live up there for a year and make it all awesome looking, then probably rent it out. Issue is we don’t know much about the area, which areas to stay away from etc. would really appreciate the opportunity to connect with one or both of you. Maybe I could pick your brain a little bit? TYIA!
Hi @Tyler Daigler a home with Lake Rights is preferred if you are going to be using it for personal use. There really isn't a bad area IMO. However there are bad neighbors, especially if you are going to be renting it out .... a forewarning the locals and the ALA (committee responsible for the Lake) hate tourism. They hate STRs. They are doing everything in their power to restrict access to the Lake for anyone other than homeowners. They restricted guest passes last year and now they are no longer allowing access to anyone other than immediate family. They HATE us! Like all caps, no joke .. our rental has performed well despite all of this but Covid may be responsible for some inflation in demand. with prices rising so fast in that area it's also getting much harder to find a fixer. We bought our A frame for 320k in Feb 2020 and put about 100k into reno and value is around 550k now. We cash flow but if we bought for in the 500ks I think that would be hard to do. Don't mean to be a debbie downer but if you are planning to rent it out would consider all the surrounding areas as well (Running Springs, Twin Peaks, etc). If you plan to live there and are unsure of renting it out, then you have less to worry about! It's a beautiful area and many make it their FT residence. Hope this helps!
@Christina Hall Knowing what you know about Arrowhead now would you still go through your purchase and do you expect the cash flow to sustain now that people will be looking to travel outside of local areas? We are closing in a property in Blue Jay and want to be smart about how we move forward, and, IF, we should move forward
@Christina Hall I am curious also to hear if you would still buy a STR in Arrowhead, knowing what you know now? Or a LTR?
Yes absolutely. We continue to see strong revenue at our Arrowhead property. But there are a few factors that go into that. We have a unique property and we allow dogs. Dec has been our biggest month by far. And I don’t see demand slowing, at least for our property … yet. We are looking to buy another property there in the next 3-4 months and will say it’s important to just figure out how to stand out. The market is saturated. Every market is saturated.
Thanks @Christina Hall !
Big Bear is requiring all guests to now check into an office and show ID, etc. and sign a GOOD NEIGHBOR policy form, from what I have read . . . so I am wondering if Lake Arrowhead is not requiring that and is easier for guests to access STRs with keypad locks on doors, etc.? @Christina Hall @Beau Boyster
@Heather Hall you mean Big Bear Lake? BBL has a different ordinance than county/Big Bear. Lake Arrowhead is county. And I don’t think that’s been passed yet for BBL… where did you see this?
@Christina Hall - thank you! I just moved to CA in October 2021 so I might have been confusing the two as synonymous! BBL website is the one that states:
"Good Neighbor Policy needs to be signed by all guests. Effective September 15, 2021, a Good Neighbor Policy must be signed by each responsible party during the in-person check-in process and prior to occupancy."