I am a professional Airbnb investor and host of over 4 years. I love the people and forum of Bigger Pockets and its an honor to write my first post on here. I've been learning on Bigger Pockets for some time.
I am currently managing 30 Airbnb properties across the country. I now want to start purchasing properties within driving distance of my home in Los Angeles, CA
Based on research, the Palm Springs adjacent market (Desert Hot Springs, Palm Desert, La Quinta, Coachella, ) look like a good bet based on cost of ownership, Airbnb/VRBO revenue, regulations, and proximity to myself.
Are there any full time short term rental owners in the desert areas on here? If so, please let me know your thoughts and how pleased you are with the way things are going.
Any Airbnb investment expert real estate agents in the Palm Springs, CA /Desert areas? Please comment or PM me.
Really appreciate it!
Recently purchased for STR in LQ.
@Kevin Murphy How is it doing? Is it worth it? PGA West?
Opened up the listing only last Friday. Booked 85% for remainder of March already. ADRs & occupancy are solid despite no review history... too soon to see seasonality trends but so far so good. Decent pool of cleaners with turnover experience. Happy to connect to discuss further
Lets definitely talk., Appreciate it.
As I understand it, the City of Palm Desert votes not to issue new permits/licenses for STRs in R1 and R2 neighborhoods.
Pre-existing licenses sunset at end of 2019
Have a few places there. Very successful if you have the right places. But.. all cities are changing their regulations very quickly. He's right about Palm desert, Palm Springs already did add serious restrictions, and others a likely to make changes.
Is there one particular neighborhood in the desert area that does better than another? I’ve heard other users post that it’s better to stick with Palm Springs because you’ll see more year round bookings? What are people’s thoughts on this? Properties outside PS are cheaper to buy...
I am currently drafting a partnership with a few friends to invest in an AirBNB rental in Palm Desert. Would love to pick your brain about how you’re estimating ROI, as I can’t seem to figure out the best way to estimate annual ROI! Thanks in advance!
Palm Desert isn’t a good STR investment. VR licenses are set to expire within the next year or 2 last I heard restricting in R1 R2 locations. Do a quick google search and you should find more info. La Quinta and Indio are more favorable.
There are still some HOAs and other developments in Palm Desert that will allow rentals, as well as some homes in the El Paseo overlay where they are allowed. If they do end up taking away our R1/R2 licenses those homes may see increased revenue with less competition. Still some niches in PD. I also suspect we have a chance at getting the ordinance changed before the end of 2019, given the recent turn of events in Palm Springs, although I wouldn't buy while banking on that.
Anyone try STR in DHS? with the cannabis boom out there, proximity to PS, and restrictions in other areas I'm curious if it made STR there more desirable.
I'm in the San Fernando Valley if anyone wants to connect to talk about investment strategies/opportunities. I'm looking to buy in the desert in the next 60 days. Also, recommendations for property managers would be welcome.
Side note, any reason I don't see anyone talking about LTR? When you run the numbers is STR really that much more lucrative?
There are some select areas of DHS that make good short-term rentals, although the DHS short term rental ordinance isn't all that rental friendly for those of us buying large high occupancy homes, and possible event properties.
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