Seeking input on whether a short term rental in the la Quinta area, specifically PGA West is a good move. While I know the rental would rent I am unsure with the high homeowners association fees and other expenses if the purchase would be profitable with a mortgage with 20% down. I would appreciate any advice, recommendations, or input you have with purchasing 3 beds and 2 bath property in the la Quinta area. Thank you in advance. David
Rental Property Investor · La Quinta, CA · Member since 2014 · 1k+ posts · 779 votes
7y
I should also mention there appears to be a lot of new inventory in La Quinta, investors have been buying a lot of homes for short-term rentals in the last year or so as La Quinta has gotten a reputation for being short-term rental friendly. Be prepared to really be on your game, and put out a beautifully remodeled/furnished product, and super competent management team, to compete. Not as easy as it was a couple of years ago.
Rental Property Investor · La Quinta, CA · Member since 2018 · 263 posts · 95 votes
5y
@Rohit Sharma
There is a market for it (30 day plus) having experience doing that model during covid. Also depends on price point, down payment, size of the home etc to even see if it would cash flow. Personally, it's a good back up model but I don't prefer it. STR money is way better out here and you get to use the property when you want.
@Mark Futalan I ended up getting a property in Cathedral City and can do only 30+ day rentals. Do you know any good company which manages non STR rentals in the area?
Rental Property Investor · La Quinta, CA · Member since 2018 · 263 posts · 95 votes
4y
@Rohit Sharma
I'd recommend self managing as 30 day rentals or more are less work/communication than an STR. But if your goal is to be completely hands off, try doing a local search on Yelp or Next Door. Unfortunately I don't have any direct references for 30 day plus rentals.
Rental Property Investor · La Quinta, CA · Member since 2018 · 263 posts · 95 votes
4y
@Rohit Sharma
30 days or more rentals are considered long term rentals and do not require a short term rental permit. It may have to be greater than 30 days (like 31) to be within guidelines.
Developer · Poway, CA · Member since 2020 · 11 posts · 2 votes
3y
@John D. Are you still active out in La Quinta? I'm looking for a realtor recommendation and property management for an STR in Coachella Valley. Looking to get out there soon to take a look before this season gets going. Thanks!