All Forum Posts by: Nick Foster

I recieved this email from HomeAway today.

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San Diego Short-Term Rental Owners and Managers:

Tomorrow, Tuesday, April 9th, the California Assembly Judiciary Committee will consider Assembly Bill 1731, which seeks to regulate short-term rentals within the urbanized area or urban cluster of the coastal zone in San Diego County. Specifically, this bill would 1) only allow short-term rentals in a primary residence, 2) would limit unhosted rentals to 30 days per year and 3) would not allow local governments to make short-term rentals available for longer than what is allowed in this bill.

The Assembly Judiciary Committee needs to know you are opposed to AB 1731! Please click here to submit a letter to the committee voicing your opposition. If you can attend the hearing, it will take place Tomorrow, Tuesday, April 9, at the State Capitol, Room 126, Sacramento at 9:00 AM.

We need you to voice your opposition to AB 1731. Let the California State Assembly know that short-term rentals are a valuable and needed option for California property owners and tourists.

Best,

HomeAway Government Relations

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Anyone else have insight on AB1731? Probability of it passing?

@Brad Penley, you could sell that property, buy 2-3 condos in along coastal SD, rent them out on AirBnB, double to triple the net cash flow, and continue to enjoy SD’s phenomenal appreciation.

I would never shop my money OOS, you live in one of the best appreciation markets in the country. Just my two cents.

Carlsbad, California, one-block from the beach.

@Rome Gal, btw La Costa Resort and Carlsbad Village Inn both sell the same business model as the Hard Rock Hotel in downtown SD. In case this is of interest to you and you want to compare similar models. I’ve reviewed all three and again, it’s not for me.

@Rome Gal, there was a 500 owner class action law suit against the developer of the HR hotel years ago for alleged misuse of association funds. I’m sure you can google it to see if it was settled.

It's basically a time-share. I've looked at it in the past and I am confident I can find other opportunities with a better ROI than the HR model.

Want to stay at HR? Book a room, it’s cheaper than investing, my two cents.

@Connell Kilpatrick, check out NAIOP if you want to get into CRE, and research major developers in SD, network, cold-call, hustle your *** off. That's how you get noticed.

@Adrienne Medina, put your $50K into an online high-yield savings account. Risk-free to build your investment nest egg.

As you know, you will need double to triple that amount to buy RE in LV.

In regards to conventional lending and being self employed, you just need two years of business income and your fine.

Patience is the key to real estate investing. Rushing into investments is where costly mistakes are made.

@Bob Romano, while having a tenant’s phone number is convenient, it is not necessary.

If he is late in rent, apply the late fee in your lease agreement, and send him a notice via certified mail return-receipt requested. Just keep doing this every time he pays late-rent, or have him setup an auto-pay with his bank.

@Noel Felix III, consider dropping the rental rate, hire a professional real estate photographer to photo your listing to increase the marketability. I list on AirBnB and VRBO, although 90% of my traffic comes from AirBnB.

I've been running a STR for 3 years now (Carlsbad, California) and it does great. It's on auto-pilot, I just respond to guest messages, cleaning lady takes care of cleanings.

@Tandi H., as others have recommended, send eviction notice, ONLY respond to communication from tenant due to safety, follow eviction procedure and law, ignore all the attorney talk from tenant.

If you do not feel confident in the above, you may want to engage legal counsel who is experienced in real estate evictions in your state to walk you through this, since it may be your first time.

By no means should you provoke a tenant by stating if they hire legal counsel, than you will. That statement goes against your own self-interest of avoiding conflict, and negatively impacts your property's ROI, as you would then be paying for legal counsel to defend yourself (an expense accrued due to your provocation).