Short term rental location which one to choose?

[Sean Starkey]

I just got approved for a 180k HELOC and I am looking to start buying STRs. I currently live in orange county CA and am looking at the Smoky mountains and Joshua tree. How do I make the most out of my 180k? Which market do I start in? I also plan on managing them myself

Thanks!

[Peter Mckernan]

@Sean Starkey I do not know much about the smokey mountains; however, I have a good friend that does a lot of rentals in that area I could link you up with if you want me to. For the JT, Yucca Valley, and 29 Palms area it really depends on what you are looking for right now. The County of San Bernardino keeps toying with the idea of putting a cap for STRs over the whole county (for JT it would be a percentage). This came out within the last 3 weeks, and they have not made a full move on it, so be careful. Yucca Valley had/has a moratorium till April in the Yucca Valley Proper area. That being said there are some great options in these areas, JT is the highest priced $450K on up for something you could turn around and rent right away, 29 palms is about $250K+ to turn around and rent right away, and landers is about $400K+ to turn around and rent right away (this are all finished products, so if you want to buy a fixer to get in cheaper those numbers will be different). 

The best plan if you go JT or anywhere out there is day one of close of escrow submit for your permit (90 days it takes to get one in 29 Palms, 60 days in County Areas, same for Yucca Valley).