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Updated over 3 years ago on . Most recent reply
Short term rental in Joshua Tree
I have been thinking about investing in real estate and finally have decided to invest in short term rental in Joshua tree after my recent trip. Are the properties overpriced or saturated at this point? What are the pros and cons on investing in JT? I am open for long term rental as well mostly looking to break even and get started with real estate investing
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@Rahul R. I've been looking for awhile now, hoping to get another offer in a place today but this is what I've found......
Prices are way up with people from LA moving out there. With WFH continuing a lot of folks decided to buy a place out there since it's typically less than 1/2 the cost of a house in LA and the rent to mortgage price is similar.
AirBnB market is heavily saturated but the park is one of the most visited parks in the US so tourism is still heavy and people from the city still venture out for the weekend or longer.
It is fiercely competitive right now both on the purchasing side and the AirBnB side. Multiple offers even on properties that are tear downs. There's a lot of competitive AirBnB pricing so your place needs to stand out somehow to command a decent amount per night.
Professional management is much more expensive than long term rental management. Up to 30% depending. (realistically looking around 15-20%)
Yucca Valley is trying to convert everyone to a city sewer system so if you're looking in that area know that you'll have to pay a special assessment tax and be responsible from going from septic to city sewer.
If the property doesn't have power or a water meter.......it can be $$$$$$$$$$$$$$ and if you don't have solid contractors of your own its slim pickins for quality work out there.
Depending on what kind of deal you're looking at you'll probably either need hard money lined up or a commercial loan with 25% down.