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All Forum Posts by: Adrian Peterson

Adrian Peterson has started 7 posts and replied 25 times.

Post: Palm Springs STR approved investment opportunity

Adrian PetersonPosted
  • Investor
  • Newport Beach, CA
  • Posts 25
  • Votes 6

No worries. So many forums, Im getting lost on this platform. Lol

Post: Palm Springs STR approved investment opportunity

Adrian PetersonPosted
  • Investor
  • Newport Beach, CA
  • Posts 25
  • Votes 6

Anyone interested in a 5-bedroom, 3-bathroom home in Palm Springs?
This property features an approved JADU, new pool and spa, and is currently an operating short-term rental (STR) that can host up to 14 guests! May also consider a Subject-to deal.

Post: Palm Springs STR approved investment opportunity

Adrian PetersonPosted
  • Investor
  • Newport Beach, CA
  • Posts 25
  • Votes 6
Quote from @Danny Hutchinson:

Kanoa,

Can you send me all the details about this property?

Thanks

Address is 4034 E Calle San Raphael - 92264

4034 E Calle San Raphael, Palm Springs, CA 92264 | MLS# OC24179009 | Redfin



4034 E Calle San Raphael, Palm Springs, CA 92264 | MLS# OC24179009 | Redfin

Post: Short Term Beach Rental In California

Adrian PetersonPosted
  • Investor
  • Newport Beach, CA
  • Posts 25
  • Votes 6

I've noticed vacation rental signs here in Newport Beach where I surf, indicating that short-term rentals are allowed. If you need assistance with your search for a beach front STR here in SoCal, please let me know. I work with a highly recommended agent who can help you in your search. I'd be happy to connect you with.

Post: To pull permits or not?

Adrian PetersonPosted
  • Investor
  • Newport Beach, CA
  • Posts 25
  • Votes 6

@Candela, Congratulations on your new property! The decision to pull permits for your kitchen renovation would depend on a few factors such as the extent of the work, the city's reputation in terms of code enforcement, and your neighbors. This is just my personal opinion as as an rei.

In addition, I should note that pulling permits could trigger a domino effect. Depending on the extent of the work and the city's requirements, you may be required to update other aspects of your property to meet current codes. I have experienced this firsthand, and before I knew it, I was having to hire an architect and engineer for something so minor! It can become quite a costly and time-consuming process. So, it's important to weigh the potential risks and benefits and make an informed decision.

Also, if you plan on selling your house in the future, you would need to disclose any unpermitted improvements you've made. This could potentially be a liability if the work was not done to code, such as if the wall you remove happens to be a bearing wall.

Overall, it comes down to a risk assessment that you would have to consider. If the work is minor and you could knock it out FAST and won't require any significant changes to the structural integrity, plumbing or electrical systems, you may be able to proceed without permits. However, if you have "Karens" nearby or if the city has a reputation for strict code enforcement, it may be worth obtaining necessary permits to avoid any potential issues down the road. Make sure when you're doing the work, it doesnt appear like a construction site from the outside, which could be a red flag.

@Amit,

Thank you for sharing your post on Biggerpockets. As a real estate enthusiast, I would like to offer my thoughts on some of the topics you raised.

Regarding your question about the location of your STR property, I believe Indio, Bermuda Dunes, or Coachella may be better options than Palm Springs. While Palm Springs does have an established STR market, the city runs a tight ship and imposes strict regulations and fees on hosts. You may feel like you are walking on eggshells as a host, and the city may implement even stronger restrictions and fees in the future. In contrast, Indio, Bermuda Dunes, and Coachella currently have more relaxed regulations and fees for STRs, making them potentially more profitable for investors.

On that note, I have a mid-century house located in Indio (No HOA) that may be of interest to you or anyone else looking for an STR property in the area. The home has been completely remodeled and includes a permitted ADU and a new pool/spa. It has a total of 5 bedrooms and 3 bathrooms, and the front bedroom was once two separate rooms, which could be easily converted back to make it a 6 bedroom/3 bathroom home. The property also has a STR permit, which is currently unused and is 3.5 miles from the Indio Festivals. While it is not on the market, I would be willing to sell it at a fair and reasonable price to anyone who is interested.

Post: Looking for Photographer in Indio, CA

Adrian PetersonPosted
  • Investor
  • Newport Beach, CA
  • Posts 25
  • Votes 6
Quote from @Tuan Huynh:

Hello,

I am looking for a good photographer to take some nice picture for my AirBnb listing.  If you know of anyone, I would truly appreciate a recommendation.

Tuan


Jay Hooker Real Estate Photography

Jay Hooker

Ed Niskanen

Studio: 760.202.8301

Cell: 510.325.4129


Post: Seller can't clear title

Adrian PetersonPosted
  • Investor
  • Newport Beach, CA
  • Posts 25
  • Votes 6

A client was set to purchasing a property in So Cal. They were scheduled to close escrow in a couple days only to discover the seller has a lien on the property for a debt that should've been removed in their bankruptcy 5 years ago. The lienholder cannot be located and Title would not close unless lien is removed. Escrow really dropped the ball since that lien should've been discovered and resolved prior to buyer giving their landlord 'notice to vacate'.

Now Seller is asking for a minimum 30 day extension to try locate lienholder and clear lien however, buyers would have no accommodations to stay in the interim, as their landlord stated they have to be out in 14 days since landlord already filled their vacancy with another tenant and have no other units available. Also, buyer's were informed by their lender that their loan is about to expire so they would have to be approved once again.

Buyer has 3 little girls all in grade school so you can imagine the stress and inconvenience this has caused them. Aside from their EMD, Buyers had paid for appraisal and home inspection costs.

What recourse does Buyer have and what would you suggest?

Post: Thinking of buying in this crazy market...

Adrian PetersonPosted
  • Investor
  • Newport Beach, CA
  • Posts 25
  • Votes 6

Personally, I would never buy an investment property that doesnt produce a positive cashflow. Especially during super/hyper inflation period. I find it high risk rt now to purchase a property that has less than 40% built-in equity unless it produces cashflow.