I'm looking to buy an investment property to use for STR in either Big Bear Lake or Coachella Valley (Palm Desert, La Quinta, Palm Springs, Indio area). Looking for feedback on what makes the most sense. We own vacation homes in Big Bear Lake (Moonridge) and Lake Havasu, but have never been in the STR game as of yet and don't really want anyone staying in our existing vacation homes (cause we have basically moved in with all our stuff and personalized our 2nd homes). We live in Fountain Valley in Orange County. I would love to buy a property in the OC to STR, but prices are just too insane. I was also looking at Joshua Tree or Yucca Valley as prices seem to be more reasonable in those areas (although creeping up) and I have heard the area is up and coming, but I have never been out there before. Do that many people visit Joshua Tree to support a good STRs business? We have never gotten any kind of cashflow from our properties, but I have a real interest/passion for real estate and think I would really enjoy doing this. We may now start looking at a seasonal rental for our Lake Havasu place....rent to snowbirds from Canada/Minnesota, so that may be our first foray into the world of investment properties. Is positive cashflow the main goal? I'm of the mindset that if someone else is paying my mortgage and I break even or say I end up paying some of my own mortgage/HOA during the slow months....that's not the end of the world, right? So we're now looking to buy a property that my husband and I will strictly use for STR purposes....would you recommend Coachella Valley over Big Bear Lake or vice versa and what are the reasons?
