All Forum Posts by: John D.

Indio just released a new Ordinance.  Unlikely they will revisit the issue in the short term, and they stated as such.  Should be good to go for a while in Indio.

Adam is a lawyer, used to own/run a short-term rental PM company, and his wife is on the PS City Council.  Specialties are vacation rentals and commercial.  Look no further.  

Rates and occupancy are trending down, there's a ton of supply.   Unique and differentiated homes are still doing well. Most people going to the park don't appear to stay overnight local, there's still an opportunity to put out a product to convince them to do so.

Based on your limited description, DHS will likely earn more.  Does it have a garage by chance?

There's very rarely a reason for sub2 in the current market.  If home values drop and owners are underwater a few years out that may change.  I've done a couple subj2 transactions 10 or so years ago, unless a homeowner owes more then the home is worth or has a really odd situation they don't make sense.

Glad to hear Adam has been helpful @Laura Kastner, he's working on pinning down my first motel purchase as we speak.  I'd agree in the desert the opportunities are crowding into specific places.  You might also consider taking a look at unincorporated Riverside, as well as the city of Coachella.  In some of these areas with limited inventory it often takes months of waiting, and then finally pouncing when something suitable shows up.

@Keao Tano LA pool builders are just as slammed with high-paying work.  Possible you can subcontract it out yourself if you want to take a stab at that.

Also note you can expect an appraiser on a cash-out refi less than 6 months since purchase to be VERY conservative with the appraisal.  Perhaps not always, but often.  I typically wait until the 1 year mark when feasible.  Even then, a cash-out refi is typically going to get a lower appraisal than an arms-length sale appraisal.

Our homes in the area are packed during the summer.  Families come, with the kids off from school, even if its 120 degrees, so long as you have a pool.

We used to be able to get them done around $40k.  Now you are looking at $60k+.  The pool companies were completely slammed, now they are just extremely busy.  Keep in mind for a vacation rental the equipment is a bit more expensive as you need a good heater and remote automation, and a pump and filter that can keep up with heavy sporadic use.