All Forum Posts by: John D.

I think you are $100k-$200k short on budget for the project, after getting utilities to the site etc.

Hi @April Wang-   I would encourage you to run the numbers, and share them here.  I have short-term, seasonal, and long-term properties in the area.  A 2-bedroom in PGA West with a nice view is about the last place I would expect to cashflow, but frankly I haven't run the analysis as I tend to stay away from HOAs and smaller properties.

@Todd Mason Good luck finding a good buy in an HOA in Cat City that's still allowing short-term rentals. Don't think that exists. Not sure of your definition of "works well numbers wise" though.

@Jimmy Johnson I would strongly advise you to throw out CAP rate, and compare these in a STR-specific spreadsheet to help show cash-on-cash return. If you are looking for a rule-of-thumb, look at your gross rent ratio. This is the total amount of rent divided by the total cost of the property. It looks like you are considering properties with a 10% or less gross rent ratio (i.e. $50k gross rents on a $500k all-in property cost as an example). Most investors I know are looking for 15%+ in turnkey properties with low overhead, 20% + for low-to-medium overhead properties with minor effort, and 25% plus for properties that are expensive to maintain and may require significant effort to bring to market. If you are familiar with Bullhead City, I know it's fairly easy to do significantly better then 10% in neighboring Lake Havasu City. You do not want a 3/2 however, the market is flooded with them. You probably want a few smaller units in one complex, or one larger unit or one that is differentaited in some way. Hope it helps!

There is a master class that will share with you the template of their handbook.  I am spacing on the name of the class, it is several weeks and several thousand dollars.  The class is great from the couple of people I know that have taken it, but the handbook, it's just a series of word docs and a spreadsheet that you use to describe how everything operates. Since they are essentially blank / templates, you need to populate them with all of the info you use to operate your business.  No reason you couldn't start documenting on your own.

@Jordan Ray are you getting licensed in Delray, or hoping for the best?

@Rebecca Akselrod Give Adam GIlbert at The Firm Commercial a call. He used to run a STR management company, is a lawyer, native Palm Springer, and his wife is on the PS City Council. He knows the space 1000%. Let him know I sent ya over via bigger pockets.

@Kyle H. Bermuda Dunes is unincorporated, and thereby covered by the Riverside County ordinance.  We are expecting a major re-write of that ordinance in the coming weeks.  Be aware the locals in Bermuda Dunes are not happy about the large increase in STRs that have popped up lately (and many are not doing the best job of controlling sound and related issues).

Consider joining and making a donation to help protect local STR rights! https://www.vronrc.org/

@Michael Maloney I am not aware of any areas around Joshua Tree that will allow you to short-term rent a Yurt.  All of the cities/counties in the area preclude this, unless you have some special zoning and approval.

@Zul Hirani Where exactly in Riverside County?  And what is the exact scope of work?

Perhaps try this ;). https://lmgtfy.app/?q=general+...

or this?  https://letmegooglethat.com/?q...