All Forum Posts by: David Jensen

Hello, I have an opportunity to purchase essentially a vacation rental property (2bd/1.75ba condo) in Palm Desert.  I am interested in connecting with any property managers in Palm Desert, CA to get your insights into rental rates/market.  I've already researched rent rates via rentometer.com and a couple other sites but was hoping to get some ground truth on realistic rates in "my" Palm Desert neighborhood as well as PM rates for managing this property so as to have the most realistic/accurate numbers to help me analyze my first deal since joining BP. Thanks in advance! 

(by the way, I'm a newbie getting used to the BP Forums :) I posted this question originally on a separate unrelated thread, a couple days ago, so i believe no one likely saw it, so am re-seeking help here.)

thanks and happy holidays!

David

Thanks fellow Minnesotan @John Woodrich! and sorry for the delayed response.  :) I'm not sure if i should start a new thread, but was additionally interested in connecting with any property managers in Palm Desert, CA.  I've already researched rent rates via rentometer.com and a couple other sites, but was hoping to get some ground truth on realistic rent rates in the "my" Palm Desert neighborhood as well as PM rates for managing this property in Palm Desert so as to have the most recent data to help me analyze this deal. thanks in advance!

@Adam Bazzell / @Arianne L.,

Fantastic response and thanks for your insight.  I'll take a look at the surrounding communities you mentioned.  Thanks for the offer for additional help as well, as I'm just rude enough to take you up on it! 

Gentlemen, 

I recognize this post is a bit dated, but just learned of Destin, FL, a few days ago from a colleague who owns a rental in the area. Sounds like an interesting area. Is there a strong market in the multi-family (duplex/triplex) units or is the strong market in SFR (both for long-term rentals and vacation rentals). My interest is more towards long term rentals vs. vacations properties, and likely marketed towards the military community, based on my background experience working with and in the military. Is Destin the place i should set my sites, or move further west to capture a more long term tenant demographic?

HI @Darlene Harwick , et al,

I am a novice newbie :), and was initially going to do my first deal in VA or MN, however, as fate would have it, my parents have just offered me the opportunity to purchase their Palm Desert property (2bd/1.75ba). They winter in Palm Desert, and live the other half of the year in MN. Beyond doing out of state deals, and doing biz with family, the current plan would be for my parents to sell me the property and then rent back so they can remain in the property during the winters.

I don't have all the firm numbers yet, but based on some quick math, my first swing at the numbers gave me approx. a 5 CAP on the property. I see you're from Palm Desert. Would you say a 5 CAP is appropriate for the area? also, any rumblings about banning SFR licenses? I see the City has a Temp occupancy Tax (TOT) of 10% for renters less than 31 days...not sure if others have found these type of ordinances "writing on the wall" regarding a change in attitude towards rental properties.

I agree with Christopher. ListenMoneyMatters is a great financial podcast, and actually did a three part (?) series on REI...specifically building towards an episode-interview with the owner of roofstock. It was very informative and provided a bit of background into their [roofstock] business model, etc. I think you, and others, might find it useful. here is the link to the podcast, listen money matters roofstock review

Anton, thanks for the great response.  Looking forward to identifying other BP articles related to analyzing markets!