All Forum Posts by: Jeff W.

Looks like La Quinta voted to abolish STR's outside of Tourism areas by 2024. Crazy. I'm glad I sold when I did.

You can also look at syndications that anticipate heavy bonus depreciation if they can close by year end to try and get you a negative K-1 for this year after they do their cost seg study.  However you're just kicking the can down the road if you can find a good deal when they exit you'll be looking at potentially recapturing the depreciation.  Not a CPA, just what I've experienced.

Thanks @John D. and @Pablo Flores.  You guys are probably right.  I may have just completely missed that they were going to go this direction.  Unfortunately I don't think they made it abundantly clear either way.  I feel if anything the city, using the verbiage that they were using, led people on to believe that it was a temporary moratorium to be lifted.

Thanks Jason for clarifying as well.  The hard part is the manner of ambiguity they've approached this entire fiasco, so "periodically" is a tough term for a lot of us to digest.

Hi Daniella, the recording can be found here, and is already posted: https://www.laquintaca.gov/bus...

Essentially, they have voted to indefinitely put a stay (essentially a ban) on new short term rental permits for most of the city.  It's tough for many of us who didn't have any proper guidance as we were going through and vetting our purchases.

Hope that helps!

@Mark Futalan

I saw this thread way too late. Would love to connect with you on your experience operating in La Quinta.  With the council meeting yesterday being a huge disappointment to our community, I'd like to connect with others and see what backup plans we may have.  Thank you!

Super interesting topic.  I just realized I own a condo in Moreno Valley that's going to be in an OZ.  Wondering how that would work since I've owned it for 4 years now.

I would to know too! We are currently in contract for an two 4-units in adjacent lots for $320K that grosses $4200/month.

It's doable, possibly the lender just has an overlay that won't allow it.  

See this thread: https://www.biggerpockets.com/forums/49/topics/421046-fha-loan-on-4-plexcant-be-done

Bringing this back from the dead, but what about title seasoning from llc to individual when doing a conventional renovation loan?  I believe renovation loans are not considered cash out refinances.