All Forum Posts by: Mark Futalan

@Christina Hall

They banned any new STR permits indefinitely except in a few tourist commercial zones or those where hoa's allow them. Existing permits are allowed to continue to operate.

@Michelle Dee

Yes we do very well out here. Mortgage and bills paid and cash flows nicely. Unfortunately like most desert cities in the area, the city has made a permanent stay order on any new STR permits. Only existing and those found in certain tourist commercial zones as well as where HOA allows them are permits allowed.

@Michelle Dee

Hi I own 2 in La Quinta that I self manage from LA. 3.5% wouldn’t be an option unless maybe your doing this as a primary residence? As John mentioned, the lowest would most likely be 10% down vacation home/2nd home loan or 20% investment property (may find some that could do 15%) but 20% is standard. Also keep in mind you need to furnish the place, repairs to the property, holding costs while getting the home ready etc.

@Rohit Sharma

There is a market for it (30 day plus) having experience doing that model during covid. Also depends on price point, down payment, size of the home etc to even see if it would cash flow. Personally, it's a good back up model but I don't prefer it. STR money is way better out here and you get to use the property when you want.

@Collin Campbell

Check on rules and regulations of the locations your looking to STR. The short term rental space is continuously changing and regulation is different in each location. Check on STR homes on Airbnb, see what they rent for, check their calendars 1-3 months to see if they are booked and try networking with hosts in the market your interested in. Nothing better than getting real information from those doing it in places your looking into.

@Damien Boulat

https://www.laquintaca.gov/home/showpublisheddocument/33527/636336617032270000

@Damien Boulat

Hi Damien, yes look elsewhere. The city has decided to put a permanent "stay" order on any new STR permits in La Quinta. Those with existing permits are grandfathered in. Some tourist commercial zones and also those where HOA allows it are still allowing it. Not to say that this order can't change in the future but for now, it doesn't look like that is happening anytime soon.

@Joseph Diaz

I also recommend Allied Real Estate. A lot of good resources, practice quizzes, flash cards and study materials. Really well put together program. Took my test a few weeks ago and passed. Best of luck to you!

@Eric Drum

I bought my 2nd STR with 10% down as 2nd home/vacation home. You must intend to occupy/use the property part of the time (which most STR owners typically do). A lot of folks get started with STR with this type of loan. There may be a few other requirements like how far the home has to be from your primary but I don't see why you couldn't. I was told it just needs to "make sense". It's a great tool just make sure you run the numbers.

@Barry Underwood

Make sure you have good pictures and the house is well presented. Then get it up on Airbnb and Homeaway at a minimum as soon as possible. Majority of guests book 1-3 months out.