All Forum Posts by: Mark Futalan

Hello BP,

My in-laws and a few relatives own 10 hectares on virgin beach land in Cebu Philippines. They are looking to sell. They were born in the Philippines and are living in the US as American citizens. The question that they have is how the sale of the land will be taxed and if there will be any issues with the sale monies transferring to the US? Are there limitations or restrictions? Trying to assist them with the process. Thanks. Any insight or information would be greatly appreciated.

@Seri Strong

Most STR rentals in La Quinta are found in PGA west, La Quinta cove and North La Quinta above Hwy 111. We have over 1300 rentals in the area currently. Most hoa communities don't allow STR's. La Quinta is a year round destination though last year was a bit different due to the pandemic. We get a lot of LA, SD folks that come out for a weekend getaway. Before the pandemic, we were getting snowbirds, out of state and out of country visitors.I'd wait to see what new changes the city will implement to their STR program. We should get a good idea the next 2 months.

@Seri Strong

Hi Seri,

I have 2 STR's out in that area which I manage remotely from LA. There are a few others on this site that do the same thing. Happy to answer any specific questions you have. The city currently has a moratorium in place through February 2021 on any new STR permits. Changes are coming..

@Pandu Chimata

Thanks for the mention Pandu. Hope you have been well and safe. Let's hope for a better 2021! By the way, you are probably aware of all the potential changes happening in La Quinta. A few STR owners have established VRON-LQ (similar to what PS has) and are looking to grow the group and be a strong resource for the STR program in the city. The goal is to hopefully get all STR operators part of the organization. Check it out sometime.

@Nate Baum

Hi Nate,

I'm out in La Quinta. There is currently a moratorium on any new STR permits until 2/2021. La Quinta has typically been STR friendlier than most other cities in the CV but they are looking to tighten regulation as demand has increased dramatically in the area. With many cities in the desert (PD, Rancho Mirage, Cat city etc) moving away from STR's, a lot of investor and 2nd home owners are looking to LQ to invest which we are now seeing multiple offers over asking on homes. We have about 1300 or so STR's in our city currently. We will get an idea on regulations sooner rather than later.

@Rafael Ramon

I live in LA but manage our properties remotely. Was actually just there for a week or 2 for Christmas because of the CA stay at home order. Enjoyed the nice weather and a nice hike at La Quinta cove. But yes, let’s keep in touch. Always interested in networking with people around the area!

@Rafael Ramon

Hi Rafael, congrats on the purchase and your success with the STR home in Indio. I'm neighboring to you and own 2 STR's in La Quinta. One of my properties is borderline Indio in a non hoa community by Indian Springs Golf Course. If your ever interested in sharing notes, let me know. Best of luck and continued success in 2021!

@Matt Ayoub

I have an STR on the Airbnb plus program. If you are already crushing it with you normal listing, it might not be as advantageous to do the plus program. You might get increased views and a nice listing page but the requirements to join plus have changed where they may only allow you to list exclusively with Airbnb and there is a higher % fee you pay to Airbnb (I think like 8% if I remember). Also you lose a lot of control with pictures and they require you to work with interior designers etc which may mean more money out of pocket. I was fortunate enough to list with them before all these changes happened.

@Shaun Weekes

Thanks for your feedback and guidance. I’ve actually seen these requirements and we check off all the boxes. There was a disclaimer for the one of the requirements:

1

If the lender identifies rental income from the property, the loan is eligible for delivery as a second home as long as the income is not used for qualifying purposes, and all other requirements for second homes are met (including the occupancy requirement above).

We check off that box too.

Thanks again and happy holidays to you. My question more pertained to having multiple 2nd homes and the requirements for that, if any.

Hi BP,

I have 2 STR's. 1 is a 2nd home and got vacation home financing on that house. The other is an investment property. Was curious to know if you can get 2nd home financing (10% down) on another property located in another city but within the same state (CA). Are there any specific requirements having multiple "2nd homes" and if so, what are they? Is there a distance requirement between 2nd homes? I remember when we got our 2nd home financing, they required the property to at least be 80 miles or so from our primary. I plan to use the property part time and rent when not in use. My primary residence is in LA. Appreciate the feedback.