All Forum Posts by: Nicole Masters

Hi Jason, thank you for that! It was a fun property to put time into. Right now we don't have any exit strategies, we would sell if worse comes to worse but right now we're weathering the storm and have a date for January 5th to do an in person application review with the city, so we'll see how it goes from here!

@Mark Futalan Those sound like awesome purchases! I know having a pool is a very attractive feature for a STR (we lost out on a 30+ night booking to a house with a pool haha). It is good in a sense for destiny and saturation reasons, but then really difficult for a free market to thrive. Tricky stuff.

There was a town hall meeting last night in YV and they decided NOT to extend the moratorium, which is awesome! But there will still be a complicated series of hoops to jump through.  

@Mark Futalan Hi Mark! Thanks for your kind wishes on the Yucca Valley house, I would love to hear more about your properties in La Quinta!

I second this! Get your application turned in as soon as humanly possible! 

We bought a home in Yucca Valley to STR with and 3 weeks into renovation they put a moratorium on accepting any applications for permits. We were about 75% of the way through the application but hadn't turned it in yet, and our house has been sitting empty and unrented since.

We use avail.co and Zelle!

I don't have any experience on STR in Sacramento, but I would be very interested in anyone else's responses. We're currently going through a permitting issue with a house we have in Yucca Valley and it's been really hard.

Investment Info:

Single-family residence buy & hold investment in Yucca Valley.

Purchase price: $405,000
Cash invested: $40,000

We purchased a home to operate as a STR in Yucca Valley (Joshua Tree area) in September 2021. We have been researching and analyzing the market since February and started actively looking in June. We made 7 offers and eventually landed on this home. It needed cosmetic work and we spent 5 weeks there painting, updating bathrooms, and setting up furnishings. The house is a 3bed/2bath house on half an acre. We are currently in a snag with the permitting & it's currently sitting empty and unrented.

What made you interested in investing in this type of deal?

We love the desert and we wanted to invest in somewhere with great weather that had the option for short term rental and had high appreciation.

How did you find this deal and how did you negotiate it?

We found the deal on market and we offered 5k over asking.

How did you finance this deal?

We used a 10% down vacation home loan.

How did you add value to the deal?

We painted the whole house ourselves (talk about sweat equity), had a 320 foot privacy fence built in the backyard, updated both bathrooms, and swapped out mirrors, lights, and other fixtures to modernize it.

What was the outcome?

There was a 45 day moratorium put on applying for permits 3 weeks into renovations. Currently our house is sitting empty. We have listed it on Airbnb, VRBO, and Furnished Finders for 30+ day stays.

Lessons learned? Challenges?

The permitting issue has been a huge challenge. We've tried pivoting to 30 days but have had no luck in booking our place.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

We used a real estate agent and lender.

Investment Info:

Single-family residence buy & hold investment in Yucca Valley.

Purchase price: $405,000
Cash invested: $40,000

We purchased a home to operate as a STR in Yucca Valley (Joshua Tree area) in September 2021. We have been researching and analyzing the market since February and started actively looking in June. We made 7 offers and eventually landed on this home. It needed cosmetic work and we spent 5 weeks there painting, updating bathrooms, and setting up furnishings. The house is a 3bed/2bath fully furnished house on half an acre. We are currently in a snag with the permitting on the city and it's currently sitting empty and unrented.

What made you interested in investing in this type of deal?

We love the desert and we wanted to invest in somewhere with great weather that had the option for short term rental and had high appreciation.

How did you find this deal and how did you negotiate it?

We found the deal on market and we offered 5k over asking.

How did you finance this deal?

We used a 10% down vacation home loan.

How did you add value to the deal?

We painted the whole house ourselves (talk about sweat equity), had a 320 foot privacy fence built in the backyard, updated both bathrooms, and swapped out mirrors, lights, and other fixtures to modernize it.

What was the outcome?

There was a 45 day moratorium put on applying for permits 3 weeks into renovations. Currently our house is sitting empty. We have listed it on Airbnb, VRBO, and Furnished Finders for 30+ day stays.

Lessons learned? Challenges?

The permitting issue has been a huge challenge. We've tried pivoting to 30 days but have had no luck in booking our place.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

We used a real estate agent and lender.

Hi babes! Please join us online for an all female investor/real-estate/badass group!

@Shyam Subramanyan Thank you!