All Forum Posts by: Tim Bee

 Well it's money in my pocket after all expenses.  After taxes net.  But you don't have to worry about semantics anymore because I am in a 10 day escrow on both.

Thanks for the replies.  Yea 4k with self management / maintenance / dealing with government regulations / occasional fines etc.  Its about 15 hrs a week between both houses.  So that's the only way I can make the 4k.  Here's some examples of the fines i get all the time: noise violations fines, show up in more that one hour fine, a fine for a bag and a soda cup in the front yard grass.  Lol..   Anyway I got them for about 700 total and they are now about 1.3 so I think I will put them on the mls....thanks again

For the past 10 years or more I have been netting 20-30K per month after all expenses on 2 short term rentals in La Quinta. It was an amazing gold mine! La Quinta (and the whole Coachella Valley) has become the worst, most restrictive, terrible place to own a STR in too many ways to list. Profits are down to about 4 K (total net) a month and no longer worth holding on to. Has anyone else in La Quinta, CA experienced this?

La Quinta is terrible now for short term rentals.  I just sold my last one out there.  It was a gold mine for about 10 years. I had 2 rentals and was netting 20K a month after all expenses. It eventually became maybe 2-3K profit for both total and no longer worth it.

The tenant is Sec 8.  Here's what it says about that

"
Section 504 applies to housing that receives Federal funds. This
includes, for example, public housing or other affordable housing.
Section 504 typically requires more from housing providers than the Fair
Housing Act. Generally, under Section 504, you must pay for a
reasonable accommodation, and you cannot make the applicant or tenant
pay for it. You must offer reasonable accommodations if you know an
applicant or tenant is an individual with a disability, even if they
have not specifically asked for one."

Just rent to the disabled person with the wheelchair. Please be advised: you might have to widen door ways and lower counter tops and install ramps and grab rails at your own expense if the tenant wont pay. It could run you about 30 grand or more depending. Or don't rent to them and then do the math. See which one provides a better ROI.

In CA:  I have a tenant who, all of a sudden is in a wheelchair.  They want widened door ways and God knows what else after that.  I'm guessing they might eventually want all the ADA requirements.  Changes to convert a whole house to meet ADA requirements and the ongoing nonsense that might keep coming up sounds insane.  Thinking about selling this home before I get in too deep.  Then there's the issue with doing a 1031 which is fine but my property taxes would go from $2200/yr to $4400/yr for an identical home.  Thoughts???

I can tell you that as a buyer I would not want hand rails, ramps, these weird wide doors to walk through and some walk in bath tub that has a door on it.  I'd pass up on an ADA home unless I'm an ADA patient.  These days homes can be extremely expensive and I'm not going to spend my hard earned money to settle for a home that has all these funky changes.