COACHELLA VALLEY INVESTMENT OPTIONS:
The Coachella Valley is still a solid place to buy a property if you’re hoping for an investment return. Especially if you like the Valley as a possible place to retire in the future, or even to visit when your property isn’t rented. Some areas of our desert cities, and most HOA governed communities, now have 30 day minimum rental restrictions, but so what? You can still cover all your carrying costs and put some money into your IRA, just not as much as before the restrictions were put into place. Call Kim Kelly, local Coachella Valley Realtor, at 760-285-3578.
The Coachella Valley is still very friendly to buyers that want to make some money renting their properties, just for an occasional weekend, or as an investment opportunity. It’s a GOOD thing that the Cities pay more attention to noise complaints, stuffing too many people into too few sleeping areas, letting people crash on your patios and around the pool..etc. These practices do not enhance your property values, so be glad they’re paying more attention. Be respectful of the neighborhood, keep tabs on your tenants, follow up on complaints, pay your City license fees and taxes, and count your extra income! Here’s a short break down of Desert Cities/Rental Requirements.
Palm Springs: No more than 32 rental contracts in one calendar year Plus 4 more contracts during July, August & September. Good area for investments.
Cathedral City: Currently a moratorium on new vacation rentals, that will expire shortly..CC&R’s and HOA’s must be observed.
Rancho Mirage: Short Term Rentals are possible in RM, but beware of the rules as in all Coachella Valley cities. RM has many CC&R and HOA governed communities, so know where you buy!
La Quinta: The City allows short term rentals, as long as you are careful to comply with the City rules regarding STVR’s. Again..HOA communities most often don’t allow less than 30 day contracts.
Coachella/Indio: Friendly to vacation rentals as are most desert cities. Good area for Investments as home purchase prices are a bit lower. Always observe and understand that CC&R’s and HOA Rules & Regulations may set minimum rental restrictions.