I bought a $775,000 Palm Springs house to rent on Airbnb when I was 25. It's not as profitable as I thought it would be.
We renovated the whole house. The old owners had lived there for 30 years. It needed a new electrical panel. It didn't have a pool heater. We made aesthetic changes as well, renovating the kitchen and bathrooms.
To anyone looking in the Palm Springs area for a vacation rental: It's not a good market in terms of making a profit unless you plan to use it a lot yourself.In Palm Springs, you can only do 36 rental contracts per year. That's not 36 nights — it's 36 different groups of people. Church said she and her sister made nicer upgrades to the house because they often use it as a vacation home.Each neighborhood can only have 20% of the houses be short-term rentals. So if someone is looking to buy a house now and turn it into an Airbnb, you have to be very careful about which neighborhood you pick. My neighborhood, for example, is already at the cap. So if I had bought this year, I wouldn't be able to make it an Airbnb.. We had a lot of maintenance expenses.
But Coachella is one of those things that really makes up for it. And most vacation-rental owners kind of bank on that weekend to carry them through the slump summer season.
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