Thinking of buying a second home with a friend? The Coachella Valley creates many friends-turned-investors with the idea of buying real estate and sharing expenses and dividing their time during the season. This article in the Wall Street Journal helps identify the questions you should ask before you begin your house hunt. Questions including, what type of property, what will the use be (personal use vs rental income), how will you split costs etc.
I would also suggest you consider a home inside a gated community that has an HOA. This will take some of the maintainence issues off the table. If you are thinking of off-setting expenses by renting it out consider a property managment company or Airbnb. Just be careful the HOA allows rentals for less than 30 days. The City of Palm Springs has very few communities that allow less than 30 day rentals so be sure to ask your Realtor for this info while you look.
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