Before you decide to rent out your Southern California home on Airbnb, you may want to check and see if it’s actually legal.
According to a recent LA Times article, Newport Beach has shut down 78 vacation rental homes because they lacked the proper permits. Because of the high tourist rates, most of these short-term rentals are located on the Balboa Peninsula, Balboa Island and Corona del Mar.
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It’s more difficult to rent out your Orange County beach house than you may think. In order to operate as a short-term rental, you have to obtain the proper permit, a business license, and pay transient occupancy taxes – all stated at https://galvestonbeachfrontvacationrental.com. Basically, you have to operate like a traditional hotel.
It’s not surprising that Newport Beach would hammer down on these restrictions as $2.7 million came from transient occupancy taxes alone in the 2015-16 fiscal year for the city.
If you’re a current landlord that owns a short-term rental in Newport Beach, Laguna Beach, or Corona Del Mar areas, you may also want to warn your tenants to keep their wild behavior to a minimum. If your tenants receive complaints for consistent partying, littering, or loud noises, you could be the one who suffers the consequence of having your landlord’s permit revoked.
If you need to fill out a permit application for your short-term rental in Newport Beach, check out the city’s website todayand avoid the consequences.
If you’re ready to take on the responsibility of owning a short-term rental in Newport Beach, call JCAP today and apply for a hard money loan! Our financial experts can set you up with a jumbo real estate loan in as little as one week.
For additional information, please visit www.jcap.net.
About Jcap Private Lending
JCAP Private Lending is a Direct Lender who closes and services Investor Funded Short-Term Real Estate Loans. Our experienced team has been providing quality mortgage services for over 30 years. JCAP Private Lending is an Asset Based Lender who steps in to quickly solve a short-term financial need secured by Real Estate. JCAP has an innovative approach to lending, focusing on speed, simplicity, and safety for borrowers and investors. JCAP’s operating philosophy is defined by the simple but impactful statement — “We Care & We Serve”.
Located in Newport Beach, CA, JCAP Private Lending primarily lends Hard Money & Private Loans secured by 1st & 2nd TD’s on residential property in Coastal California. For further information, please visit www.jcap.net.
For inquiries, please contact:
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