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I Bought An Apartment To Rent Out On Airbnb

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Re: I Bought An Apartment To Rent Out On Airbnb

#51

Post by numbsafari »

dave5104 wrote: post #24
rll wrote: post #13

If enough people do this it will be the end of Airbnb. This is one of the patterns the state of NY is using against Airbnb while Airbnb is arguing that the service is intended for people occasionally renting out their primary residence. If the state is able to prove a significant number of people used this model Airbnb is done in NY and I fear other states will follow.

I'm not that familiar with the Airbnb situation in NY. Why is this a "bad" pattern that NY state has deemed to be a violation of the law?

Because many of those who are renting out apartments in this manner are doing so without a "hotel license", charging the appropriate hotel taxes or otherwise abiding by laws put in place to preserve the rights of neighbors.

You could probably argue that they are most peeved about not getting the hotel taxes.

Re: I Bought An Apartment To Rent Out On Airbnb

#52

Post by gamblor956 »

candybar wrote: post #35

This has to be illegal, right? I can understand renting out your vacation home or apartment when you're not using it, but buying a home/apartment to run essentially a mini hotel has to run afoul of zoning/licensing/regulations in most places

He is quite likely violating the COA of the condo development in which he purchased the room. He's also probably violating the building code for short term rental units, which could mean very heft fines. Depending on where the property is located in Vegas, he could also be violating local zoning and use restrictions.

Re: I Bought An Apartment To Rent Out On Airbnb

#53

Post by mariusz331 »

We're building a service called Airenvy (airenvy.com) that caters to short term renting on services like airbnb. We could have been tremendously helpful to the author had we been in the Vegas area. We are growing rapidly in SF and our property owners love all the money we're making them! On average we increase income by 30%!

Re: I Bought An Apartment To Rent Out On Airbnb

#54

Post by klapinat0r »

dave5104 wrote: post #24
rll wrote: post #13

If enough people do this it will be the end of Airbnb. This is one of the patterns the state of NY is using against Airbnb while Airbnb is arguing that the service is intended for people occasionally renting out their primary residence. If the state is able to prove a significant number of people used this model Airbnb is done in NY and I fear other states will follow.

I'm not that familiar with the Airbnb situation in NY. Why is this a "bad" pattern that NY state has deemed to be a violation of the law?

If I read your comment correct (why is it bad for NY to be against airbnb scenarios like this) then no, it's not a bad trend. To elaborate, many places (not just the US, and not just New York) has rent-control laws. By and large not everywhere, and not all parts of the cities/counties who has. But for those that do, this is in clear violation of at least that, but also - possibly - sublet laws. That is a far fetched example though.

But the more worrying part is that it drives up prices as more and more do this (not talking 1-2 appartments in a neighbourhood, talking increasing).

Another issue is the housing situation. In many larger cities it's a real issue that there aren't enough places to live as needed.

For hotels it is bad, as it's driving business away.

So, from both sides of the spectrum this is bad. For people looking to get some extra cash (not saying it's bad - as the post also mentions, it's an active investment), and for people looking for a place to rent while on vacation, it is good.

Re: I Bought An Apartment To Rent Out On Airbnb

#55

Post by martin-adams »

objclxt wrote: post #17
adaml_623 wrote: post #12

Earlier quoted context omitted.

I think you exaggerate. zoopla and some research gives me (all city centre addresses): Manchester - £55K+ Leeds - £70K+ Birmingham - £45K+ Hull - 50K Bristol - 100K Norwich - 70K etc. If you're happy with a small village then I think you can find even cheaper.

Yes, I think the OP is rather mis-informed. There are plenty of places in the UK where you can get a one bed apartment for between £50-70k and not get a 'brick through the window'. Are these places you're likely to be able to rent out to full capacity on AirBNB? That's a different question.

The solution is simple, get an apartment above the 3rd floor and no one will be able to throw a brick high enough.

Re: I Bought An Apartment To Rent Out On Airbnb

#56

Post by rytis »

I live in constant fear of getting a bad review.

I wonder when is someone going to come up with an idea how to fix this. As far as I can tell there's not a lot a supplier on airbnb/ebay/etc can do about them. It's all too consumer centric... My subjective opinion is that most bad reviews are unwarranted, left by customers that have unrealistic demands.

Re: I Bought An Apartment To Rent Out On Airbnb

#59

Post by kilovoltaire »

samspenc wrote: post #26

$200 monthly for a local cleaner who does unlimited cleans AND handles the bookings/inquiries??? That's quite a steal!

Yeah, a stat I wish the author had included was what this works out for her hourly wages; seems like it must be quite low.

Re: I Bought An Apartment To Rent Out On Airbnb

#60

Post by skizm »

This guy's twitter handle is @jon. Color me jealous.

Smart idea though. I've heard of some people who do this in NYC on a larger scale and all of them have reported raking in the cash and even hiring managers so their income is pretty much entirely passive (they just deal with the manager(s)). Seems like a pretty sweet gig if you have the capital.

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