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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

#61

Post by glaugh »

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 would imagine Airbnb could at some point cap the number of nights you could let a place out, right? Certainly not ideal from their standpoint, of course, but manageable?

Re: I Bought An Apartment To Rent Out On Airbnb

#62

Post by _pmf_ »

rll wrote: post #45
dave5104 wrote: post #24

Earlier quoted context omitted.

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?

There are a number of reasons. Most states have laws regarding how temporary rental properties (otherwise known as hotels) are zoned. You can't suddenly turn a building zoned for residential use into a hotel without getting it re-zoned. Also, NY specifically worries that it will change the local housing market. If investors buy up enough local properties and turn them into mini hotels, locals may be priced out of the…

It's a bit sad that you have to explain this to grown up people.

Re: I Bought An Apartment To Rent Out On Airbnb

#65

Post by anishkothari »

Avenger42 wrote: post #22
anishkothari wrote: post #10

very interesting post, it's always great to read about other sources of income. I wonder if renting on airbnb is more lucrative than renting in general.

Depends on how quickly you can re-rent. If you sign a long lease, the landlord typically offers something lower than "market rate" in exchange for lower risk and less time un-rented. One thing he doesn't say is what percentage of the time the room was rented; he only says that it wasn't always making him money because he and his friends occasionally stayed there.

That's true about re-renting. I'm guessing he chose AirBnB over traditional renting so that he could stay at the place once in a while too.

Re: I Bought An Apartment To Rent Out On Airbnb

#66

Post by southphillyman »

I think this is pretty common already.... I used ABnb twice last week and both hosts were doing this....one of them currently lives in Nigeria actually. I googled one of the condo's I was staying in and the rent was around $1300 a month, I then looked at the calendar for unit and realized the rent would be paid with about a week and 1/2 of bookings which was present. It's a nice hustle. I'm thinking about doing it though I live in the NE and a comparable unit would run me $2000+ a month I think. I need to do some research but this posting gave me some more ideas

Re: I Bought An Apartment To Rent Out On Airbnb

#67

Post by steveisaac »

rytis wrote: post #56

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.

TripAdvisor and others came up with a good solution a while ago - they let the property owner write a reply to a bad review, and post the reply right underneath the bad review.

Re: I Bought An Apartment To Rent Out On Airbnb

#68

Post by adrianpike »

wildgift wrote: post #30

That's messed up for the neighbors. Please don't do this.

I don't want to come across as being facetious, but why? At least in my building, there's a large percentage of neighbors who I don't know at all - whether they were renting via Airbnb or owners of their condo, it doesn't make a huge difference to me.

Re: I Bought An Apartment To Rent Out On Airbnb

#69

Post by woofyman »

JonFish85 wrote: post #33
woofyman wrote: post #25

Earlier quoted context omitted.

When the HOA finds out he's breaking the terms that he agreed to when purchasing the condo, they'll fine him per offense. Then get a lean on the apartment.

Nitpick: lien. But yes, if I'm a neighbor there and I find out this is going on, I get angry.

I wonder is the HOA would have the legal authority to change the locks ?

Re: I Bought An Apartment To Rent Out On Airbnb

#70

Post by gaius »

ogig wrote: post #48
dave5104 wrote: post #24

Earlier quoted context omitted.

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?

NY wants to protect the classic hotel business. Hotels and building owners need to take care of all kind of legal and administrative procedures, including security considerations for their users. Airbnb apartment owners are now competing for free with those business. Not saying i agree, but that's the main motivation behind of Airbnb regulations, in NY and other places.

Not really - it's the rights of the neighbours, who didn't sign up to live in a hotel with people coming and going at all hours, partying, damage/wear and tear, etc.
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