Exactly what is the difference between what this person is doing and running an unlicensed extended-stay hotel?
I Bought An Apartment To Rent Out On Airbnb
81–90 of 386 posts
Re: I Bought An Apartment To Rent Out On Airbnb
#82Earlier quoted context omitted.
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.
I'm not sure that residential/commercial zoning laws in US states falls under the umbrella of general knowledge.
Re: I Bought An Apartment To Rent Out On Airbnb
#83It’s possible to find a nice apartment in a major city for less than $50,000. The place I found was in Las Vegas and it cost $40,000. Wow, I had no idea things were that good/bad. Here in the UK, I deliberately choose to live in a cheap part of the country and you'd still be talking $120k or so for an equivalent 1 bed flat. This really illustrates to me why efforts to turn various areas in the US into "mini Silicon V…
Your GitHub says Cambridge, is that true? I am in Cambridge and it is not cheap here.
No, I live in the middle of Lincolnshire. Cambridge is a relatively easy 2 hour drive though and GitHub only let me choose from a limited number of UK cities (at least at the time I set up my profile).
But yeah, Cambridge is ridiculously expensive. So, increasingly, though is rural Lincolnshire! I'm looking for a 4 bed house close to town and £250k is about the minimum for something decent. I suspect that would barely buy a nice flat in Cambridge though..!
Re: I Bought An Apartment To Rent Out On Airbnb
#84Earlier quoted context omitted.
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.
Buddy just asked a question that solicited an informative answer for all of us to read. Not sad.
Re: I Bought An Apartment To Rent Out On Airbnb
#85That's roughly a 25% annual return. nice. We're renting out our place in Buenos Aires. We're clearing 10% return and I use it when I go back there to meet with the team. Stays about 80% -90% full, great location. Guests love it. My wife (who doesn't work full time) manages it remotely. It's been a very positive experience and my takeaways are similar to the writer's. It's not passive income, but it's steady...
Do you rent to the same people for extended stays?
I'm wondering about the amount of work it would take to clean up the room after each guest, and whether that would outweigh the profit.
Re: I Bought An Apartment To Rent Out On Airbnb
#86 Average monthly revenue: $1,634
Rough monthly profit: $1,134 (after cleaning, bills and other expenses)
HOA fees, utilities, cable, and everything else is only $104 per month? Something doesn't add up here. (But I'm a botanist, not an accountant, so I may not understand something)
Re: I Bought An Apartment To Rent Out On Airbnb
#87Does Lockitron work for someone who happens to not have mobile phone service where the rental is? As convenient as it is, it seems like short-duration travelers to a country don't always bother with having a working mobile phone where they're going. If so, I'd hope it's obvious in the listing.
Is it even available yet? I thought it was still in development
Re: I Bought An Apartment To Rent Out On Airbnb
#88Earlier quoted context omitted.
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.
He's breaking the contract with the owners association that he agreed to on purchase. It lowers everybody else's property values and prevents them from selling their unit.
Where'd you get a copy of the contract he signed?
Re: I Bought An Apartment To Rent Out On Airbnb
#89Was there anything specific when applying for insurance? Did you need to disclose it was being rented out or anything (I'm assuming if you had to this would affect premiums)?
You must be kidding! This is "disruption" we're talking about, after all. That means all precautions, regulations, contingencies, licensing, and everything else are out the window , full stop. What are you, some kind of last-century luddite who hates progress? What do you want, for the bad old pre-startup ways to contaminate things and spoil the party? "Insurance" is for non-entrepreneurial losers, and no one cases a…
The only way to buy insurance would be to lie and commit fraud. Home owners associations also require insurance.
Re: I Bought An Apartment To Rent Out On Airbnb
#90Earlier 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?
Illegal hotels aka slums. There is a reason hotels are fairly highly regulated. My first (and only) stay at an Airbnb rental resulted in me getting bedbugs.
You won't be safe from bedbugs just because you're in a hotel.