50k for an appartment in LV ? That sounds way cheaper than I expected. Impressively cheaper. Would you consider making it your full income at that pace ?
I Bought An Apartment To Rent Out On Airbnb
141–150 of 386 posts
Re: I Bought An Apartment To Rent Out On Airbnb
#142Hi j0ncc, Thanks for sharing. I was wondering if you could shed light on your inventory risk, meaning do you find that the market price for your rental and nights reserved is highly dependent on the economy, tourist season and weather conditions or fairly resistant to external circumstances. Furthermore, is your product fairly fungible meaning if you have had to deal with competitive pricing in your locale and/or hav…
I don't think he would be eligible for the first time home-owner credit since its not owner occupied.
Re: I Bought An Apartment To Rent Out On Airbnb
#143"I'm buying up this incredibly valuable resource to lease it to people who only need it temporarily so I can turn a profit! Cool, right?"
Re: I Bought An Apartment To Rent Out On Airbnb
#144Earlier 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.
Because people don't behave in a hotel as they do at home - they're on holiday after all, so they might come back late drunk, they might want to party, they might make a mess in the hallway. Different people, every night. An unlike an owner, they could be anyone, or bring anyone with them. Basically, you are externalizing all the downside onto your neighbours, while pocketing the upside. It is no surprise that AirBnB…
Downvoted for the unnecessary nationalistic swipe.
Re: I Bought An Apartment To Rent Out On Airbnb
#145If anyone is interested, this looks like the link to the place: https://www.airbnb.com/rooms/643721 Another thing to add to the "if you're thinking of doing this" list - don't write a post about it where you and the location can be identified. This is probably against the HOA agreement (short term leases are prohibited). It also could be a safety issue if you aren't actually living there. Once someone knows the apart…
I recently bought a condo in Maui to rent and those places are sent up for this sort of thing. They even call them Condotels. Being designed for short term rentals brings a lot of benefits like resort manages check-ins/outs for you.
Also, there is an echo chamber in the tech community regarding AirBnB as the standard for short term rentals. From my experience, VRBO has been much better and provided significantly more bookings. ymmv and it could be your customer type as a two bedroom condo in Hawaii gets a lot more families and older bookings.
If anyone has any questions about this, my email is in my profile.
Re: I Bought An Apartment To Rent Out On Airbnb
#146Earlier quoted context omitted.
Are there hotel and zoning laws in unincorporated communities in Nevada?
Probably. It's still in the state of Nevada and in a county. An "unincorporated" town isn't lawless.
Right but from a quick scan of https://www.leg.state.nv.us/NRS/NRS-651.html (admittedly very quick) it appears all he has to do is post a rate card for his maximum daily rate and not discriminate against guests.
Re: I Bought An Apartment To Rent Out On Airbnb
#147Earlier quoted context omitted.
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.
I have been for my entire life, but YMMV.
Re: I Bought An Apartment To Rent Out On Airbnb
#148Earlier 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…
I think your missing a huge one. Taxes, hotels in major city's often send 10+$ a day to the local government. And before people complain about this that money often pays for things like museums and convention centers which is why many people are going to the city in the first place.
Edit: NY get's 10$ on a one room 140$ hotel room stay as it's $2.00 per day per room* + 5.875% of the rent. http://www.nyc.gov/html/dof/html/business/hotel.shtml
Re: I Bought An Apartment To Rent Out On Airbnb
#149It’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…
Here's one for £65K in Brora - not the most attractive of properties but Brora is a pretty nice town (bit out of the way though):
http://www.hspc.co.uk/details.asp?id=42481
[Brora is also home to my favourite whisky - Clynelish]
Re: I Bought An Apartment To Rent Out On Airbnb
#150Earlier quoted context omitted.
Probably. It's still in the state of Nevada and in a county. An "unincorporated" town isn't lawless.
Right but from a quick scan of https://www.leg.state.nv.us/NRS/NRS-651.html (admittedly very quick) it appears all he has to do is post a rate card for his maximum daily rate and not discriminate against guests.
From a quick scan of what I think is likely the HOA rules (http://valenciahoa.com/admin/uploads/r&r.pdf), you can't have sub-30 day leases. I'm not sure this is the right HOA, but from the Google Street View, the logos are the same.