Get stuff stolen all the time. Lotta renters come down from NJ, Massachusetts, Pennsylvania, and Ohio. I blame them.
Offer accepted at list price this will give me a property outside each NP in Washington. I am leveraged to the fucking gills
The lot is huge, 2 acres, and absolutely gorgeous setting. The whole lot is pretty much cleared. Going to turn the yard into a large recreation area -- horseshoes, big firepit, outdoor dining, hammocks, maybe an outdoor shower for IG influencers. Want to steal some ideas from a place in Joshua Tree I stayed at recently: https://www.airbnb.com/rooms/45652474
Congrats. I just got screwed by an appraiser (shocker) and have to come up with a bunch more money because they make up numbers and don’t have a clue what they are doing. They can’t keep up with the rising markets and especially in a all vacation market. May lose the deal anyway because seller seems to be getting cold feet but if it goes through, I’m going to be at my max also. Fun times.
How are you getting financing on a place that’s only 192 sq ft? Is it a traditional mortgage or some type of special financing?
This happened to me last year. Bought a place at 220K and place only appraised for 180K. Numbers still worked so went through with it but sucked to come out of pocket on the difference. Two weeks later house on same street, same size, same quality sold for 240K. I fucking hate appraisals, I guess one day I might be on the good side but so far they have either been close to fair or being fucked.
I mean it's mostly cleared? I took these on Monday, plan on spending a few weekends getting all of this cleaned up and building some cool shit Spoiler My lender said it'd be OK -- he ran it up the chain before pre-approval and they said it shouldn't be a problem. My agent is also one of my good friends, and he's not concerned about the appraisal or financing because of how crazy the market is.
Yeah, deal definitely makes sense still but it does hurt putting all that extra cash in. I also got screwed on my primary home when getting a HELOC. The value they gave it was comically low. I’ve had wholesalers offer 30k+ over the appraised value and that’s me just walking away and no repairs. Appraisal industry only exists to benefit the banks. They try and act like they are impartial but it’s a joke. Definitely an industry that could use disrupting. A computer could make worthless appraisal values like I see humans make all the time. Be a lot cheaper and quicker.
Wife and I put in an offer on a place to Airbnb in the Blue Ridge Mountains last month and got outbid. I saw today that the property sold for 40% over asking. This market is insane.
What area? I actually started looking in the North Carolina mountains this week and it seemed like there was better inventory than most places. Two specific areas I was looking in was Highlands and Banner Elk. I don’t know much about the mountains though and was just trying to do some preliminary research.
This was in the Maggie Valley/Waynesville area. There’s a lot of inventory but the good properties are all multiple offer situations and gone within days.
It's like that across the nation man. IMO, all the white collar ppl that kept their jobs over COVID and saved a shitload are now using that disposable income to buy property. It has to be crazy hard for first time homebuyers right now. Would be fucking amazing to be a realtor right now.
starting to see people changing their pricing knowing they're going to get tons of offers as in wildly under listing their places, place in our building got listed for 20% under what they'll end up getting it sold for at a minimum
That’s me, I work as an actuary designing cloud systems for insurance companies and because of COVID our business blew up this year with every one moving to remote work. My bonus was three times what it normally is because of all the extra work.
our realtor says it's very common to go a bit under in a hot market on list, but going this far under is dumb because you'll get a bunch of people who can't actually to get to your sale $ involved in cold markets she says going a tic over is normal to leave yourself wiggle room downward since buyers will expect concessions
I very seriously looked at buying an Airbnb spot on a lake last year at this time for 139k. Cheap as absolute shit for several reasons but didn’t pull the trigger and regretted it immediately. Zestimate is 207k today.
Same. We have really solid salaries because the bonus is only typically like 30% annual salary max. My bonus was 2x salary this year.
Do you all change your insurance policy when you begin airbnb'ing? Currently, during renovation period, have it set as vacation home for best rates.
Potential liability with people paying to stay at your place probably means it’s wise to have the proper insurance policy.
https://www.airbnb.com/d/host-protection-insurance There is but I still have separate insurance just in case.
Only if it’s listed as an investment property. Apparently the biggest red flag for IRS/bad guys is seeing that a LLC owns Bo Pelini’s “second home.”
We had been planning on quit claiming to an LLC but potentially BoA might throw a temper tantrum. What would be the worry in re irs/bad guys?
As long as your mortgage is classified as an investment property, no worry. The concern would be you classify it as a 2nd home (in order to put less money down), when in reality it's a rental property, and then the IRS sees that an LLC owns your second home. It's not like a smoking gun, but could attract some unwanted attention.
Would be all over this if I had about $30-40K around: https://www.redfin.com/WA/Gold-Bar/51901-S-Riverside-Rd-98251/home/17355123 https://www.airbnb.com/rooms/46249182
Semi-related...anybody know any good management software for tracking multiple longer-term rental units? pretty much all of my experience is in short term stays, but my uncles are looking for something to manage ~3 months stays. I suppose a good PMS could handle both but didn't know if there was something more tailored for the longer stay?
I like this thread, but have no property...but I think every single AirBNB I've stayed through out the world has a cleaning fee. I have cleaners for my house in a large metro area and some of the smaller places I've stayed charge more than my cleaners. I'd guess some are making a profit off cleaning
I don't pass it on 100% because, like WED said, it's infuriating when you go to check out of a $100/night place, and your total for 1 night is like $250. I pay my cleaner $50/visit, but only charge a $35 cleaning fee.
I’d been doing no cleaning fee but changing that now. Not a ton because our cleaner is super reasonable and not even pass it on 100%. $20/stay is all.
As a customer, cleaning fees are the most frustrating thing about AirBnb's Wouldn't be so frustrating if it was easy to see what the fee is upfront on the app while booking.
I think he means when comparing places in the list. Two places could be $100/night listed, but then the cleaning fee be wildly different.
As I scroll the app for a place to stay in Greece I see that it doesn’t tell you as easy. Online the other day it would give you totals.
i haven't booked an airbnb/vrbo in years largely due to the fees have gobbled up any savings you used to get vs hotels (except a giant house upcoming for a family trip to the lake in MO, which is quite expensive but with so many people works out)