Ot: Air BnB Experiences

[anon_0k9zlfz6lz9oy]

who here has used air bnb? I have a friend who has been buying places and rather than rent them out on long term leases he just rents them out on air bnb because he says he can get anywhere from 2-3x more a month when renting it on air bnb. Anyone have any experience being an air bnb host and renting out your entire apartment/house to someone. I just bought a condo in Hoboken and am going to be doing some of the same.

 

[albanyknight]

My cousin turned his place in Vermont to one. The jury is still out.

 

[Plum Street]

Eventually local zoning codes will catch up with it and the party will be over .

 

[anon_0k9zlfz6lz9oy]

Eventually local zoning codes will catch up with it and the party will be over .

Same for uber too, that's what they said right? Has nothing to do with zoning. This will come down to big management companies, hotels and casinos flexing their power. We'll see how much power they have.

 

[ClassOf02]

I use it when I travel (to rent, not to rent out) and I love it. Never had a bad experience. Used it in Seattle this year for the UW game and it was an awesome place in an awesome neighborhood (Fremont) and waaaaaay less than hotels

 

[RU-05]

My aunt does this in Florida and does fairly well I believe.

Have a lose long term plan of doing it here in NJ. Thought as noted we will have to see in what manner it exists when that time comes.

 

[anon_0k9zlfz6lz9oy]

For example, one of the places my buddy bought his monthly expense is $2000/month piti and hoa and he could rent it out for $2200/month normal. On air bnb he gets roughly $250/night and has it occupied at the very least he says 20/30 night, on average 26/30 nights. So positive cash flow of anywhere between $3000-$4500 a month, pretty insane. I understand Hoboken and the city are probably anomolies in the grand scheme of this

 

[RRRRUUUU]

Many condo associations ban short term rentals so you might want to check that. If you have new people coming in every few days and some of them end up being bad guests, you never know if a neighbor ends up ratting on you to the assoc.

 

[NotInRHouse]

who here has used air bnb? I have a friend who has been buying places and rather than rent them out on long term leases he just rents them out on air bnb because he says he can get anywhere from 2-3x more a month when renting it on air bnb. Anyone have any experience being an air bnb host and renting out your entire apartment/house to someone. I just bought a condo in Hoboken and am going to be doing some of the same.

I would be leery of this in Hoboken. Many condo associations limit rentals to 6 months or 1 year time periods.

This is especially true in Hoboken/JC in anticipation of the Super Bowl a few years ago.

And I own a condo in JC, and there are some people that will devote a lot of time looking at who the doorman is letting in.

 

[NotInRHouse]

I have thought about this myself, but my ideas were-

1) Buying a condo in Society Hill in Pway and having AirBNB rent it game days (not sure what their association allows)

2) Buying a condo a few miles in from the Shore and using AirBNB to rent it in summers to people wanting a cheap Uber ride to bars but less concerned with beach time.

 

[S.W.A.I.N]

I use it when I travel (to rent, not to rent out) and I love it. Never had a bad experience. Used it in Seattle this year for the UW game and it was an awesome place in an awesome neighborhood (Fremont) and waaaaaay less than hotels

While I agree the service has been good and you have a lot of flexibility in erms of where you stay, but in my experience it has not been waaaay cheaper...at all. Perhaps a little bit, but with taxes and fees, cleaning fee (always charge $100-$150 for cleaning) plus plopping down a security deposit...

 

[RBS05]

I've found the positives with AirBNB to be more about getting more for your money than with a hotel. The same money can get you a 1-2 BR apt with a full kitchen vs a studio with a mini fridge in a hotel.

 

[ClassOf02]

While I agree the service has been good and you have a lot of flexibility in erms of where you stay, but in my experience it has not been waaaay cheaper...at all. Perhaps a little bit, but with taxes and fees, cleaning fee (always charge $100-$150 for cleaning) plus plopping down a security deposit...

Wouldn't surprise me. But i had a hotel booked in Seattle for 5 nights for about $1900 total. Split a 2 bedroom Airbnb with a friend with 2 full bathrooms and full kitchen for $1600 total instead ($800 each). Possibly an isolated situation but we jumped all over it.

 

[RUinOhio]

going to Nashville tomorrow for a couple of nights. $260 total for a 2 BR condo, full kitchen and pool. Hotels that were any good were a lot more (in the same area and even further away). Plus, I am splitting the cost with another couple. And it's doubtful we would have split a hotel room, making it even cheaper.

This condo is pretty booked, so even at 15 days a month, she's making a tidy profit, guests save money, everyone is happy. I don't think your experience is isolated at all. I'm just going to ask my host, she has a couple of properties now.

Not all charge a cleaning fee, and I didn't see many places in my search that charged a security fee. Most just write it into your agreement so if the place is trashed they have recourse thru air bnb.

Wouldn't surprise me. But i had a hotel booked in Seattle for 5 nights for about $1900 total. Split a 2 bedroom Airbnb with a friend with 2 full bathrooms and full kitchen for $1600 total instead ($800 each). Possibly an isolated situation but we jumped all over it.

 

[RUBlueLot]

I have done both. Rented my place for the summer and paid for my summer rental at the beach.

AirBnb for work all the time especially in CA. Get a great house and much better than hotel.

 

[kjb32812]

Have been on both sides of the transaction through VRBO - same concept. Absolutely love it.

I think it is illegal in NYC so if you get screwed you're SOL.

 

[RU_Planning]

Doesn't have to be local laws, it just has to be condo association rules or unit leases. Most people buying a condo don't want transients coming in and out of their building on a regular basis.

The idea that someone is entitled to turn their rental unit or condo into a hotel is absurd and extremely selfish / self-centered.

 

[Knight Shift]

Doesn't have to be local laws, it just has to be condo association rules or unit leases. Most people buying a condo don't want transients coming in and out of their building on a regular basis.

The idea that someone is entitled to turn their rental unit or condo into a hotel is absurd and extremely selfish / self-centered.

Maybe in a condo, but what about in a single family home in a vacation area?

We have used VRBO as owners and as renters. For both, minimal rental we looked for was one week.

Interesting situation in Sedona, Arizona. They had banned rentals shorter than 30 days under the guise of short rentals were "causing problems" with noise, trash, etc. We had rented for quite a few years, and never saw any of the neighbors of the houses we rented, we never bothered anyone, and took care of our trash. Arizona recently passed a state statute ruling all such local ordinances illegal, as the state wants to promote tourism and free alienability of property.

Now the homeowner associations are stepping in to "outlaw" rentals shorter than 30 days under the same bogus arguments. In Belmar, many years ago when Ken Pringle was mayor, he and the town encouraged weekly rentals over summer season rentals because weekly renters were typically families with children. He was right. We converted to weekly rentals around 2001 and have not looked back. We are booked solid from Memorial Day through the end of September, and we have NEVER had an issue with unruly tenants. Our neighbors who are full time residents have complimented us several times on how our renters are all "good people", and they like meeting our renters.

I can see the homeowner association side of it, but frankly think that unless there has been a demonstrated persistent problem with noise, trash, etc, these types of issues can be dealt with for issuing summonses for violation of noise and trash ordinances. Arizona had a huge foreclosure problem through about 2010, and many houses went into foreclosures--the yards were not maintained, and there were rodent problems. A house that is rented is generally kept in better condition because the owners want to make it attractive to renters.

 

[RutgersUnion]

Most multi-unit buildings in NYC will kick you out if you are caught putting your apartment on airbnb. They will also throw the airbnb renter out on the spot.

 

[160louis]

who here has used air bnb? I have a friend who has been buying places and rather than rent them out on long term leases he just rents them out on air bnb because he says he can get anywhere from 2-3x more a month when renting it on air bnb. Anyone have any experience being an air bnb host and renting out your entire apartment/house to someone. I just bought a condo in Hoboken and am going to be doing some of the same.

I actually rented one in Ireland instead of a hostel when I was backpacking. For me, i'd rather a hotel if it's 1 night but if you're staying 2+ nights I prefer airbnb. Also, if you have a group of people it can be very cheap. But sometimes it's weird, you have roommates which can be awkward.

 

[MrsScrew]

@kyk1827

the crackdown is already starting in NY State:

http://www.foxnews.com/politics/201...rictions-on-airbnb-with-fines-up-to-7500.html