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Thread: Rental property questions
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08-30-2019, 03:24 PM #76
I went on VRBO today and answered a few of their questions and was told I should be able to make about $48k before expenses. That is close enough to renting it out to a LTT for a year, but we likely get access to the home for 4-6 months (happy wife) and I do not need to move all my shit out.
Sure I will have to do some stuff to get it ready for short term tenants expecting a holiday experience, but I can handle that. Also, anyone dropping some serious money on a vacation home in my hood is likely not going to trash anything but the plumbing.
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08-30-2019, 03:29 PM #77
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08-30-2019, 03:30 PM #78
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08-30-2019, 05:17 PM #79
Unbelievable what people are netting for AirBnB/VRBO here with still quite a bit of reserved time for the family/friends.
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08-31-2019, 08:38 AM #80
Remember that these properties when purchased often had a break even or a small negative cash flow when purchased and it is after many years that the investment starts to pay out. Buying real estate should be viewed as a long term investment unless you have the money to luck into a market like 2011 & 2012 where the price is 40% to 50% off for a few years.
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08-31-2019, 10:36 AM #81Registered User
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Town and cities are crafting by-laws to deal with problems short-term rentals have created, they might not allowed if the LL does not also live on the property ,a recent article said that in Toronto it could put 1/3rd of the Air BnB out of business
so that kind of thing could bite you in the ass sooner than laterLee Lau - xxx-er is the laziest Asian canuck I know
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08-31-2019, 10:48 AM #82"fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
"She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
"everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy
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08-31-2019, 11:15 AM #83
W2 (within the city limits) put a stop to non-owner occupied STR. Existing ones were allowed to stay if they applied for a business license within a certain time period (and strict inspection regulations along with annual fees were put in place) but as soon as the house sells that's it, no more STR.
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08-31-2019, 11:55 AM #84Registered User
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- northern BC
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" Are short term rentals allowed in Vancouver?
Starting April 19, short-term rentals, which are stays of less than 30 days, are legal in Vancouver. Short-term rentals are only allowed in a principal residence, where the operator resides for more than 180 days of the year and receives mail. A short-term rental must be licensed before it can be advertised or rented "
in Vangroovy the STR must also be the owner's principal res and they must also live in that res,
this ^^ kind of bylaw is just the canary in the coalmine for what will be or could happen to towns and citys with a lot of STR causing problems in which case you want to be ready and able to changeLee Lau - xxx-er is the laziest Asian canuck I know
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09-01-2019, 08:06 AM #85
Ideally, my wife wants to be here 6 months out of the year, so that rule would work for me. I wonder how the government agency regulates how many days you rented it out? In my town you are suppose to do 28 day or longer rentals, but many of the VRBO / Air B&B listings I click on will rent to you for 2 weeks. So how are they enforcing this stuff?
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09-04-2019, 05:11 AM #86
Last edited by Bobby Stainless; 09-04-2019 at 06:04 AM.
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Brain dead and made of money.
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09-04-2019, 09:00 AM #87guy who skis
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Denver banned non-owner-occupied STRs, and at least from the news stories, they've been prosecuting people for lying on their registration forms about where their primary residence is (i.e. they say it's the rental when it's actually somewhere else). I'm sure it varies by jurisdiction, but some are certainly paying attention.
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09-04-2019, 01:33 PM #88
I guess depends on the market, I looked hard at Panama city to pensacola, St. Simons to myrle, and best I could figure is negative cash flow about $7.5k outta the gate on 90% financing. And that was being maybe a bit optimistic on the rentals.
Of course, it's easy to make excel tell you what you want to hear. quite another IRL. I also found hard evidence, vs. what your starry-eyed neighbor will tell you, these things were appreciating at 4-5% annually (albeit not in a straight line) over time."Can't you see..."
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09-04-2019, 03:27 PM #89
^^^^At 90% ltv I would be shocked if you could get a breakeven cash flow. My daughter bought a 2 unit property 2 years ago with 15% down and if she moved out of her one unit tomorrow and rented it out her positive cash flow would be about $1,500 a month which isn't bad. Just got her refi appraisal in and it went up $105k in value in 2 years. She has put $40k into fixing it up and lots of Dad free labor. She made a good investment for the long haul.
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09-04-2019, 03:30 PM #90
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09-04-2019, 03:41 PM #91
The entire metro area isn't a political monolith; his reference was to City/County of Denver. City of Boulder did the same WRT non-owner occupied STRs (not sure if they're prosecuting, but I do know that they do enforcement). But not sure about other cities in Boulder County.
"fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
"She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
"everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy
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09-04-2019, 03:48 PM #92
Yeah, I know, and Denver county is pretty small, so I was wondering if all of the cities/counties had gone this direction, or just the little Denver county. Relevant as we are looking to buy something down there and probably rent it out. Would obviously do some homework first.
We just stayed at a sweet little Airbnb in Boulder that was walking distance to Pearl Street and that was pretty nice, not cheap, but we had a crew so ended up being a lot cheaper than any other hotel in town. I think it was welcome weekend or some crap.
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09-04-2019, 03:54 PM #93"fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
"She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
"everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy
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