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  1. #22326
    Join Date
    Nov 2005
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    Down In A Hole, Up in the Sky
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    32,499
    , Long term rentals are still $4-8+k a month...(we rent our Victor house for $1800, nice FS family)
    Forum Cross Pollinator, gratuitously strident

  2. #22327
    Join Date
    Dec 2010
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    Last Best City in the Last Best Place
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    5,469
    Quote Originally Posted by rideit View Post
    , Long term rentals are still $4-8+k a month...(we rent our Victor house for $1800, nice FS family)
    Good on ya for that. I'm a believer in karma.

  3. #22328
    Join Date
    Dec 2005
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    14,226
    Quote Originally Posted by rideit View Post
    , Long term rentals are still $4-8+k a month...(we rent our Victor house for $1800, nice FS family)
    Dude, we ever cross paths, drinks are on me.

  4. #22329
    Join Date
    Dec 2006
    Location
    Planning an exit
    Posts
    5,772
    Quote Originally Posted by yeahman View Post
    Good on ya for that. I'm a believer in karma.
    Quote Originally Posted by Meadow Skipper View Post
    Dude, we ever cross paths, drinks are on me.
    Same here.

    My parents own a home with an ADU and were renting both out to "locals" (nurse) below market rate. Then the nosy ass neighbor Karen started harassing them (called the cops a few times and snooped around their house because she didn't like them parking on the street in front of her house) and since you can't rent both units (HOA rules) one unit is currently sitting empty. I park my shitty car in front of that bitches place everyday, because fuck her.

    I didn't read the article but I assume it's a typical zoomer family. That said childcare is a bitch and especially so through Covid, even if they are in normal public schools. I guess I should have looked into it more when I moved here eleven years ago and didn't foresee a global pandemic.

  5. #22330
    Join Date
    Oct 2005
    Location
    Idaho
    Posts
    10,380
    Hindsight is 20/20.
    Quote Originally Posted by Benny Profane View Post
    Well, I'm not allowed to delete this post, but, I can say, go fuck yourselves, everybody!

  6. #22331
    Join Date
    Aug 2007
    Location
    At the beach
    Posts
    17,124
    I think Benny's comment should have been in the "Shit that annoys you" thread. Curious, was he ban or self imploded?
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  7. #22332
    Join Date
    Nov 2005
    Location
    Down In A Hole, Up in the Sky
    Posts
    32,499
    We found out that charging way sub market rate has led to amazing tenants, the first ones for 9 yeas, and these latest for five. They have taken care of our (pretty nice) house better than we would, in some cases. They are so grateful. They don't bother us with anything, but let us know immediately if something needs attention. We keep the house nice with the intention of moving back into it. So new roof, wood stove, stain, etc, we keep up with. It's a win-win, and we will make 5 times our investment or more when we sell. Greed isn't everything.
    Forum Cross Pollinator, gratuitously strident

  8. #22333
    Join Date
    Sep 2001
    Location
    Before
    Posts
    25,988
    ^We've done the same, but did not always get the best tenants.
    Merde De Glace On the Freak When Ski
    >>>200 cm Black Bamboo Sidewalled DPS Lotus 120 : Best Skis Ever <<<

  9. #22334
    Join Date
    Nov 2005
    Location
    Down In A Hole, Up in the Sky
    Posts
    32,499
    We have been very, very lucky. Also, when we started renting, it was 2009 or so, so a bit of a recession. Then we rented for $1100!
    We feel good about it, and don’t want our little Victor neighborhood (5 houses) to become a STR ghetto, so we are doing something about it besides just clutching pearls.
    Rent is going up to $2200 next year, though, property taxes and a new leach field will cost a bit.
    But now there are dozens of miles of fun summer/winter trails right from the door…
    Forum Cross Pollinator, gratuitously strident

  10. #22335
    Join Date
    Nov 2002
    Posts
    7,282
    Nice, does not whoring out your rental property garner enough TGR points to cancel out owning 2 V8 pick ups and accepting a PPP loan? Because I do that too.

    Back to the PPP, it felt dirty at the time and still does. Micro economically speaking, I had a $50K job cancelled as the homeowner thought everything was gonna go on sale as asked the GC to renegotiate the contract. Simultaneously, other businesses in town (property management companies, cleaners, handypeople etc.) were using their PPP money to come into my space, offer sign on bonuses, prospect my customers for work etc. when their bread and butter business (STR service, entering peoples occupied space etc.), were more of less shut down.

    I did turn around and employ a handful ski area and service industry folks for a bit but they all decided to take the unemployment. I don't claim to be a great economist but I do know that PPP money was used to purchase recreational vehicles, make down payments on property and take vacations. From my view, this contributed to a run up in the prices of these products. Call it what you want.

    And for you closet CPA throwing up the fraud flag, for many small business the owner is also an employee. Payment to the owner is frequently is the form of wages. As a mental short cut, we will say things like, I spent it on a snowmobile whist what we really mean is that it flowed to the bottom line one way or another. For those enraged, see if your employer too the PPP.

    What else...well the new second homeowner have his and hers matching GOTOS Forerunners. I haven't asked them is they are full time or not. I wonder where they get childcare for the two littles.

  11. #22336
    Join Date
    Dec 2012
    Posts
    15,307
    I see a Benny Profane thread and I get nostalgic. Anyone else?
    "timberridge is terminally vapid" -- a fortune cookie in Yueyang

  12. #22337
    Join Date
    Oct 2003
    Location
    slc
    Posts
    15,761
    On the STR topic:

    Short-term rentals made up nearly 43% — almost half — of Park City's housing stock in 2020.
    https://www.ksl.com/article/50432811...housing-market

    Data is 2 years old, probably >50% by now.

  13. #22338
    Join Date
    Oct 2003
    Location
    Ogden
    Posts
    7,653
    Quote Originally Posted by Dantheman View Post
    On the STR topic:

    Short-term rentals made up nearly 43% — almost half — of Park City's housing stock in 2020.
    https://www.ksl.com/article/50432811...housing-market

    Data is 2 years old, probably >50% by now.
    What could possibly go wrong?

  14. #22339
    Join Date
    Mar 2005
    Location
    Dystopia
    Posts
    16,805
    Quote Originally Posted by Timberridge View Post
    I see a Benny Profane thread and I get nostalgic. Anyone else?
    It’s not the same without him. RIP

  15. #22340
    Join Date
    Feb 2007
    Location
    Hood River
    Posts
    560
    Quote Originally Posted by Dantheman View Post
    On the STR topic:

    Short-term rentals made up nearly 43% — almost half — of Park City's housing stock in 2020.
    https://www.ksl.com/article/50432811...housing-market
    Data is 2 years old, probably >50% by now.
    Wow. Unreal PC never clamped down hard on that.
    My town did it too late (better late than never) but it's a move any desirable place should do.

  16. #22341
    Join Date
    Apr 2021
    Posts
    1,503
    Quote Originally Posted by Mani_UT View Post
    Wow. Unreal PC never clamped down hard on that.
    My town did it too late (better late than never) but it's a move any desirable place should do.
    it is crazy, but are those STR available listed year-round? I know a ton of families only rent their homes during Sundance, so their house is still lived in by locals. So technically 43% may be high -but I'm sure its still very high.

    It pushes out the locals sure but what local can afford all those massive houses all being rented downtown? Millionares have to buy somewhere else I guess. Minimum wage workers were not renting out those.

  17. #22342
    Join Date
    Sep 2010
    Location
    Zurich, Switzerland
    Posts
    5,786
    Quote Originally Posted by Kevo View Post
    YoY cost of ownership is up more than 80%. With things starting to cool off in California, I really wonder how many more cash infused buyers there are lined up to buy in Montana. Certainly the local economy cannot support $4k mortgage payments for anyone other than local doctors and remote workers.
    This is true in most hot markets imo. A correction back down to prices where the mortgages are sustainable for the local economy will happen at some point, no?

  18. #22343
    Join Date
    Nov 2003
    Location
    none
    Posts
    7,846
    Probably not in mountain towns.

  19. #22344
    Join Date
    Aug 2016
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    关你屁事
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    7,202
    Quote Originally Posted by Lindahl View Post
    This is true in most hot markets imo. A correction back down to prices where the mortgages are sustainable for the local economy will happen at some point, no?
    sustainable for the local economy is meaningless drivel

  20. #22345
    Join Date
    Aug 2007
    Location
    At the beach
    Posts
    17,124
    Quote Originally Posted by Lindahl View Post
    This is true in most hot markets imo. A correction back down to prices where the mortgages are sustainable for the local economy will happen at some point, no?
    Not sure in desirable areas. If people can work remotely it opens up a world of possibilities as to where they can live. I read on the Reddit Mammoth forum that prices have tripled in the last 3 years I guess prices were fair 3 years ago, but now? Anyways, I don't imagine prices are coming back down to 2019 levels.
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  21. #22346
    Join Date
    Oct 2007
    Posts
    11,081
    Quote Originally Posted by Lindahl View Post
    This is true in most hot markets imo. A correction back down to prices where the mortgages are sustainable for the local economy will happen at some point, no?
    In "Hot" markets like Boise, yes. In "Hot" tourism destinations, not so much. There will always be people from outside, who have money, and want a piece of that pie. Inventory is the only remedy in these towns. Right now the Summit county RE market inventory is up 60% from last year, so we are seeing prices maybe level out a bit. DOM is getting somewhat longer. Etc. But I doubt there's any kind of real correction back to locally affordability levels coming. Just a little churn by investment folks. Lots of flips and stuff like that. WFH also throws a big wrench into the local affordability thing. Till that phenomenon slows, (Hint: it ain't, no matter what Elon says), it is gonna be tough for the local baristas to own. But it always has been.

  22. #22347
    Join Date
    Dec 2009
    Location
    The Mayonnaisium
    Posts
    9,596
    Several hot market factoids about this property:
    - sold for 27% over list
    - 500k return for seller in less than 2 years
    - pending to close in less than a week so cash sale

    https://www.redfin.com/ME/Portland/1.../home/85739187

  23. #22348
    Join Date
    Aug 2007
    Location
    At the beach
    Posts
    17,124
    Guy did not own it 2 years by a few months to get the Capital Gain break? What is going on here?
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  24. #22349
    Join Date
    Oct 2007
    Posts
    11,081
    Quote Originally Posted by liv2ski View Post
    Guy did not own it 2 years by a few months to get the Capital Gain break? What is going on here?
    1031? Can't remember if it works with STCGs. Good for him.

  25. #22350
    Join Date
    Feb 2007
    Location
    Hood River
    Posts
    560
    Quote Originally Posted by Name Redacted View Post
    1031? Can't remember if it works with STCGs. Good for him.
    Here is another thing that blows my mind. How are 1031 even a thing. Imagine having some FB stock with big CG and rolling it tax free into say some AMZN stock without paying taxes. The whole RE world is way overly generous tax wise and it's fucking the middle class trying to own a single home.

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