Page 9 of 11 FirstFirst ... 7891011 LastLast
Results 81 to 90 of 101

Thread: Where do you want to live?

  1. #81
    Senior Member
    Join Date
    Jan 2011
    Posts
    3,678
    Quote Originally Posted by SteveinMN View Post
    I think the travel market is fungible. There is a market for Airbnb, just as there's a market for Spirit Airlines. But it's not a strong market and I don't know anyone who is listed on Airbnb (or VRBO or others) who is making enough money at that to make it their vocation. I also don't know anyone who actually made money flipping houses. Buying a house to run as an Airbnb strikes me much the same way -- the early people in will make some money, the others will me-too themselves till they regret it.
    I have a running argument with my wife about going into houseflippery to make money and "exercise creativity". I rank it up there with day trading and internet poker as a business model. HGTV and DIY have a lot to answer for.

  2. #82
    Senior Member
    Join Date
    Jan 2011
    Posts
    2,370
    I think the most intelligent way of making money in housing is to carefully buy, renovate and sell the primary residence. You have to watch the IRS rules carefully but a significant amount of gain can be tax free. The downsides are living in a perpetual building site and moving your own home every two or so years.

    But a young couple with some experience in renovation or ability to learn can earn some additional income. I think this is what our neighbors are doing but I wish they would take better care of what they have while living there.

  3. #83
    Senior Member iris lilies's Avatar
    Join Date
    Mar 2013
    Posts
    10,822
    Quote Originally Posted by SteveinMN View Post
    I think the travel market is fungible. There is a market for Airbnb, just as there's a market for Spirit Airlines. But it's not a strong market and I don't know anyone who is listed on Airbnb (or VRBO or others) who is making enough money at that to make it their vocation. I also don't know anyone who actually made money flipping houses. Buying a house to run as an Airbnb strikes me much the same way -- the early people in will make some money, the others will me-too themselves till they regret it.
    My friend and I stayed in a cute old 2 bedroom house in a nice area of Kansas City. From my extensive market research (haha) this house sells for about $200,000. The owner rents it out via Air bnb for $150 a night. He bought it recently, did some renovation, hires a cleaning lady. It was rented the night before we stayed there and was rented out the night of the day we left, so it looks as though it is

    Based on this snapshot of facts it looks like this house owner would make money. But that $150 a night seems high to me, that is what full out Bed and Breakfast Inns charge. My friend rented this house because it accepted dogs and it has a fenced in yard (which the dogs managed to overcome, gate blew open, drama ensused, but dogs were caught and contained.)

    My friend likes to send lots of communications, so I will bet she sent around 8 emails asking for information. That right there puts me off Air bnb. I like my financial instruments, they do not ask me annoying questions.

  4. #84
    Senior Member SteveinMN's Avatar
    Join Date
    Mar 2012
    Location
    Saint Paul, Minnesota
    Posts
    4,121
    Quote Originally Posted by iris lilies View Post
    But that $150 a night seems high to me, that is what full out Bed and Breakfast Inns charge. My friend rented this house because it accepted dogs and it has a fenced in yard (which the dogs managed to overcome, gate blew open, drama ensused, but dogs were caught and contained.)
    Containment mishap aside (I hope that was remedied for the next dog owners), this "host" is offering something unusual -- enclosed accommodation for dogs. He can charge more for that right up front. It also creates certain expenses for him that non-dog-hosting owners do not have. So that rental will cost more.

    And I doubt that house is rented every night. A friend of mine rents a lake cabin which usually is booked solid each summer. In the winter, though? Crickets (and mice and spiders). It's rarely booked. So he's collecting his weekly for maybe 25 weeks of the year and that has to cover all 52 weeks including the weeks he and his family are there and the weeks of no occupancy. Admittedly, non-occupied time often is cheaper (thermostat can go way down, no one is throwing away silverware). But, still,...

    My friend has to be at the cabin pretty much every (occupied) weekend to clean and prepare for the next guests. He has to guess whether the folks who want to stay will be abusive of the cabin or the neighborhood (mess, late loud parties, etc.). He has to tend to the Internet listing and answer those emails. No idea what he makes on a per-hour basis with that cabin, but I don't think it would be worthwhile to me (not simple at all). But it seems to work for him.
    If Americans expended even a fraction of the energy on civic engagement that we spend on consumer ideology, our democracy would be much healthier. Can you imagine people camping out to vote? -- Charles Roberts, Amherst, Mass., Nov. 25, 2006

  5. #85
    Senior Member
    Join Date
    Dec 2013
    Location
    Nevada
    Posts
    3,209
    I had a friend that he and his wife bought a run down house, moved in, fixed it up and after 2 years would sell. They did this over and over again for years and made a ton of $. I would not want to do that but it was worth it to them.

  6. #86
    Senior Member catherine's Avatar
    Join Date
    Jan 2011
    Location
    Central Jersey
    Posts
    6,936
    On the subject of two homes,

    I remember once at a weekend women's seminar I attended we were going around the room talking about our "stressors." A woman who just looked like she was the most affluent among us (I was in the crapper at the time, so it surely wasn't I) said that her biggest source of anxiety was remembering which of her three homes didn't have a corkscrew, or a coffee maker, or whatever. Managing those homes was so stressful, and I totally believe it, even though that particular problem seemed very remote to me..

    Yet, I am still thinking of going at least short term with the home in NJ / lake house in VT approach. It crossed my mind to do airb&b, but I'm not sure I have the temperament for it. I can barely make my own bed, never mind making sure my guests have everything they need in ship-shape order. I just don't think that's me. I'd rather form a corporation among my family members who would like a "share" in a lake house and recoup money that way. But that's fraught with land mines also. My DH was raised in the summer by several uncles and aunties in little bungalow off of Rockaway Beach in NY. They had purchased the vacation home when they emigrated from Scotland.

    The matriarch of the family was asked how she was going to settle the house among the family when she died, and she said she didn't need to bother. She said "A___ will do the right thing." Right. "A___ basically commandeered the house and no one else got a share. Plus, after dealing with my BIL next door, I am more than convinced not to succumb to the potential benefits of splitting the cost of a home.

    I still have it in my "wee pea brain" as DH would say to purchase those two properties in VT in the islands if they are still available in the spring. I could totally airBnB the tiny one, because if I'm there anyway, it wouldn't be much of a bother, even if I don't have the temperament. It's less than 400 square feet.
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
    www.silententry.wordpress.com

  7. #87
    Senior Member
    Join Date
    Jan 2011
    Posts
    2,939
    It was interesting reading the profile of an air bnb investor on Mr Money Mustache's blog. There were a number of people who felt it was very detrimental to their hoods. I know one person who has some and she is reverting to monthly rentals. Said that short term rental biz was a huge headache even though she made more money. Daily cleaning, insurance, upset neighbors, licensing - she had a long list.

  8. #88
    Senior Member iris lilies's Avatar
    Join Date
    Mar 2013
    Posts
    10,822
    At last night's neighborhood meeting I mentioned to one old timer couple that we were thinking of moving. The male member said they were considerig it, too. That made my stomach sink. I feel very guilty for thinking of jumping this ship but the fact that they are considering it too is shocking and also validating. They have been here 40 years and raised children here back in the day when few children were here.

  9. #89
    Senior Member iris lilies's Avatar
    Join Date
    Mar 2013
    Posts
    10,822
    Quote Originally Posted by pinkytoe View Post
    It was interesting reading the profile of an air bnb investor on Mr Money Mustache's blog. There were a number of people who felt it was very detrimental to their hoods. I know one person who has some and she is reverting to monthly rentals. Said that short term rental biz was a huge headache even though she made more money. Daily cleaning, insurance, upset neighbors, licensing - she had a long list.
    On thing I KNEW I would NOT do if we bought a house in tiny Hermann, MO was rent it out via Air bnb. . Not only would that be a Pain in my ass, it would not bring value to the neighborhood. Rooming houses, been there, done that here in this neighborhood.

  10. #90
    Senior Member
    Join Date
    Jan 2011
    Posts
    2,939
    I feel very guilty for thinking of jumping this ship
    One comes to realize what they loved about a place has changed in fundamental ways and that moving on is a likely plan of action.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •