Just out of interest where does lost say he has a rental agreement saying he can’t do it? I probably missed it somewhere but I don’t see anywhere where he states that?
Mortgage providers the world over, first and foremost want to make money. If I’ve misunderstood and the in the US market this isn’t the case, and the same mortgages are offered on investment properties and on homes where you are resident, I apologise. I actually thought it was pretty much an industry standard to charge different rates on second homes and investment properties.
Thanks Helsi - yes most will usually change the terms and charge a higher interest rate. Her mortgage provider was saying under her existing terms Airbnb guests would not be acceptable.
Bizarrely she’s allowed to rent out the property on a long term let so I can’t really say understand why they accepted one and not the other.
Zandra, mortgages do charge slightly more interest rate when mortgage is originated. The difference can be up to 1%. Our second house has interest of 4.75% that is used as rental, and the house where we live has interest rate of 4%. But if our first house becomes rental our bank is not going to change more interest just like that. There are lots of paperwork involved to do that. what happened in a past we just increased lability insurance and that was satisfactory.
This whole situation should really fall under ‘A Matter of Heart’, as some of you have implied. Imagine being in this poor lady’s situation.
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Lost states his property is “under a building management - all of them do not allow short term rental (ie. AirBnB)t”
I am not sure if he mentions anything about a rental agreement specifically.
However he did say that he private messaged guests and told them not to mention it
Being from the UK I don’t understand how things work in the US
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Your mortgage lender can call your loan if the property stops being your primary residence as long as the mortgage contract stated that it was your primary residence. I assume that you didn’t tell your mortgage lender when your home stopped being your primary residence.
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BTW:
“About six minutes walking distance” for you could feel a lot longer for an exhausted lady who just got off a 20 hour flight and is in a new city. She doesn’t know where she’s going and has luggage with her.
Was she supposed to drag it to the key cafe too? It’s not like she could have left it with the lobby staff, since they didn’t even see her as a legit visitor.
She had free wi-fi in the airport, but what about after? If there had been a problem, how was she supposed to get in touch with you with a foreign mobile phone?
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Ellen pay attention:)
Ok so things must be different in the US?
I actually can’t see where he says he rents… In the uk you can own a flat and still have a management company is this not the case in the US?
No, it is the case for some types of apartment ownership.
If it were a co-op, he’d be talking about “the board.” However, it sounds like a hotel that includes residences which people can also buy and live in.
From his post, he could be a renter or an owner.
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Lost… do you rent or own your unit?
Even if you own it sounds like you are not allowed to do Airbnb. As you stated. But we also want to know if you own the unit.
No matter what, asking the guest to keep Air under their hat with the neighbors or management is unfair and dodgy. Even worse if it is a hotel management situation…
So are you saying it’s like a condotel? What kind of place is this? A hotel with individually owned units? And what city is it?
@KIKC, the sooner airbnb has a type of an agreement whereby one has to provide proof that they are a legit owner or tenant that has permission from the owner, permission (license) from city to operate than we will see a lot more happy host and happy guest. It is easy to be done and I think airbnb will eventually get all those wrinkles ironed out.
We’ve heard of people getting denied from refinancing because they are showing they run an “Air” business on their taxes and apparently Fannie and Freddie, owner of most of the mortgage notes in the country, forbid this.
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I took his silence on not coming out and saying “Whoa guys calm down…I do own” as admitting he rents.
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@konacoconutz again I can only speak for the UK but exactly that type of residence exists in the UK. I know someone who owns a flat in St Pancras… It’s a mixed residence including holiday rental appts on lower levels and owners at the top.
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I guess noone knows for sure. I am talking about my experience. Is anyone here knows for sure, anyone is a mortgage broker?
I am going by a post someone had made here recently about not being able to refinance since their taxes showed they were doing Air. Glad now that my CPA talked me out of listing it as a business enterprise!
That makes moral sense, but that’s not how Airbnb is getting to be a billion dollar company. They make it as easy as they can for anyone to list, whether it’s legal or not - they don’t care! They care about the money, as any “for profit” company does. So this hapless host is bearing the brunt of the forums ire while Airbnb keeps expanding and expanding and not caring a whit whether it’s legal or not.
Um, Airbnb is currently a ten billion dollar company.
I believe that they do have standards for hosts and they do delist hosts who don’t meet their standards if they are made aware. The problem is that even on this board peoples’ views of what should be standard differ greatly. Also, any time Airbnb tries to restrict hosts in any way hosts on this board threaten mutiny.
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