Of course these staunch defenders of capitalism, entrepreneurial mettle, and no government regulation will now greedily take their handouts from the government. They will learn that the crumbs that fall from the the table of the truly rich aren’t enough to sustain them.
Ha! I just noticed one of the grifters on youtube is named “Shiv Gettu.” LOLOLOLOL.
If you don’t get the joke a shiv is a homemade prison knife + “Get You.”
My sympathy meter is twitching between zero and one, tending towards zero…
My quick take is that the rental arbitragers are in slightly better shape if they have any alternate source of income, they just lose their leases, and have to find the next market play (fake facemasks?). Leveraged owners will default on mortgages depending on the level of forbearance/assistance available. (You can’t have multiple FHA/VA backed loans in US except under very specific circumstances such as you are relocating for work, etc.) The only way they are better off is they can try to sell, but sales might leave them underwater as the housing market stalls.
MLM essential oils?
future beachfront property in the smoky mountains?
Should we feel any more sympathy for people that purchased properties to make a fortune renting them on Airbnb?
If the tenant and the landlord went into this with eyes wide open, then I don’t have an issue with it. Where the tenant did it under the table, then they deserve what crap hits.
Those who borrowed to do STR should have done their sums with a back up plan.
For most experienced host this crisis is a good thing.
Just wait and sit it out, when this is over you will be in a much better market with far less competition.
And if you have saved up some money from your STR, now is the time to start looking for properties to buy. Crises are have always been the best moment to invest.
@Chris I’ve been thinking about exactly that.
If you really want to have the upper-hand when it’s over, you’ve got to invent and invest. Improve your listing, make it unique, buy/build another listing, whatever. My wife wants to buy another home and we have the capital (assuming I don’t lose my day job), but there’s no way we could handle another STR (unless I actually do lose my day job).
I think we’ll improve the listing and invest in something other than real estate.
Yes, if you cannot handle another STR you can improve your own listing.
But if you improve, you have to invest smart. It should either lower your cost, or increase your revenue or icrease the value of the property if you want to sell it in the future.
Don’t invest in things that improve “guest experience” just to get some extra stars.
When invest, build an extra room, insulate your walls, or buy solarpanels or something like that.
Yep! Solar hot water service, new kitchen and new bathroom
Yes. It shows commitment.