I was offered by an investor to make a small investment of 2k and primarily manage into an apartment he’s remodeling in Bel Air to split profits of 50/50 with after property owner is paid his $1200 a month. But after reviewing the laws they’ve put on short term rentals, it doesn’t seem to be much opportunity for profit since we’re regulated to 120 days now. Is there any solutions to profit losses due to new restrictions or alternatives?
I’ve got some magic beans that I’m willing to allow investors to have some of.
You send me the 2K, and for everyone who rents my magic beans I’ll send you 10K.
Is that a good deal or wot.
Long term rentals?
Sounds to me like local laws are doing what the local government wanted to do: Stop conversion of a community’s existing housing stock into short term rentals by bogus “investors”.
I’m not an “investor” with multiple half cleaned IKEA furnished and poorly managed apartments used as AirBnB rentals or houses used for parties. I’m a home owner who lives on the premises and welcomes guests into my home, as the founders of AirBnB intended before vulture “investors” started converting apartment buildings into impersonal hotels.
Excellent feedback, glad you were able to get that off your chest, thanks!
Send me your PayPal!
I have a bridge in Brooklyn, NY. It was my Mom’s…
It’s a lose/lose situation - you’re putting up capital into the renovations without having any real equity in the deal.
Just. Say. No.
There is a major housing crisis in California. You should know that. I applaud the crack down on STRs that are bulk managed and managed badly. Evolve as a management company is a perfect example of what is wrong with STR “slum” housing.
I moved to FL from San Diego and the cost of LTR is insane due to the “conversion” of apartments by “investors” into STR for profit.
I am an in-home host as AirBnB originally started before the vultures came in and ruined everything.
Hosting isn’t just about the money. It’s about the people and it’s the hospitality industry, not apartment warehousing for max profit.
Nailed it !! Let someone who needs housing long term rent it.
Your ENTIRE post says it all!! Exactly what I could not find the words for.
The housing market throughout British Columbia Canada has a serious shortage of LTRs, Vancouver BC rent and Victoria is sky high and lots of AirBnBs there with the “vulture” culture.
My country its 90 day max. So you should consider yourself lucky
Oh wow, what country are you in?
I don’t know where Bel Air is, but if you’re counting on getting international travellers, now is not a good time to invest in holiday accommodation.
Iceland my man. law set 2018
Bel Air is a neighborhood on the Westside of Los Angeles, in the foothills of the Santa Monica Mountains. An upscale place.
How about a blend? I have an investment property in an area of town which restricts ‘short term’ stays to 30 nights per year, but any person who rents 7 or more days consecutively doesn’t count as short term. I’m looking to blend the highest margin 30 nights per year with people looking to book a week at a time. It’ll take a bit more effort on my end, at least initially, but fits the law.
There should be software out there which would tell you which are your four highest grossing months, then, you could probably rent the house at 30-day stretches (I believe that’s the federal limit for a long term rental).