patrick.net

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GNL says

Interesting. I could get a $10,000,000 loan as long as I can prove the asset will generate a revenue stream high enough to cover the payments? With a NINJA loan?

what happens as far as loan recourse in case you can't pay and default (i.e., walk away) ?

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There are two types of loan, recourse and non-recourse. The rate on non-recourse loans tends to be slightly higher. If the loan is non-recourse. The borrower can give the keys to the lender and walk, or the lender has to foreclose. On recourse loan, the lender can sue the borrower to recover the losses. Whether the lender will sue the borrower is another matter.

Eman says

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GNL says

Interesting. I could get a $10,000,000 loan as long as I can prove the asset will generate a revenue stream high enough to cover the payments? With a NINJA loan?

what happens as far as loan recourse in case you can't pay and default (i.e., walk away) ?

.

There are two types of loan, recourse and non-recourse. The rate on non-recourse loans tends to be slightly higher. If the loan is non-recourse. The borrower can give the keys to the lender and walk, or the lender has to foreclose. On recourse loan, the lender can sue the borrower to recover the losses. Whether the lender will sue the borrower is another matter.

Short sell it. Don’t foreclose. Deed in lieu can work too. It’s not necessarily about getting sued. The bank writes it off and the IRS taxes you for the difference. If you owed $100k and sold for $50k. The $50k difference is taxed as income to you.

I forget the form name but you’ll sign a release of debt that they can’t go after you. Any good RE attorney would know about or accountant. If you couldn’t afford the place a one off tax his is better than losing for years to get above water. Or renting to long term renters where you’re probably losing money if you can’t rent Airbnb.

You have to watch for liens but on your primary home if your Airbnb went under it’s doubtful they go that route. Reality is if you owned the home 3-5 yours the lender is isolated from actual losses outside of 2006. Amortization. And they can claim the loss against their performing loans/profits. The bank doesn’t really lose $50k is the point.

just_passing_through says

That's one of the reasons I use VRBO. An older crowd that has longer stays...

If you use short term rentals than YOU are part of the problem with respect to high housing prices.

After we stayed up at Lake Arrowhead, I looked into moving there because the prices are cheaper, and I really love the area. Remember seeing a LOT of what used to be vacation rentals moving to long term rentals. Guessing the Scamdemic did a number on a lot of vacation rental's, and inflation picked up where health scare left off.

zzyzzx says

just_passing_through says

That's one of the reasons I use VRBO. An older crowd that has longer stays...

If you use short term rentals than YOU are part of the problem with respect to high housing prices.

Get a life! It's a short term vacation rental on the beach in Maui. It has been for the 50 years it's existed. It's zoned for this. It also isn't a house.

https://hotair.com/tree-hugging-sister/2023/07/05/cause-and-effect-san-francisco-airbnb-bookings-tanking-n562685

San Francisco AirBnB bookings tanking
BEEGE WELBORN
July 05, 2023

... San Francisco did this to San Francisco.

The Hilton downtown isn’t leaving because their bookings are full. They’re leaving because the crime is insane, and the real estate is too expensive in relation to plummeting value. Oddly enough, rental owners closest to downtown are also seeing a corresponding drop-off in bookings.

Go. Figure.

The depressed market for bookings is hitting their pricing leverage, too, and that really hurts when you use that extra cha-ching to pay your mortgage or taxes, and many in this story do. The market will dictate, though. When you’re desperate to put a body in a bed, you discount, and that’s what they’re doing across the board.

They can use all that spare Downtown office space to store all the unwanted Bud light cases of beer.

just_passing_through says

zzyzzx says

just_passing_through says

That's one of the reasons I use VRBO. An older crowd that has longer stays...

If you use short term rentals than YOU are part of the problem with respect to high housing prices.

Get a life! It's a short term vacation rental on the beach in Maui. It has been for the 50 years it's existed. It's zoned for this. It also isn't a house.

Yeah they're called vacation rentals for a reason. I grew up going to the Panhandle of FL once or twice a year at least. Everything on the beach was a rental. I wouldn't live there, I'd probably live inland a touch. I don't like not having neighbors and community. Certain areas are just made for vacation rentals. Hotels are fine, but having a full kitchen, potentially grill outdoors, it's somewhat like home. Vacation rentals ain't going away any time soon. The distress sales will just be picked up by other vacation rental owners.

WookieMan says

Yeah they're called vacation rentals for a reason. I grew up going to the Panhandle of FL once or twice a year at least. Everything on the beach was a rental. I wouldn't live there, I'd probably live inland a touch. I don't like not having neighbors and community. Certain areas are just made for vacation rentals. Hotels are fine, but having a full kitchen, potentially grill outdoors, it's somewhat like home. Vacation rentals ain't going away any time soon. The distress sales will just be picked up by other vacation rental owners.

Actually almost nobody is complaining about STR beach homes. I expect to see those. I prefer to go to a beach with ginormous casino hotels and a boardwalk and other stuff to do if the weather sucks.

Patrick says

$373/night excluding tax and fee. BUT, it might still make sense for a longer stay of 5 nights which would come out to $193/night excluding tax and fee.

$180K fine over Airbnb rental upheld in Las Vegas

https://archive.ph/b2JGn#selection-2293.0-2293.49

A judge has dismissed an appeal of a $180,000 fine imposed by the city of Las Vegas against a homeowner for allegedly renting his home through Airbnb without a required city license.

zzyzzx says

$180K fine over Airbnb rental upheld in Las Vegas

https://archive.ph/b2JGn#selection-2293.0-2293.49

A judge has dismissed an appeal of a $180,000 fine imposed by the city of Las Vegas against a homeowner for allegedly renting his home through Airbnb without a required city license.

Awesome!

Really. TWO bad AirBNB experiences in Palm Coast, FL back-to-back.

https://www.youtube.com/watch?v=1RS8uYgzneQ

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rather look on Furnished Finder website and stay for at least 1 month and take my work-from-home job with me

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AmericanKulak says

Really. TWO bad AirBNB experiences in Palm Coast, FL back-to-back.

https://www.youtube.com/watch?v=1RS8uYgzneQ

That guy sounds like a whiny bitch. $2,600 for 6 nights is "a lot of money" for a waterfront property? He was looking for cheap rentals and got what he paid for. Didn't look like there were kids involved. Stay at a resort. Seem like the classic person just looking for problems with a property.

I've only had one problem out of dozens of vacation rentals. I'm not a retard and I fixed it in 10 minutes instead of walking around videoing myself acting like a cunt. He also likely booked last second so the low star reviewed properties were the only ones available. There are smart people and there are dumb people, this guy is clearly dumb.

AD says

Furnished Finder

Awesome website. Thanks.

Do you have to be a traveling professional or can you just be a simple retired couple looking for cool weather in the summer?

WookieMan says

AmericanKulak says

Really. TWO bad AirBNB experiences in Palm Coast, FL back-to-back.

https://www.youtube.com/watch?v=1RS8uYgzneQ

That guy sounds like a whiny bitch. $2,600 for 6 nights is "a lot of money" for a waterfront property? He was looking for cheap rentals and got what he paid for. Didn't look like there were kids involved. Stay at a resort. Seem like the classic person just looking for problems with a property.

I've only had one problem out of dozens of vacation rentals. I'm not a retard and I fixed it in 10 minutes instead of walking around videoing myself acting like a cunt. He also likely booked last second so the low star reviewed properties were the only ones available. There are smart people and there are dumb people, this guy is clearly dumb.

For sure $2,600 is cheap unless waterfront meant a creek in the woods or something but, even then it’s probably not over the top expensive.

GNL says

For sure $2,600 is cheap unless waterfront meant a creek in the woods or something but, even then it’s probably not over the top expensive.

We stayed here in a 2 bed, 2 bath with 3 kids. $2,700 in late covid 2020. Amazing deal. Ground floor in the building on the left by the pool. St. John USVI. Besides a fractured heel, one of my favorite vacations. https://www.marriott.com/en-us/hotels/sttwj-the-westin-st-john-resort-villas/overview/?scid=f2ae0541-1279-4f24-b197-a979c79310b0

You have to search early for vacation rentals to get the best ones. We do 70% resort/hotel and 30% vacation rentals when we travel. A lot of families will lock them up a year in advance. My parents place in Navarre Beach, FL would get locked up yearly every January & February by a Canadian snowbird retired couple. It was a solid unit and cheap for a monthly rental.

I wouldn't do a vacation rental if you're booking under 3 months to travel. You're picking up the scraps at that point of unwanted properties. 6 months to a year in advance is best.

WookieMan says

That guy sounds like a whiny bitch. $2,600 for 6 nights is "a lot of money" for a waterfront property?

7 nights at Martha's Vineyard start at 5K for non waterfront houses. It's all relative

For those who qualify, Armed Forces Vacation Club could be a great deal.

The VA has sent info about it in its email newsletters.

Make sure to check before booking there are no hidden fees like resort fee.

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https://www.businessinsider.com/airbnb-just-dropped-more-bad-news-about-us-consumer-2024-8

AirBnB almost 50% below its February 2021 price level ..its IPO was in December 2020 ...

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WookieMan says

That guy sounds like a whiny bitch. $2,600 for 6 nights is "a lot of money" for a waterfront property?

Did you actually WATCH the video where he SHOWED the beds were unmade with the dirty old sheets on them from the previous occupants, litter and water bottles strewn all over the place including the bed & headboard, dirt and food on the countertops? That the first landlord didn't want to refund his stay at all despite him arriving to the aftermath of a party but demanded he wait for what would certainly take hours to clean at 7PM?

And then the SECOND one had cameras installed, bikes with flat tires, bikes were kids bikes, the Kayak was sunk, trash around the property, etc.?

You realize he had two bad experiences in a row?

$400+/night for a house of a canal isn't a deal. There are much better hotels for less than that, especially in Florida. He was half an hour to Daytona. Between Palm Coast and Daytona there are dozens of hotels for wayyyy less than $400/night, ON the beach, not a canal.

Much nicer. The Suite with an Ocean View is cheaper,newer, nicer than the very ordinary canal house.
https://www.hotels.com/ho1973166976/daytona-grande-oceanfront-resort-daytona-beach-united-states-of-america/

AmericanKulak says

Did you actually WATCH the video where he SHOWED the beds were unmade with the dirty old sheets on them from the previous occupants, litter and water bottles strewn all over the place including the bed & headboard, dirt and food on the countertops? That the first landlord didn't want to refund his stay at all despite him arriving to the aftermath of a party but demanded he wait for what would certainly take hours to clean at 7PM?

There's no back story. And yes, I did watch it. There's a solution to everything. EVERY vacation rental I've been in has a second set of sheets/linens. It would have taken me less than an hour to clean that place myself to satisfactory standards. Or call a maid service and dispute one day of the rental and go out to eat or a bar while they clean. Not record myself and bitch and post to youtube. Total attention whore.

Fact is it was for his wife's birthday and I'm guessing it was a last second booking. Did he look at reviews? There's almost always a reason you get the bad properties. He likely didn't do his due diligence. As for the photos that doesn't matter. Owners make the place look great for photos and the place gets used or lived in. You almost never see online what you get.

There's also the fact I wouldn't step foot near Daytona in any direction. That's one of the trashiest parts of FL. I don't know what the guy expected. I like FL, but that part of it needs help.