All Forum Posts by: Sebastian E.

I can see what you are saying @Account Closed. I think Uber is the prime example of a company using the strategy of non-compliance and then forcing localities and cities to react to their business model. When cities do oppose, since these companies have overwhelming public support, (like Uber for example) it becomes very unpopular for politicians to continue to oppose. I think we saw this in Austin and South Florida.

I am interested to see how the politicians sort this one out.

I guess that many Airbnb hosts will drop out of the market as the regulation becomes tougher. People will also start to realize that it's not free money. Airbnb takes a lot of work and I guess that will become clear to many current hosts over time.

As for safety concerns, I think this has to do a with a basic difference in worldview. I have hitchhiked throughout Europe, done couch surfing before that, and am an avid Airbnb user and guest. I am writing from an Airbnb in Bulgaria as we speak. My experiences have been overwhelmingly positive and by and large better and cheaper than staying in hotels during my travels. Hotels do not have to release the criminal activity occurring in their properties but my guess (and this is a guess) is that on average there is more crime happening per room in a hotel room than an Airbnb rental simply because you can have a lot more anonymity in renting a hotel than a profile and review based service like Airbnb. 

I am not here to impose my belief on anyone else and I also think there will also always be space for hotels in the market but I tend to think competition is a good think in these kinds of calcified markets to break monopolistic tendencies, encourage creativity, and ultimately bring more choice to the consumer. I also use Uber :)

This tracks some of my differences in how I also manage my rental properties and tenants. My guiding principle has been to give people the benefit of doubt and trust in the basic goodness of people. It's not so much that I think this is necessarily the most efficient way of running my business but it's the one that has worked for me so far. Of course as I scale my ideas on this may evolve.

Thank you all for your thoughts as always. 

Seb

@David S. seems like you have some misaligned interests between what you want and what your partner wants.

Ideally you would figure out a way to house hack by buying a duplex but it will be tough to find a renovated duplex. If you are pre-approved for the 250 and are bringing in income by house hacking then it could be worth your while to use that full pre-approval amount.

As for the crime question, I live in an area of DC that has had a bad reputation but in the 2 years I have lived there I have never had one problem. I got to know my neighbors and live on a quiet block. I have one of my units on Airbnb and have continuously received positive feedback. 

My point is that some of the neighborhood perception stuff can be subjective, so you have to check it out for yourself to see if you feel comfortable there. Again, you run into issues the more interests that are involved in finding consensus, which is why it is nice to do these things while you are still single :)

Keep us updated and good luck on the search! Also check out the Fannie Mae Homepath first look program. 

Seb

Yeah. I ran into the same problem in DC with the first time homebuyer programs.

Hi @Jasmine Benford. Are you referring to a house hack as doing a multi-family? That was true for my experience in DC as well. 

And thanks @Mark Moyer you are right. I have also found that the universe has a way of handling some of those things as far as deals go so long as I am open to accepting  them when they come!

Does anyone have any experience with Airbnb rentals in Baltimore city? I have noticed a concentration of seemingly successful Airbnb listings around Penn Station so I wonder if they are getting some people coming up and down the Amtrak corridor.

I would be really interested to hear if anyone has had success with it or know of some folks who have who might be interested in managing one for me.

Thanks!

Thanks @Account Closed. Agree to disagree :)

Thanks @Albert Bui!

Also thanks to everyone for your thoughts on this. Clearly the discord on this topic means that these issues need to and will get worked out in the coming years. It is certainly something to take into consideration for folks who are running real estate analyses with Airbnb as a revenue driver. Might be a risky way to assess a deal with the uncertainty on the regulatory side.

@Account Closed Yeah I am in DC and I am required to have business license for my Airbnb which I comply with. 

I think before cities start setting up regulatory agencies to monitor people's activities, it would be better just to strike a tax compromise where all hosts are required to pay a percentage of their income to pay for some of the externalities that come along with Airbnb. The main one in my opinion is that it drives up rents by taking rentable units off the market. If the revenue went into an affordable housing fund that could help mitigate some of those effects. This is obviously wishful thinking as the funds would inevitably be redirected to some other use. 

For me as a host that would drive out poorly run Airbnbs that would no longer be competitive.

I do believe that there are some legitimate concerns but pushing back against these kinds of shifts in the economy usually doesn't end well for the incumbent. 

I understand the concern if one of your tenants is Airbnb'ing his/her unit under your lease which prohibits it. Just curious what exactly is your concern with Airbnb?

Cheers,

Seb