All Forum Posts by: Zambricki Li

Since laws are changing so quickly with airbnb and SRT I recommend fidning a place that would also work as a potential long term rental, if needed, for peace of mind. I have some friends in Lake Tahoe who bought during COVID though ended up missing the window on getting their permit and the county just capped the # of permits allowed. You can get caught in the limbo so if it also works as long term( or will grow into being goood for long term) you know you will be safe. When I first bought in Lake Tahoe it did not work for long term though now local rents have come up so now numbers still work even if they banned Airnb completely. Luckily we have a permit so will continue with STR as long possible(the money is SO much better)

David Greene on BP real estate podcast is next level. I’m new to BP and really it was the podcast which led me to think I found my new business tribe. To answer the request for feedback from the recent show: David address’s topics with the hard backed insight investors need, especially ones who are also new agents like myself. A lot of people want to make money money money and don’t consider others with true empathy. It’s needed in business whether or not it’s real estate. This q&a format or another it is very valuable thank you @davidgreene

Hey There, I'm new to Bigger Pockets and am so excited.  I feel like I have found a tribe in the wilderness. 
This my first post!  When the pandemic hit..I flipped half of my short-term rentals into work from home rentals and it's changed my business model moving forward slightly. My clients are mostly people buying houses or relocating to cities I have rentals in. It’s been kind of perfect that I can provide nicely furnished high end rental housing with a flexible end date. We have had tech people, marketers, people in finance, attorneys, film directors, and students all stay and have interesting stories to share as they relocate. Some do not stay in Los Angeles or Lake Tahoe where I am dually based, and I am happy to be that bridge for them to check out the area and refer them out if LA or Lake Tahoe market is not for them.

Would I buy more properties and keep doing this? Yes I would.

The benefits

1. 1.Control your property condition & rental situation (much could be said about this topic)
2. 2.Using the Airbnb platform is way easier to prequalify tenants initially and cleaner than Zillow, craigslist, Radpad in general.. for a semi long term rental
3. 3. You will get higher rents form furnished 3 -12-month rentals than you will from renting it unfurnished long term in many markets.
4. 4. If transferring from a VHR format you are not subject to the less than 28-day short term occupancy tax and restrictions initiated by local governments in many markets.
5. 5.You can ALWAYS go back to long term or full VHR if your city allows; the point is to be able to hold with great cashflow and stay flexible. Even if you are selling you'll get more $ to option a vacant unit in a great area than selling in the same area with an under market rent long term tenant. The units basically all looked they are staged and ready for the open house if needed:)

The drawbacks: 

1. More turnover. Airbnb platform and app luckily make this a litle easier. The platform rents based on listing- only you do not have to show the unit before renting. If people ask if they can see it first, I say no because that is against airbnb policy; which is true.  Overall, the phone app is great. Way better than desktop version for Airbnb in my opinion. W

2. Debt to income ratio for future purchases: Banks don’t like Airbnb "leases". Technically Airbnb is not a lease it's a limited license on your property, and the income looks insane the way Airbnb schedules their pay out.This is part of the reason why I only do it for a portion of my properties. I do hard leases in addition to the limited license as well when needed. 

I want to keep my options fully open. Even if that means keeping my places turning over every 6 months.  If I have a less than perfect tenant, its only for a few months. Furnishing a place tastefully in the "airbnb style" is not that expensive, and can be fun. It’s also super fun to be able to travel and stay at places you own and have set up in a way that you love. Its like a double house hack! Next time you have a vacancy maybe run a budget and see if using Airbnb marketing for semi long-term rentals works for you. Let me know if anyone else has tried this and how your experience was or If I can help.    

@Alexander Schloe i would not pursue. Seem like small

Issues under 5k i’d move on. You got away all right for buying out of state. Home inspectors only have to report what they see. If they didn’t see the squirrels, doesn’t need to be in their report.

I follow inspectors around like a hound and ask a bunch of questions while they are at the house so they HAVE to look at everything. I had one who almost skipped a crawl spade once because us was slightly hard to enter so that was my wake up call that you need to be a curious George in inspection day and really poke around. Any major system i get the specialist(hvac, sewer camera, foundation, electrical) it’s an extra $500 or so to get the extra inspectors though can save you major headaches and worth it if you are out of state. Good luck!!

@Ryan Kawash yes I’ve been a super host for years. It’s only really come in handy when dealing with the Airbnb support if I have an issue with a guest. I’m sure it matters to some people, though it’s not really a decision point for them to book it’s all about the space.

@James Thomas If documents are straight and she has no real claim I would 1st look at it like an overstay tenant eviction. Service her a 3 day pay or quit and see if she leaves. Hire someone to service her with you, make it official. See if she leaves.

If not…then I see if I could pay her to leave. (Cash for keys). That is assuming its been overall polite and it’s not personal directly between the two of you. She may just leave for $, and you both move on. Some people just want to squeeze a little money and if you give it to him they walk like sheep.

I know that is crass thinking, though it happens.

A legal expert could argue she is not eligible for squatters rights if she just sold you the property. There has got to be a precedent for this somewhere in the courts. Before you hire a lawyer..Look HARD into what it really will be worth after rehab. If it could hit 1m in the next 3-5 years it may be worth your time to deal with the extra issues.

All the best I understand it can be stressful.

Z. Li

Some Californians who have been renting and saving are now priced out of the market. They are making the decision to move those saving to a market that can take their money farther ie. Boise ie. Houston. Nevertheless it is my belief that new people are arriving as always. Los Angeles still remains a very affordable city compared to New York, and the quality of life in CA remains arguably higher than many places in the country.