Most real estate investors who want to play an Airbnb game also don’t understand that they get into the hospitality business with its all attributes (guest relationships, cleaning and maintenance, marketing, etc). Some people say it’s fun to start an Airbnb and make 2-3x of rental income. And it may be. But it’s also a big hustle if you want to succeed in this business by managing multiple Airbnb listings (owned by other landlords).
Some people like the hustle I suppose. Guess what happens when policy comes in? People adjust. Greatest country on earth where there truly is a chance to become wealthy like Owen. STR,MTR,LTR are all options all the time depending on how to play within the rules. I say leave it to the market and let the STR'$ eat each other until the supply demand sorts itself out
Another great video. There was a recent story of a Toronto condo owner who rented out her condo and the tenant was renting out the unit on Airbnb. It turned out this "tenant" rented multiple condos for this purpose. Anyways, the condo owner is now suing the "tenant" for the profits the tenant made on property she did not own. It will be interesting to see the outcome of this lawsuit.
This will be interesting. Lot's of these going on in Downtown Vancouver. I just bought a unit from a 1st time investor who got badly burned from a tenant who turned around and rented on Airbnb. Ended up with over $5000 in fines from the strata plus legal fees and a lot of sleepless nights. Soured him completely on RE investing. I ended up buying the unit for a client at an excellent price. It all could have been prevented if the owner did more due diligence on the tenant. Lot's of warning signs he missed, never checked references or even did a credit check. This would never happen to one of my first time investor clients as i educate them on how to find and properly screen new tenants.
Don't forget AIRBNB is just an advertising platform like Kijiji, Craigslist with a few more integrated options for payment etc. In the end the STR owner just needs to change the ad to read 30 plus day rental to fit the stratas requirements. I see lawsuits coming for the people that like to fight this kind of stuff if stratas overstep. Great video as usual, when are you going to talk about migration from the big city to other parts of the province?
I'm renting a house on west side for $3300. To be demo'd. Me and my brother live here and there's tons of room. I just want to rent a room to travellers on airbnb, not even to make money but to pay less rent. It's so frustrating the city won't let me. I don't want to rent to someone full time and it has nothing to do with money. We're young and like music, lol. I rented the house so I could enjoy loud music. I wouldn't pay the $1000 license fee though. It's too bad. I love meeting tourists and helping them navigate the city
Me and my husband, we love staying at Airbnb! This is the only way we can afford to travel. Especially when we, say, go to Europe for 2-3 weeks on vacation. We are not millionaires and cannot afford to dine 2-3 times a day in restaurants. Thus, a fully equipped kitchen allows us to cook at home and save money. Also laundry. And a good airbnb in a good location is much cheaper than any decent hotel. To each his own, I think.
Great video as always, Owan. I have always wondered how some people can run so many airbnbs even though it’s not their principal residence. Are they doing it illegally or is there a way to do it may be via a corp?
Tons of people rent their laneway house out as AirBnB even though it is illegal, but cities don't check/enforce it. So saying something is banned means nothing when there is no enforcement.,
Most real estate investors who want to play an Airbnb game also don’t understand that they get into the hospitality business with its all attributes (guest relationships, cleaning and maintenance, marketing, etc). Some people say it’s fun to start an Airbnb and make 2-3x of rental income. And it may be. But it’s also a big hustle if you want to succeed in this business by managing multiple Airbnb listings (owned by other landlords).
Some people like the hustle I suppose. Guess what happens when policy comes in? People adjust. Greatest country on earth where there truly is a chance to become wealthy like Owen. STR,MTR,LTR are all options all the time depending on how to play within the rules. I say leave it to the market and let the STR'$ eat each other until the supply demand sorts itself out
Great video Owen. Thanks for your time.
Nice informative video, thanks Owen!!
Another great video. There was a recent story of a Toronto condo owner who rented out her condo and the tenant was renting out the unit on Airbnb. It turned out this "tenant" rented multiple condos for this purpose. Anyways, the condo owner is now suing the "tenant" for the profits the tenant made on property she did not own. It will be interesting to see the outcome of this lawsuit.
This will be interesting. Lot's of these going on in Downtown Vancouver. I just bought a unit from a 1st time investor who got badly burned from a tenant who turned around and rented on Airbnb. Ended up with over $5000 in fines from the strata plus legal fees and a lot of sleepless nights. Soured him completely on RE investing. I ended up buying the unit for a client at an excellent price. It all could have been prevented if the owner did more due diligence on the tenant. Lot's of warning signs he missed, never checked references or even did a credit check. This would never happen to one of my first time investor clients as i educate them on how to find and properly screen new tenants.
On a side note looking back at your past videos, you are right about rental prices going up..
That's the only guarantee. Rents to the moon
Don't forget AIRBNB is just an advertising platform like Kijiji, Craigslist with a few more integrated options for payment etc. In the end the STR owner just needs to change the ad to read 30 plus day rental to fit the stratas requirements. I see lawsuits coming for the people that like to fight this kind of stuff if stratas overstep. Great video as usual, when are you going to talk about migration from the big city to other parts of the province?
I'm renting a house on west side for $3300. To be demo'd. Me and my brother live here and there's tons of room. I just want to rent a room to travellers on airbnb, not even to make money but to pay less rent. It's so frustrating the city won't let me. I don't want to rent to someone full time and it has nothing to do with money. We're young and like music, lol. I rented the house so I could enjoy loud music. I wouldn't pay the $1000 license fee though. It's too bad. I love meeting tourists and helping them navigate the city
Me and my husband, we love staying at Airbnb! This is the only way we can afford to travel. Especially when we, say, go to Europe for 2-3 weeks on vacation. We are not millionaires and cannot afford to dine 2-3 times a day in restaurants. Thus, a fully equipped kitchen allows us to cook at home and save money. Also laundry. And a good airbnb in a good location is much cheaper than any decent hotel. To each his own, I think.
Agree for extended stays airbnb can be fantastic same with VRBO.
Great video as always, Owan. I have always wondered how some people can run so many airbnbs even though it’s not their principal residence. Are they doing it illegally or is there a way to do it may be via a corp?
My strata doesn't allow AirBnB but one sneaky neighbour still rents out their spare bedroom. They claim these are their friends. 🤬
Yes i have seen a few of these as well.
Awesome. Absolutely 100%.
Subscribed.
Gracias!!:-)
Thanks
Cool video Owen
Tons of people rent their laneway house out as AirBnB even though it is illegal, but cities don't check/enforce it. So saying something is banned means nothing when there is no enforcement.,
Agree. I too have seen lot's of laneways being run as Airbnb