All these people are going to do is sell to Black Rock, State Street, or Vanguard. Which they will rent them at premium prices. Barring that, they will rezone/redevelop for premium condos or quadraplexes.
Airbnb isn’t destroying the market. The strict regulations/zoning/permits process is preventing the homes needed to be built. It’s the local/state government’s fault not Airbnb.
@@Gmac_Greg_Mempty homes are sitting all over America that have been newly built. Those regulations/permitting processes that you speak of seem not to stop any new homes being built.
Airbnb was originally designed to rent out your home when you went on vacation but then it turned into buying properties to rent out short term on a permanent basis.
It started as a way to share air mattresses (really). It became a way to rent out spare bedrooms for a little money. It became the death of the American middle class for the benefit of chickenshit “entrepreneurs”.
I bought a condo in Waikiki and rent it out short term. Sometimes I make money, sometimes I don’t. I have enough to pay for it even if I rent it long term. I might even make more if I rent it long term, since I use a property manager to book it and maintain it, and my taxes are higher. But it’s ok because it gives people jobs. And it really is perfect for vacationers. Local people have kind of a love-hate relationship with Waikiki anyway. Everybody loves how Waikiki was 30 years ago, even though 30 years ago is different for every person. I think it’s because everyone loves how THEY were 30 years ago, young, thin, energetic, without a care in the world. By the time you reach 40 you’re just worried whether your kid is going to graduate high school. Anyway, I got the condo cheap and am plenty happy with it. I stay there once in awhile, even though I live just a couple miles away. I can use the hot tubs and pool, and park there whenever I want. Free parking in Waikiki is a major value. Meanwhile I’m just building equity. I’ll sell it someday for a huge profit or give it to my family. If I lose money on it over a year, I just deduct it as a business expense. If I make money, yay. Anyway, I guess the lesson is, don’t buy something if you can’t afford it,
@@gatesurfer Interesting, short term rental allows you to stay in it when you want to, Airbnb actually has the effect of making holiday accommodation more affordable too.
I thought residential meant residential. Short term rentals are a business like a hotel/motel. Doesn't that classify it as commercial property. Get them out of neighborhoods.
These greedy leeches undercut professional hotel/motel type hospitality businesses as Uber undercuts cab companies. They are less professional and don't bring revenue to the tax bases as legit businesses do who have to follow many more regulations.
They have a "Hotel Zone" where many were purpose built for STRs...The entire island plan of Kaanapali and Wailea were all for vacationers at hotels and condos... I had been coming to Maui for 40 years staying at the same condo... So in many cases they STRs ARE the neighborhood.. They allow a few Bed and Breakfasts in neighborhoods but they are all approved by the county...
Hotel fees have risen way faster than inflation and its getting to the point where average income people can't afford to stay at a hotel. When I travel I camp, sleep in my car and stay in a hotel every 3rd or 4th night, its the only way I can travel and I make 90k!!!. I agree that with such a housing shortage houses should not be used as hotels but banning short term rentals is only a bandaid on a much bigger problem. We need to build alot more houses/hotels and ban corporations buying housing.
Hotels are for people with disposable income or those that have to save for years. Those that save for years are doing so because the price of a past normal vacation keeps rising. This leads to empty promises by the breadwinners in the household to the siblings. This current environment is far from the "Home Alone " movie that many of us expected to be normal. Instead of trying to explain this to the kids, lots of parents extend themselves over their financial threshold just to live in LALA LAND for a brief time. Then, when that time is over, they wake up with kids that are over 30 years old and still in the house. Even with a College Education. Make no mistake, this is the new normal, and it will only grow. The best we as parents can do is at least educate our children about tax consequences and the proper way to plan for the future. The first generation that grew up with computers I call "waiters". They are just waiting for us to die. There is no drive or essence of time. Only video games and a job to cover the basics. Am I wrong?
His family can't sleep at night because of all the stress, now he knows what a family facing homelessness due to all the AirBNBs feels like....no sympathy, greed is not good.
Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.
I advise you to invest in stocks to balance out your real estate, Even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. This is not financial advice, but buy now because cash is definitely not king right now!
Soon, cheap homes won't be cheap anymore because prices today will look like dips tomorrow. I think inflation will cause panic until the Fed tightens its grip even more. You can't just pull the band-aid Off half way. Booms and busts are the ups and downs of the economy, and they will affect any investments. If you are at a crossroads or need honest advice on the best steps to take right now, it is best to get counsel from a financial expert.
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
REBECCA NASSAR DUNNE is her name. She is regarded as a genius in her area and works for Equity Services inc. She’s quite known in her field, look-her up.
Thank you for sharing, I must say, Rebecca appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive.
Yep. Better to go long haul. I have been investing in the stock market for years. There is a lot of risk of course but if you buy the right stocks it is lower. I do risk capital but….there are no repairs, taxes and other carrying costs that parasitically eat away at my investment. You find what works for you.
What will happen to the neighborhoods if these people will not be able to pay their mortgage? In some cases they might be able to just walk away? And then all the house prices drop.
@@coolnut99 In American small business, this is absolutely true. As soon as you begin to make a little money in something unique, everybody jumps onto the band wagon. I've been there.
Always use airbnb with a full kitchen so I could cook at home and not waste hundreds on bullshit good at the restaurants. But then again I am just like spending money wisely unlike the credit card kings here. Sure you people have no problem dumping 125$ for breakfast for the fam of 4
Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
In particular, amid inflation, investors should exercise caution when it comes to their exposure and new purchases. It is only feasible to get such high yields during a recession with the guidance of a qualified specialist or reliable counsel.
True, initially I wasn't quite impressed with my gains, opposed to my previous performances, I was doing so badly, figured I needed to diversify into better assets, I touched base with a portfolio-advisor and that same year, I pulled a net gain of 550k...that's like 7times more than I average on my own.
Sophia Maurine Lanting is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
I hate Airbnb. It used to be cool and fun but that was when it was VC backed. Now it’s just as expensive as hotels and you have to pay a $300 cleaning fee AND you have to do the dishes and take out the trash and strip the beds. What the hell.
Living in Vegas and being a poor Millennial, you've got bigger issues to deal with. When you eventually have a career, savings, investments etc., hopefully you make better life choices. Leaving Las Vegas would probably be wise!
2 of us were cleaning airbnb for a year. Its different from the hotel. The one we cleaned had an upstairs, a huge dining room/kitchen. There was a small stairs which led to a family room. It had a basement. There were 5 queen beds, 2 twins. It had 3 1/2 bathrooms. Here's what happened. We were supposed to be able to enter at checkout Time of 10 am, we had to be done by 345 for new guests arriving at 4 pm. The guests wouldn't leave on time. New guests wanted early check-ins. This system crunches the cleaners into a cleaning position not really attainable. If the place was trashed, then it was even harder. We ended up doing the sheets and couch blankets laundry in the home. We had to take towels to laundry mat. The price of towels average around 17 dollar's. We were paying that out of our pockets. We had sometimes 4 hours to get 4 loads laundry wash and dry. Make 7 beds all together and including a new duvet cover. We had to scour all bathrooms with glass shower doors. Fluff and wipe couch. Put dishes away, clean stove, dinner table, microwave, refrigerator and check cupboards. We had to throw trash away and some food. We had to dust, vacuum, clean huge kitchen floor, back sliding glass door, mirrors, fluff the back deck furniture. We sometimes had to fix things like broken beds, vomit, and stuff. We had to eliminate the smell of Marijuana which isn't easy. We even found dog poop in a closet. I could write a book. These homes aren't always small. They are big and not really manageable in reality. We quit because it was very hard job. If we had a good month, we probably scored around 8 cleanings a month. 175.00 a session for 2 of us to divide minus 17.00 for towels cleaning so 1240.00 a month. We had to buy cleaning supplies also. It's not a money maker for cleaners. That cleaning fee isn't given all to cleaning people.
@@floater1063, Unsolicited advice coming in: it would have been wise to get with someone, who could help you with the business side of your business. Small Business Administration course would have been a great start.
@@floater1063 yeah but not my problem. You rent an airbnb that should factor into the calculus. Don’t charge a $300 cleaning fee if you still ask your renters to take out the trash and start the dishwasher. It’s ridiculous.
I had an Airbnb reservation in Waikiki earlier this year. A few weeks after making it, the owner contacted me to say my reservation was cancelled because they were no longer allowed to offer short term rentals. I didn't understand what this was all about, as I live in the UK. After watching this, I understand now.
It's absolutely his fault. The realtors in this country are incredibly lazy, entitled, and ignorant of basic finance principles. You are the rare exception. Realtors collect maximum fees with minimum effort, and when it goes wrong, it is too bad too sad for homeowners.
When Oahu banned short term rentals, the price of hotel rooms tripled overnight. The hotel industry got rid of their competition and hiked up their prices. And phantom “resort fees” doubled. $40 bucks a night for parking, in addition to the room rate. But who cares about the tourists, right? They dont vote in local elections.
I love it. I went through this in Vegas in pre-08. I grew up in Miami. Yes these people are a problem, but the bigger problem are the Blackstone, Blackrock, and all these other investment firms, buying a single-family homes, and I only buying them up but driving up the prices. Rental communities should be just that.
All those companies combined make up single digit commercial ownership and purchasing of single family homes. 90+% comes from mom and pop LLCs buying up a handful of houses to rent out. They're a much larger problem.
@@marblox9300 landlords also don’t care about rentals, which lowers property values. They routinely refused to pay for repairs, for maintenance, siding, lawn maintenance, trash pick up, even if it’s in the lease. I spent the first three years of my career as an attorney doing renter side landlord tenant law, and the number of communications where I would see a landlord outright refused to do a repair that was required, either by the lease or by the law, is abominable.
In Las Vegas, because it is a tourist area, many people want to go to a home, have a party, tear it up. The neighbors get upset. Now they need a permit. Many people gave it up and sold the home. Neighborhoods should stay neighborhoods. Las Vegas Hotel rooms are high on the weekends and special occasions. During the weekdays, not too much.
this is a problem of their own making. The volume of short term rentals created legitimate quality of life issues for the full time residents in those communties. That's why local governments cracked down.
Yeah, I’ve seen what it’s done here. Nothing for workers to rent in this tourist area, Because they all air bnb. Been going on long time, Before Airbnb- but got so much worse when it came along. Guess they can make as much in a week, as a month. Then values went up and everyone’s taxes went up. It’s a mess.
We live close enough to Disneyland that we can hear the fireworks summer nights. We have a granny flat on our house. We wanted to make it a short term rental, but in researching it, we found that our city banned short term rentals! So, we rent it to a nice young couple. The income isn’t fabulous, but it’s nice. It supplements our retirement income. But this is very different from people buying extra houses or condos to use as airbnb. Most of the time we’ve owned this house, the granny flat wasn’t rented out. We used it as an office, or when the kids were in their late teens, their apartment. So it won’t break us if it isn’t rented. The time may come that we move into the apartment, and rent out the house.
Hospitality businesses are difficult to run cleanly and well. Our family was in that biz. Most of these short term rentals are a greater risk to the guests and the guests often don't realize why that is.
in austin, there are entire blocks are short term rentals, while i am a teacher can not afford to buy, and there are homeless strolling around outside, while these sit empty.
The short term rental bans actually do make way for locals who need housing. They banned Airbnb in my city and I was able to purchase my house at a discount because the seller was in a rut.
stayed in 2 airbnb's both times it sucked bad. Nice props but had way to many problems. Leave running hotels to the experts. Don't try to turn your house into a hotel.
Here in AZ STRs were shoved down our throats, complete with laws that prevent communities from passing laws banning them. This has decimated neighborhoods and the housing market for homeowners and rentals. It's near impossible to find a home to rent or buy at an affordable price. Zoning laws have been trampled upon and the peaceful nature and safety of being at home is gone.
@@randomuserame The politicians are all corrupt !!!!!! They whole government is bought and paid for and has been sold to the highest bidder.....People think they have a voice....Stop paying your taxes and see how fast they lock you up.....The whole system is broken .....USA was not founded to pay more in taxes then God asked for people to give freely ..10%.....anything more than that is unholy!!!!!
A short term rental ban is redundant. If a home in a residential zone is being used as a short term rental, it's essentially become a motel. How AB&B became a thing is crazy.
The issue is that it's always been very minimal before ABNB or people knew what markets geared towards vacation rentals....that got flipped on its head fast
Because of legal trickery. _For now_ it's technically a peer-to-peer "gig service" using a 3rd party service platform as the intermediary (that is also not a hotel/motel provider). Basically Ebay, but for renting instead of buying, and for properties instead of goods. The easy fix is to just classify them as a hotel/motels/campground/etc, and then apply all of the associated regulatory requirements (and then fine them for non-compliance). The same should be done for transport services (uber/lyft), Just classify them as taxis, and make them follow taxi laws & regs. Easy fix.... which is why it will take 10-25 years to solve. If politicians deliver on promises, they have to find something else to promise so they can stay in office. That's a lot of work.... it's not easy actually finding ways to improve people's lives over and over again (and then actually doing it).
AB&B rentals should be taxed like a hotel as well. Why aren't they? If I owned a hotel, I'd be pissed I was paying higher taxes for what is essentially an STR too.
The thing that blows me away is how many people who invest in things feel entitled to always receive a profit. If they want guaranteed profits, buy bonds. But they want a bigger return on investment, and they think that risk doesn't apply to them. And then when things do go belly up, they whine and cry and scream, and demand someone help them. Its part of the game. I've had investments fail, and all I could do was say "Damn." And then you have to move on to something else. People don't seem to consider that they can lose, and it's just mind boggling.
I agree with this on the condition that the house is not truly owned. If someone took out a mortgage on a house to rent it, no. They should be prohibited from doing that. If you bought it and paid in full, then you can do what you want.
Saw the detrimental effects in Silverton CO when I visited there. Businesses couldn't get employees due to lack of housing. This isn't a sustainable model in my opinion.
Many areas of FL have the same problem. And so many tourists decide to move here after visiting. Generational locals are being pushed out. They cannot compete or afford to stay with the low pay in the state and transplants with higher earnings coming in
Never understood air bnb’s .. someone I worked with was doing short term rental of a house in Phoenix .. he said spring was his busy renting season for golfers but summer no one travels to Phoenix to play golf when it’s 115 degrees out .. he was renting it out for around $300 a day .. but one could rent a room at the Phoenician luxury resort for about the same . I’d rather stay at the luxury resort
It's only a good idea if you have like 10+ people and everyone can chip in on a big house. If you're 2-4 people it's cheaper to just stay in a hotel. Most airbnb travelers like having a full sized kitchen, garage, private pool, etc.
There are some very specific areas it makes sense for. Examples of these are the Outer Banks in NC, and rural/low pop areas near large state/Fed parks. These areas already had a lot of short term rental houses before AirBnB--my parents for a few family vacations picked out a weeklong rental house out of at a catalogue of single family rentals in the Outer Banks. (LITERAL catalogue the first time, this was back before many businesses had websites, and decades before AirBnB existed.) More recently I found a rental in CO via AirBnB where the house definitely seemed like it had been a STR before AirBnB. In fact most of the houses in the neighborhood looked like they had originally been built for vacationers wanting to get away for a quiet week in the mountains, not as a true residential development. In areas like these much of the housing wouldn't have been developed at all if it wasn't for the vacation/tourist market and the jobs that brings, because there wouldn't be anything else to survive off of but small scale fishing or logging or something that doesn't need as much housing as is now around. This simply isn't the case with all these AirBnBs cropping up in urban areas that have a large economy and population that would and will still be there without the tourists staying in residential housing. Seems kind of like AirBnB has introduced to many areas an invasive species that is mostly fine in its native habitat, but which becomes ecologically (economically...) devastating when released into habitats anywhere else.
@@networth00 it’s logical when there are a group of ppl .. there may be other reasons as other commenters have mentioned .. the proliferation of airBnBs over the last few decades has probably saturated the market now has to unwind ..
This is great news. I doubt Arkansas will do this, but after the Walmart heirs dumped millions of dollars into the mountain bike community (trails, shops, land use agreements) and then started advertising around the country to come ride bikes in Arkansas, out-of-state real estate investors came in and started buying up houses to Airbnb or flip to Airbnb managers. It’s so bad that the Waltons are now building tiny house neighborhoods so that locals that support the economy can afford to live close enough to work. So glad the pressure is on.
What ever happened with the Maui suspicious fires that destroyed homes of ordinary citizens but not the superstars…..I guess that went on the back burner like everything else.
heco hasn't admitted to not maintaining their termite eaten power poles. PGE in calif has admitted that their equipment started in paradise calif. No "superstars" homes were burned in calif either. What gives?
As a homeowner, I hate these people that come into areas and make places short term. You want to have a high turnover rate of unvetted randos coming to someone's neighborhood. Go to hell and I completely mean that. No one wants to live by that. In some cases, they've caused a lot of people to move which destroys the community of a place. I think it should be banned from neighborhoods period. You have a 50 acre property you want to rent out for a getaway- cool, I don't care. It always amazes me how many people don't know how to behave civilized too. Yeah you can get it with long term people too it's just more rare.
You shouldn't care what other people do with their property. So long as its not a health code violation and doesn't physically damage you're property they should be allowed to do whatever they want with the land they own. If you don't like their zebra striped paint build a damm fence so you don't have to see it. If the short term renters are too loud late at night call the police and have them ticketed. If they leave garbage on you're property set up a camera, call the police and again have them ticketed. If you think I'm going to buy in a neighborhood where all the houses look the same think again, I'm going to buy where I have the freedom to do what I want with my property. The only reason I think short term rentals should be banned is too many families are struggling to put a roof over their head and we can't have houses sitting vacant for a long time.
Hope they pass same laws in Miami and South Florida in general. If you live on the property and have a spare space, mother in law guest house or you are away on vacation, rent away. However, that property needs to be your primary residence. Buying up houses and condos for the purpose of short term rental operations should be 100% banned in today’s housing shortage crisis. I command Maui for standing up for their local population.
@@commonsense6967it’s absolutely is. Anna Maria Island now has more rentals than residents. They looking at closing the school there. Tourism has eroded the community there and everything is now for tourism. And the entitled people the area attracts is ridiculous. They don’t think noise ordinances, parking laws, etc apply to them.
They make too much noise. Tourists stay up all night partying, drinking, and having loud family arguments. I lived next door to an Airbnb and it was awful.
Spot on Michael. All Investments, especially in real estates, must have the investor in tune with local governments and economic news. Always have a backup plan for income.
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quite mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
*The wisest thing that should be on everyone's mind currently should be to invest in different streams of income that don't depend on the government. Especially with the current economic crisis around the world. This is still a good time to invest in gold, silver, and digital currencies (BTC, ETH...).*
He relied on a scummy way to make extra money, then cried that, without them, he can't afford to live.... welcome to the club dude. Hopefully the housing prices go down across the board and his cost of living will go down enough that he can afford his home without short term rentals.
Dealing with this where I live which is nowhere near Maui. Some (not all) short term rental residents have been bad neighbors to full time residents. When a proposal came up to ban STRs, some posted that they had just bought the property to enjoy it part time but could not afford it without STR income. I am with you, that foolish debt acquisition is their problem, not mine. I feel the answer where I live is better monitoring of the STR residents, as another part of the opposition is STR renters using community amenities when that is specifically not allowed per regulations of the community without significant monetary payments by the property owner. Other oppositions to STRs are a failure to abide by noise regulations, misuse of parking areas, and not recognizing others private properties.
I sold an apartment in Rochester and made about $250K. I was frustrated when I only earned $171 in interest from a regular savings account. After doing some research, I was advised to invest in stocks. Are these stocks a good point to start from?
While the stock market is promising and can give good ROI, expert guidance is essential for effective portfolio management so you don't get burnt out in the market as it is very volatile.
true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Contact your local representatives, and tell your friends to do the same. By law they are required to exercise the will of the people. But if nobody tells them what to do, they just make stuff up to look busy. Make them earn their keep.
@@randomuserame our state, utah is fighting to basically block things like citizen ballot initiatives when normally they only go that route when their lawmakers dont listen to us. They also want to change the constitution of utah as well to not have to pay for schools. They havent legally had to exercise the will of the people in a very very very long time. Worse case they get voted out... maybe and thats a big maybe. Then next person is just as fucked up as the last.
I live on an island in Maine that has four towns and a national park. Because of the national park, short term rentals are a big deal here. Two years ago the largest town (both geographically and population wise) significantly restricted short term rentals with the goal of making housing more affordable. The town placed a cap on short term rentals of 9% of residential properties, but approaching 20% of existing properties were short term rentals. However, their restrictions grandfathered in existing short term rentals (STR) with the condition that if the owners ever drop the properties out of the short term rental market they can't go back in until the total number of rentals drops below the 9% cap. Also if a property that is currently a short term rental sells it can't continue as a short term rental until the total number of STRs drops below the 9% cap. The ordinance had an immediate impact of asking prices for properties, since those properties can only be used as residences or rented out long term. STRs are much more lucrative than long term (i.e., normal) rentals since there is an effective cap on what a property can rent for long term that is imposed by typical salaries in the town. Those salaries are comparatively low. Effectively removing the largest housing pool on the island (>50% of properties) from the STR investment market also had the effect of raising prices on properties elsewhere on the island. I live in a town that still allows STRs. The ban in the larger town has pushed property values in my town up by 30+% over the last couple of years. So the restriction in one town made properties there more affordable, but it made things worse in the other towns and we still have lots of STRs (50+%) in my town.Guess who was the driving force behind the STR cap. Would you believe people that own hotels and Inns?
They did that in Nashville. People got around this by putting their properties in LLC and you can still sell the LLC without the city knowing. Court cases have been won in Nashville so those LLC homes are very expensive to buy.
I left Barcelona Spain, sold my apartment and moved to the Andalucían mountains because of the misery of short term rentals. Loud constant music, anti social behavior, drunks and trash was the norm. I don't believe any new law will change it. There are big companies involved and they make a fortune. Short term rentals were banned years ago in my neighborhood but nothing changed. That's Spain. I'm much happier in the countryside now.
My mom lost our house in Lahaina due to the fire that we lived in for 40 years. She is still renting a condo and was just told her rent will be $5000/month from $3000 after the lease! So fuck STR and duck those greedy mainlanders.
Even if STRs were completely band, landlords can charge anything they want as an increase unless theres a cap or it's a rent stabilized building. It sucks but that has nothing to do with STRs. You this kinda thing all over the country.
You should investigate what’s happening in New Orleans. The rental market is being flooded with Airbnb’s. That are no longer allowed to operate. driving, rents down and making it very hard to run a long-term rental business
Those condos are terrible. They allow 1 rental a year. If the renter leaves early or hot evict them. If you have 6 to 9 months left before that year finishes you have to keep it empty. Condos are trash unless you get a condo hotel with no restrictions
Praise Jesus Christ! Please read in The Holy Bible John 14:6, John 10:10, Mark 8:36, Hosea 4:6, John 43:16-17, John 3:16-17, Matthew chapter 24 and Revelation 21:8. HALLELUJAH! God.
@@rudolphsmith1022thank you for sharing scripture. Ppl don’t realize everything that is going on in the world today is prophecy. I was telling a family member that in Revelation it talks about how a days worth of wheat will be a days wage (Revelation 6:6). We see this everywhere and ppl still are not putting their eyes on Jesus. I got cancer in 2018 and lost 1/2 of my salary, my house burned down in 2022 and we lost everything. But God has taken care of us better than when I had my income. Our house was paid for and the Lord gave us a brand new house paid for. I do not believe in the prosperity gospel, I believe in Jesus Christ because He is the only one we should keep our eyes on. I pray for the USA because our country is so lost, and I hope that soon Jesus will set up His kingdom so that all of His children will be done with this world’s system. Thank you again for your post. Scripture is the only thing that will ease our minds about the things we see. May God bless you and please keep sharing scripture!
Everyone wants economic growth, owners want real estate prices go up, government is supposed to spend more money, but no one wants to deal with the side effects.
I feel bad, because it’s government stepping in favor of the hotel and condo industry. If you bought something and paid a premium because it was advertised as short term rental then it should stay short term rental until current mortgage is paid off or if they sell it. Grandfather those houses and don’t allow new sales to convert to short term rentals. I personally don’t own rentals, but if I did I would be pissed if the local government did this to me, what’s next? No more long term rentals? It’ll become you either own or rent an apartment, if the “ultimate goal” is to bring housing market way down and affordable, limit property ownership of 1 commercial property and 1 residential property per person on the island. You want to spread the wealth there you go 😂.
California is rough right now. What needs to happen is changes in zoning laws which make it hard for new builds. Housing was tight and through the roof back in 2008 to both buy and rent. STRs were not a thing then. And they are not to blame for it now. I know because I was there in 2008 and I'm here now.
Nope. Some locales tried. Guess what. Long term rent affordability “improved” by about 1.5-2% . Not exactly a windfall of “affordable” rentals. Let’s face it - it is not like someone will rent a long term a 1M house for $800/ mo. So basically only truly rich will afford a 2nd home, not a middle class person who supplemented their income by renting ST .
All the crime and corruption in CA you won't have as many visitors anyway, so it will fix itself. I know I'll never go back there... and I think it's the most beautiful place on earth.
That’s how I do it. I rent for 3 months in high season FL to the same couple fron Canada. I use the time to travel and visit fam. It covers the condo fees for the year and a little left for improvements. I myself stay in real hotels.
I just got back from Maui. The ban on short term rentals comes out, in part due to the fire in Lahaina Town that wiped out hundreds of businesses and homes. Maui has been struggling to find housing for everyone even a year after the fire.
While I agree that renting out to tourists is stupid, short-term rentals are good for people moving for work and needing something cheap and short-term until they find something more permanent.
That's more like upper middle class problems around here, rich people would be able to buy it outright, whereas they need to rely on the rent to eventually pay it off.
Single family homes were never zoned to become hotels or motels. How was the Airbnb business model even legal. A single family property is zoned for residential purposes not commercial short term rentals ie motels and hotels. Short term rentals like hotels and motels are in the commercial real estate category and belong in commercial zones not residential neighborhoods. Short term rentals like Airbnb are essentially the same thing, hotels and motels. They don't belong in residential neighborhoods. Otherwise that would mean every home used as a short-term rental is one being taken off the market as a residential home and being turned into a motel which then causes a massive housing shortage like we have today and all the other problems with the housing market coming from it. Did none of these regulators see this coming.
fear a housing crash due to people buying homes above asking prices with little equity. If prices drop, affordability and potential foreclosures may arise, worsened by future layoffs and rising living costs. I want to invest more than $300k, but I'm not sure on how to mitigate risk.
Consider reallocating from real estate to other reliable investments like stock, crypto or precious metals . Severe recessions offer market buying opportunities with caution, as volatility can yield short-term trading prospects. Not financial advice, but it may be wise to invest, as cash isn't ideal in this period.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
Finding financial advisors like Jessica Lee Horst who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
I don't feel badly for these people, Michael. It can drag the neighborhoods down, drive up peoples' property taxes, affect wear and tear on the properties. Living in FL with so many snowbirds in the neighborhoods, it affects the socialization for people in the neighborhoods, ie. seniors, etc.
Hey, the Canadians are Respectful of the USA . My Uncle & Aunt bought in Kissimmee & now my cousin inherited the trailer & land. 🇨🇦🍁 would you rather , ummm, Muslims? ( then it will be another Deerborn Michigan! 😎👳♂️👳♀️🧕🌲🌲🍁🍂🍂🏒🥅 ( maybe, Canadians should spend their Holdays on home soil, bye Florida, bye SandPoint, Idaho, bye Maui, CANADIANS , 🇨🇦 are accepted All Over the World! 🌍🤨😛
😂😂😂 I love it! The dreaded HOA couldn’t do anything about it! I have never lived in a HOA but I do understand why they were established. I think it is weird however that they can dictate to home owners absolutely what everyone can and cannot do. My son and daughter in law have 4 little boys and while visiting I suggested that we go a pick up some Tonka Trucks so the boys could play with them out in a big dirt pile that they had delivered to their front lawn area that they were filling in. They said “Oh no, the HOA would never allow it!
There is a short term rental across the street from my house and every week there’s people in and out of there different people everybody on the street hates it. It’s really aggravating.
Here's the thing. After what we saw with those fires I do not trust the local government in Maui at all. I would not be surprised that they are instituting this band not for the goodness of their hearts to help their local population but more than likely so their buddies in Black Rock and vanguard and everything can just buy up the properties and turn them into the long-term rentals that you talked about. So taking the ability away from the people and just giving it back to the big corporations. In fact I would bet the farm that it is probably something very similar to that which is what is going to happen.
I'm in Canada on the west coast. My local govbanned short term rentals this year and ppl made the exact same complaints. But developers have also complained about extremely expensive and long processes to start any developments. Sometimes decades for anything not a single family dwelling. Local union who works with cities to do permits says 90 percent of current employees are 60+ and not being replaced by younger workers. Ppl in retirement coming back to work to cover shortages. Local uni says enrollment is at all time lowest for the replacement workers. Highest complaint is low pay and being overworked being listed as reason for no new workers. Pay is insufficient to cover living expenses and pay back tuition.
The housing market is inflated and oversaturated with homes being on the market with astronomical price tags just stagnant for months. It is very clear that or generation will be likely one of the most devastating bubble pops in modern history. Seeking best possible ways to grow 250k into $1m+ and get a good house for retirement, I'm 56.
I don't think here is the place for personalized investment guidance. However, I suggest consulting with a reliable advisor like Azul to ensure appropriate retirement planning.
I’m closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in over 80% profit than some of my peers who have been investing for many years. Maybe you should consider this too
Finding financial advisors like Jessica Lee Horst who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Not only do we need to ban them across the US, the owners need to be sued for the damage done to peoples neighborhoods and the brutal over valuations they created resulting in higher taxes, higher insurance and higher priced homes for regular people.
@@danielfiore8865that’s year over year. There has to be an end to it. Never any money for anything. That’s why cities are always strong arming businesses that want to expand. My company wanted to build on a piece of land that they own but the city told them only way we’ll approve the build is if you build a bridge here and repair these streets. That was nowhere near the location building was planned.
I own a STR but it was my house first had to move for work, and did not want to sell my house I bought for a great price pre covid with a 2.5% interest rate. I turned it into a STR so I can keep it for a place to retire to, where we moved to (Miami) buying a hose makes zero sense so I did not have any reason to sell my goal every month is that I cover my mortgage and utilities not trying to make a living from it. If they ever banned them in my town I would just turn it into a long term. But I find str easier in my situation
Short term rentals have destroyed many upscale neighbourhoods. Hard working individuals buying into Multi Million dollar Mansions expecting peaceful living ,disrupted by OBNOXIOUS Party Houses. Air Bnb Should be illegal.
@networth00 See how smug you are Zero Networth when it affects you directly. Try living in a $ 20 million property ,that has a short term rental next door.Its horrible. Our Security team are literally dealing with that abomination, every Weekend.
Rich peoples' problems! That was funny. I am wondering how I am going to pay the rent and trying not to get evicted and forced to live under a bridge. I don't think most of us can even remember when we really took a vacation. Most of us take vacations to do some contract work to make extra money. Rich peoples' problems! Oh ,the horror. 😅😂
I have been watching this dude for 3 years waiting for when he tells us who makes those cool shades 😎… but seriously, thanks Michael, I enjoy your commentary… keep it up 👍🏽
I live in Brooklyn and news flash, the short-term rental bands has not made housing cheaper, or added much to the housing shortage. However it’s mad hotels a bunch on money. Their prices are way higher.
Goldman Sachs BLEEDING MONEY AS PEOPLE REFUSE TO PAY BILLS! ruclips.net/video/cEpmVi7ahj4/видео.html
But ...but...didn't you buy your condo in south Fl in 2022? ...right at the "peak" of stupidity?
Please allow me to play a tune for these short term rental investors on the world's smallest violin.
All these people are going to do is sell to Black Rock, State Street, or Vanguard. Which they will rent them at premium prices. Barring that, they will rezone/redevelop for premium condos or quadraplexes.
Love all your band aid solutions and not addressing root cause. How do you sleep at night ? Oh wait you "worked hard" and invested
He means do as I say not as I do
The original plan for Air B&B was to rent out a spare room in your house, not buy entire sub divisions and destroy the housing market
Airbnb isn’t destroying the market. The strict regulations/zoning/permits process is preventing the homes needed to be built. It’s the local/state government’s fault not Airbnb.
@@Gmac_Greg_M your feelings aren't a reliable source.. all the data says STRs are a huge reason why prices are so high
@@KingFergus never said my feelings were a source. I literally told you what the problem was. And “all the data” isn’t a source.
@@Gmac_Greg_M look up what percentage of rental properties are STR and get back to me
@@Gmac_Greg_Mempty homes are sitting all over America that have been newly built. Those regulations/permitting processes that you speak of seem not to stop any new homes being built.
Airbnb was originally designed to rent out your home when you went on vacation but then it turned into buying properties to rent out short term on a permanent basis.
Actually, thats not true. It started as a home share where the owner rented out a bed
Vegas banned it and I'm shocked anyone thought the casinos would allow that.
It started as a way to share air mattresses (really). It became a way to rent out spare bedrooms for a little money. It became the death of the American middle class for the benefit of chickenshit “entrepreneurs”.
I bought a condo in Waikiki and rent it out short term. Sometimes I make money, sometimes I don’t. I have enough to pay for it even if I rent it long term. I might even make more if I rent it long term, since I use a property manager to book it and maintain it, and my taxes are higher. But it’s ok because it gives people jobs. And it really is perfect for vacationers. Local people have kind of a love-hate relationship with Waikiki anyway. Everybody loves how Waikiki was 30 years ago, even though 30 years ago is different for every person. I think it’s because everyone loves how THEY were 30 years ago, young, thin, energetic, without a care in the world. By the time you reach 40 you’re just worried whether your kid is going to graduate high school.
Anyway, I got the condo cheap and am plenty happy with it. I stay there once in awhile, even though I live just a couple miles away. I can use the hot tubs and pool, and park there whenever I want. Free parking in Waikiki is a major value. Meanwhile I’m just building equity. I’ll sell it someday for a huge profit or give it to my family. If I lose money on it over a year, I just deduct it as a business expense. If I make money, yay.
Anyway, I guess the lesson is, don’t buy something if you can’t afford it,
@@gatesurfer Interesting, short term rental allows you to stay in it when you want to, Airbnb actually has the effect of making holiday accommodation more affordable too.
I thought residential meant residential. Short term rentals are a business like a hotel/motel. Doesn't that classify it as commercial property. Get them out of neighborhoods.
These greedy leeches undercut professional hotel/motel type hospitality businesses as Uber undercuts cab companies. They are less professional and don't bring revenue to the tax bases as legit businesses do who have to follow many more regulations.
Exactly!!
Maui is only serving the rich.
Where's the Pono for outter islands to visit .
Not at 1400.00 a nite
Yup
Short term rentals are a direct slap in the face of an existing and established neibor hood. Never liked them, never will.
They have a "Hotel Zone" where many were purpose built for STRs...The entire island plan of Kaanapali and Wailea were all for vacationers at hotels and condos... I had been coming to Maui for 40 years staying at the same condo... So in many cases they STRs ARE the neighborhood.. They allow a few Bed and Breakfasts in neighborhoods but they are all approved by the county...
Exactly!
STRs increase crime rates. It’s a fact. The person who commented earlier that they increase property values is incorrect.
Hotel fees have risen way faster than inflation and its getting to the point where average income people can't afford to stay at a hotel. When I travel I camp, sleep in my car and stay in a hotel every 3rd or 4th night, its the only way I can travel and I make 90k!!!. I agree that with such a housing shortage houses should not be used as hotels but banning short term rentals is only a bandaid on a much bigger problem. We need to build alot more houses/hotels and ban corporations buying housing.
Hotels are for people with disposable income or those that have to save for years. Those that save for years are doing so because the price of a past normal vacation keeps rising. This leads to empty promises by the breadwinners in the household to the siblings. This current environment is far from the "Home Alone " movie that many of us expected to be normal. Instead of trying to explain this to the kids, lots of parents extend themselves over their financial threshold just to live in LALA LAND for a brief time. Then, when that time is over, they wake up with kids that are over 30 years old and still in the house. Even with a College Education. Make no mistake, this is the new normal, and it will only grow. The best we as parents can do is at least educate our children about tax consequences and the proper way to plan for the future. The first generation that grew up with computers I call "waiters". They are just waiting for us to die. There is no drive or essence of time. Only video games and a job to cover the basics.
Am I wrong?
His family can't sleep at night because of all the stress, now he knows what a family facing homelessness due to all the AirBNBs feels like....no sympathy, greed is not good.
LOL, good point. I was never a fan of Gordon Gekko (character in the movie wall street '87 played by Michael Douglas) either.
Maybe he should get a job 😂
Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.
I advise you to invest in stocks to balance out your real estate, Even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. This is not financial advice, but buy now because cash is definitely not king right now!
Soon, cheap homes won't be cheap anymore because prices today will look like dips tomorrow. I think inflation will cause panic until the Fed tightens its grip even more. You can't just pull the band-aid Off half way. Booms and busts are the ups and downs of the economy, and they will affect any investments. If you are at a crossroads or need honest advice on the best steps to take right now, it is best to get counsel from a financial expert.
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
REBECCA NASSAR DUNNE is her name. She is regarded as a genius in her area and works for Equity Services inc. She’s quite known in her field, look-her up.
Thank you for sharing, I must say, Rebecca appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive.
The shelf life of legal get-rich quick schemes is always short.
Yep. Better to go long haul. I have been investing in the stock market for years. There is a lot of risk of course but if you buy the right stocks it is lower. I do risk capital but….there are no repairs, taxes and other carrying costs that parasitically eat away at my investment. You find what works for you.
To the point to "when you hear about it, it is already too late".
What will happen to the neighborhoods if these people will not be able to pay their mortgage? In some cases they might be able to just walk away? And then all the house prices drop.
@@coolnut99 In American small business, this is absolutely true. As soon as you begin to make a little money in something unique, everybody jumps onto the band wagon. I've been there.
@@NoidoDev Yes indeed. However, deteriorating neighborhoods has always been a risk when buying real estate.
Ban all short term rentals in residential neighborhoods.
Hate Air B&Bs. Ruins neighborhoods.
I'd rather stay in hotel.
absolutely.
Never have, never will use airbnb. Hotels are a much better deal, much cleaner, safer
Sour grapes?
Always use airbnb with a full kitchen so I could cook at home and not waste hundreds on bullshit good at the restaurants. But then again I am just like spending money wisely unlike the credit card kings here. Sure you people have no problem dumping 125$ for breakfast for the fam of 4
Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
In particular, amid inflation, investors should exercise caution when it comes to their exposure and new purchases. It is only feasible to get such high yields during a recession with the guidance of a qualified specialist or reliable counsel.
True, initially I wasn't quite impressed with my gains, opposed to my previous performances, I was doing so badly, figured I needed to diversify into better assets, I touched base with a portfolio-advisor and that same year, I pulled a net gain of 550k...that's like 7times more than I average on my own.
This aligns perfectly with my desire to organise my finances prior to retirement. Could you provide me with access to your advisor?
Sophia Maurine Lanting is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
I hate Airbnb. It used to be cool and fun but that was when it was VC backed. Now it’s just as expensive as hotels and you have to pay a $300 cleaning fee AND you have to do the dishes and take out the trash and strip the beds. What the hell.
What's the point of the cleaning fee if you have to be the maid?? That is not worth it.
Living in Vegas and being a poor Millennial, you've got bigger issues to deal with. When you eventually have a career, savings, investments etc., hopefully you make better life choices. Leaving Las Vegas would probably be wise!
2 of us were cleaning airbnb for a year. Its different from the hotel. The one we cleaned had an upstairs, a huge dining room/kitchen. There was a small stairs which led to a family room. It had a basement. There were 5 queen beds, 2 twins. It had 3 1/2 bathrooms. Here's what happened. We were supposed to be able to enter at checkout Time of 10 am, we had to be done by 345 for new guests arriving at 4 pm. The guests wouldn't leave on time. New guests wanted early check-ins. This system crunches the cleaners into a cleaning position not really attainable. If the place was trashed, then it was even harder. We ended up doing the sheets and couch blankets laundry in the home. We had to take towels to laundry mat. The price of towels average around 17 dollar's. We were paying that out of our pockets. We had sometimes 4 hours to get 4 loads laundry wash and dry. Make 7 beds all together and including a new duvet cover. We had to scour all bathrooms with glass shower doors. Fluff and wipe couch. Put dishes away, clean stove, dinner table, microwave, refrigerator and check cupboards. We had to throw trash away and some food. We had to dust, vacuum, clean huge kitchen floor, back sliding glass door, mirrors, fluff the back deck furniture. We sometimes had to fix things like broken beds, vomit, and stuff. We had to eliminate the smell of Marijuana which isn't easy. We even found dog poop in a closet. I could write a book. These homes aren't always small. They are big and not really manageable in reality. We quit because it was very hard job. If we had a good month, we probably scored around 8 cleanings a month. 175.00 a session for 2 of us to divide minus 17.00 for towels cleaning so 1240.00 a month. We had to buy cleaning supplies also. It's not a money maker for cleaners. That cleaning fee isn't given all to cleaning people.
@@floater1063,
Unsolicited advice coming in: it would have been wise to get with someone, who could help you with the business side of your business. Small Business Administration course would have been a great start.
@@floater1063 yeah but not my problem. You rent an airbnb that should factor into the calculus. Don’t charge a $300 cleaning fee if you still ask your renters to take out the trash and start the dishwasher. It’s ridiculous.
I had an Airbnb reservation in Waikiki earlier this year. A few weeks after making it, the owner contacted me to say my reservation was cancelled because they were no longer allowed to offer short term rentals. I didn't understand what this was all about, as I live in the UK. After watching this, I understand now.
It's absolutely his fault. The realtors in this country are incredibly lazy, entitled, and ignorant of basic finance principles. You are the rare exception. Realtors collect maximum fees with minimum effort, and when it goes wrong, it is too bad too sad for homeowners.
😂😂😂😂
When Oahu banned short term rentals, the price of hotel rooms tripled overnight. The hotel industry got rid of their competition and hiked up their prices. And phantom “resort fees” doubled. $40 bucks a night for parking, in addition to the room rate. But who cares about the tourists, right? They dont vote in local elections.
Perhaps an illegal short-term rental.
book with a hotel instead of booking somewhere that worsens the housing crisis smh .. sickening
I love it. I went through this in Vegas in pre-08. I grew up in Miami. Yes these people are a problem, but the bigger problem are the Blackstone, Blackrock, and all these other investment firms, buying a single-family homes, and I only buying them up but driving up the prices. Rental communities should be just that.
All Single Family and Condo housing should be Owner Occupied by law. Renters don't care about the properties and it lowers neighborhoods.
All those companies combined make up single digit commercial ownership and purchasing of single family homes. 90+% comes from mom and pop LLCs buying up a handful of houses to rent out. They're a much larger problem.
@@marblox9300 landlords also don’t care about rentals, which lowers property values. They routinely refused to pay for repairs, for maintenance, siding, lawn maintenance, trash pick up, even if it’s in the lease. I spent the first three years of my career as an attorney doing renter side landlord tenant law, and the number of communications where I would see a landlord outright refused to do a repair that was required, either by the lease or by the law, is abominable.
In Las Vegas, because it is a tourist area, many people want to go to a home, have a party, tear it up. The neighbors get upset. Now they need a permit. Many people gave it up and sold the home. Neighborhoods should stay neighborhoods. Las Vegas Hotel rooms are high on the weekends and special occasions. During the weekdays, not too much.
As another LV resident I’m with you. Tourists coming to LV should stay by the Strip. Leave the rest of the town to us locals.
Vegas is a ghetto currently.
@@tixe9 Summerlin is very nice. Not a ghetto.
Cheap stay in Hotel Sewer! . LV is Over rated. It should be a short stay , it's a stinky hole now!🌵💰💲💲💸
Yes! So is California. , so is New York .
this is a problem of their own making. The volume of short term rentals created legitimate quality of life issues for the full time residents in those communties. That's why local governments cracked down.
Oh yea the government really cares about the quality of life 😂😂😂😂
@@dg8676local governments respond to the will of their voters....shit isn't like on state or fed government
@@davidmann2524 local governments don’t give a shit either. They just aren’t making money from it so they rather shut it down.
Rental of ANY single family unit ruins neighborhoods. Nobody wants to live next to a rental. It's miserable.
F Airbnb!
Yeah, I’ve seen what it’s done here. Nothing for workers to rent in this tourist area, Because they all air bnb. Been going on long time, Before Airbnb- but got so much worse when it came along. Guess they can make as much in a week, as a month. Then values went up and everyone’s taxes went up. It’s a mess.
@cumberlandquiltchic1 Exactly, it a disgusting Cluster F.
Hey now, I've lived in Airbnbs for the last 7 years.
Amen brethren.
Exactly. Hate ABNB. Home they go out of business
We live close enough to Disneyland that we can hear the fireworks summer nights. We have a granny flat on our house. We wanted to make it a short term rental, but in researching it, we found that our city banned short term rentals! So, we rent it to a nice young couple. The income isn’t fabulous, but it’s nice. It supplements our retirement income.
But this is very different from people buying extra houses or condos to use as airbnb. Most of the time we’ve owned this house, the granny flat wasn’t rented out. We used it as an office, or when the kids were in their late teens, their apartment. So it won’t break us if it isn’t rented. The time may come that we move into the apartment, and rent out the house.
Good! Neighborhoods are for neighbors, not anyone who wants to run a hotel of their own
Hospitality businesses are difficult to run cleanly and well. Our family was in that biz. Most of these short term rentals are a greater risk to the guests and the guests often don't realize why that is.
Hate Abnb, and am so glad to see them go.
in austin, there are entire blocks are short term rentals, while i am a teacher can not afford to buy, and there are homeless strolling around outside, while these sit empty.
STR made a mess out of neighborhoods, taxes, affordable. Thanks Michael and Happy Saturday!
My pleasure Juliet! Happy Saturday!😊
Turning quiet neighborhoods into frat houses was inevitably going to lead to towns outlawing short term rentals.
The short term rental bans actually do make way for locals who need housing. They banned Airbnb in my city and I was able to purchase my house at a discount because the seller was in a rut.
stayed in 2 airbnb's both times it sucked bad. Nice props but had way to many problems. Leave running hotels to the experts. Don't try to turn your house into a hotel.
People who get greedy often fail to see the possible consequences.
They cannot see beyond the tip of their nose.
Waiting for a housing crash is also greedy.
@@Francisco-po1cf it won't crash,it will get more expensive through higher home assessment....
@@Francisco-po1cfOkay, so I should pay double to prove I'm not greedy, but look really stupid ???
@@karlad4082 If housing crash does not occur it will occur in several categories of goods in services from A-Z
Here in AZ STRs were shoved down our throats, complete with laws that prevent communities from passing laws banning them. This has decimated neighborhoods and the housing market for homeowners and rentals. It's near impossible to find a home to rent or buy at an affordable price. Zoning laws have been trampled upon and the peaceful nature and safety of being at home is gone.
Vote out/recall your representatives, if they're not representing you.
@@randomuserame The politicians are all corrupt !!!!!! They whole government is bought and paid for and has been sold to the highest bidder.....People think they have a voice....Stop paying your taxes and see how fast they lock you up.....The whole system is broken .....USA was not founded to pay more in taxes then God asked for people to give freely ..10%.....anything more than that is unholy!!!!!
I live in Arizona and have not found this the case I hope it stays that way
Property rights. Js.
All Single Family and Condo housing should be Owner Occupied by law. Renters don't care about the properties and it lowers neighborhoods.
A short term rental ban is redundant. If a home in a residential zone is being used as a short term rental, it's essentially become a motel. How AB&B became a thing is crazy.
The issue is that it's always been very minimal before ABNB or people knew what markets geared towards vacation rentals....that got flipped on its head fast
Because of legal trickery. _For now_ it's technically a peer-to-peer "gig service" using a 3rd party service platform as the intermediary (that is also not a hotel/motel provider). Basically Ebay, but for renting instead of buying, and for properties instead of goods. The easy fix is to just classify them as a hotel/motels/campground/etc, and then apply all of the associated regulatory requirements (and then fine them for non-compliance). The same should be done for transport services (uber/lyft), Just classify them as taxis, and make them follow taxi laws & regs. Easy fix.... which is why it will take 10-25 years to solve. If politicians deliver on promises, they have to find something else to promise so they can stay in office. That's a lot of work.... it's not easy actually finding ways to improve people's lives over and over again (and then actually doing it).
AB&B rentals should be taxed like a hotel as well. Why aren't they? If I owned a hotel, I'd be pissed I was paying higher taxes for what is essentially an STR too.
@@Su-Jothey are
All Single Family and Condo housing should be Owner Occupied by law. Renters don't care about the properties and it lowers neighborhoods.
The thing that blows me away is how many people who invest in things feel entitled to always receive a profit. If they want guaranteed profits, buy bonds. But they want a bigger return on investment, and they think that risk doesn't apply to them. And then when things do go belly up, they whine and cry and scream, and demand someone help them. Its part of the game. I've had investments fail, and all I could do was say "Damn." And then you have to move on to something else. People don't seem to consider that they can lose, and it's just mind boggling.
Short term rentals of residential housing should be banned everywhere.
I agree with this on the condition that the house is not truly owned. If someone took out a mortgage on a house to rent it, no. They should be prohibited from doing that. If you bought it and paid in full, then you can do what you want.
Yes, it should .
Why? No they shouldn't. There's no basis for that statement.
Raise their taxes 2x!!!!
Not everywhere. 65% of all homes in Florida are second homes. I don't think many people care who live in FL.
This is a great post
Totally agree with Michael
Dont buy vacation property if you cant afford it
Yes rent it if you can but thats cherry on top
Good. Screw them.
Saw the detrimental effects in Silverton CO when I visited there. Businesses couldn't get employees due to lack of housing. This isn't a sustainable model in my opinion.
Many areas of FL have the same problem. And so many tourists decide to move here after visiting. Generational locals are being pushed out. They cannot compete or afford to stay with the low pay in the state and transplants with higher earnings coming in
Never understood air bnb’s .. someone I worked with was doing short term rental of a house in Phoenix .. he said spring was his busy renting season for golfers but summer no one travels to Phoenix to play golf when it’s 115 degrees out .. he was renting it out for around $300 a day .. but one could rent a room at the Phoenician luxury resort for about the same . I’d rather stay at the luxury resort
I could rent a decent hotel in Phoenix for much less than $300/day, in the suburbs. Paying that much money for a stay in Phoenix is ridiculous.
It's only a good idea if you have like 10+ people and everyone can chip in on a big house. If you're 2-4 people it's cheaper to just stay in a hotel. Most airbnb travelers like having a full sized kitchen, garage, private pool, etc.
There are some very specific areas it makes sense for. Examples of these are the Outer Banks in NC, and rural/low pop areas near large state/Fed parks. These areas already had a lot of short term rental houses before AirBnB--my parents for a few family vacations picked out a weeklong rental house out of at a catalogue of single family rentals in the Outer Banks. (LITERAL catalogue the first time, this was back before many businesses had websites, and decades before AirBnB existed.) More recently I found a rental in CO via AirBnB where the house definitely seemed like it had been a STR before AirBnB. In fact most of the houses in the neighborhood looked like they had originally been built for vacationers wanting to get away for a quiet week in the mountains, not as a true residential development.
In areas like these much of the housing wouldn't have been developed at all if it wasn't for the vacation/tourist market and the jobs that brings, because there wouldn't be anything else to survive off of but small scale fishing or logging or something that doesn't need as much housing as is now around. This simply isn't the case with all these AirBnBs cropping up in urban areas that have a large economy and population that would and will still be there without the tourists staying in residential housing. Seems kind of like AirBnB has introduced to many areas an invasive species that is mostly fine in its native habitat, but which becomes ecologically (economically...) devastating when released into habitats anywhere else.
@@AlohaChips I have 3 homes in an urban area that have been STRs since 2004, long before airbnb was a thing.
@@networth00 it’s logical when there are a group of ppl .. there may be other reasons as other commenters have mentioned .. the proliferation of airBnBs over the last few decades has probably saturated the market now has to unwind ..
This is great news. I doubt Arkansas will do this, but after the Walmart heirs dumped millions of dollars into the mountain bike community (trails, shops, land use agreements) and then started advertising around the country to come ride bikes in Arkansas, out-of-state real estate investors came in and started buying up houses to Airbnb or flip to Airbnb managers. It’s so bad that the Waltons are now building tiny house neighborhoods so that locals that support the economy can afford to live close enough to work. So glad the pressure is on.
What part of Arkansas?
Thank you to our host for this wonderful outdoor walk-around segment.
What ever happened with the Maui suspicious fires that
destroyed homes of ordinary citizens but not the superstars…..I guess that went on the back burner like everything else.
Plenty info available if you look.
Sure did. We know why.
@@kookietherapy9398 Written like a modern-day customer service rep... I'll just imagine the R.B.F.
heco hasn't admitted to not maintaining their termite eaten power poles. PGE in calif has admitted that their equipment started in paradise calif. No "superstars" homes were burned in calif either. What gives?
Im sure Airbnb had something to do with it.
As a homeowner, I hate these people that come into areas and make places short term. You want to have a high turnover rate of unvetted randos coming to someone's neighborhood. Go to hell and I completely mean that. No one wants to live by that. In some cases, they've caused a lot of people to move which destroys the community of a place. I think it should be banned from neighborhoods period. You have a 50 acre property you want to rent out for a getaway- cool, I don't care. It always amazes me how many people don't know how to behave civilized too. Yeah you can get it with long term people too it's just more rare.
Yeah, POUND SAND! 😡🏝🌞👵💏🌺
You shouldn't care what other people do with their property. So long as its not a health code violation and doesn't physically damage you're property they should be allowed to do whatever they want with the land they own. If you don't like their zebra striped paint build a damm fence so you don't have to see it. If the short term renters are too loud late at night call the police and have them ticketed. If they leave garbage on you're property set up a camera, call the police and again have them ticketed. If you think I'm going to buy in a neighborhood where all the houses look the same think again, I'm going to buy where I have the freedom to do what I want with my property. The only reason I think short term rentals should be banned is too many families are struggling to put a roof over their head and we can't have houses sitting vacant for a long time.
All Single Family and Condo housing should be Owner Occupied by law. Renters don't care about the properties and it lowers neighborhoods.
Ban all single family rentals.
@Weathernerd27 good luck to you if you think the cops give a crap about noisy neighbors at night
Hope they pass same laws in Miami and South Florida in general. If you live on the property and have a spare space, mother in law guest house or you are away on vacation, rent away. However, that property needs to be your primary residence. Buying up houses and condos for the purpose of short term rental operations should be 100% banned in today’s housing shortage crisis. I command Maui for standing up for their local population.
I don't think that's what's really happening, though.
All Single Family and Condo housing should be Owner Occupied by law. Renters don't care about the properties and it lowers neighborhoods.
Run for office... but I'll be voting against you.
Cities in Florida can't pass their own regs. That has to come from the state Legislature.
@@commonsense6967it’s absolutely is. Anna Maria Island now has more rentals than residents. They looking at closing the school there. Tourism has eroded the community there and everything is now for tourism. And the entitled people the area attracts is ridiculous. They don’t think noise ordinances, parking laws, etc apply to them.
Goodbye and good riddance the made life hell for locals
Ordinarily I’m not ok with government telling me what I can do, there are limits. These short term rentals are a disaster for communities
you just lost some freedom points! its all downhill for you now lol
They make too much noise. Tourists stay up all night partying, drinking, and having loud family arguments. I lived next door to an Airbnb and it was awful.
That's when you should have turned your home into an airbnb and retired early.
I never experienced that during my own travels. This must be very dependent on the locality.
Your videos help us stay on top of the economy so we can survive these changes.
Yes 💯 This is the one RUclips channel I watch the most for reliable important information. I appreciate all efforts that go into this ✨
Spot on Michael. All Investments, especially in real estates, must have the investor in tune with local governments and economic news. Always have a backup plan for income.
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quite mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
Her name is Annette Christine Conte can't divulge much. Most likely, the internet should have her basic info, you can research if you like
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
*The wisest thing that should be on everyone's mind currently should be to invest in different streams of income that don't depend on the government. Especially with the current economic crisis around the world. This is still a good time to invest in gold, silver, and digital currencies (BTC, ETH...).*
You can make a lot of money from the market regardless of whether it strengthens or crashes. The key is to be well positioned.
All you need is a good capital and the service of a professional broker, with those your investment will most certainly produce high yields.
Do you have an idea of any good broker I can start with?
Michael Wayne is considered a key crypto Strategists with one of the best copy Trading Portfolios and also very active in the cryptocurrency space
he's mostly on Telegrams, using the user name
He relied on a scummy way to make extra money, then cried that, without them, he can't afford to live.... welcome to the club dude. Hopefully the housing prices go down across the board and his cost of living will go down enough that he can afford his home without short term rentals.
Your opinion is it's a scummy way to make money, I disagree. Business is business.
@@networth00that's what slave owners said too.
Dealing with this where I live which is nowhere near Maui. Some (not all) short term rental residents have been bad neighbors to full time residents. When a proposal came up to ban STRs, some posted that they had just bought the property to enjoy it part time but could not afford it without STR income. I am with you, that foolish debt acquisition is their problem, not mine. I feel the answer where I live is better monitoring of the STR residents, as another part of the opposition is STR renters using community amenities when that is specifically not allowed per regulations of the community without significant monetary payments by the property owner. Other oppositions to STRs are a failure to abide by noise regulations, misuse of parking areas, and not recognizing others private properties.
I sold an apartment in Rochester and made about $250K. I was frustrated when I only earned $171 in interest from a regular savings account. After doing some research, I was advised to invest in stocks. Are these stocks a good point to start from?
While the stock market is promising and can give good ROI, expert guidance is essential for effective portfolio management so you don't get burnt out in the market as it is very volatile.
true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thanks, I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get.
How fast can we get rid of Airbnb style short-term rentals is what we need to ask ourselves
The faster, the better. It's always been a horrible idea. These greedheads are vile.😂
Not fast enough
already done in many cities by zoning law upgrades
Contact your local representatives, and tell your friends to do the same. By law they are required to exercise the will of the people. But if nobody tells them what to do, they just make stuff up to look busy.
Make them earn their keep.
@@randomuserame our state, utah is fighting to basically block things like citizen ballot initiatives when normally they only go that route when their lawmakers dont listen to us. They also want to change the constitution of utah as well to not have to pay for schools. They havent legally had to exercise the will of the people in a very very very long time. Worse case they get voted out... maybe and thats a big maybe. Then next person is just as fucked up as the last.
I live on an island in Maine that has four towns and a national park. Because of the national park, short term rentals are a big deal here. Two years ago the largest town (both geographically and population wise) significantly restricted short term rentals with the goal of making housing more affordable. The town placed a cap on short term rentals of 9% of residential properties, but approaching 20% of existing properties were short term rentals. However, their restrictions grandfathered in existing short term rentals (STR) with the condition that if the owners ever drop the properties out of the short term rental market they can't go back in until the total number of rentals drops below the 9% cap. Also if a property that is currently a short term rental sells it can't continue as a short term rental until the total number of STRs drops below the 9% cap. The ordinance had an immediate impact of asking prices for properties, since those properties can only be used as residences or rented out long term. STRs are much more lucrative than long term (i.e., normal) rentals since there is an effective cap on what a property can rent for long term that is imposed by typical salaries in the town. Those salaries are comparatively low. Effectively removing the largest housing pool on the island (>50% of properties) from the STR investment market also had the effect of raising prices on properties elsewhere on the island. I live in a town that still allows STRs. The ban in the larger town has pushed property values in my town up by 30+% over the last couple of years. So the restriction in one town made properties there more affordable, but it made things worse in the other towns and we still have lots of STRs (50+%) in my town.Guess who was the driving force behind the STR cap. Would you believe people that own hotels and Inns?
They did that in Nashville. People got around this by putting their properties in LLC and you can still sell the LLC without the city knowing. Court cases have been won in Nashville so those LLC homes are very expensive to buy.
@@networth00 The town of Bar Harbor knows about LLCs. That won't work here.
I left Barcelona Spain, sold my apartment and moved to the Andalucían mountains because of the misery of short term rentals. Loud constant music, anti social behavior, drunks and trash was the norm. I don't believe any new law will change it. There are big companies involved and they make a fortune. Short term rentals were banned years ago in my neighborhood but nothing changed. That's Spain. I'm much happier in the countryside now.
My mom lost our house in Lahaina due to the fire that we lived in for 40 years. She is still renting a condo and was just told her rent will be $5000/month from $3000 after the lease! So fuck STR and duck those greedy mainlanders.
It’s criminal what’s happened to y’all and criminal how the gov responded to it … so suspicious -from Texas
Even if she lost the house, doesn't she still own the land? The land is more important.
You guys still voting for dems?
Even if STRs were completely band, landlords can charge anything they want as an increase unless theres a cap or it's a rent stabilized building. It sucks but that has nothing to do with STRs. You this kinda thing all over the country.
if she can afford 3000 a month renting, why couldn't she have afforded fire insurance on her house?
Locals should come first. With that, the buyers should have been made aware.
So you're ok with Trump building the wall? I know I am.
When they took on the debt, the bank should have said "No, it's too risky".
You should investigate what’s happening in New Orleans. The rental market is being flooded with Airbnb’s. That are no longer allowed to operate. driving, rents down and making it very hard to run a long-term rental business
Another storm of Inventory is coming guys!
For they have sown (seeded) the 🌬️wind, and they shall reap (harvest) the whirlwind💨🌪️ vote 🗳️ TRUMP 🇺🇸
wow i am fucking scared
Yes!
Don’t buy there homes. Let them hold the bag until bankruptcy
Here in extreme North Miami Beach, many absentee owners leave their condos vacant. Some condo communities discourage rentals. They limit the %
That is most waterfront communities. Even trailers in miami, i had mine for 417 a month, private mortgage
Those condos are terrible. They allow 1 rental a year. If the renter leaves early or hot evict them. If you have 6 to 9 months left before that year finishes you have to keep it empty. Condos are trash unless you get a condo hotel with no restrictions
Hey those short-term rentals were a bad idea but the good news is they can sell their house before they go bankrupt
Im sure theres a young couple who would happily take the home off his hands in a short sale
Praise Jesus Christ! Please read in The Holy Bible John 14:6, John 10:10, Mark 8:36, Hosea 4:6, John 43:16-17, John 3:16-17, Matthew chapter 24 and Revelation 21:8. HALLELUJAH! God.
Praise Jesus! Please read Hosea 4:6. HALLELUJAH! God bless.
@@rudolphsmith1022thank you for sharing scripture. Ppl don’t realize everything that is going on in the world today is prophecy. I was telling a family member that in Revelation it talks about how a days worth of wheat will be a days wage (Revelation 6:6). We see this everywhere and ppl still are not putting their eyes on Jesus. I got cancer in 2018 and lost 1/2 of my salary, my house burned down in 2022 and we lost everything. But God has taken care of us better than when I had my income. Our house was paid for and the Lord gave us a brand new house paid for. I do not believe in the prosperity gospel, I believe in Jesus Christ because He is the only one we should keep our eyes on. I pray for the USA because our country is so lost, and I hope that soon Jesus will set up His kingdom so that all of His children will be done with this world’s system.
Thank you again for your post. Scripture is the only thing that will ease our minds about the things we see. May God bless you and please keep sharing scripture!
People HATE short term rentals in their neighborhoods!
How long can it last?
til local towns change zoning law to fine them (happening already)
People hate liquor stores, churches, schools, etc in their neighborhoods. USA is a free country. Move to Chyna and you'll fit right in.
Everyone wants economic growth, owners want real estate prices go up, government is supposed to spend more money, but no one wants to deal with the side effects.
I feel bad, because it’s government stepping in favor of the hotel and condo industry. If you bought something and paid a premium because it was advertised as short term rental then it should stay short term rental until current mortgage is paid off or if they sell it. Grandfather those houses and don’t allow new sales to convert to short term rentals. I personally don’t own rentals, but if I did I would be pissed if the local government did this to me, what’s next? No more long term rentals? It’ll become you either own or rent an apartment, if the “ultimate goal” is to bring housing market way down and affordable, limit property ownership of 1 commercial property and 1 residential property per person on the island. You want to spread the wealth there you go 😂.
California Next! Ban short term rentals. Housing supply will be solved in one move...
California is rough right now. What needs to happen is changes in zoning laws which make it hard for new builds. Housing was tight and through the roof back in 2008 to both buy and rent. STRs were not a thing then. And they are not to blame for it now. I know because I was there in 2008 and I'm here now.
Nope. Some locales tried. Guess what. Long term rent affordability “improved” by about 1.5-2% . Not exactly a windfall of “affordable” rentals. Let’s face it - it is not like someone will rent a long term a 1M house for $800/ mo. So basically only truly rich will afford a 2nd home, not a middle class person who supplemented their income by renting ST .
All the crime and corruption in CA you won't have as many visitors anyway, so it will fix itself. I know I'll never go back there... and I think it's the most beautiful place on earth.
@@alexlopez5800 lol. This will have 0 effect on ca prices.
Already happened in some cities in SoCal
Glad to hear about the ban!
Due to the fires in Maui, I heard that FEMA paid over $4000 a month to house families. The costs of living there are ridiculous.
Airbnb is fine for doing it 2-3 weeks a year when you’re on holiday yourself and your house sits empty. Like this, no house sits empty.
That’s how I do it. I rent for 3 months in high season FL to the same couple fron Canada. I use the time to travel and visit fam. It covers the condo fees for the year and a little left for improvements. I myself stay in real hotels.
Had a 2b 1b for a guest house. No rent charged. Nice for out of town visitors.
Lahaina will be the first 15min city smh. Big developers will buy all the land build it up and and lease it good luck Maui residents.
With squatters in other states besides Florida, it is risky to leave a 2nd home empty part of the year.
Airbnb guests become squatters. Don't live in a blue state.
No, I don't feel bad for those people at all...
I just got back from Maui. The ban on short term rentals comes out, in part due to the fire in Lahaina Town that wiped out hundreds of businesses and homes. Maui has been struggling to find housing for everyone even a year after the fire.
While I agree that renting out to tourists is stupid, short-term rentals are good for people moving for work and needing something cheap and short-term until they find something more permanent.
I like your straight-talk❤❤❤
Don't feel bad at all. Americans deserve a reasonably priced place to live. None of that exists today and investors are part of the reason.
Because they want to invest their Dollars somewhere. Created by the Fed.
That's more like upper middle class problems around here, rich people would be able to buy it outright, whereas they need to rely on the rent to eventually pay it off.
Not necessarily.
Single family homes were never zoned to become hotels or motels. How was the Airbnb business model even legal. A single family property is zoned for residential purposes not commercial short term rentals ie motels and hotels. Short term rentals like hotels and motels are in the commercial real estate category and belong in commercial zones not residential neighborhoods. Short term rentals like Airbnb are essentially the same thing, hotels and motels. They don't belong in residential neighborhoods. Otherwise that would mean every home used as a short-term rental is one being taken off the market as a residential home and being turned into a motel which then causes a massive housing shortage like we have today and all the other problems with the housing market coming from it. Did none of these regulators see this coming.
All Single Family and Condo housing should be Owner Occupied by law. Renters don't care about the properties and it lowers neighborhoods.
@@marblox9300 Yes, I completely agree.
fear a housing crash due to people buying homes above asking prices with little equity. If prices drop, affordability and potential foreclosures may arise, worsened by future layoffs and rising living costs. I want to invest more than $300k, but I'm not sure on how to mitigate risk.
Consider reallocating from real estate to other reliable investments like stock, crypto or precious metals . Severe recessions offer market buying opportunities with caution, as volatility can yield short-term trading prospects. Not financial advice, but it may be wise to invest, as cash isn't ideal in this period.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
Finding financial advisors like Jessica Lee Horst who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
I don't feel badly for these people, Michael. It can drag the neighborhoods down, drive up peoples' property taxes, affect wear and tear on the properties. Living in FL with so many snowbirds in the
neighborhoods, it affects the socialization for people in the neighborhoods, ie. seniors, etc.
Hey, the Canadians are Respectful of the USA . My Uncle & Aunt bought in Kissimmee & now my cousin inherited the trailer & land. 🇨🇦🍁 would you rather , ummm, Muslims? ( then it will be another Deerborn Michigan! 😎👳♂️👳♀️🧕🌲🌲🍁🍂🍂🏒🥅 ( maybe, Canadians should spend their Holdays on home soil, bye Florida, bye SandPoint, Idaho, bye Maui,
CANADIANS , 🇨🇦 are accepted All Over the World! 🌍🤨😛
All Single Family and Condo housing should be Owner Occupied by law. Renters don't care about the properties and it lowers neighborhoods.
@@marblox9300 Shuddup copying and pasting. Your socialist views are better suited for North Korea.
@@MrSteeDoopeople that don’t own and have a personal investment in properties usually don’t treat them with care and many outright trash the rentals
YOU ARE THE BEST AND SMARTEST MICHAEL!!!! WE LOVE YOU! ❤
Short term rentals ruined my last neighborhood. Even law enforcement and the HOA were helpless to do anything about them.
😂😂😂 I love it! The dreaded HOA couldn’t do anything about it! I have never lived in a HOA but I do understand why they were established. I think it is weird however that they can dictate to home owners absolutely what everyone can and cannot do. My son and daughter in law have 4 little boys and while visiting I suggested that we go a pick up some Tonka Trucks so the boys could play with them out in a big dirt pile that they had delivered to their front lawn area that they were filling in. They said “Oh no, the HOA would never allow it!
I get what you are saying that short turn renters ruined your neighborhood.
Yea you sound like a real upstanding guy with that screen name and blow up doll picture.
@@networth00 😜
No explanation, just making a claim.
I think this makes sense in certain cities. But i love airbnb, it's so useful when traveling with groups.
If the local government can tell you how and when to use your property then you don’t own it, they do.
There is a short term rental across the street from my house and every week there’s people in and out of there different people everybody on the street hates it. It’s really aggravating.
We have an issue in Hawaii, we have a bunch of people doing this bs
If you can't beat 'em, join 'em. Sound like you could be getting rich but you want to "do the right thing" this one time.
All major cities in the U.S are having this same problem with Airbnb not just Hawaii.
@@networth00 sounds like you in it, guess what I don't give a f
Serves him right!
Here's the thing.
After what we saw with those fires I do not trust the local government in Maui at all. I would not be surprised that they are instituting this band not for the goodness of their hearts to help their local population but more than likely so their buddies in Black Rock and vanguard and everything can just buy up the properties and turn them into the long-term rentals that you talked about. So taking the ability away from the people and just giving it back to the big corporations.
In fact I would bet the farm that it is probably something very similar to that which is what is going to happen.
Or along the same lines, re-direct all those rental dollars to their corporate hotel owner buddies
Winner, winner, chicken dinner! Yup, Lahaina was planned as a 15 minute city.
I'm in Canada on the west coast. My local govbanned short term rentals this year and ppl made the exact same complaints. But developers have also complained about extremely expensive and long processes to start any developments. Sometimes decades for anything not a single family dwelling. Local union who works with cities to do permits says 90 percent of current employees are 60+ and not being replaced by younger workers. Ppl in retirement coming back to work to cover shortages. Local uni says enrollment is at all time lowest for the replacement workers. Highest complaint is low pay and being overworked being listed as reason for no new workers. Pay is insufficient to cover living expenses and pay back tuition.
Airbnb is trash
The housing market is inflated and oversaturated with homes being on the market with astronomical price tags just stagnant for months. It is very clear that or generation will be likely one of the most devastating bubble pops in modern history. Seeking best possible ways to grow 250k into $1m+ and get a good house for retirement, I'm 56.
I don't think here is the place for personalized investment guidance. However, I suggest consulting with a reliable advisor like Azul to ensure appropriate retirement planning.
I’m closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in over 80% profit than some of my peers who have been investing for many years. Maybe you should consider this too
I've been considering getting one, but haven't been proactive about it. Can you recommend your advisor? I could really use some assistance.
Finding financial advisors like Jessica Lee Horst who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing...
Not only do we need to ban them across the US, the owners need to be sued for the damage done to peoples neighborhoods and the brutal over valuations they created resulting in higher taxes, higher insurance and higher priced homes for regular people.
Good luck with that 😂
Expect more tax increases because the nation, state, city and county government is operating at a massive deficit.
Ya. County tax evaluations need to be reevaluated.
@@jonlj77 raise tax on properties so the 2% that own 90% of real estate pass down the increased cost to the renters
@@danielfiore8865that’s year over year. There has to be an end to it. Never any money for anything. That’s why cities are always strong arming businesses that want to expand. My company wanted to build on a piece of land that they own but the city told them only way we’ll approve the build is if you build a bridge here and repair these streets. That was nowhere near the location building was planned.
I own a STR but it was my house first had to move for work, and did not want to sell my house I bought for a great price pre covid with a 2.5% interest rate. I turned it into a STR so I can keep it for a place to retire to, where we moved to (Miami) buying a hose makes zero sense so I did not have any reason to sell my goal every month is that I cover my mortgage and utilities not trying to make a living from it. If they ever banned them in my town I would just turn it into a long term. But I find str easier in my situation
We have plenty of them here. People coming and going. Lots of noise and trash, the renters don't care nor do the landlords.
Where is "here"?
Everyone wants to be a Real Estate mogul 😜😞
And everyone wants to be the person able to buy during a crash.
@@Francisco-po1cfnot me. All I want is a peaceful day and able to live good on my pension. No stress.
@@EvelinHolmes Government pensions should be illegal. Taxpayers shouldn't pay for your retirement. Good on you if it's from a private company.
Short term rentals have destroyed
many upscale neighbourhoods.
Hard working individuals buying into
Multi Million dollar Mansions expecting
peaceful living ,disrupted by OBNOXIOUS
Party Houses.
Air Bnb Should be illegal.
I disagree. Isn't it great to live in America where we have the freedom to disagree.
@networth00 See how smug you are Zero Networth when it affects you directly.
Try living in a $ 20 million property ,that has a short term rental next door.Its horrible.
Our Security team are literally dealing with that abomination, every Weekend.
@@Peter-tk6rm LOL yea bro you live in a $20 million and have a security team.
Oh no!. Not those poor hard working millionaires!
If you are so wealthy, then you should be smart enough to limit it to banning "party houses".
Amazing how beautiful some of those laws are for an area that doesn’t get consistent rainfall and struggles with having enough water.
Rich peoples' problems! That was funny. I am wondering how I am going to pay the rent and trying not to get evicted and forced to live under a bridge. I don't think most of us can even remember when we really took a vacation. Most of us take vacations to do some contract work to make extra money. Rich peoples' problems! Oh ,the horror. 😅😂
We rented a house in Maui for a week. It was very nice. We left it very clean and in order.
The short term rental ban only comes from hotel owners pressuring policy makers
Bingo... make government screw the little man.
Neighborhoods are zoned residential or commercial; how were short term rentals ever ok?
I have been watching this dude for 3 years waiting for when he tells us who makes those cool shades 😎… but seriously, thanks Michael, I enjoy your commentary… keep it up 👍🏽
I was just wondering the same thing! 😎
He's wearing Barcur in the video
In Australia short term rental of apartments in tourist beach locations was always available but not for houses until AIRBNB came along.
Dumb policies breed dumb behavior
I live in Brooklyn and news flash, the short-term rental bands has not made housing cheaper, or added much to the housing shortage. However it’s mad hotels a bunch on money. Their prices are way higher.