I apologize if this is redundant, but I have seen mixed revi...
I apologize if this is redundant, but I have seen mixed reviews on how Airbnb handles income tax for hosts. I listed an In-la...
This is what happens when you do airbnb wrong. AKA - what happens when the "magic money" dries up from your miniature property empires!
It's not a hotel service to babysit your short term guests for a 3% fee. It's a way for people with extra room in their own home to make a few extra bucks. It was never intended to be a fulltime job or baby sitter for your STR empire.
“Hosts should’ve always been prepared for this income to go away,” said Gina Marotta, a principal at Argentia Group Inc., which does credit-risk analysis for real-estate loans. “Instead, they built an expensive lifestyle feeding off of it.”
I believe that as the virus has culled the heard of near dead humans on earth, it will also cull the herd of overextended airbnb mogul hosts who have been screwing the "little guys" by pricing them out. I say BYE BYE to the hosts who have been doing airbnb wrong for so long.
Awwww, boo hoo that you can't make the rent on the 18 apts you leased in atlanta specifically to short term rent on airbnb! So sorry that your 1.5 million dollar gross isn't gonna happen this year. These people have been gaming the system and were bound to fail.
That sum would provide little relief to hosts such as Jennifer and David Landrum of Atlanta. In 2016, they started a company named Local, spending more than $14,000 to outfit apartments with rugs, throw pillows, art and chandeliers. They grossed about $1.5 million annually, mostly through Airbnb, Ms. Landrum said, renting the 18 apartments they leased and 21 apartments they managed to corporate travelers and film-industry workers.
They spend about $50,000 annually with cleaning services, about $25,000 on an inspector and $30,000 a year on maintenance staff and landscapers, Ms. Landrum said, not to mention spending on furnishings.
When Airbnb began refunding guests March 14, the Landrums had nearly $40,000 in cancellations, she said. The couple has been able to pay only a portion of April rent on the 18 apartments they lease and can’t fulfill their obligations to pay three months’ rent unless bookings resume. They have reduced pay to cleaning staff and others. Adding to the stress, Georgia banned short-term rentals through April.
“It’s scary,” said Ms. Landrum, who said she has discounted some units three times since mid-March. The Landrums have negotiated to get some leniency from apartment owners on their leases. If not, Ms. Landrum said, they would have to sell their house.
Them failing, will have a ripple effect on those of us who have been doing airbnb right with 1 or 2 listings. We are about to be busier and raise our rates.
I personally am seeing my bookings pick back up NOW. It's great! I have an $1100 6 day booking next week!
#cullingtheherd
These folks most likely will receive PPP forgivable loans..
@Donald28 Where's the violin emoticon when you need it? Yeah, I have a hard time feeling sorry for people who netted about $800,000/year while removing 39 apartments from the long-term local housing market.
Yes yes yes! These mini moguls take all those LTRs off the LTR market and turn them into STRs. That hurts all of us "small hosts" who are doing airbnb right. These overextended, mini moguls don't monitor activity on the property so guests inevitably get out of control, police are called repeatedly and eventually, the county adopts anti airbnb ordinances and laws... which effect us hugely.
Flooding airbnb with LTRs turned STRs causes less bookings & lower prices for everyone.
Unattended guests are more apt to cause damage which causes MORE claims on airbnbs liability insurance which in turn makes it harder for all hosts to get a claim covered.
There's nothing beneficial to airbnb (or it's small hosts) when people turn into mini moguls. Nothing except for all that money I guess. I hope this virus rights a lot of wrongs within airbnb.
Well if you base your business on poor business practices what do you expect? I actually met guests of ours that had multiple AirBnB apartments. Same thing, easy money went and now look where they are. I have no sympathy.
Sadly, when we are on a same market, we are all connected. Somehow.
If I am busy as hell, everybody around me will be busy. Hotels will also be busy. It doesn't matter how many places I have. 1 or 301. We just share the same market. And it's not a good news, if someone went under water for market reasons. It's a red flag for impending disaster for everybody.
Culling the herd of near dead humans? Is that your Ayn Rand view heartless view of the world? Then don't you bloody dare to ever ever to go into a hospital! Just outside of Boston there's a family that lost both its matriarch-a salty, strong lady of 60 and her older daughter who leaves behind 3 kids under the age of 10. Her surviving daughter is now the only female member of the immediate family, her dad, her brothers & her nephews are just in free fall. The ladies were nurses, the surviving daughter went from her last year of nursing school directly to the hospital. Now she's finishing up a quarantine period and returning to the remnant of her family. They will never be the same but they are strong and compassionate people who care about their fellow humans, they don't have shriveled up and rancid souls and that's more than I can say about any one who smugly talks about culling the herd.
All I read there was blah blah blah blah blah.
There's a 98.5% survival rate from this virus. Yet, we only hear of the 1.5% of the population who are dying. Why is that? Why do we never see a news story about someone surviving the virus?
There's a 98.5% survival rate from this virus. Yet, we only hear of the 1.5% of the population who are dying. Why is that? Why do we never see a news story about someone surviving the virus?
It would be rather insensitive to celebrate a successful survivor when theres 10x the quantity of deaths amongst the infected than with the regular 'flu' type virus.
@Ian-And-Anne-Marie0 @Donald28 I've read several stories about people who survived. If I did more searching, I could likely find more.
It's far more than 1.5% who are dying. I don't know what holey hat that number got pulled out of. In the US it's about 6%. And that's if you include both the current cases and resolved cases (known cases where the patient either recovered or died) The resolved case death rate is much more accurate if we are comparing it to the flu, which has been around long enough that the death rate is based on resolved cases, as are things like heart disease, cancer, etc. The resolved case death rate worldwide now stands at 15%. And in the US it's a whopping 25%.
Lot of people in denial or totally misinformed.
Out of the mouth of a troll comes vileness . May all your worst nightmares come true with no one there to give you comfort.Blah blah blah.
@Donald28 @Sally221 you both bring up great points. I wish we had more news about recovering individuals. There is so much negative news around right now. It is true, COVID-19 disproportionally impacts those who are elderly or who have a pre-existing condition. While calling it "culling" might be accurate in the sense that it is selectively killing people, it does lack sensitivity. Many individuals who are not elderly or have any known pre-existing conditions are also passing away, albeit the mortality rates of those groups is much less than 1.5%. Even with a 1.5% mortality rate, which is probably very accurate, that is much higher than a typical flu season which has a vaccine.
I hope individuals who are struggling with the effects of the virus whether physically, economically, or emotionally utilize the resource available to them. With some resilience, adaptation, and creativity there are still several opportunities even for AirBnb hosts.
The mortality rate for hospital workers is appallingly high and if they all decided to be selfish and stopped showing up how high would it go for the rest of us?
My kid's friend & her family will never be the same, she's a wonderful person and I don't know if she can recover from this herself, she's trying to be strong for her nephews but she's feeling so alone, being the only female person left in her immediate family & no funeral or wake, no getting hugs from her aunts, hoping she doesn't get sick herself, no one knows for sure how long the incubation time really is. This is the stuff front line folks are dealing with. It isn't feel good , it is painful & real.