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Started By
Message
re: Airbnb/rental covid relief
Posted on 4/29/20 at 1:15 pm to LSUnn04
Posted on 4/29/20 at 1:15 pm to LSUnn04
I agree, sell now. I don’t think Airbnb will rebound in Nola for quite awhile. If not, look into long term tenants, but make sure they are screened as there is the moratorium on evictions. I feel for your dad though, I owned 2 Airbnb’s in Nola, but sold after all the regulations from city hall. Your dad needs to be flexible.
This post was edited on 4/29/20 at 1:20 pm
0
Posted on 4/29/20 at 1:16 pm to ReyCamino
So any bad investment should get bailed out?
Why can't OP's dad just rent out his units on a yearly lease?
Why can't OP's dad just rent out his units on a yearly lease?
This post was edited on 4/29/20 at 1:20 pm
Posted on 4/29/20 at 1:24 pm to Eric Nies Grind Time
So you're saying every business that applied for part of the $349 billion PPP was a bad investment?
It is due to the government shutting everything down that the STRs are losing money. Not because of anything the owner did.
It is due to the government shutting everything down that the STRs are losing money. Not because of anything the owner did.
Posted on 4/29/20 at 1:25 pm to ReyCamino
That’s what he seems to be saying
Posted on 4/29/20 at 1:32 pm to ReyCamino
quote:
But if I own short term rentals, frick me?
Live by the sword. Die by the sword. STR's operate in a legal grey area in most communities. Don't expect people to be rushing to bail them out.
Posted on 4/29/20 at 1:39 pm to ReyCamino
quote:
So you're saying every business that applied for part of the $349 billion PPP was a bad investment?
How would you extrapolate that from what I said?
Posted on 4/29/20 at 1:48 pm to Eric Nies Grind Time
quote:
How would you extrapolate that from what I said?
Maybe I incorrectly assumed that you implied STR's were a bad investment, and that the small businesses that applied for the PPP were not. If so, my bad.
Posted on 4/29/20 at 1:53 pm to lsuguy13
quote:
Are there any programs out there to help with loss income for Short term rentals?
the EIDL loans were for landlords also. It is all over bigger Pockets. Posted here over and over. I applied just to have reserves on top of my reserves(not knowing how bad this would get or how long it would last) but all my tenants but 1 paid this month. Way better than I expected. WHere have you been? he shoulda applied a month ago like so many here did. Tell him to try now. All they can do is say no.
oh and FTR i DO NOT do STR's.
This post was edited on 4/29/20 at 1:54 pm
Posted on 4/29/20 at 1:55 pm to ReyCamino
quote:
It is due to the government shutting everything down that the STRs are losing money. Not because of anything the owner did.
Sounds like the owner in these cases didn’t have any plan for 1-2 months vacancy. Who buys a second property for rental purposes (whether it’s a STR or a yearly tenant), without factoring in a little vacancy? You want these people bailed out when the unit’s air conditioner breaks as well? There’s a myriad of costs beyond principle, taxes, interest and insurance that should be considered to determine if the numbers work.
An STR is inherently risky, especially if you aren’t putting much down. The income property movement has been so smooth for years now that people haven’t weighed the risks or considered their exit strategies
Posted on 4/29/20 at 2:18 pm to AlexLSU
quote:
You want these people bailed out when the unit’s air conditioner breaks as well?
If it's the government that goes in and breaks it, then yes.
Look, I see what you're saying, but it appears that the downvoters here are OK with the multi-million dollar "small businesses" getting bailed out, but the guy who owns STR's should have handled his finances better and not gotten himself in that situation.
My point was not that STR owners should have money in reserves for times of vacancy, but that if Ruth's Chris can get $20 million (bailout?), why can't an STR owner get $2000 for operating expenses during a government imposed shutdown?
This post was edited on 4/29/20 at 2:19 pm
Posted on 4/29/20 at 2:20 pm to lsuguy13
most of the new str owners got in too late to the game so now they're crying
this seems to be your dad lol
this seems to be your dad lol
Posted on 4/29/20 at 2:22 pm to ReyCamino
quote:
the guy who owns STR's should have handled his finances better and not gotten himself in that situation.
yes?
most of these guys jumped into the airbnb gold rush after it peaked 3-5 years ago, i have zero sympathies for them
This post was edited on 4/29/20 at 2:23 pm
Posted on 4/29/20 at 3:16 pm to rocket31
Naw dad not crying about it. I was just curious thanks for your concern
Posted on 4/29/20 at 3:46 pm to lsuguy13
if he’s a good businessman like you say, then he’s aware of all of the government loans and options he has. Don’t worry, I’m sure he will still be able to pay your car note.
Posted on 4/29/20 at 4:52 pm to Rust Cohle
Pay my own and my own house etc. once upon a time I was a spoiled brat and that happened but eventually grew up.
And yeah he got an edil or something like that.
And yeah he got an edil or something like that.
Posted on 4/29/20 at 5:05 pm to lsuguy13
quote:
I don’t think calling him “greedy” is the right term at all. He’s a very successful businessman and has his hand in different revenue streams
Then it sounds like he doesn’t need to be reaching in all our pockets
Posted on 4/29/20 at 8:19 pm to lsuguy13
quote:
Sooo anything we can do? What did the article say? I assume it behind a paywall?
Sell?
This post was edited on 4/29/20 at 8:19 pm
Posted on 4/30/20 at 8:08 am to touchdownjeebus
I don’t think a rental property should have any more assistance then any other business shut down by the government, but goodness at the amount of people in here that think they should get less. It’s nothing but a small business at the end of the day.
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