re: Vacation homes: Boomers may have finally out-boomered themselves in Palm Springs, CA

But but but I thought the housing issue was the big investment firms and international money buying it all up?

Bought my condo in Jupiter ,Fl during the last crash. Very fortunate

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They finally figured out why I laughed at them for having 14 ARM mortgages.

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How many of them lied about what the mortgage was for?

I will look for it but there was a recent study saying mortgage fraud (lying about a property being a primary residence when really it was for a rental) is expected to cost banks billions if the market doesn't improve. They are exposed to thousands of them.

If shite hits the fan, I wonder if people will be prosecuted over it.

Banning it all at once in an area increases inventory which will temporarily tank values but also it is harder to sell a house if it is next to a known AirBNB

Sometimes it’s best to just let Paul think he knows what he’s talking about for once

Oh well. I will just keep increasing rent on my rentals in the meantime. I will beat the system. It is beneficial to have the hosuing shortage for my rentals in OS and Oxford.

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I know Airbnb properties are bought with LLC

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Just because you buy it with an LLC doesn't mean you aren't the personal guarantor on the loan so it is likely on your personal credit. The only way I can think that they get away with it is either saying the additional purchase is a personal vacation house or they buy it using a LoC then refi later while also taking out a HELOC or something on their primary residence that was previously paid for. Outside of that, I honestly don't know how you could get more than a few mortgages without the bank knowing it was for rental use. They are trying to avoid an ARM which is the standard for investment purchase financing.


When I was building spec houses I had like 30 mortgages on my credit from the same bank I used. Even though they were all short term they still showed up. That was back in the early 2000s.

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I’m really enjoying the whining from the airbnb kingdom bros I know

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Thankfully I bought mine for dirt cheap and it’s paid for itself since we bought it. But it’s slowed considerably.

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Man, you have to pay a $500 fee to apply for an Airbnb and then pay for inspections that OS has full right to fail you for to ensure your place meets standards. I said frick that and just long-term rented my spare room on Facebook and found a part-time roommate who works at Ingalls Monday-Thursday morning and is gone every Friday-Sunday...$900/month to do nothing. The regulations here are fricking stupid.

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Here I was thinking OS was one of the last hidden gems. Shame,I love the place. Hung out at Murky waters last night.

City where my ex wife lives voted to increase their own property taxes instead of a 5 cent gas tax and let all the tourists pay. People are morons.