Modern real estate tycoons
- Thread starter lukep
- Start date
Wow, E. Katie Ave.! That's a brutal area, especially West of Maryland Parkway. That guy could charge 90% less than he does per night and I would never stay there. It is pretty close to the Strip though, although your rental car may not be around in the morning when you wake up to hit your favorite buffet. That's the crazy thing with Airbnb. You have to have a way to evaluate the area you're in. One way is to use valuation heat maps for a given city. Trulia has them for most major metropolitan areas in the U.S., but I have no idea what I'd do for places outside of the U.S.
I don't know if Airbnb will live much longer, to be honest.
They have been sued left right and center by many state governments accross the world.
In most western countries you need a permit to be able to sell accommodation.
They have been sued left right and center by many state governments accross the world.
In most western countries you need a permit to be able to sell accommodation.
I found the exact place on the map...
http://goo.gl/maps/MDAvb
The Racial Dot Map: One Dot Per Person for the Entire U.S.
There is another unit currently available in the same building with a $45k asking price.
1455 E Katie Ave Unit N14, Las Vegas, NV 89119 - Home For Sale and Real Estate Listing - realtor.com®
Or like most make-money-online "Gurus" who claim to have made "millions" using screenshots to show their revenue, while conveniently forgetting the cost of traffic.
I'm gonna look into doing something along the lines of what he did in 2 years.
Right now I can return 20% all day long with properties in my area and they require less work than he was putting in.
I'll upload video tomorrow or later in the week of the property we're almost done with, and it's in a good area :
~$60,000 investment
6 bed
2 bath
2000+ square feet
1 car garage
partial basement
$1050/mo rent
21% simple return
~16% effective return after all costs.
Right now I can return 20% all day long with properties in my area and they require less work than he was putting in.
I'll upload video tomorrow or later in the week of the property we're almost done with, and it's in a good area :
~$60,000 investment
6 bed
2 bath
2000+ square feet
1 car garage
partial basement
$1050/mo rent
21% simple return
~16% effective return after all costs.
Yep.
In a lesser-nice area, we picked up a house for about $25k - 3br 1ba with a 2 car garage, ~1200sf with $625/mo rent (Not including the garage as we're going to use it to store equipment). Total ROI is around 22%/APY.
Housing prices in the Midwest are crazy. My parents have picked up a number of $10-20k houses that they clean up and rent out. They try to steer clear of anything over 1-2 BR, though, since it attracts tenants who are inclined to have roommates, kids, big pets, etc. and the potential for damage is higher.
My grandma does similar, but she spends a bit more ($20-30k) and then sells the houses on contract (at a higher price than she paid)...then she takes the houses back if they stop paying. She's brutal.
He actually has it listed for-sale
Las Vegas, NV 89119 | MLS# 1391983 | Redfin
Asking $49,900 -- such a cash cow that he wants to sell it for what he paid for it one year later?
He actually has it listed for-sale
Las Vegas, NV 89119 | MLS# 1391983 | Redfin
Asking $49,900 -- such a cash cow that he wants to sell it for what he paid for it one year later?
Nice find. $175/mo HOA dues for that place totally sucks. If anyone had any idea how nice that place is on the inside it would be getting broken into regularly. Again, I would never want to live near there or ever rent to someone who is interested in living in that area - there's no money in it after you fix the repairs and spend time dealing with the headaches who are your tenants. There are better ways to make money out there IMO.
Why don't you update your real estate thread? I'd be curious to know what's up with your real estate investment fund since you started... how many properties you have bought since then, how many people jumped the bandwagon, etc...
Because even with profits, he might be able to see the writing on the wall.
After people were bragging too openly about their earnings, AirBnB "landlords" are being targeted by governments who want to see the taxes they used to collect from hotels.
::emp::
It will never be illegal to rent out a property you own (yes, some properties have association rules but this condo does not appear to)
Even if he is forced to pay the current TOT rate of 12% in Vegas he still is profitable. He'll have the entire condo paid off in less than 4 yrs.
If he decides to rent it out full-time it would still bring in around half the income it generates as a vacation rental.
At any rate, he got a TON of juicy backlinks to his two sites Needwant.com and Lockitron.com from posting his rental income, lol.
New york has plenty of restrictions on renting out property. Licenses, fees, it's even illegal to rent your property out for whatever you want in some areas.
I live about 5 minutes from there. It's a good location but Tukwila doesn't have much in the way of residential.
Condos in that area though... Tukwila, Renton, Kent etc. all are really cheap, but locations in those cities can be hit or miss. With Renton and Kent, generally if you stay in the highlands and out of the cities the location will be fine, though.