Property investments that can go wrong....

[recycled sixtie]

My wife and I had a great ten day holiday in Palm Springs. We do a lot of hikes. Mostly in the mountains but some in suburbia. What we noticed in the suburbia south of our Best Western hotel(I believe it is Mesa) was the number of signs in that wealthy looking area.
Signs that reflect attempts to stop short term/vacation rentals of these homes.

The homes in that area are older homes but likely multi million $$ homes. My wife was talking to some owners and they said that the party noise was becoming unacceptable.
So if you think that rentals are in the levels of the food chain, then it is slowly creeping
up to expensive houses. There are signs on peoples lawns asking the City to implement laws restricting purchasing homes for renting out.

There are also signs for sale indicating that some people are not happy the way their hood is going. Buyer beware....

[Dantilla]

When I was flipping fixer-uppers in the early 2000s, one of the normal things I did was going through the county records of ownership on the street/neighborhood where I was going to buy a house.

If the taxpayer's mailing address matches the house, it's owner occupied. If different, it's a rental.

Too many rentals on the street is a red flag for resale.

[Dantilla]

My in-laws have a second home in the Palm Springs area they would like to sell.

Values have dropped, and potential buyers are pretty scarce. They are most likely going to turn it over to the local management company and use it as a vacation rental. Pretty popular in that area.

[look 171]

Lots of Canadians or folks from the colder section of the country there. Rental has always been good in the city itself or happening section of town. Neighboring cities, not so much. My neighbor own a condo there and its always rented.

Rental are a pain in the ass in good neighborhoods especially the Air B and Bs. People rent them to party and took up parking for the whole neighborhood.

[Gogar]

Air BnB baby.

What could possibly go wrong? Besides everything.

[LakeCleElum]

I'm out in the woods and house next to me recently became a weekend rental. Only minor issues so far, but waiting to see what summer brings.

I've been researching and found some counties are starting to restrict vacation rentals. One requires a house to be over 10,000 sq ft and then obtain a permit.

If you look, you can find some real horror stories....As it is now, neighbors have no control at all.

[sugarwood]

airB&B has impacted every level of the vacation home market.
We are never going back, and I think it's a great thing.

[look 171]

Originally Posted by sugarwood

airB&B has impacted every level of the vacation home market.
We are never going back, and I think it's a great thing.

Until you have to live next to them. I never signed up to live next to a hotel with strangers coming in and out of my yard thinking its their home. I just got into with a young couple yesterday. They each drove their cars there, and met up with another friend in a one bedroom basement. it blew up our parking. I mention to them that there are plenty of parking a couple houses up where they can park on both sides of the street. In front of our houses, parking is only allow on one side due to the narrow streets. He said, "take that up with them, not my problem". Just because they are paying for it, these people have no respect for others.

[matthewb0051]

Same is happening on the east coast just outside of DC. Residents v. non-residents and those wishing to rent out McMansions.

https://www.washingtonian.com/2016/07/14/rehoboth-gone-wild-inside-insane-feud-delaware-beach-town/

[LakeCleElum]

Originally Posted by sugarwood

airB&B has impacted every level of the vacation home market.
We are never going back, and I think it's a great thing.

Clallam County, WA - Where Olympic National is Headquartered:

Clallam panel recommends size limits on vacation rentals, B&Bs | Peninsula Daily News

[john70t]

Some size limits for McMansions makes a little bit of sense:
1). Limit the [big] competition to local hotel chains which need to survive as well,
2). Reduce small neighborhood noise/parking impact from the very large groups,
3). Help increase business to smaller Air B&Bs. Prevent individual foreclosures.

Those 10k sq/5bd limits may be extreme depending on the area, but at some point it can get out of hand.

The city could just take complaints, ticket the property owner, who tickets the rental group...
But tourism should remain a positive experience.
I'm all for AirB&B types of cottage industry and think it will increase overall vacation travel to an area, thus helping the local economy in general.

[jhynesrockmtn]

The City of Austin has passed contentious new regulations for vacation rentals. It's become a huge issue there with folks buying vacation rentals and driving up the cost of housing.

https://www.pastemagazine.com/articles/2016/02/new-regulations-in-austin-could-impact-airbnb-home.html

[john70t]

Originally Posted by jhynesrockmtn

The City of Austin has passed contentious new regulations for vacation rentals.

If too much tourism, and too much interest, and too many people/dollars being spent is a serious problem for Austin, TX...
It's probably all good.
I'm just sayin.