Latest news with #Airbnbs
Yahoo
7 hours ago
- Business
- Yahoo
First-Time Real Estate Investor Opens Up: '$700K Duplex, Permit Issues, And A Nightmare Tenant'—Plus A $20,000 Fine
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. A first-time real estate investor in the Northeast shared a raw, detailed account on Reddit about the highs and lows of jumping into property ownership. In the post, the 38-year-old immigrant described buying a $700,000 duplex with big dreams of financial freedom—and the harsh lessons that followed. '$700K duplex, permit issues, and a nightmare tenant—I'm feeling overwhelmed,' he wrote, summing up his experience in the post's title. The investor explained that despite earning roughly $12,000 a month after taxes and having no consumer debt, his first year as a landlord has been anything but smooth. 'I'm new to real estate investing—and honestly, to investing in general,' he wrote. 'I wasn't raised in the U.S., and I don't have anyone in my network who could've guided me.' Don't Miss: Hasbro, MGM, and Skechers trust this AI marketing firm — Invest Where It Hurts — And Help Millions Heal: After putting 3.5% down using a Federal Housing Administration loan and closing in summer 2023, he moved into the downstairs unit and renovated the upstairs for Section 8 tenants. He rented it out for $3,350 a month. Encouraged by that success, he spent another $45,000 to convert the basement into an Airbnb unit, which started strong and brought in over $7,000 in revenue and $6,000 in profit between November and December. But a plumbing issue late last year uncovered more than just a leak. 'The repair has cost me around $30K so far,' he said. Worse yet, inspections revealed the renovation was done without permits—something he said he was unaware was required. That oversight may now result in an additional $20,000 in fines. Trending: This Jeff Bezos-backed startup will allow you to . The upstairs tenant has also become a major source of stress. While rent is paid on time, he described the tenant as 'loud, combative, and causing me serious stress.' He's now initiating eviction proceedings, even as the tenant threatens legal action against him. 'If I keep her, I will ruin my mental health,' he told commenters. 'My tenant wasn't inherited ... I actually selected them... but again lessons.' With a mortgage that recently rose to $6,600 per month due to a tax reassessment, and only $6,300 in rental income from both Airbnb and Section 8, he says he's just breaking even. 'At least I'm not coming out of pocket,' he ahead, he's planning to move into the basement and convert both the upstairs and downstairs units into full-time Airbnbs. 'One is a 3-bedroom and the other is a beautiful 1-bedroom—I believe this pivot could help me recover from all the unexpected costs,' he wrote. Despite the challenges, he remains optimistic and committed to his financial goals. 'I'm proud of what I've built, but I've made a lot of costly mistakes, and now I'm feeling discouraged.' Reddit users flooded the thread with support and advice. One summed it up: 'Everything is hard before it's easy. The first property is just about learning. As long as it doesn't lose you money, the education is the value.' . With over $1 million in dividends paid out last quarter and a growing selection of properties across various markets, Arrived offers an attractive alternative for investors seeking to build a diversified real estate portfolio. In October 2024, Arrived sold The Centennial, achieving a total return of 34.7% (11.2% average annual returns) for investors. Arrived aims to continue delivering similar value across our portfolio through careful market selection, attentive property management, and thoughtful timing in sales. Looking for fractional real estate investment opportunities? The features the latest To MSN: 0 This article First-Time Real Estate Investor Opens Up: '$700K Duplex, Permit Issues, And A Nightmare Tenant'—Plus A $20,000 Fine originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15 hours ago
- Business
- Yahoo
Everything we know about the Spain AirBnB saga so far
Spain is the most popular international destination for British holidaymakers, with 18 million of us visiting the sunny nation in 2024. However, those who have Airbnb bookings for the coming months may be startled to learn that Spain's authorities have called for the removal of 66,000 short-term holiday listings on the grounds that they are in breach of tourist accommodation regulations. So, what does this mean for already booked Airbnbs in Spain? We'll get to that, but it's useful to know why it's happening… Numerous anti-tourism protests have taken place in Spain since 2024, following a growing housing affordability crisis. Locals in places including Madrid and Barcelona have shone a spotlight on short-term holiday rentals - typically those in residential areas - claiming that the short-term rental market is pushing up housing prices. "No more excuses. Enough with protecting those who make a business out of the right to housing in our country,' Spain's consumer minister Pablo Bustinduy said to journalists following the Spanish court's decision on delisting short-term rentals. Spain's Consumer Rights Ministry opened an investigation into Airbnb last year, and Spanish courts have since deemed many listings to be illegal, claiming thousands of them do not openly show a tourism licence or registration number (at least one that is recognised by the authorities), or they do not show the legal status of the landlords. The High Court of Justice in Madrid has ordered the immediate removal of 5,800 listings, and is promising two further phases totalling up to 66,000 listings. The listings include whole properties only – individual room listings do not feature in the ban. Airbnb claims that even this initial figure has been lowered to 4,984, after they flagged a number of instances where listings were in compliance with the applicable regulations. There will be no impact whatsoever on reservations for the summer in Spain, at least from Airbnb's side. Meaning no cancelled plans and no compensation needed as a result of the recent ruling. The online platform confirmed to Yahoo News that it would be appealing the decision and that it has no plans to take any listings down immediately. "No evidence of rule-breaking by hosts has been put forward,' it said in a statement. 'The decision goes against EU and Spanish law and a previous ruling by the Spanish Supreme Court.' Airbnb could also argue that it is a platform subject to the Digital Services Act, with no monitoring obligations. However, if it is asked to remove content by the Spanish Supreme Court, it would be required to do so. It will likely argue that it's not classified as a real estate provider, so displaying a registration number will lie with the final tourism service provider. The Spanish National Statistics Institute (INE) counted more than 350,000 short-term rentals in Spain in 2024, which includes listings on sites Airbnb, Vrbo and Only Airbnb has been targeted in the recent ruling. Airbnb doesn't only offer short-term rentals but also hotels, hostels, rural houses, bed and breakfasts and tourist apartments. There's a growing resentment towards short-term lets worldwide, with many claiming that short-term rentals are affecting house prices. Airbnb policies have become more strict in certain places, including Amsterdam, Barcelona, Edinburgh and New York, but Airbnb claims that since the new anti short-term rental regulations in these cities have been in effect there have been no major changes to accommodation availability. 'The solution is to build more homes – anything else is a distraction,' Airbnb said in a statement to Yahoo News. 'Governments across the world are seeing that regulating Airbnb does not alleviate housing concerns or return homes to the market – it only hurts local families who rely on hosting to afford their homes and rising costs.' According to Spain's National Statistics Institute (INE) census in 2021, Spain has almost four million vacant homes that make up over 14% of Spain's total housing stock. 'Millions of euros [are] taken from everyday hosts and small businesses, often to the benefit of large hotel chains,' Airbnb claims. Read more: The key travel rules you must know after EU-UK deal Fish and chip shop wins fight to partially convert to Airbnb
Otago Daily Times
2 days ago
- Health
- Otago Daily Times
Building ‘beyond economical repair'
Oamaru House in Hanover St. PHOTO: GERARD O'BRIEN A Dunedin hospital patient accommodation building earmarked for demolition is in such a poor condition it is "beyond economical repair", Foodstuffs says. The supermarket giant said its planned demolition of Oamaru House, at 95 Hanover St, to add "much-needed" car parking at New World Centre City was a decision that had not been taken lightly. It announced last month it had lodged applications with the Dunedin City Council for building permits to demolish the building, as well as another structure at 121 Great King St. Operated by the Oamaru House Trust, the volunteer-run facility provides affordable accommodation for patients and their families, particularly those based rurally. Its lease is due to be terminated on October 31. A Foodstuffs South Island spokesperson said it understood Oamaru House held a special place in the community and some people would be disappointed to see it go. As the landlord, it had a responsibility to ensure the spaces it managed were of a reasonable standard for people to live in, the spokesperson said. "A recent building survey unfortunately confirmed that Oamaru House was in particularly poor condition and was beyond economical repair. "That assessment, along with the fact that two floors have remained vacant for over a year, reinforced our decision not to renew leases and to proceed with plans for its removal. "We truly appreciate the community's connection to this site and hope people will understand why we had to make this difficult decision." The spokesperson did not confirm how many carparks the demolition of Oamaru House was expected to generate. Murray Radka, 77, of Alexandra, said he was "appalled" Foodstuffs planned to demolish the site for additional carparks. "What a huge difference it's going to make for thousands of sick people from out of Dunedin who are going to have to make other arrangements." Mr Radka said he had travelled to Dunedin hospital for treatments, including for permanent lung issues, an aneurysm in a carotid artery, prostate cancer, and a rheumatoid arthritic condition — and more recently a hernia surgery. He was often not strong enough to walk long distances unassisted, so relied on his wife, who had mobility problems of her own. If Oamaru House did end up relocating, he could not think of any other site in the vicinity of Dunedin hospital that was as convenient as the current premises. Before he started staying there, Mr Radka said he would book Airbnbs or other private accommodation. But these could be quite a way out of Dunedin and lacked the support services Oamaru House offered, he said. "You can't put a value on a facility like this, and to think that it will be replaced by a few carparks which I think are going to make very little difference to the operation of Foodstuffs." Oamaru House Trust chairman Tony Caldwell said while the decision was disappointing, Foodstuffs had treated the trust well and he did not begrudge them for it. The trust was given notice on May 13. Unless a "very big benefactor" came along, the trust was not in a position to lease or buy another building, Mr Caldwell said. "In all probability, if we'd found another building, it would have required a reasonably significant refit or fit out or improvements made to bring it up to standards, of which we didn't have the finances to be able to do that."
Buzz Feed
3 days ago
- Buzz Feed
6 Essential Airbnb Safety Checks Every Guest Needs
With the rise of platforms like Airbnb and Vrbo, short-term vacation rentals have become an increasingly popular alternative to hotels. In the age of COVID-19, many travelers prefer the option to avoid the person-to-person contact of staying at a busy hotel by booking a single-family home instead. But there are safety concerns that arise with the vacation rental experience. 'While many hotels have security guards and someone at a front desk keeping an eye on the property 24/7, Airbnbs do not,' Cheryl Nelson, a travel preparedness expert and founder of Prepare with Cher, told HuffPost. 'If you have a concern at an Airbnb, there usually isn't a manager or employee on-site or another room you may move to. If you're traveling solo and need help, a hotel will typically have people on staff 24/7 to assist, while Airbnbs may not.' Over the years, companies like Airbnb and Vrbo have taken steps to improve safety ― from banning parties to providing safety checklists to establishing a Trust & Safety Advisory Coalition. 'Staying at a short-term rental property is generally safe,' said Jeremy Prout, director of security solutions at International SOS. 'Like booking any accommodation, the traveler needs to ensure they understand the risk of the neighborhood and take general precautions that they would for staying anywhere. Many of the concerns about safety and privacy issues are driven by viral videos or posts that are not consistent with the overall experience.' Rare or not, dangerous things can happen during travel, including at vacation rentals. That said, there are ways to diminish the risks. Below, experts share the safety steps travelers should take when they arrive at a vacation rental. They also offered some advice for keeping safety in mind when booking these accommodations. 1. Check for cameras. 'Ask the host if there are security cameras so there is full disclosure,' Nelson advised. 'Hidden cameras are prohibited, but for your own privacy, you may want to do a scan inside the house to make sure you don't unwillingly end up on camera.' Airbnb specifically prohibits hidden cameras or other recording devices and requires hosts to disclose the presence of any such implements. Recording devices are also not permitted in private spaces like bedrooms and bathrooms, though they are allowed in common areas. Vrbo doesn't allow any sort of surveillance devices inside its properties, though hosts are allowed to place cameras outside the home, so long as their locations are shared with guests. Still, over the years, there have been several news stories about travelers discovering hidden cameras in their vacation rentals. 'They're typically in areas where you would expect privacy,' said travel safety consultant Kevin Coffey. 'Think smoke detectors in bedrooms, light fixtures in bathrooms, even alarm clocks next to beds.' He emphasized these concealed recording device instances are rare and that many hosts simply install visible cameras in permitted areas due to the countless incidents of guests trashing rental properties during their stays. Still, if you're concerned about hidden cameras, there are ways to check for them when you arrive. 'You can use a Wi-Fi checker,' Coffey said, noting that network-scanning apps like Fing can inform guests of any unknown devices that are connected to the Wi-Fi. Keep an eye out for objects that appear to be altered or out of place, and if you have suspicions, consider draping a piece of clothing over them. 'Use a flashlight with the lights off to look for reflections off camera lenses,' Nelson suggested. 'Peer into vents covers and other openings in the wall where a small camera could be hidden. Unscrew and inspect smoke alarms and other wall- or ceiling-mounted appliances.' 2. Store your valuables safely. 'For the safety of your belongings, ask if the property has a safe,' Nelson suggested. Items like your passport, electronics, jewelry and other valuables should go in the most secure location, and many rentals provide safe storage. Sometimes, you might have to bring your own padlock, which provides extra security as only you know the code. 'There are also portable safes you can travel with,' Coffey said. 'They're usually cloth with wire mesh sandwiched between two layers of canvas, and there's a braided steel cable, so the only way for a thief to get into the bag would be to have bolt cutters.' He recommended the brand Pacsafe, which has a variety of anti-theft items, including portable safes. 'If you don't have a safe, gauge whether you should leave stuff lying around that can be seen through windows,' Coffey advised. 'You don't want important items to be visible.' If you have a car parked outside, make sure to remove your belongings to avoid vehicle break-ins. 'You can also bring a camera to monitor your valuables as long as you remember to remove it by the time you check out,' said Cathy Pedrayes, a safety expert and author of The Mom Friend Guide to Everyday Safety and Security. 3. Confirm the presence of smoke and carbon monoxide detectors. Fire safety is always a concern, but after three American tourists died from carbon monoxide poisoning at a resort in the Bahamas in May, travelers are on extra high alert for that silent killer as well. 'Check to ensure each floor of the rental has working smoke and carbon monoxide detectors,' Nelson advised. Rental booking platforms like Airbnb allow hosts to note whether or not they have a smoke or CO detector on the property, but it's worth checking that they're on when you arrive. 'You can also purchase portable smoke and carbon monoxide detectors and take them with you when you travel,' Coffey added. 4. Get the lay of the land. 'After I set my bags down at a rental, I just walk around the space and get the lay of the land,' Coffey said. 'Try to see where all the doors are and test them out. So many people see a door but might not realize it's bolted shut, so that's not a way out in case of a fire.' During your inspection, create a mental escape plan for emergencies. Look for the first aid kit and fire extinguisher. Coffey said he inspects the fire extinguisher to make sure it's charged and functioning. 'Remember that when you're in a house, there are a lot of points of entry that could be used to break in when you're not around ― whereas a hotel room usually only has the one door,' he added. 'Check your door and window locks to see how secure things are from a break-in standpoint.' Consider the safety needs of your fellow travelers in mind as you scan the property. 'If traveling with children, survey the area and look for glass or sharp objects, ensure that the TV is secure, if it is within reach,' Prout said. Scope out the general area where you're staying as well by walking around and looking at the map on your phone. 'You should be aware of local emergency resources ― police station, fire station, hospitals, pharmacies ― should there be an emergency during your stay,' Prout said. 5. Set up your own alarms. 'If you're staying in a street-level apartment or a place with lots of windows, consider if it makes sense for you to bring in additional door and window security devices,' Coffey said. Ask your host or look for yourself to see if there are already alarms and outdoor sensor lights. Even if there are, you may still want extra protection. Coffey noted that portable motion detectors are not particularly expensive and can alert you if someone is trying to break into a door or window. Similarly, portable locks can help keep your rental extra secure. 'Bring a small, portable door stop alarm,' Nelson echoed. ' This one from Damsel in Defense is one of my favorites.' 6. Turn on tracking. When you're traveling, it's always a good idea to let loved ones know where you'll be. You can text them the address of your rental when you check in and share your reservation confirmation. Coffey suggested even going a step further. 'Turn on tracking for your loved ones so that they can see where exactly you are and know what's going on,' he said, pointing to apps like Find My Friends. 'You should do this especially if you're a solo traveler.' Pedrayes recommended having designated people you can call in case of an emergency. 'Before you arrive at a location, know your emergency numbers,' she said. 'Is there Wi-Fi or cell service? Who can you call back home to help? Do you speak the language, if not, do you have a way to communicate in case of an emergency?' Keep vacation rental safety in mind even before your trip. 'I've never felt unsafe while staying at an Airbnb, but I always do my research prior to booking,' Nelson said, adding that she tries to choose properties from Airbnb 'Superhosts' when possible due to their experience and top ratings. 'Familiarize yourself with the local area and always read the Airbnb guests' reviews, so there aren't any surprises.' She also recommended resources like to 'understand the vulnerabilities' of a particular area. Google Street View can help you see what the street and entrance look like as well. 'A short-term rental property may look great in photos, but be sure to research the neighborhood ― you will be interacting with it, including coming and going with luggage,' Prout noted. 'A simple search can provide you with an overview of the risks. If you're not sure, ask the host. If you're still not sure, find another accommodation.' In addition to crime concerns, Coffey said some travelers like to consider if an area is good fit from a cultural perspective. 'A person of color, someone who's LGBTQ, a woman traveler ― they might want to take a deeper dive and look at safety scores from different apps and websites,' he explained. ' GeoSure offers helpful ratings.' He also suggested parents traveling with children check the sex offender registry for the neighborhood. Meanwhile, Prout urged travelers to think about the types of accommodation they're searching. 'When it comes to safety, booking individual room rentals instead of an entire property can put a traveler at risk as the guest may find themselves sharing a home or an apartment with other people, which can increase the likelihood of a security incident ― assault, harassment, etc.,' he said. Still, Prout added, there's no simple solution for avoiding all risk. 'The reality is that emergencies can happen anywhere, at any time,' he emphasized. 'Therefore, there is no one answer when it comes to ensuring your safety when booking lodging accommodations. The best thing a traveler can do to protect themselves is to do research ahead of booking accommodations to determine the level of risk associated with the location and plan accordingly.' HuffPost.
Local Spain
4 days ago
- Business
- Local Spain
Inside Spain: Another bid to limit foreign buyers and house brands rule
If foreign property buyers from wealthy Western nations currently feel targeted by the Spanish government, it's not hard to understand why. In April, Pedro Sánchez's administration scrapped the golden visa residency scheme which gave non-EU nationals Spanish residency in return for buying property worth €500,000. Last week, the ruling Socialists officially lodged their proposal to charge a 100 percent tax on non-EU non-resident property buyers, effectively doubling the price they pay for homes in Spain. There have also been proposed foreign property ownership limitations put forward by authorities in the Canaries and the Balearics. And most radical of all was the suggestion submitted by Catalan separatist party ERC to require actual foreign residents to apply for a permit to buy a Spanish property if they haven't become permanent residents yet. In other words, if they haven't officially resided in Spain for five years. This proposal was rejected by Spain's Congressional Housing Committee in late April, but now ERC are trying to get such a law passed only in Catalonia. The idea is the same as that shelved a month ago - a regional authorisation system whereby foreigners planning to buy a home would first have to prove their eligibility by applying for a permit from the housing department of the region where the property is located, in this case Catalonia. The criteria for this would be first proving five years of continuous residence in the country, so it would exclude those with a temporary resident card from being able to buy a home. The initiative will be debated in the Catalan Parliament next week. 'You can't have a situation where a firm on the other side of the world buys real estate for speculation,' ERC MP Mar Besses said. ERC's Secretary General Elisenda Alamany has also defended the proposal by saying that 'we want people who buy to show their commitment to the city (Barcelona), as it's the way to guarantee our identity and communal lifestyle.' Both points made by members of ERC are certainly valid and understandable, but they seem to be more directed at investment companies as opposed to the temporary residents who they are looking to stop from buying homes. Can their residency in the northeastern region and desire to buy a home there be considered 'speculation'? Just as is happening with the crackdown on Airbnbs in Spain, the lines between huge businesses focused just on profits and people with one or two homes in Spain are becoming blurred. Protestors hold a banner reading 'The neighbourhood is not for sale' during a demonstration to demand better access to housing in Barcelona on November 23, 2024. (Photo by Josep LAGO / AFP) In other matters, there was a time not long ago in Spain when buying Mercadona's Hacendado house brand was almost seen as defining one's class or socioeconomic status. The idea for many was that if these marca blanca (house brand) products are cheaper, they must be of a worse quality. It's a silly concept most of us are guilty of at some point, one which doesn't factor in the lower cost of distribution, packaging and marketing for supermarkets who produce their own products. Fortunately, through a combination of necessity and change of mentality, Spanish shoppers have gotten over their prejudices about house brands. Spaniards buy 20 percent more house brands now than they did in 2003, representing 44 percent of their grocery shopping, according to a study by Kantar for Spanish business daily Expansión. In some cases, the percentage is even higher: Lidl (82.1 percent), Mercadona (74.5 percent), Carrefour (40 percent), Día (57 percent). And according to their findings this shift isn't just about tightening one's belt because of the rising cost of living, although they admit that this has been the catalyst. Supermarkets in Spain have developed their own premium differentiation strategy - with different categories of house brands - which has broken the traditional monopoly of the big name brands. Now the marca blanca isn't 'the worst option' but the 'cheapest option', and this change of perception makes a difference. Unfortunately, the downside of improving house brand products - whether in reputation, appearance or actual quality - is that they've been getting more expensive. Then again, what hasn't?
