Why I'm QUITTING Airbnb.
ฝัง
- เผยแพร่เมื่อ 28 พ.ค. 2024
- Why I'm planning to quit Airbnb and what my plan is instead.
0:00 I'm QUITTING
0:19 The #1 Reason I'm Quitting
1:46 How This Effects my House
3:17 What I'm Doing Instead
3:51 Why Not Sell?
5:51 My Honest Thoughts On The Bill...
SOURCES:
SB 584: legiscan.com/CA/bill/SB584/2023
Palm Springs City Revenue & Budget: www.palmspringsca.gov/governm...
California State Income Tax Revenue: ebudget.ca.gov/2022-23/pdf/Bu...
Vlog Channel: / othershelby
Instagram: / shelbychurch
Twitter: @shelbychurch
Snapchat: shelbychurch
Follow me on LinkedIn: / shelby-church-58b5aa56
What Equipment I Use:
a.co/9uNkPmD
For business inquiries please contact shelbychurch@underscoretalent.com
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when I bought my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, I'm sure. it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.Read more
Do you mind me asking you to recommend this particular coach you using their service?
Google Sonya Lee Mitchell and do your own research. She has portfolio management down to a science
I ran an online search on her name and came across her websiite; pretty well educated. thank you for sharing.
The cleaning fee is what cracks me up, and that's after they require you to clean it yourself before you leave. Cleaning is what's known as overhead.
It is absurd lol
I agree. And owners have total control over that. I have a small unit so charge $75 and the only thing I ask is that they start the dishwasher or wash the dishes.
not completely. If you use a property management company they often set the cleaning fee and take the whole cleaning fee as well as a % of the nightly rate@@julieperrin3440
@@julieperrin3440stop making people do chores on their vacation
@@ShelbyChurch Your Honest thoughts on the bill section, thats Galvin Newsom for you... I agree that the brunt shouldn't be put on short term rentals.. its absurd
Non click-bait title. "Why I might quit AirBnB, in 2025, depending on how things go."
Thanks, don’t have to watch the video anymore.
Mean 😊
Just watched a more recent video about the changes she’s making to her AirBNB for 2024 to make more profit lol. I think she’s trying to please the young people that she’s pricing out of the market.
She and Air bnb is not pricing anyone out of the market. Its the whole system and how it works. you eliminate airbnb an you will not see any improvement if affordability. @@marieneu264
She one of the most fakest b--s on social media?
Just an informational correction: SB584 is not a law going into effect in California. The first committee hearing for it was cancelled at request of the author of the bill in June 2023. It’s not been voted on by our legislator and has not been signed by the governor. It was pulled.
Was going to comment the same point. I do think it has the support of the legislature but not sure about the Governor. Airbnb lobbyists throw big dollars behind killing these kinds of bills. We’ll see by votes who responds to donor dollars.
Wait so this vid is wrong then?
Yeah Shelby should not make videos on politics... it's clear she has no idea what she's talking about. Why make this video before talking to someone who can explain to her where the bill is in the legislative process? It's just laziness. California is also unusual in how much the taxes vary year by year because it's very dependent on income tax vs a state like Texas that depends on property taxes (where revenues are less volatile according to the economy).
So it was a video about nothing. Nice.
@@venom5809 Yeah at this point given how quickly people corrected her, keeping this video up as-is is just spreading misinformation. It's also just a bad look to publicize how little she knows about government.
New home developers also tend to want to only build high end expensive homes. Where I live, no one builds basic, inexpensive homes anymore. There seems to be no more starter homes being built, and any such homes on the market are bought up as investment property.
more housing at the high end of the market does ultimately decrease prices for the lower end of the market. pulls higher income folks from bidding up cheaper housing.
Even without this tax, it seems like a long-term rental makes a lot of sense now that you have the option to stay with your family! I am so glad to see you aren't planning to sell- I love the house too.
Yes so Great! Renting out the townhouse in Seattle✅ Renting out the Palm Springs House✅
I think Shelby is so pissed off that she might burn those affordable house built for poor hobbo 😂😂😂
@@crazypasta7749 All people who own AirB&Bs are rich. By world standards these real estate owners are probably in the top 20% of the world's wealthiest people. It is good to tax the richer
Yes! long term is so much more secure. Especially in a place like California where you can rent out at competitive rates.
The fact that you and your neighbor are turning your Airbnbs into long-term rentals show SB 584 is having the desired effect - more long-term housing for the city. But I agree, it doesn't seem like a holistic solution.
My neighbors aren’t though, they just own the houses as 2nd homes, a lot of them are empty half the year
Literally the policies working: “I will just turn it into a rental” lol I can’t even
she is just ranting - her Abnb is not doing well - just check their listing. They overpaid and over-improved the property. P.S. will only get stricter as actual homeowners get sick of the STR. LTR is the best option - if they sell they will never recoup their money but they will get back some of it
the fact that the girl in this video has no remorse is beyond me.
Ahh its the end of an era! I've followed this airbnb process since the beginning and I always had hope it was going to work out, so it kind makes me sad it didn't! Either way, I am very happy you decided to keep it. You worked so hard and put so much into making that home so beautiful!! (also, love the shot at 5:51)
I don't live nor have I ever lived in CA, but I feel the people that decide what affordable means are the people that have never had to wonder if they can afford rent/mortgage before.
Pretty much CA legislature has one renter on it and I don't even know if they're still on it. I believe in a one report the LA Times found that over 50% of them were landlords themselves so for many of them they don't really push for housing, however, it's such an issue now that if they don't come to terms with changing it they're going to not get voted in. I guess are best bet is to get rid of some of the legacy politicians and take power away from CADEM and the NIMBY's they've catered too then maybe we could reduce the regulatory issues. It shouldn't take 3 years to get a new building built with permits here, but in LA that's the average build time and many more take longer than that if they can't pass city council objections.
Thanks for digging in to find the facts and sharing your research! I found this very interesting
I love seeing your perspective on this!
Airbnb hosting is not for everyone, and not for every area it seems. We have done very well, but I can understand why some people would want to quit. Every situation is different. Best to do your due diligence before you invest. I hope you are doing well on TH-cam Shelby! I trust that you are, and Konnichiwa from Japan!
This is such a good video. Between the information you gave to the editing cuts it really captivates me! Keep it up
Thank you!! I really try on the edits so I appreciate the comment 🥹
I know you were discussing some serious stuff but wanted to say I liked how integrated the sponsor was. The floating 3D graphics were noticeable but didn’t interrupt the topic which allowed me to continue paying attention and didn’t lose focus
Hey Shelby! Thanks for being transparent and having a REAL.
I love that you are honest about your experience with Airbnb. I tell my friends all the time understand how Airbnb works. Working as a realtor and understanding law, permits, building codes, etc. It might not benefit you depending on where you are at. You have to also think about how many bookings you could possibly get, location, management, cleaning, etc. All these fees could add up to where you are losing money instead of making money. I tell people break everything down before you just jump in listening to these "Airbnb Gurus" online selling you classes and not making their money off the Airbnb. Instead, they are making their money off the courses people are taking. Again, thanks Shelby for being honest and transparent about your experience.
she bought and Airbnb at the top of market - never a chance of making money. They put way too much-sunk costs in the "investment".
Shelby girl, your transparency is a gem!! 💎💎
Thanks for this awesome video. Really good stuff.
Very informative, thanks!
This is the death of airbnb. The fees are already insane, and this is even more ridiculous! Who is going to pay an extra $1500 in fees?!?
YUP! I’m seeing a lot of airbnb owners sell!!
@@ShelbyChurchI used to manage one here in Nashville. It is currently for sale 🙃
@@ShelbyChurchthat’s the point. Their plan is working.
That is a huge good thing for areas that have too many short term rentals. There are at least 2 apartment buildings that are over 50% short term rentals
It's not just the California tax. People in tax-friendly Texas are posting about leaving airbnb.
The other day I checked out your AirBnB to see what a typical night would cost and I was shook by the additional expenses 😳Affordable housing is a tough subject, it's also quite a problem over here. As with many problems like this, there is not a single, simple solution.
The affordable housing angle seems like a ruse by the government to collect taxes and force people back to hotels.
@@hearmenow909 Exactly! Not to mention when people start to sell their homes guess who's going to buy them up? It's not going to be the average Joe's who can't even afford them right now because of high interest rates; It's going to be the big investment management companies with cash gobbling up the housing market. It's not looking good for the foreseeable generations. They will be doomed to renting. It's much better to let small investors own a handful of properties. People don't realize that ultimately it's better to keep a portion of the housing market into small hands rather than large monster corporations.
I really love the content you've been posting, its very helpful.
Great video.. Love hearing you express your opinion.
Boss Babe moment
Looking at it from a neighborhood perspective. I don't live next to a hotel, but essentially airbnb can make your neighbor's house a hotel where people are checking in and out every day or every other day. I could see why cities and towns are trying to put an end to some of this. And this house is taking away from a family being able to buy it and make it their own and becoming part of the neighborhood. I live in a place where it makes zero sense to do airbnb, so thankfully don't have this issue. Does anyone here live next door to an airbnb house? Are the people loud and obnoxious? hahah
More importantly, there's a housing crisis and people having a place to LIVE is more important. Everywhere. Stay in a hotel.
Airbnbs have ruined Scottsdale. It's not even a nice quiet place to live anymore. It seems like there is an Airbnb on every block
Living by an AirBnB sounds like a nightmare neighbor, IMO. I lived in a neighborhood where the house nextdoor was rented out all the time, it was a revolving door of tenants, it felt shady to live near by.
private property is private property ... comunism is telling or forcing you what to do what not to do with your place i pay taxes i complay with all regulation don't do the dirty work for hotels lobby .... because that's about in the end
I live in my Airbnb house and it's quiet AF. Why would it be loud? The neighbors think we have the nicest lawn they've ever seen because we actually take care of the property compared to the family we bought the house from.
Great insight and very informative!
nice to know for holidays .. thanks for sharing
Sadly homes have gone from a roof over your head to investment properties where the costs get jacked up to where people can't afford the homes. Everyone want to sell their home for a profit, even when it's not worth it. Sadly AirBnB have removed so many homes from the market which makes in nearly impossible to find affordable housing. And since most wages do not increase at the same amount as other expenses, people just can't afford basic housing.
Absolutely true. And this is happening all over the country not just in California.
💯‼
So true…everywhere.
For the most part areas with a high amount of AirBnB homes, even without them being rentals, would still NOT be considered affordable housing. Look at the homes in markets with a steady tourism market, desirable locations, vacation destinations, whatever you want to call them, their homes are STILL expensive. Even before vacation rentals were a thing, homes at the beach for example, have always been more expensive than the same home would cost inland, because again you're paying for LOCATION.
❤you nailed it.
The government across-the-board doesn’t know how to handle our effing money. They need the audits
I’m so happy this came out soon after your last vlog!! 🙌🏻 was curious why 👀
Having owned several rental properties, my experience leads me to this conclusion: I wouldn't do it again at gunpoint.
The 2am maintenance calls.
The non-paying tenants.
The eviction process.
Unless you're willing to give most of your profit to a "Property Manager".
If you're looking for true passive income, invest in the stock market.
took an L on the property... just admit it
I am glad you have come around. Long term rental is where it is at.
Ugh, well said. Totally agree with the affordable housing stuff you mentioned - it's so frustrating!!
My old boss had 12 single family homes on airbnb in Denver. Lots of times some of those houses sat empty because they didn't book. For this one guy to have TWELVE houses in his possession so he could list them on an app is crazy to me! How many other people are hoarding homes for short term rentals?
that's WILDDD
While STRs may be a small (tiny?) % of housing, every little % is hurting the available inventory to get toward more affordability.
It's called free market.
@brucesinvestingseries8572
Agreed...anyone can invest. It's a leg up for many small time investors. My renters cannot even remotely afford a rental. For example they have a hard time affording rent that is half what their mortgage payments would be. Saludos Laura
* to buy the house we rent
Maybe you did the same research on this bill that you did when you bought that house without getting inspections. Just be honest and say you jumped in over your head and don't really know how the real estate investment game works.
Jerk!
Love your videos
Great video! Your so talented and hard working ❤
Nice! Single Family residences have absolutely been overtaken by corporate interests & AirBnB has been a massive drain on the available housing market. When most young people are expecting to never be able to own a home in their lives, we'll take any wins we can get.
I heard Shelby is a boss babe, keep it up Shelbs
Very informative and thought-provoking video.
Thanks for keeping us up to date. I’m going to be a renter in 2023. But save to eventually be a home owner.
BEST Decision Shelby! You should put into action now at the $5,000 price point. You will have a long term renter in there in a hot minute!!! My friend did the same with his condo a long time ago with a very affordable price point and has the most amazing family living there for years with zero issues.
Such a great video! Really enjoyed your insight and agree with you, I think this will make more airbnb's choose other avenues like long term rentals. I am curious though, with this happening what does it mean for your build in Joshua Tree?
Well done! You did some great research here.
Fantastic video Shelby. I'm from Canada and love every time I come to PS. Just the perfect getaway place. Keep up the PS content.
This mortgage amount is quite low for the beautiful house you have. Even if you break even as a rental (which I think you will get more anymore), you won't have the headache. If in the future you want to return to short term rental, you can do that. Never get rid of real estate.
As a California Airbnb owner, it’s so frustrating trying to do any business in this state. I always feel that just when I start to hit a stride and make a profit, California quickly intervenes to stop it.
I feel that!
Doing any business at all without being a giant corporation in California is impossible. The government is so messed up and pushing Californians away from being able to stay here.
Vote about it!
Vote newsome out
I left in 2006 and have never looked back.
Yeay new journey 🎉
You really are the 🐐 please continue to do what you do!!!
Chiming in on what you said about TX as a TX homeowner… while Texas has its own issues with housing availability, it was admittedly affordable to buy a home here. However, the property taxes are so high! In my new development, so many people had to SELL AND MOVE after the first year because the property value jumped up so much due to updated appraised value. There is no cap on how much property taxes can increase in a single year in Texas. This is true for all residential homes and that cost is passed onto renters too.
Texas progressively updates property taxes right? CA keeps them same from the time of purchase. That's why for some boujie buyers they actually end up paying less for their property in CA simply because of the favorable property tax rate.
@@kgal1298 yes that’s right! The tax property taxes here in Texas can be killer
@@kgal1298 any new developments in CA is pretty much guaranteed to have a mello roose tax, which is supplemental tax, of another 1-2% of the purchase price. many people forget about this
@@kgal1298 Wrong - CA does property assessments and the property taxes do go up - but they are capped at 2% per year
Love the honesty
Love the video! I am born and raised in the Coachella Valley, and currently run a property management company here for the last 7 years... STVR's have been suffering for the last year and a half and this bill will definitely kill Short Term Rentals for sure.
I live in a beach vacation destination town in Florida that has restricted expansion opportunity due to Military bases surrounding the area. Housing is already limited and that is compounded by people with the money to buy a 2nd, 3rd or 4th home to turn them into Airbnb's. Flippers arrent flipping anymore but Airbnb'ing them. People with investment money are paying well over asking so they can list on Airbnb. A tax like that here would be an amazing boost for locals so they could actually buy the homes that become available. I know this isn't the situation everywhere but Airbnb is crushing families here.
You see the same issue in Mexico City too, which doesn't have that many regulations. A lot of people saw an opportunity to get money from rich wersterners during the pandemic and for a city that already has a huge economic divide it didn't help. I think MSNBC recently did a video on it and expats moving there overally it was a pretty good report.
If your talking about Tampa, macdill Air Force base has been here way before homes were expensive. Airbnb is not the problem people. So many ignorant people out there
Taxes are high in FL also. Humidity is terrible, it's like you're walking around in a sauna. Then hurricanes and power outages. Insurance is high that is if you can get someone to cover you. I could go on and on, if you didn't figure out, i hate FL.
I love this video, planning on investing here in Cali but having second thoughts about it.
On to the next journey shelby !
It’s definitely a spending/skimming problem like you said. For different reasons, CA will join Vegas in being un-AirB&B-able. Thank goodness for long-term rental options!
One of your best videos… Informative and you spoke confidently about your thoughts on the bill after doing research. Interested to see more on this as you finalize your next steps with your house
Thank you I had to come directly to your video because there are people giving out false information that you're going broke just to clickbait smh... I wish you well in your endeavors ❤
Mexico has an 18% tax on Airbnb's in some states, it can be upwards of $500 bucks on a month long stay in taxes alone.
I am currently renting a cabin in Blue Ridge, Ga with VRBO…same with me. It’s about $1000/4 nights then ADDITIONAL fees are around $900/..CRAZY FEES… NO MORE.
Hey Shelby, very fascinating. You seem very passionate and informed about this subject, and rightly so. At the end of the day, presumably, it is still just a bill and not a law yet. Maybe it won't pass. It's nice to see that you have a Plan B just in case. You know, after watching this vid, it seems like you could be an effective advocate for other meaningful causes as well. Best wishes always.
Shelby,
Loved your commentary on the tax plan and affordable housing:)
When I was apartment hunting, I just couldn't understand why there was such a shortage of 12-month lease apartments to choose from. I was looking around in the city and seeing so many apartment buildings, but couldn't understand why that wasn't translating to availability for new people to move in. Then I eventually discovered that these places are being rented out short term on Airbnb.
My guess is it's more about getting rid of Airbnb from people's neighborhoods. I still think people would rent it. Long term rentals are better in the end, it is more stable. If you live in a nice neighborhood like I do we don't want to see new people next to us every day, that's not normal, we don't want our wives, kids, parents put in potential danger. Additionally investor buyers tend to drive up house prices and deprive people that want to be actual residents of somewhere to live.
your wife and kids are in danger from tourists?
Way to be agile Shelby!
And this is why millions have left California, our home is no longer the same. And why our family left. The politics and cost is so awful now. It’s just so so sad.
It's not just to take the tax money to build affordable housing; It's also to discourage people from buying up the properties just for the purpose of churning out more short-term rentals. So by you quitting Airbnb and turning to long-term rentals, it's already serving its purpose LOL. Others are proposing higher property taxes on 2nd or 3rd homes so that would also help. But I think places like Palm Springs which are like tourist/vacation destinations should maybe be exempt - just my personal opinion.
Yea and honestly even without the tax I’d make more money long term anyway. I think though, raising property taxes makes more sense, it’s not really fair to tax the tourists and make them pay fog our affordable housing here. Why should someone visiting from Vancouver, South Dakota, etc. be taxed extra to pay for our affordable housing? They need to just tax the actual airbnb profits more, or property taxes.
more tax more expensive housing. affordable housing is a joke.
The reason you tax tourists is because they can't vote to complain. They come in, spend money, and leave. Why wouldn't you tax them over the constituents that can actually vote you out?
you can't randomly exempt "vacation destinations" - who decides what is a vacation destination? Airbnb should be taxed more - they take valuable property and turn it into a hotel ..
@@ShelbyChurch In a way they are. To stay competitive with hotels you would need to lower your nightly rate thereby shifting the burden from the purchaser to the supplier. When this cannot be absorbed the supplier has a choice to make. This sill mean more long-term rentals and houses available for sale. Which is the point.
Airbnbs switching to long-term rentals seems like a win for pretty much everyone.
It totally is!
Not for people looking to buy a house it isn't. lol
I´ll be waiting of the reaction from Stephan Graham what he think about long term rentals.That would be funny.
That sounds great.
Love the attitude! Where did that come from? I understand your decision and I hope you find good tenants!
Haven't watched you in about 10 months. Remember when you did a video about top rooftop bars in down town LA? Now we're talking about tax legislation. Are you getting 'old' on us? lol Love the channel. Glad to see you're doing well now, months and months after the surgery! Keep it going girl!! :0 A Supporter from the beginning.
hahahaha I am def getting "old" on you yes
Love this transparency and breakdown as a fellow millennial homeowner in PS. I don't know about how the market is for it nowadays, but have you considered medium term rentals, like 1-6 months at a time?
Surely longer term is easier?
Great video Shelby... so many variables in normal market conditions ...then the government has to change direction...usually because of their lack of vision
th-cam.com/video/RxmGZ4AoGEE/w-d-xo.html&ab_channel=ScottShafer
Great plan to turn it into a longterm rental! Definitely keep the house. It sounds like you worked hard on it! Loved the video, btw!
She grabbed her L
Didn't your sister say that she's paying $500 a month for that house? So are you actually breaking even?
The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people-at least in California, where I currently reside-are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!
Thanks for the video. Zoning laws have been the biggest challenge to affordable housing in CA. Especially in Silicon Valley. Too many home owners are wary of multifamily buildings “next door”. It’s unfortunate. Not sure when this will ever change. Too much lobby
First time subscriber and one thing that I love most about this video was that you told the truth that CA government is not utilizing the tax money wisely! They just spent it all unwisely and keeps asking for more.
It seems unlikely that SB584 will get passed as it stands now. It barely got through senate but still needed a 2/3 assemble vote. Which was far from secured. Senator Limon pulled it from vote. They'll probably rework it/dwindle it down but overall feels DOA.
Doing some quick Googling, I think this bill may have stalled. It looks to have only passed the Senate. It went to the Assembly on 6/1/23, was read then held at the desk. The last activity recorded was 6/29/23 where the first hearing that was set for June 28 was cancelled at the request of the author.
Interesting! So it could still pick back up or do you think it’s likely to be dropped?
@@ShelbyChurch And how do people make investments w all this turmoil? You can't plan a sustainable side-hustle like this.
@@ShelbyChurch Most bills introduced do not become law.
@@ShelbyChurchdid you not do any prior research before making a whole video talking about the bill influencing your decision to quit? It’s clear that the bill is no longer being pursued by legislature
@@jeng9364good.
I do actually like your opinion on these things. I'm not from the US, but I like learning from people like you and Graham so I'm like you're in Cali, you're into the renting industry, your insights are interesting!
I always felt like rental prices became unreasonable once you start pushing past $3k. Even for a really nice home that you can fit an entire family, I'm skeptical of the redfin/zillow estimate of $6k+. It just doesn't make financial sense to me, especially for someone signing a long term contract. It would also worry me to some degree as a landlord that my tenant(s) are able to make that rent every month.
Impossible . Passing 3k is too much. Because in top you have to add elec, gaz, water, tax, that move you 5000 a months!!! Impossible. So if you try to rent 5000 that means 7000. Who can do that long terms ???? On top when you rent a house that means you have kids…..and you need to buy food, clothes , braces, activity. You need to make 15000 a month. Dream dream
You guys are allowing your perspective limit what others accomplish. Gotta change that mindset! There are plenty of furnished rentals going for 7k plus in that psp area. It's finding the right tenants. Just because someone wants to rent for 1 year doesn't mean they can't afford to buy. It means they are choosing to rent for a different purpose. I had a client spend 6k per month in my market for 3 months because he needed something temporary. (utah which is way cheaper)
People actually will pay $6K for a rental. You know why? Simply look up the monthly mortgage for if you were to buy that same property. In HCOL areas the mortgage is usually double what you’d pay in rent. So if $6K is bad, imagine a $12K mortgage. And of that $12K mortgage only about $1.5K of it would go towards the principle. So you’re only building equity if the house appreciates. It could actually depreciate. So now the $6K rent sounds like an obvious steal of a deal.
Well said man! We have to look at it from all the angles! @@DewTime
A $6k per month rent for this house is possible as a fully furnished rental for one or a few months here and there but at that rate in PS, you can't annualize it to a steady $72k per year in gross rental revenue. She should expect vacancies at least 1/3 of the time.
Do a quick zillow search on rentals in PS and you'll find lots of LLs trying to rent out houses for $5k+ per month but the houses are sitting vacant (often times 20+ days with 0 applications). You'll see lots of rent reductions of $1k+ and still no takers).
Great video! Great editing! Does monica still owns the palm springs house with you?
CA doesn't get enough water consistently to support a larger population. That's why they don't build more. Therefore the state is limited in how many people can live there sustainably. I'm sorry, but prohibiting short-term rentals is a better solution than building more homes that are unsustainable.
WOAH okay interesting I didn’t even consider this I’m def going to research it more
I wonder what the data says regarding your “we’ve had an affordable housing problem long before short term rentals” statement.
Great explanation video! I'm glad you're holding onto it and especially planning far enough out to know thay you want it for your future (retirement)! But bestie, you gotta rip those last few nails off lol 😂
LOL I know I did since editing this 😂
In British Columbia, Canada there will be a new regulation in 2024 that you can only short term rent out your primary residence or one unit within your primary residence, including laneway homes and ADU’s. The goal being to put more units back into the long term rental market. Investors are obviously pissed but I think policies like this will be more effective at reducing the rental housing shortage than a blanket tax like this proposed bill. I don’t know that it will necessarily make things as affordable as people need though.
Regardless of the possibility of a new tax, I actually think a long-term rental is overall less stressful for you and is likely to still make you the same if not more money. That said, it can be risky if the tenant stops paying rent. We all have seen videos of how hard it can be to evict someone.
Less stressful? Depends on the tenant. The same if not more money? Yeah, hard stop there. You make HALF to 1/3 the money as a STR. I know, I've rented 16629 nights across four doors for almost six years. Converted one to a LTR last month and another this weekend. Two left to convert. Shame really, but it is what it is.
So you agree with me. LTR is the way to go because clearly, that's the way you are going and you really seem like an expert!@@imnitguy
long term rental can be good unless they completely trash the place.
Tenant and squatters right are far too strong which is why many have turned to short term rentals. Someone can damage your property, squat for months and tie up the legal system for a substantial amount of time. Furthermore look how California acted during covid. Rent moratoriums even if the tenant never lost their job. Free rent at the homeowners expense. Seems fair right? Those ridiculous laws are what gave rise to short term rentals.
Well done video! You're right. The state of CA mismanages their funding and that is the real reason why more affordable housing does not exist.
We keep asking for audits because this always happens most of the money goes into administrative costs aka paper pushing and lawyers and it's honestly frustrating. In terms of the housing most of our regulations came from NIMBY policies that have been in place for a long time before many of us could vote. Now whenever we try to change anything to build more housing it's a huge struggle because the single family home owners especially do not want to rezone anything and we really need to rezone a lot of areas made for just commerce to be mixed use or multi family housing.
Makes sense to hold on and long term rental and build your own equity 👍
As a family of 8, airbnbs make way more sense whenever we visit the desert. It’s usually about 4k-6k for a week for a 4-5 bed house
the craziest takeaway for me is that someone would pay $6200 a month in rent.... Surely if you can afford that, you can afford to buy a house no? or am I just a naive European?
With these interest rates, a lot of people can’t right now. But in the future hopefully!
@@ShelbyChurch crikey. That's genuinely quite shocking. We're at around 5% or so in the UK right now. It's much harder for people obviously but it's incredible to me that a person who can afford 6k/month in rent wouldn't/couldn't buy a house.
There are so many variables that factor into the rent vs. buy decision. This includes duration of stay, convenience, location, maintenance/upkeep costs, credit worthiness, interest rates, etc.
For someone committed to renting, $6,200/month is completely reasonable for that area and those amenities.
@@eddiemalvin hmmm I suppose so. I'm just trying to wrap my head around it is all. My last rent I paid was £450 and my mortgage is like £250 so I'm a little overwhelmed with these numbers 😅
The rent rate is commensurate to what the house price is. Houses out there are a million plus and what would your mortgage be if you bought a million dollar house, about $6,000 a month, the rent rate is appropriate.
Best wishes to you, Shelby! Looking forward to see how the new venture works out! Thanks for sharing your journey :)
Also, California is notorious for blocking affordable housing from being built, so this tax bill is laughable. Government has made it difficult to address the homelessness dilemma because of their policies.
I feel like most of us that are renters are insanely frustrated with the housing situation, but anyone who's been to the council meetings knows it's a ridiculous battle against NIMBY's and many NIMBY"s have a lot of money and power that they've built up over the years.
She couldn't hang
She'll win in the end, and people who don't try never will@@AngelValdovinos
Did you get your hair done recently? It looks so good!
Smart thinking
Understood. Always so money-smart! Thanks for uploading. :)
Wow! A streetside tent is looking more tax-affordable than ever now in CA. :/
Shelby, the direction you are moving toward makes sense. Does this mean you will not be developing the Joshua Tree property also?