Rentrepreneur - A new type of investing

With Circle K... maybe Bali?

 

Not limitless options ... Just went past a Circle K in Saigon, I thought a sign & worth asking!

 

You could be right. Are you there right now? In which case I'll take a second stab... Hanoi?
I just dont recall seeing Circle K's in Vietnam but I could have just forgotten or not noticed.

 

I

Right now, in Ho Chi Minh City.
Circle K on every corner.

 

Circle K exists in Saigon, Hong Kong.

Here's a Circle K in Saigon.... it went here, there's a Citibank ATM in there.
https://www.google.com.au/maps/@10....AAAAAAAAAA/hdAG43bOt4A!2e4!3e11!7i6430!8i3215

 

One of many mate. You will fall over them here.

 

Short term letting is becoming quite an issue in Strata.

Occupants who are transient sometimes (not always) show less respect for neighbours, particularly with noise creation, and sometimes property (Common Property for which the Owners Corporation is responsible). What they do to the Unit is not really a concern for Strata unless it affects Common Property, but there can be questions about the Owners Corporation's insurance cover.

It's a fairly complicated area of law and can involve the planning instruments under which the Development was originally approved, the local council, and the best solution will depend upon the building itself, and its by-laws. Buildings that suffer from these problems engage specialist strata lawyers who help with by-laws and other remedies for enforcement.

If you lived in a unit block and your neighbouring unit was let out on Airbnb, and one occupant in 3 or 4 were noisy pests who disturbed you a lot, you'd be pretty unhappy. Most of us who work in Strata will probably have little sympathy for anyone whose business of short term letting of units gets shut down.

 

There's no way I'd take on a tenant wanting to AirBNB for 5% more. I'd want more like 50%.

 

If it was a body corp I managed I'd implement a by law that disallowed short term letting. I imagine this would be easy to get votes for.

 

Makati.

 

i know of a person in melbourne who does this. he basically owns 1 apartment (2 bed) because it was quite successful for him he decided to rent out his place(airbnb) while renting another 2 bedroom in the same building and because it was lucrative he rented out that rented 2 bed and rented another 1 bed in the same building .Rental is like 99-125 per night which is nearly $5,000 per month for a the 2 bedrooms assuming 21 day rental, where else rental is only like $2000-$2400 per month for a 2 bed. So more or less he was racking in 100k per year on this side stuff while maintaining a full time job. there is no capital growth at all in apartments but he was thinking out of the box.

I have experience making many claims in apartments having owned a few in the past.It is risky as any damage to the property will be borne by yousefl first. Sprinkler systems could go off (resulting in $1,000) call outs. Also with apartments - you only allowed contents insurance therefore anything that would be damaged would have to be claimed by the building insurance (say floorboards) which is done the owners corporation. This can only be done by the owner (as the owners corp) will not speak to non-owners.

I personally think if you are living there as well you can supervise(normally it should be oK as all renters have reviews or ratings) . i travelled to europe recently and lived in airbnb in many places. This was based on feedback from the hosts (some were superhosts etc). this is similar to ebay ratings so if there are bad feedback from hosts on renters you can avoid them.

if you notice recently in theage today or yesterday - there was a guy who basically put a tent up in his apartment and rented out the other rooms.

I am looking at this arrangement too however through a purchase through my super and airbnb.

 

Just heard back from EBM state manager.

He said if a landlord knowingly allowed a tenant to host Air BNB / short stay then any claims would be rejected.

Therefore this is a definite no - would never allow myself or a client to have an uninsured property.

 

That was already a given, they don't cover sublet situations.

 

Two things...

First, the host would know if I disclosed it and it was accepted...

Second, the insurance claim would be against AirBnB Host Insurance during host stays...

Did you mention to him about the AirBnB Host Insurance?

 

I'm confused... I haven't used Airbnb so have no idea how trustworthy their insurance is but assuming it's all good - why does it matter if EBM or any other insurer won't cover the landlord? If there is any damage, the property would be covered by Airbnb insurance, so there'd be no need to claim on a resi policy (at least for items other than loss of rent, if any).
The only thing I can think of is if there is a fire or something similar (not caused by Airbnb guests) and the insurer could deny claim due to subletting although that would be rather unfair.

 

I have a place. As a normal rental it would rent for $500 a week. I have it as $140 a night on Airbnb and it gets basically fully booked at that price. This is what Airbnb says to me....
But I am a bit of a chicken to set the price so high!
Edit: as a result I've pushed it up to $160 per night and marginally increased the long stay discounts. (12% for a week, 20% for monthly stays).

Will see how that goes.

 

Yes, but that covers you not the owner.

 

May I ask where the property is located at? Am trying to find out which area may be suitable for airbnb