Rentrepreneur - A new type of investing

@imbi3 it they have less than 50 feedbacks does not imply the occupancy rates. you see it on the "available dates" and scroll through it to see when it is available. if the dates are non available they would be blurred out.As not all the dates are booked as you need to match up people vacation times or visits, i don't think you would get 100% occupancy. having it 70% + occupancy is a reasonable enough figure at 150 per day for 23 days a month would give you $3450 - minus rental (1950) would give $1500 per month per apartment X 4 ($6000) . Over a year would be 72000 + cleaning fees (4200) around aud75,000 for what i believe is around 15 hour a week max.

 

She seems like a smart and innovative woman. Good on her for using what is at her disposal and using it to her benefit. I agree with you @melbournian even if she is at 60% occupancy the numbers still stack up! I guess the only issue as others have pointed out is that owners can stop her from doing that and evicting her. Can they keep her bond?

 

@Excalibur1 To keep the bond the renter would have to agree or else it has to be done at VCAT (tribunal) to release the bond (you also need a realistic calculations otherwise the chair or member of VCAT will just ask you to come back costing the vcat fee again or throw it out. There is also the issue of documentation which needs to be provided to the tenant prior to the hearing, if not provided again the VCAT hearing can be deferred. Normally if there is damage to the apartment or if it is in arrears (then yes), othewise justification has to be made. I recall last year when i went to vcat (they wanted explanations on every cost i attributed to which had to be reasonable or industry standard costs).

you will find that many landlords or agents (as long as they're paid without any major issues) would not bother.

 

@melbournian good to hear! Are there many landlords that would rent to a company who has a lot of different employees staying at that one place? So it will be one person / company on lease but many different tenants staying there? Do you see where i'm going with this...?

 

@Excalibur1 that's a good idea however many large companies who could afford to be paying the rates, in that area as it is melbourne CBD i can think of NAB, medibank, etc they normally want to deal with established agencies or companies and in terms of contracts only shortlisted companies can bid for. i know many IT companies would do this like IBM etc but they're more located in southbank. The reason why i think these do well is in melbourne there's no train really to the city from the airport and because some of these are located near southern cross station where the airport bus goes to it becomes convenient and easy to rent out. i know this personally when i was in barcelona i booked a place where i had to take a train, and reconnect to other line and then walk for 15 minutes. Where else many of these place in melbourne are just across the road from the bus stop. And also there is the free tram zone in melbourne now.

 

@Ripehouse.com.au would you please PM me the link as well? Thanks

 

@Ripehouse.com.au Would you also PM me the link?

Cheers

 

Saw this today:

What happens if you die in an Airbnb?

Answers some of my own questions about insurance, ie never mind about the property, the real worry is what happens if there is an accident. I wouldn't be able to sleep at night without coverage for such an eventuality so as a landlord, I wouldn't permit subletting in my properties.

 

Majority of these events would be covered by travel insurance of the guest.

Things like that happen everywhere in the world and not necessarily Airbnb
Take for example Last year I was shipping containers of goods to the Middle East and got involved in car rental accident which landed me to defend myself in Islamic court as it involved different set of laws.

 

I'm thinking of a situation where the guest has an accident on your property and sues you. If your tenant is subletting, you'd be denied coverage and then what? Your assets up for grabs.

 

The subletting was orginally btw the tenant and the guest without the landlord approval.Also, it would hardly be possible to have weekly inspections all the time on the property maybe once every 2 months(to check of sub lets) as it affects the quiet enjoyment of the property by the tenant. As long as the property is safely build or has no defects (like for example the rail on a deck was not the minimum height as per the BCA standard and not signed off by a building surveyor) and someone came for a party and fell and broke his hand (then yeah). In this case of the tyre (that's just really pure bad luck).

i had a similar situation whereby a tenant of mine sublet a room of his to friend for a week (without me knowing) and they had a burglary and the friend lost his passport, laptop etc. So the friend started pointing fingers at me and i said i don't know you - u're not on the lease (there was a deadlock on the front door which was sufficient to provide a safe home to the tenant) but obviously not on the rooms (as it's not required).

 

Air BNB factually dont have insurance. They offer protection...Whatever than means.

 

Possibly self-insured

 

airbnb on news... Airbnb horror stories are the new internet meme

 

Ive always been under the impression residential properties CAN NOT be subleased legally? Only commercial premises can?

Unless of course you are in a share apartment subleasing a room?

 

How Airbnb is leaving property owners exposed more about airbnb

 

@Gockie Do you have separate insurance for your airbnb property? Just saw AIG has special insurance for airbnb but pretty pricey www.sharecover.com

 

Ive got Terri Scheer.

 

Ebm offer a short stay product, read the prospectus online first

 

@Gockie thought you will be interested in this article Airbnb upgrades variable pricing tool for hosts | theage.com.au

Also noted interesting concept re keyless entry etc. Do you still have traditional keys for your airbnb property?