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I Bought An Apartment To Rent Out On Airbnb...

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Cost of apartment: $40,000

Cost of redecorating and furnishings: $10,000

Revenue

November 2012 – November 2013: $19,613

Average monthly revenue: $1,634

Rough monthly profit: $1,134 (after cleaning, bills and other expenses)

Yearly profit: $13,608

http://needwant.com/p/buying-apartment-airbnb/

It's going to be interesting to see how airbnb disrupts the property market, I think they are just starting to take off here in the UK

The original idea of airbnb was to rent out a spare room, but increasingly its professionals renting out whole apartments or houses.

- Undercutting the hotel trade

- Ignoring change of use/planning regs

- Not always paying the relevant local taxes

- In some cases sub-letting BTL properties

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http://needwant.com/p/buying-apartment-airbnb/

It's going to be interesting to see how airbnb disrupts the property market, I think they are just starting to take off here in the UK

The original idea of airbnb was to rent out a spare room, but increasingly its professionals renting out whole apartments or houses.

- Undercutting the hotel trade

- Ignoring change of use/planning regs

- Not always paying the relevant local taxes

- In some cases sub-letting BTL properties

As I posted elsewhere hotels are now undercutting flats.

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Somehow I don't think the sums would add up in London.

Someone I know on Facebook rents out his social flat in Vauxhall. Does very well out if and mainly lives with his partner.

The flat is promoted on Trip Advisor.

http://www.bedandbre...stvauxhall.com/

http://www.tripadvis...on_England.html

Its not unlawful to have a lodger (with permission). Only subletting would be unlawful.

Edited by aSecureTenant

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The price he is charging seems a bit high but then i dont know vauhall very well.

The question is how much is he making a few hundred a year or a few thousand ?

No idea but its usually booked a few days a week.

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BnB...thats Bed and Breakfast.

How does one do the Brekky remotely?

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Its not unlawful to have a lodger (with permission). Only subletting would be unlawful.

Multiple people probably aren't lodgers according to insurance though.

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This type of setup was very disruptive when I lived in Sheffield. They moved in, en masse, leasing properties from a lot of city centre landlords.

A number of LLs in my block did just this. The "tenants" were, in general, extremely disruptive; the flats typically being used for wild parties, and late night debauchery. In my block, the management was controlled by a lot of OOs, and they had drafted the leases quite carefully, to give them a lot of power if they got any behaviour complaints. They basically told the LLs to break the lease agreement with the hotel company, or they would tear-up the lease on the flat. There was a lot of whining from the LLs, but they all complied.

The hotel company still has quite a big presence in other blocks with fewer OOs.

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Multiple people probably aren't lodgers according to insurance though.

Personally I don't know why anyone would pay £140 a night to stay a night in Council flat when there are usually plenty of places in London for £40-50 a night (ok you might have to widen the circle a bit).

As Frank Hovis says, hotels are undercutting Airbnb and Trip Advisor in many places.

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Which thread was that?

Beats me!

I said that I'm working away again as I did a few years ago.

Last time I started in a B&B before renting a flat (two bed, garage) as it was a cheaper and better option.

This time I started in a B&B, looked around and the flat rentals, for ones not as good as my previous rental) were more expensive than staying in a (cheap) hotel. Plus no setting it up, deposit, bills, council tax etc. etc. I prefer hotels to B&Bs.

I had looked at getting a camper van as I was only after a bed during the week but didn't really fancy it and there were no very cheap pitches, £20 a night was about the mark, so there was only marginal financial benefit for having to use communal showers. And that was before factoring in the cost of the van.

On one of my occasional visits to the City I noticed that there is now a huge amount of chain hotels, I suspect that people are doing just what I am: using them as their weektime home because they're cheaper than renting.

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Someone I know on Facebook rents out his social flat in Vauxhall. Does very well out if and mainly lives with his partner.

The flat is promoted on Trip Advisor.

http://www.bedandbre...stvauxhall.com/

http://www.tripadvis...on_England.html

Its not unlawful to have a lodger (with permission). Only subletting would be unlawful.

There is surely a bit of a difference between having a long-term lodger in social housing (max tax free £4250 IIRC) and making a lucrative business like this out of it.

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Example for London:

Premier Inn, Old Street, in the City.

No parking but you won't want a car anyway.

4 nights Monday - Thursday, second week in December (picked at random, think you have to book ahead a bit to get the saver):

£336.00 Premier Saver Pre-pay, no amends or refunds

I've no intention of working there again but if I did this seems the obvious route.

All the new hotels will be massively sapping rental demand from people who just want to stay up during the week.

Edit: I'm sure you can go cheaper still. A friend used one of those Easyjet-type hotels which was ridiculously cheap prior to an early flight, I think you had to pay extra for a TV remote or he may have been winding me up.

Edited by Frank Hovis

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There is surely a bit of a difference between having a long-term lodger in social housing (max tax free £4250 IIRC) and making a lucrative business like this out of it.

Bit of a grey area I must admit, but I reckon a lot of this must go on. He's quite open about it (has website, promotes on accom and social media sites) etc..

Personally wouldn't have an issue if a social tenant (or any other tenant) rents out his sofa or room from time to time.

Indeed there is a couch surfing website:

https://www.couchsurfing.org

I agree with Frank Hovis. Been looking on laterooms.com at places I used to stay in around East London before I moved there, ten years ago. I'd say the rates had hardly changed, but getting a room was harder when the Olympic construction was going on, or if there is a big show on at Excel or the 02 arena.

Edited by aSecureTenant

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Bit of a grey area I must admit, but I reckon a lot of this must go on. He's quite open about it (has website, promotes on accom and social media sites) etc..

Personally wouldn't have an issue if a social tenant (or any other tenant) rents out his sofa or room from time to time.

Indeed there is a couch surfing website:

https://www.couchsurfing.org

I agree with Frank Hovis. Been looking on laterooms.com at places I used to stay in around East London before I moved there, ten years ago. I'd say the rates had hardly changed, but getting a room was harder when the Olympic construction was going on, or if there is a big show on at Excel or the 02 arena.

Well, that one is a case for bedroom tax if ever I heard one. Social housing is supposed to be according to need, and if he can be renting out his spare room like this on a regular basis, then he evidently has no absolute need of it. I am all for people showing initiative, but when there are so many on council waiting lists, this does feel wrong.

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Well, that one is a case for bedroom tax if ever I heard one. Social housing is supposed to be according to need, and if he can be renting out his spare room like this on a regular basis, then he evidently has no absolute need of it. I am all for people showing initiative, but when there are so many on council waiting lists, this does feel wrong.

Its only one bedroom so "bedroom tax" doesn't apply. Also the government has said those subject to 'bedroom tax' can take in lodgers. Also benefits are not involved at all in that instance.

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Its only one bedroom so "bedroom tax" doesn't apply. Also the government has said those subject to 'bedroom tax' can take in lodgers. Also benefits are not involved at all in that instance.

Couchsurfer is for free accommodation for travellers.

Airbnb can be petty good but also pricey.

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Couchsurfer is for free accommodation for travellers.

Airbnb can be petty good but also pricey.

Yes just been exploring couch surfer. I got the impression one or two hosts are offering a little more than B&B! :lol:

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As my attention span is now shot to pieces, a result I believe of modern technology, could somebody please summarise in 140 characters or less (hash tags optional) why exactly that airbnb thing is any different to booking a place on any other website? What is their angle?

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As my attention span is now shot to pieces, a result I believe of modern technology, could somebody please summarise in 140 characters or less (hash tags optional) why exactly that airbnb thing is any different to booking a place on any other website? What is their angle?

Originally for individuals, couples, families to rent out their unused space to pay your bills or fund a holiday, but I reckon one or two have taken it a stage further.

Edited by aSecureTenant

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