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A Bargain With the Devil'---Bill Comes Due for Overextended Airbnb Hosts

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  • #31
    Originally posted by Cubicle View Post
    This is the exact same as the housing bubble in 2007-2008. People were fetching $400 per square foot for a condo not in a major city. Then things melted & people were crying. Not to be mean (I am), but I don't feel bad then or now.

    I'm a capitalist. Make your dollar. But don't hurt people. If you do, be prepared to get hurt.

    No doubt house values & rent rates increased as a result of "hoarding" air bnb properties. But like Lordosis said, up & down (should be) is all on the investor. That's why when you make stupid amounts of profit you're supposed to squander as much cash as possible into savings accounts for times like this.



    As anyone can see, I'm a bit riled up... Stop being stupid.
    I agree. At a minimum put away 6 months worth for each unit, or house, owned for a rainy day. This is just terrible business practice. However, I have been waiting for moments like this and will soon invest in something at a discount....

    The bubble is about to burst!

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    • #32
      I am doing locum tenens in the middle of nowhere and staying in Airbnbs. They rent for $100 a night this time of year.

      What's crazy is how cheap real estate is, especially compared to where I live. I looked up the prices of a couple of these units on Zillow. One is in a rough part of town and sold for less than $40k. Another house that is a little nicer, and is 1800 square feet, sold for $80k. A house like that would cost 4-5x as much where I live.

      I've always been terrified of being a landlord, but if I lived in a place like this (which I could never do), I'd be tempted to save up and buy a house every year.

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      • #33
        This is just the housing market cleansing itself of all the speculators that were levered up to the gills. Natural selection/free market at work, I suppose.

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