I don't know about you guys, but WE are really just a real-estate holding company. The value of the property we sit on, for conversion to a couple of waterfront mcmansions, far exceeds the value of our modest little business.....
Probably true of many, while we are not waterfront, property in general has gone up so much over the years I'm not sure our place would be practical if I had to purchase on today's market, perhaps that contributes to the issue with "air" rentals in that the property market squeezes the small mom & pop business.
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JimBoone said:
Probably true of many, while we are not waterfront, property in general has gone up so much over the years I'm not sure our place would be practical if I had to purchase on today's market, perhaps that contributes to the issue with "air" rentals in that the property market squeezes the small mom & pop business.
It also squeezes the locals looking for a place to rent to live in long term. They are all now on STR or whole house Air.
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gillumhouse said:
It also squeezes the locals looking for a place to rent to live in long term. They are all now on STR or whole house Air.
Unfortunately I wonder if some so called long term renters help to make renting as an STR look favorable to the landlord. Long ago had several places that we rented out, generally had nice folks, but that went downhill when we moved away. Family member manages a complex, not without problems, but a large company does have systems in place, another family member rents just one house, long term rental, yet seems like a number of folks only remain long enough to make a mess before moving on, if I lived near the place I'm afraid I'd be suggesting the STR path, at least with our type business guests come and go before they can do too much damage.
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Unfortunately, long-distance rentals create the same situation as STR with no owner present. I truly believe the majority of long term renters are good, it all depends on screening and making the rent high enough to discourage the low-lifes, just as it is with our rates.
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In our case there was still family available a block away to look after our interests, but times and places change and laws/rules are mostly in place to protect the tenant since landlords are seen as big city slumlords rather than an individual owner merely trying to cover their banknote while still dipping into their own pocket for taxes, insurance and repairs, but you own the house so tenant sees you as rich and oppressive.
In the case of family that is still renting, they live next door to the rental, but the town has grown from a sleeply country town to "uptown" and people are different. They are also where I was 30 years ago, just trying to cover the house payment, but not in a position to spend on major upgrades in hopes of finding an upgraded tenant.
Years ago I felt Maxine was good at picking tenants, not so much asking questions, just listening to their comments as they looked at the house, but today you really need to be a corporation with a staff less you accidentally say or ask something that might be seen as offending someone.
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