Corey Chambers, Broker
Entar® Real Estate and Investment Technologies
4 Big Reasons to Call the Chambers Team to Sell Your Home:
#1 We'll Get You More Money - Chambers Team gets you 2.2% more of the asking price
#2 We'll Sell Your Home Faster - Chambers Team sells homes 44% faster
#3 More Likely to Sell - Chambers Team homes are 16% more likely to sell
#4 We've got more than 4,700 buyers in our Data Base looking for a home
To find out how much you can sell your home for and how long it will take, call Corey at (213) 880-9910
*seller and Corey must agree on price and time of possession. Licensed in California DRE#01889449
Historic Lofts in Downtown Los Angeles come with some serious benefits. #historic #dtla
Santee Village Market
The brick and concrete lofts in historic and industrial buildings in the Arts District, Historic Core, Fashion District, Little Tokyo and Old Bank offer a tremendous amount of character for the price. In addition to lots of coolness per dollar, many historic lofts pay back in the form of Mills Act tax benefits. Owners report tax savings up to 66%, which can be thousands of dollars per year off property taxes.
The best way to get started seeing the historic lofts is by stopping in to some open house opportunities. Drop by and take a look at the open spaces, high ceilings, large windows, natural light and views of Downtown L.A.
Get a free list or Historic Lofts with Mills Act benefits. Fill out the online form:
Airbnb experiences bring the most profit for investors and landlords. #airbnb #losangeles
The LA Loft Blog provides an up-to-date breakdown of the best ways to make a profit with short term rentals on Airbnb. This post includes 3 real case studies of Airbnb rentals in the Greater Los Angeles Area including Downtown, Beach Cities and Big Bear, starting with the most profitable and ending with the biggest loser. Airbnb is generally used to find guests to stay in rooms or entire homes for several days to several weeks, or sometimes just one day, usually less than 6 months. The most profitable homes on Airbnb tend to be the short-term rentals that offer the most “experience,” that is a special feeling of fun, excitement or enjoyment from unique attributes such as decor, architecture, furnishings, location and amenities of the short-term rental. Those near tourist areas, theme parks, beaches, snow skiing, lakes, rivers and entertainment venues have the most profit potential.
Popular attractive furnishings, dishes, appliances, games with professional cleaning and maintenance are key to happy guests and maximum price. Investors should check to make sure local hotel prices are rising and not dropping.
Before listing a home on Airbnb, landlords and investors must be aware of the local ordinances and homeowners association rules that govern what homeowners may and may not do with short-term rentals. Most cities and municipalities have laws regarding hotels and hotel taxes. At a minimum, investors and other homeowners with homes listed in Airbnb must collect and pay hotel taxes to the city in which the short-term rental is located. Some localities may not allow short-term rentals under 6 months at all. Most condominiums are not suitable for short-term rentals because the CC&R rules normally specify that condo unit owners may not do short-term rentals at all, and all lease must be for at least 6-months. Additionally, each resident must in most cases coordinate their move-in with the HOA homeowners association manager and pay a move-in fee.
To make a tidy profit, the investor must have or hire someone with skills and experience in local real estate, interior design, hotel management and marketing. The property must be obtained for a cost that will be substantially lower expense than the income that the rental will attract. It must be near public transportation if in the city or provide convenient parking if not.
The “bnb” in Airbnb stands for bed and breakfast, which means that the owner is there helping, conversing and sometimes even cooking for the guests. In many cities, the owner must be staying in the residence with the guests or else the short-term rental is illegal and may face big fines. Owners should have sufficient insurance and take steps to prevent disasters such as wild parties.
Some renters try to sub-rent their leased loft to Airbnb, but this is usually not allowed under most lease agreements. They usually specify that the unit can not be sub-leased or sub-rented at all without the property owner’s permission. Because of these rules, it is hard to find Downtown lofts on Airbnb. When one is found, there is a good chance that the person who listed it is breaking a HOA rule or violating a lease agreement. That being said, there are some buildings, HOAs and owners who are more or less likely to enforce these rules. The LA Loft blog often receives word on which buildings are enforcing and which buildings are Airbnb havens.
Here are the three recent real-life Airbnb scenarios, and what made them make or lose money, in order of profitability:
MOST PROFIT: Teddy Bear’s Cabin in Big Bear – This super profitable modern luxury log home garners $500 to $1,000 per night. It is a nice, big cabin with modern kitchen and bath, romantic fireplace in the master bedroom, lots of games and videos, and walkable to the lake. Up to $15,000 per month makes this a super-profitable Airbnb rental.
PROFITABLE: My Little Paris in Los Angeles – This brick loft is booked up for the next 6 weeks at $135 per night. That is over $4,000 per month for a loft that normally rents long term for around $2,400 per month. That brings a tidy profit for the owner who is lucky enough to get away with it.
BIGGEST LOSER: Rancho Palos Verdes house – A traditional large home just a few blocks from the beach was purchased for the purpose of offering short-term rentals on Airbnb, but the RPV community cracked down big time and outlawed short term rentals in residential homes. The investor is struggling to pay their $10,000 per month mortgage, and bleeding cash.
Get a list of the best Los Angeles investment properties for doing short-term rentals on Airbnb. Fill out the online form:
You must be logged in to post a comment.