Furnished / Short Term / Airbnb Rentals NYC!
Hello BiggerPocketeers,
I've been a furnished Airbnb operator in NYC since 2013 and ever since hanging out with J Martin at BP meetup in NYC, I'm allocating focus on scaling up. For the life of me I'll never know why I never thought of doing 30 day+ rentals which essentially is the loophole which allows operators to run AirBnB properties legally as long the owner is ok with it (if you're the owner, I hope you approve yourself :) ).
Current NYC governance has made it clear countless times they don't want AirBnB in this town however with 30 day+ rentals there isn't much they can do about it even when the entire home/unit is rented. Sure, at this point in many areas guests are entitled to Tenant rights and this is definitely something to think about, however from the experience of many other hosts, the likelihood of someone to squat in the property is very low. It does happen. Ive read on one forum in BP about a landlord renting her unit on AirBnB and some crazy eastern european hackers squatted in her place. But is this risk greater than the risk that comes along with traditional rentals? I don't think so. These are a few points to think about. Overall I think there is a big opportunity in this area, even and ESPECIALLY in NYC.
Let me know who else out there are the investors with nerves of steel playing in the concrete jungle that is NYC and do connect with me!