- This topic has 151 replies, 18 voices, and was last updated 11 years, 6 months ago by
earlyretirement.
-
AuthorPosts
-
February 15, 2013 at 8:39 PM #759547February 15, 2013 at 8:50 PM #759548
spdrun
ParticipantI know people who rent out their NYC apartments when they travel. Via Craigslist, not VRBO or AirBnB … why the hell would one pay someone a cut to do what Craigslist does for free? Generally not super short term, but more like a month in summer. (Theoretically the legal minimum in NY.)
Truly personal/valuable items generally aren’t that bulky — put important papers, cameras, keys, jewelry, laptops, etc into a few Wawa crates and dump them into basement storage for the duration. Sheets/towels: a place can be rented without any of that. Renters bring their own bedding, shampoo, toiletries, and towels. Since they’re paying about 1/3 to 1/2 of what a hotel would cost, they’re more than happy to do so.
February 15, 2013 at 9:03 PM #759550bearishgurl
Participant[quote=flu]…And as ER pointed out the value of upcoming “gentrification”, it’s pretty evident that is happening right now in MM, which is probably why there’s even more interest there…[/quote]
I haven’t driven around in Rolando for quite some time. The links to those two condo complexes shown by you and spdrun both seem to be pretty clean. I can tell you that the typical colors of that era were brown, gold, dark tan, mustard and avocado green. The first link looks light, bright and more modern. They must have had at least a semi-solvent HOA in order to be able to give that big of a complex a nice facelift (or collect special assessments?).
I remember a few rather undesirable “landmarks” south of Streamview but the current Google map doesn’t match up with them so I would have to drive around there to see for myself if that area is beginning to “gentrify.”
It IS fairly close-in to dtn SD via Hwy 94 at College and also SDSU. You can’t take that away. It is what it is.
February 15, 2013 at 9:08 PM #759551
CoronitaParticipant[quote=spdrun]I know people who rent out their NYC apartments when they travel. Via Craigslist, not VRBO or AirBnB … why the hell would one pay someone a cut to do what Craigslist does for free? Generally not super short term, but more like a month in summer. (Theoretically the legal minimum in NY.)
Truly personal/valuable items generally aren’t that bulky — put important papers, cameras, keys, jewelry, laptops, etc into a few Wawa crates and dump them into basement storage for the duration. Sheets/towels: a place can be rented without any of that. Renters bring their own bedding, shampoo, toiletries, and towels. Since they’re paying about 1/3 to 1/2 of what a hotel would cost, they’re more than happy to do so.[/quote]
Another zip code in SD please? 🙂
February 15, 2013 at 9:12 PM #759549earlyretirement
Participant[quote=bearishgurl]
Yes, ER, I’m familiar with vrbo.com but never stayed in one myself. I’ve stayed in other people’s timeshares a few times, however, a week at a time, just by covering their HOA dues for that year.I’m wondering about a few things, though.
The mgmt of a vrbo property seems like it must be labor-intensive … like lodging. Fresh sheets and towels, clean dishes and the like. Cleaning frequently in between tenants. Am I wrong on this?
How many weeks (realistically) could you rent a place out for per year? Is the demand there for all year-round in SD (minus cleaning days, of course)?
And do you friends who rent their homes out for special events ever live in them themselves? If so, do they take a trip or move in with relatives while their house is occupied? And what do they do with their personal belongings and valuables while they’re frequently and intermittently gone from home? Is it customary to lock off a room such as a personal study from vrbo guests?
It sounds like a bit of a hassle for the owner but I guess the money is there if your property is in the “right” location, depending on events going on ….[/quote]
Oh we LOVE VRBO! We travel around the world typically 100+ days each year and we almost always rent a house/apartment. We’ve used VRBO many times over the past decade. GREAT!
Look at this one in RSF – http://www.vrbo.com/174159#photos
$2,200 per NIGHT and they have only a minimum of 2 nights! They don’t even need to discount for weekly or monthly stays. LOL.
Yes, management of a short-term rental is NOT easy and very time intensive. It’s NOT for everyone. In fact, most property owners aren’t suited for it. Especially at the luxury level because these guests paying oodles of money per night demand a HIGH level of customer service.
Yep it’s alot of work but many of these owners might own a few properties in the same city. For example, I know a few people here locally and they own a few rental properties where they rent out short-term. They just have a maid (most times Mexican so you’re not talking an arm and a leg) on salary that cleans their home but also cleans the other homes. Some have additional staff. Or some houses might have a cottage on the grounds where they live free in exchange for working.
As far as check-ins you can utilize technology like this –
http://www.gokeyless.com/product/522/schlage-link-be369gr-satin-nickel
Amazing what is available these days! Although personally I always have a staff member deal with rental guests. When people are paying that kind of money per night they don’t want to deal with a lock in a box. But I know many people that use lock boxes, electronic locks, welcome guides, phone/computer to do a “virtual check-in”.
As far as occupancy it’s going to be different for each property. It all depends as you have properties that have established clientele that will rent the property EVERY year. Plus they tell their friends and family about it and word of mouth sometimes really causes their rental to be full all the time. Pre Great Recession in some of them believe it or not I’d rent 25 days out of the month. Those were the glory days!
You don’t always have to offer maid service but you’ll find many times owners already have “staff” on the payroll so it makes sense to pamper your guest and provide it daily. It just depends.
Many owners of these short-term rentals operate it like a business. They don’t keep ANY of their personal stuff in it. It’s all for the guests. While others will keep an “owner’s closet” where they lock their stuff. It just depends how formal of a business you make it.
Even though I don’t have my stuff in it, I take the time and expense to put El Safe professional programmable safes in each bedroom. You can fit a laptop in it and each rental guest can put their valuables in it. While on vacation many times people vacation with friends or friends of friends.
Also, you have to consider that at that luxury end of the spectrum, the clientele type is NOT the type that will steal your toilet paper. LOL. I’ve rented for over a decade and not once have I ever had a guest take something. That’s why I like the upper end of the rental market vs. the low end where you deal with questionable cheapo types.
I own several properties in different countries and I don’t keep any personal belongings in any of them. I will only buy where I have family living however as I can’t trust anyone else besides family. It’s a LOT of work and almost impossible doing it remotely unless you have someone 100% dependable (which most people aren’t).
A few times I’ve moved family member to manage the property in another country if I own more than one in that city. It can make sense paying them vs. hiring an employee. Plus they have a steady “job” as I never plan on selling these properties.
But the ROI can be INCREDIBLE if you do it right.
Again, not for everyone and VERY expensive if you do it right. I have houses I’ve spend upwards of $150,000 furnishing on furniture, art, electronics alone. And studio apartments that I’ve spent $35,000 furnishing it. At the high end of the market they want great stuff.
I’m actually kind of in the process of maybe rolling out something here in San Diego in the future. Stay tuned.
February 15, 2013 at 9:14 PM #759552Participant[quote=flu]Another zip code in SD please? :)[/quote]
Does it have to be a condo? Would you be interested in a <$250K SFR for an investment? $1600 - $1800 monthly rent with no HOA dues.
February 15, 2013 at 9:22 PM #759553SK in CV
Participant[quote=flu]
And as ER pointed out the value of upcoming “gentrification”, it’s pretty evident that is happening right now in MM, which is probably why there’s even more interest there…[/quote]Uh…no. MM can get remodeled. City Heights can undergo gentrification. But MM not so much.
February 15, 2013 at 9:26 PM #759554CoronitaParticipant[quote=SK in CV][quote=flu]
And as ER pointed out the value of upcoming “gentrification”, it’s pretty evident that is happening right now in MM, which is probably why there’s even more interest there…[/quote]Uh…no. MM can get remodeled. City Heights can undergo gentrification. But MM not so much.[/quote]
ok. sure.
February 15, 2013 at 9:27 PM #759556Participant[quote=flu][quote=SK in CV][quote=flu]
And as ER pointed out the value of upcoming “gentrification”, it’s pretty evident that is happening right now in MM, which is probably why there’s even more interest there…[/quote]Uh…no. MM can get remodeled. City Heights can undergo gentrification. But MM not so much.[/quote]
ok. sure.[/quote]
The word has a specific meaning. Suburbs don’t qualify.
February 15, 2013 at 9:30 PM #759557CoronitaParticipant[quote=SK in CV][quote=flu][quote=SK in CV][quote=flu]
And as ER pointed out the value of upcoming “gentrification”, it’s pretty evident that is happening right now in MM, which is probably why there’s even more interest there…[/quote]Uh…no. MM can get remodeled. City Heights can undergo gentrification. But MM not so much.[/quote]
ok. sure.[/quote]
The word has a specific meaning. Suburbs don’t qualify.[/quote]
Come on man.. You know what I meant…Higher income demographics pushing the hood upward, revitalizing hood,etc… Sorry. That’s why I’m a geek, and avoided other subjects… My writing sucks…. I could make an excuse about language not being my first language but that would be a lie…
February 15, 2013 at 9:44 PM #759555CoronitaParticipant[quote=bearishgurl][quote=flu]Another zip code in SD please? :)[/quote]
Does it have to be a condo? Would you be interested in a <$250K SFR for an investment? $1600 - $1800 monthly rent with no HOA dues.[/quote] Actually, I'm mainly interested in picking sdrun's mind on the subject.. No criticism at all...Mentioning 92115 passed my B.S. meter, so I'm just curious you know.... If he doesn't want to give away "secrets" that's fine too. FWIW: 92115 wasn't really a "secret"..... at least it wasn't the first time it was brought up to me... I knew nothing about it before it was first brought up last year.... But just curious.... See if one person says X. It's one thing. If more than one person says X, it gets interesting....But if too many people says X, it's history....And not that I doubted the first person that said X, it was just kinda funny that sdrun kinda brought it up too... Admittedly, I don't know this area that well, not as well as say MM, but frankly I'm not an expert in MM either... AN knows way better than me about MM and I learn from him... Rest of what I say about MM is based on either what I've experienced or what I see. And I can't comment on 92115 in practice versus 92126/MM...at least for now. Just another data point to think about for me... No preconceived notion for me at all.
February 15, 2013 at 9:54 PM #759558Participant[quote=flu][quote=SK in CV][quote=flu][quote=SK in CV][quote=flu]
And as ER pointed out the value of upcoming “gentrification”, it’s pretty evident that is happening right now in MM, which is probably why there’s even more interest there…[/quote]Uh…no. MM can get remodeled. City Heights can undergo gentrification. But MM not so much.[/quote]
ok. sure.[/quote]
The word has a specific meaning. Suburbs don’t qualify.[/quote]
Come on man.. You know what I meant…Higher income demographics pushing the hood upward, revitalizing hood,etc… Sorry. That’s why I’m a geek, and avoided other subjects… My writing sucks…. I could make an excuse about language not being my first language but that would be a lie…[/quote]
I agree with SK that true gentrification happens in the city. But I did know what flu was referring to. Mira Mesa isn’t my cup of tea but no doubt the area a few decades from now probably will change from what it is but not to the level true gentrification happens close to the heart of the city.
I’ve been coming to San Diego since I was a kid on vacations but mostly we spent time on the beach and I never hung out in areas like Hillcrest, Northpark, Mission Hills, etc. I don’t know what they were like 2 decades ago but I imagine MUCH different than what you see today. (i.e. true gentrification). Cool and hip restaurants and bars, more boutique stores, etc.
I’m still an SD real estate rookie. But just from the ‘outsider’ perspective I know what flu is talking about with Mira Mesa. While many might not want to live there, the younger generations are moving in or taking over from their family. Or other people moving to SD can’t afford some other areas so they go to MM and the younger generations have more pride in ownership.
Many older people don’t really care about their lawn, landscaping or that kind of stuff where the younger care more about that stuff. And it’s GREAT for neighborhoods when you see that happening. Higher incomes, fixing stuff up just snowballs and it causes more people to consider the area. Then stores come in, restaurants, etc.
It can snowball relatively fast in some areas.
February 15, 2013 at 10:00 PM #759560ParticipantI don’t think MM qualifies as “old enough” to be “gentrified.” And there’s no compelling architecture there that “higher demographics” would move in to “preserve.”
City Heights actually has a “WWII” and “mid-century” commercial corridor on EC Blvd that is kind of spruced up now with the cut-and-cover parks over I-15. A new “mid-century look” community rec center and swimming pool and the Joan Kroc Ice Rink near Colima Park rounds out the city improvements.
A lot of cute, rehabbed craftsman and even Spanish are found in CH as well, small in size (compared to adjacent communities with more expensive housing).
MM just has a conglomerate of newer mid-rise commercial bldgs and chain hotels on the east end, all bunched-in together. It just looks sterile and extremely crowded to me. 92126 is all on tract as well (except maybe ONE street). There is really no reason to rehab anything there for a “labor of love” as there are no pocket doors and redwood built-ins around the FP to save, etc.
There’s nothing wrong with this, but it’s not the sort of area that gets “gentrified.”
I agree that MM is probably better to raise a family in than City Heights, however.
SK is right. MM is within the “city” but is actually a “suburb” as it is separated from the “metro” portion of SD by MCAS Miramar.
February 15, 2013 at 10:01 PM #759559CoronitaParticipant[quote=earlyretirement]
I’m still an SD real estate rookie. But just from the ‘outsider’ perspective I know what flu is talking about with Mira Mesa. While many might not want to live there, the younger generations are moving in or taking over from their family. Or other people moving to SD can’t afford some other areas so they go to MM and the younger generations have more pride in ownership.
[/quote]
I’m the biggest idiot out of everyone. But get sympathy help from smarter people than me…
But in all seriousness. When you start seeing Pardee $600k-$700k homes in MM selling well, which are basically the same exact homes that sold in Carmel Valley as “Carriage Run” for $800k, to me that tells me something is going on in the hood…
FWIW: I recall when these homes were first announced by pardee, almost all of us were skeptical..A lot of us were like no frickin way…Is Pardee insane???….
I was one of them….I think there was only one person who actually said they would sell well…And called it as it happened.
You can dig it up who it was….It wasn’t AN either (initially)…
February 15, 2013 at 10:07 PM #759562Participant[quote=flu] . . . When you start seeing Pardee $600k-$700k homes in MM selling well, which are basically the same exact homes that sold in Carmel Valley as “Carriage Run” for $800k, to me that tells me something is going on in the hood…
FWIW: I recall when these homes were first announced by pardee, almost all of us were skeptical..A lot of us were like no frickin way…Is Pardee insane???….
I was one of them….I think there was only one person who actually said they would sell well…And called it as it happened.
You can dig it up who it was….It wasn’t AN either (initially)…
http://piggington.com/new_tract_in_mira_mesa
[/quote]Correct me if I’m wrong, flu, but didn’t we determine that this Pardee subdivision was in Sorrento Mesa (92121?) and not Mira Mesa. It is adjacent, but not IN MM?
-
AuthorPosts
- You must be logged in to reply to this topic.