Quote:
Originally Posted by Bryson
I'm not trying to be "that guy" here, and I'm sure you have no intention of causing harm here Kieran, but: this trend, whereby you buy a property, AirBnB it, and then use the income to buy another one and so on is at least partially responsible for why the housing market is so insane, especially for first-time buyers who just need somewhere to live. It lowers housing stock, and drives up the price of remaining stock. I'm hopeful that it will become unsustainable. I think AirBnB prices have way exceeded "real" hotel prices now and the demand will drop. Again, I don't think you are personally a bad person, but I think the practice on aggregate, is a very bad thing for society.
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Fair enough. I've had the same thought multiple times in my life and it's definitely made things more difficult for me to get to this position in my life. I feel a little different towards this particular instance because we did buy in an area in which it's a vacation destination and there is much more housing stock than the local population. This is strictly a vacation rental and wouldn't necessarily be taking housing stock out of place of the local population.
Your point is noted though.
Quote:
Originally Posted by kscherer
Here's a solution: Eliminate property taxes on primary residences. Tax the shit out of property that is not your primary residence*.
* You are allowed exactly one (1) primary residence, and there is no loophole.
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I'd be more than supportive of this. I think anything that helps the greater population by paying more taxes for the people that can afford it is a wise policy.
Related to his, the offer we put in on a primary residence was accepted and we have an inspection on Thursday. This house is in a location in which we weren't really looking at, but the house seems like it will be a fun project for us to take on. It was built in 1923, has 4 bedrooms, 1 bathroom, and definitely needs updating. We're going to take one of the bedrooms and add another bathroom, create another bedroom/office in the attic, and rip out and replace the kitchen. Hoping that it either turns into a house we rent to long term renters since the rental market in this highly rated neighborhood is slim to none or we flip it and buy something else with whatever profit we may make.