I've been running mine for 6 months and I'm seriously done. We don't live in the same state. People are absolutely disgusting and there is no integrity. We've had so much stolen from us by cleaners who over charge and don't or wont clean shit! They lie and promise the earth and don't turn up on time, expect their payment on time and do a crap job on top of taking inventory and having their kids and boyfriends there. And lets not forget the guests who break our couch and stain our white towels. SMH
Another huge factor is that there are soooo many new listings in the market in comparison to before (depending on the market) but in general. And now you just need to make sure you’re staying competitive so you can compete with The other properties in the market! Also new background who dis!!
Yes we experienced a 40% drop in revenue on a large home with 6 bedrooms/3 baths, waterfront with an inground pool. We ended up selling it to someone who wanted to live in it. That's what we were hoping would happen. We now stay away from larger homes.
Thank you! We're obviously aware of the fact that some Airbnb markets have cooled. And there are definitely investors who aren't cash flowing the way they had hoped, but that's more so a product of them overpaying and not correctly analyzing their properties before buying.
Nick is very knowledgeable and good at analyzing data. But many of his analyses are just there to help him for his own opinion. He made a video disputing inflation a couple years back and obviously it turned out to be incorrect. But where there’s smoke, there’s fire. He’s not the only one sounding the alarm on the Airbnb market.
I have rental property and I also follow Nick video because his analyses are good. But again, his analysis are generalized nationwide or, state wide and not specific to region. I do not think real eastate market will crush any time soon. Many people who get with lower rate are not going to sell because many land lord are at least break even in worst case scenario.
Totally agree. Nothing in this video was meant to put Nick down as a person. He seems super smart. Our only point in making this video was to show (a) his data didn't align with our data OR AirDNAs OR PriceLabs (b) it's hard to judge the entire Airbnb market as a whole - you have to look locally and at each host individually. It's undeniable that overall, supply in the Airbnb space has seen a major uptick post-COVID. And in many cities returns have come down. BUT, there are still tons of places and properties that are producing healthy profits for their owners.
@@TheRealEstateRobinsonsI have airdna and it has my property at a gross revenue of $345 a night. That’s incorrect , it’s more like $165 a night. This is even what the Airbnb data tells me. My guess is that airdna data is based off of what the base price is of a listing and not it’s actual rate when account for promotions or discounts. If I’m correct this means that airdna data is flawed. I monitor my listing and my competitors and can say that Nicks data is more aligned. I know airdna said they couldn’t support it but I’m telling you they have my numbers wrong and I know they have my competition wrong too.
For real though. 🤦🏼♂️ He got his clicks 😂 I tried responding to a bunch of naysayers that shared his tweet but that got old fast. Well put together video guys 👍
I’m skeptical of any cheerleading in this market but housing is very local and not applicable to every area. My city is saturated with STRs. I assume that is more significant.
We're not "cheerleading", just pointing to our data that conflicts with what was shared in that tweet. But I couldn't agree more, real estate is extremely local. So there are markets that are down, but there are plenty that are still up. We just found it unfair to say that the entire Airbnb market, as a whole, is collapsing.
@@TheRealEstateRobinsons As a long time REI and real estate attorney I can say real estate markets are very local. I agree with you and the Data Science guy both have valid points of view. Data is key I agree with you. Perhaps you can share on your channel your data analysis of sub markets that are still strong STR markets (and not) the best strategies for 2024. Overall in broad general terms data does not lie, I am speaking to housing market data, not so much STR website data. FED, FRED, and other housing data tracking sources for housing. There is some national data that is good and relevant to watch but it is not always helpful to when analyzing local markets where an investor is targeting and is in their "buy box" Some housing markets are steady, growing, and they have not seen hyper-inflated values nor the large amount of new construction building that my local metro area has experienced past several years (Austin metro, certain areas of town, again local sub-markets), and a glut of STRs (Austin City Limits, not even all of ACL), Dallas, Houston San Antonio metro areas have all seen enormous new construction inventory sitting unsold since the peak May/June 2022. Our peak was May 2022, and most values have been trending down since then. However, Texas Appraisal Districts ignore this data trend and still set values for property taxes at 2012-2022 inflated sales prices. Appraisal Districts are not your friend and should be treated as such. Property Taxes and insurance in Texas are too high. We saw 40-50% increase in sales prices in Austin metro past 3-4 years and those are not real numbers unless you cashed out at the top. But what did you do with your equity gains? Buy in a non-inflated market for your Homestead, pay Uncle Sam capital gains tax on non-homestead property (STR) or do an exchange of some sort (my favorite)? Folks buying here in last year at the peak sales prices are underwater in most cases, cannot refi if they wanted to, as their property is worth less than when they purchased it. Early in 2022 interest rates were still 3-4%, no longer. I have seen deals cancel because buyer could not get the loan for the inflated contracted sales price after lender appraisal. I also suspect some STR owners are poor manager/hosts just as some long term rental landlords are poor landlords. So your education content has value to add for educating investors on the best practice in different and changing housing markets correct? My opinion as an investor I cannot keep doing the things a certain way as local sub-markets change. For example, fix/flip folks here are sitting on property they paid too much for and are not set up to hold it long term. They broker the fix/flip rule of how much to pay. No housing market goes up forever. They are distressed sellers. Two or three target destination areas that I like for investment are still inflated from past four years in my opinion, so I am patiently waiting to see if any "housing crash" occurs in those inflated destination areas. I also like PM's model of buying "subject to", seller financing or other creative financing deal. For STR model I like the arbitrage or NNN lease model for controlling a property and not buying at a hyper inflated price. Those type of deals can make sense in an inflated market so long as the net income can cover the carrying costs. My 2 cents.
IMO - If a listing is on VRBO as well it may be booked through VRBO but still listed as active in AIRBNB... This Nick guy is just another one of those guys who will say anything to get clicks...
I love hearing Nick's take on the market, and he's right about alot of it. Our STRs have been crushing it, while many others are going under, but it's all about adding value, staying consistent, and remembering that this is a hospitality business, and not as passive as people think. @kubandaproperties👍
I've been running mine for 6 months and I'm seriously done. We don't live in the same state. People are absolutely disgusting and there is no integrity.
We've had so much stolen from us by cleaners who over charge and don't or wont clean shit! They lie and promise the earth and don't turn up on time, expect their payment on time and do a crap job on top of taking inventory and having their kids and boyfriends there.
And lets not forget the guests who break our couch and stain our white towels.
SMH
Another huge factor is that there are soooo many new listings in the market in comparison to before (depending on the market) but in general. And now you just need to make sure you’re staying competitive so you can compete with The other properties in the market!
Also new background who dis!!
Thank you. As an Airbnb host, I knew that news was a bunch of BS.
Yes we experienced a 40% drop in revenue on a large home with 6 bedrooms/3 baths, waterfront with an inground pool. We ended up selling it to someone who wanted to live in it. That's what we were hoping would happen. We now stay away from larger homes.
Thank you for the transparency guy! That makes perfect sense. Also glad you are addressing that dude. I'm really sick of his doom pedaling.
Thank you! We're obviously aware of the fact that some Airbnb markets have cooled. And there are definitely investors who aren't cash flowing the way they had hoped, but that's more so a product of them overpaying and not correctly analyzing their properties before buying.
The last 3 months have been my best 3 months (i'm 12 months in)
Love you guys transparency on the bad property. Subbed!
Nick is very knowledgeable and good at analyzing data. But many of his analyses are just there to help him for his own opinion. He made a video disputing inflation a couple years back and obviously it turned out to be incorrect. But where there’s smoke, there’s fire. He’s not the only one sounding the alarm on the Airbnb market.
Nick is a fear monger that truly doesn’t know what he is talking about.
I have rental property and I also follow Nick video because his analyses are good. But again, his analysis are generalized nationwide or, state wide and not specific to region. I do not think real eastate market will crush any time soon. Many people who get with lower rate are not going to sell because many land lord are at least break even in worst case scenario.
Totally agree. Nothing in this video was meant to put Nick down as a person. He seems super smart. Our only point in making this video was to show (a) his data didn't align with our data OR AirDNAs OR PriceLabs (b) it's hard to judge the entire Airbnb market as a whole - you have to look locally and at each host individually.
It's undeniable that overall, supply in the Airbnb space has seen a major uptick post-COVID. And in many cities returns have come down. BUT, there are still tons of places and properties that are producing healthy profits for their owners.
@@TheRealEstateRobinsonsI have airdna and it has my property at a gross revenue of $345 a night. That’s incorrect , it’s more like $165 a night. This is even what the Airbnb data tells me. My guess is that airdna data is based off of what the base price is of a listing and not it’s actual rate when account for promotions or discounts. If I’m correct this means that airdna data is flawed. I monitor my listing and my competitors and can say that Nicks data is more aligned. I know airdna said they couldn’t support it but I’m telling you they have my numbers wrong and I know they have my competition wrong too.
For real though. 🤦🏼♂️
He got his clicks 😂
I tried responding to a bunch of naysayers that shared his tweet but that got old fast.
Well put together video guys 👍
Thank you! Please share this video with all of the naysayers
Suggestion: Purchase a ring-light and put it front of your camera. You two look like you are sitting in a dark lounge.
Thanks for clearing that up.
Nick just wants eye balls n clicks. Screaming fake data😂
I’m skeptical of any cheerleading in this market but housing is very local and not applicable to every area. My city is saturated with STRs. I assume that is more significant.
We're not "cheerleading", just pointing to our data that conflicts with what was shared in that tweet. But I couldn't agree more, real estate is extremely local. So there are markets that are down, but there are plenty that are still up. We just found it unfair to say that the entire Airbnb market, as a whole, is collapsing.
@@TheRealEstateRobinsons As a long time REI and real estate attorney I can say real estate markets are very local. I agree with you and the Data Science guy both have valid points of view. Data is key I agree with you. Perhaps you can share on your channel your data analysis of sub markets that are still strong STR markets (and not) the best strategies for 2024. Overall in broad general terms data does not lie, I am speaking to housing market data, not so much STR website data. FED, FRED, and other housing data tracking sources for housing. There is some national data that is good and relevant to watch but it is not always helpful to when analyzing local markets where an investor is targeting and is in their "buy box" Some housing markets are steady, growing, and they have not seen hyper-inflated values nor the large amount of new construction building that my local metro area has experienced past several years (Austin metro, certain areas of town, again local sub-markets), and a glut of STRs (Austin City Limits, not even all of ACL), Dallas, Houston San Antonio metro areas have all seen enormous new construction inventory sitting unsold since the peak May/June 2022. Our peak was May 2022, and most values have been trending down since then. However, Texas Appraisal Districts ignore this data trend and still set values for property taxes at 2012-2022 inflated sales prices. Appraisal Districts are not your friend and should be treated as such. Property Taxes and insurance in Texas are too high. We saw 40-50% increase in sales prices in Austin metro past 3-4 years and those are not real numbers unless you cashed out at the top. But what did you do with your equity gains? Buy in a non-inflated market for your Homestead, pay Uncle Sam capital gains tax on non-homestead property (STR) or do an exchange of some sort (my favorite)? Folks buying here in last year at the peak sales prices are underwater in most cases, cannot refi if they wanted to, as their property is worth less than when they purchased it. Early in 2022 interest rates were still 3-4%, no longer. I have seen deals cancel because buyer could not get the loan for the inflated contracted sales price after lender appraisal. I also suspect some STR owners are poor manager/hosts just as some long term rental landlords are poor landlords.
So your education content has value to add for educating investors on the best practice in different and changing housing markets correct? My opinion as an investor I cannot keep doing the things a certain way as local sub-markets change. For example, fix/flip folks here are sitting on property they paid too much for and are not set up to hold it long term. They broker the fix/flip rule of how much to pay. No housing market goes up forever. They are distressed sellers. Two or three target destination areas that I like for investment are still inflated from past four years in my opinion, so I am patiently waiting to see if any "housing crash" occurs in those inflated destination areas. I also like PM's model of buying "subject to", seller financing or other creative financing deal. For STR model I like the arbitrage or NNN lease model for controlling a property and not buying at a hyper inflated price. Those type of deals can make sense in an inflated market so long as the net income can cover the carrying costs. My 2 cents.
What strategies are you looking to use to revamp your property with the mice issue?
Reventure has been wrong for the last 3 years. Surprised people still watch his channel after wrong all the time
IMO - If a listing is on VRBO as well it may be booked through VRBO but still listed as active in AIRBNB... This Nick guy is just another one of those guys who will say anything to get clicks...
Context is key.
It is!
I love hearing Nick's take on the market, and he's right about alot of it. Our STRs have been crushing it, while many others are going under, but it's all about adding value, staying consistent, and remembering that this is a hospitality business, and not as passive as people think. @kubandaproperties👍