VRBO / AIRBNB - starting to show up in Irvine

It's funny how now they're getting tons of views from lookie loos like us. 
There's some Newport, looking for shady cyn, what other exclusive neighborhoods are there.  Emerald bay?
 
Why would anyone do this instead of looking for long term tenants?  Loaning out your million dollar property to partyers/hookers is better cash flow???
 
ps9 said:
Why would anyone do this instead of looking for long term tenants?  Loaning out your million dollar property to partyers/hookers is better cash flow???
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If you can keep it rented out for enough days per month, might net you more, even with the increased cleaning/turnover costs. $300 per night versus $3000-$3500 a month. Or, maybe the long term rental market is oversaturated with supply in Irvine and they can't find a good long term tenant so they have to resort to this.
 
Or they don't want to commit to LT rental so they can list and flip anytime they want.  Get some cash flow in the meanwhile. 
 
Even if HOA rules prohibits it; if reported, is there really anything HOA can do about it, besides maybe sending a letter that would be ignored?

Tired of seeing transient people in these homes.
 
incognito said:
Even if HOA rules prohibits it; if reported, is there really anything HOA can do about it, besides maybe sending a letter that would be ignored?

Tired of seeing transient people in these homes.
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HOA can fine you. if you don't pay fines I think you could be foreclosed upon for nonpayment ( or is it just foreclosed upon for nonpayment of HOA dues?)

If I see this sh!t going down in my hood I will make it my personal mission and enlist help of all my attorney friends to prosecute that owner/investor to the fullest extent possible under the law.
 
nyc to oc said:
incognito said:
Even if HOA rules prohibits it; if reported, is there really anything HOA can do about it, besides maybe sending a letter that would be ignored?

Tired of seeing transient people in these homes.
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HOA can fine you. if you don't pay fines I think you could be foreclosed upon for nonpayment ( or is it just foreclosed upon for nonpayment of HOA dues?)

If I see this sh!t going down in my hood I will make it my personal mission and enlist help of all my attorney friends to prosecute that owner/investor to the fullest extent possible under the law.
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I believe TIC, who recorded the CC&R's for all their developments, retains at least one seat on the HOA board forever to keep tabs on what goes on in their developments.  TIC does take CC&R violations very seriously, especially in their signature developments like Orchard Hills.  I know someone who got sued by TIC for flipping a new house back in the gold rush days of 2004-2006 (CCR prohibits resale at new builds at TIC developments for one year).

 
Could TIC sue non citizens?  As we all know some of the houses are foreign owned
 
ps9 said:
Why would anyone do this instead of looking for long term tenants?  Loaning out your million dollar property to partyers/hookers is better cash flow???
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A better question would be why would anyone want to live in someone else's house.  Living in someone else's house is just gross.  Hotels get inspected by the authorities (health, fire, building, etc), some dude's Stonegate pad doesn't.  What if the homeowner is a perv?
 
Bullsback said:
Why couldn't they? Citizen or not, when you are in this country, you are still subject to its laws.
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Meaning, selling then leave, no one will bother to extradite them, not for cap gains tax, not for breaking any hoa rules...
They can always change their name or use someone elses name, spouse/child/brother/etc when coming back and buying again
 
AW said:
Bullsback said:
Why couldn't they? Citizen or not, when you are in this country, you are still subject to its laws.
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Meaning, selling then leave, no one will bother to extradite them, not for cap gains tax, not for breaking any hoa rules...
They can always change their name or use someone elses name, spouse/child/brother/etc when coming back and buying again
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I believe the buyer has to sign a form regarding withholding's and they have some responsibility in the mix so as a buyer, I would indicate the house hadn't been owned for 2 years and I think the state would withhold the funds.  That said, no idea if most buyers would check that box or not. 
 
Happiness said:
ps9 said:
Why would anyone do this instead of looking for long term tenants?  Loaning out your million dollar property to partyers/hookers is better cash flow???
Click to expand...
A better question would be why would anyone want to live in someone else's house.  Living in someone else's house is just gross.  Hotels get inspected by the authorities (health, fire, building, etc), some dude's Stonegate pad doesn't.  What if the homeowner is a perv?
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Doesn't make any sense why someone would post their mil plus home on AIRBNB - you're better off renting to a long-term renter whom you know will be held accountable and more responsible vs some randoms staying the night.

Also, who the heck wants to stay in Irvine of all places while on vacation? BORING - especially when there's Corona Del Mar and Newport listings, but stranger things have happened! ;)
 
I don't really think it's for "vacation".  A few months ago, a friend of mine who lives in PS booked two VRBOs in PS for siblings/parents/inlaws coming in for a birthday party.  Much easier to stay in a house with a full kitchen and multiple bedrooms than singular hotel rooms especially with young kids.  The one in PP apparently was rented out as a post prom party pad by some high school kids.  They don't care about having an ocean view - they just need a place to do "stuff".  I wouldn't rent one for various reasons - but apparently there is a market for it.
 
bones said:
The one in PP apparently was rented out as a post prom party pad by some high school kids.  They don't care about having an ocean view - they just need a place to do "stuff".
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Which apparently involves washing down a mattress afterwards... ewww.
 
http://www.ocregister.com/articles/city-683650-airbnb-listings.html

Short term rentals 30 days or less are banned by the city of Irvine, unless its in a hotel-motel zone. It will be interesting to see if these houses bought by investors specifically for the purpose of renting out on AirBnB will now be put up for sale. Anyway, you now have some real ammunition (not just the HOA CC&Rs)  if you want to stop this from this going on in your neighborhood.
 
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