For years, Cheryl Dopp considered the ding on her phone from a new Airbnb Inc. booking to be the sound of what she called “magical money.” A property she rented out in Jersey City, N.J., on Airbnb could gross more than $8,000 a month, she said, double what long-term tenants would pay.
Now, Ms. Dopp associates the dings with cancellations and financial misery. The 54-year-old information-technology contractor said she had about $10,000 in bookings evaporate overnight in March. She has $22,000 in monthly expenses for a largely...
Airbnb unilaterally canceled and refunded reservations in violation of its terms of service. We’re representing hosts who’ve lost millions as a result of the breach.
These people aren't 'entrepreneurs' as you like to call them. They took a bet. They lost.
My goodness ---
Hmm didn’t learn from 2008 financial crisis 🧐
Because for profit businesses do not have to deal with risk, in the USA.
Who cares? Why does this lame story continue to pop up?
But please, won`t you think of the Airbnb`s!
These people should just pool their assets , incorporate, have a bond sale and have the fed buy this garbage.
What happened to rainy day planning?
While i acknowledge tourism is the hardest hit industry unlike other business having had cash flow not just stop, but go negative and likely last to regain customers with border closures, investing is a risk reward scenario.
All investing is reward for risk. For every loser there is a winner. Beyond the home you live in and a car you should never borrow to invest and never invest what you can't afford to lose. Someone who squirriled away cash will now be in a prime position to buy whit little risk
Two counties in Colorado have passed temporary Land Use Regulations prohibiting renting and rentals, period. No B&B's, no leasing... just keep paying your taxes, thank you.
Enough of this article. I’ve seen this every week for weeks. FFS!
Why does this same story keep coming up
I'm one of those 'one listing' guys. I rent my cabin in Lake Arrowhead, CA. The county forced said no more short-term rentals, fortunately, I am riding out the lockdown at the cabin so it doesn't sit vacant. I also applied for SBA EIDL assistance and received my grant Monday.
I have zerosympathy for Air BnB and their hosts. They helped kill the housing industry and didn’t give a damn. So I hope all they asses go under 🤷🏾♀️
Live by the sword, die by the sword.
crumbling because of the news media selling panic and then in turn making money off of the backs of the lives they destroyed. how do you sleep at night?
This is why folks have to be cautious and not get over-leveraged!
Called 'survival of the fittest'. A bad/poor business plan will always FAIL . . .
Ouch....
I feel as bad for them as they feel for the people they forced into homelessness by jacking up housing prices. This is no more than they deserve.
Are property devaluations in our near future?
srqstockpicker that’s what living beyond your means looks like, asset heavy, illiquid, huge monthly outflow of cash needed to operate. The banks are going to feed on these weak players and bankrupt them faster than ...
scottytrannn
greed
So many of these hosts did renovictions and send families to the street with no emotions. A lot of them deserve to burn. it’s called karma. It builds empathy.
CJBowden1 I guess someone never heard the saying, 'Prepare for the worst, hope for the best.' She's probably just a $TSLA fan, and read the kimbal Solar City deposition where he said stocks always go up and to the right... Borrow, buy, borrow, buy, borrow, buy. What could go wrong?
Over leveraging has its risks and consequences. She knew these, right!?
Heck what are you going to do now lady 🤔
Ambitious_Breed
These people weworked themselves.
Good. Nobody told her to create more homelessness.
Now that is a situation that is just too bad, she should have a rainy day fund. Its these people who go looking for ez money who should not be helped. She ignored the related risks, too bad.
Oh wahhhh
So much for ‘we’re all in this together’. The replies in this thread make me sick.
fxmacro I know a 20 year old who bought 20 apartments with bank loans, he was making a lot of money with Airbnb and the bank was willing to lend him as much money as he wanted. He has now 0 customers but received a loan holiday until September.
🎻 This is the sound of the world's smallest violin...
fxmacro Hopefully they can get some relief for their unfortunate circumstances.
fxmacro Shouldn’t have over extended
This is what happens when you build an ‘empire’ around leveraging long term obligations to sell them to people who need to consume them for a short period of time. You need a cushion if you’re going to survive the bad times...
AirBnB isn't her biggest problem or $22,000 in expenses...morbid obesity will kill her before the bill collectors catch up.
Maybe we can get some rentals back on the market.
EZ money...too bad.
Good. Screw these people. I feel sorry for anyone who lives next to one of these nightmares. Parties, unruly behavior, increased traffic. Driving up the cost of real estate. Ugh
Timing is everything.
Good riddance!!!
Should we feel bad for them absolutely not
This is what happens when you are financially illiterate.
Leverage is one of the greatest finance tools ever, until the revenue suddenly stops.
The wsj has retweeted this same story multiple times
What happened to the profit you were seeing a quarter ago? 🤔 use some of that🤷
Funny thing about investing, there are risks particularly when you are highly leveraged. Oops.
Yeah the upside of being a self employed entrepreneur is freedom and the ability to make more than a salary or hourly wage...the down side is risk and when things go bad you can lose everything😐
risk and reward. choices and consequences.
When your “empire” is built solely on leverage this is what happens. Good riddance.
If you are an air bnb host with 22,000 in overhead per month then you deserve to fail. Air BNB was never intended for that purpose. It was an un-clever scheme to avoid going thru proper channels like hotels and hostels do.
It should be forbidde in the first place to host airbnb if you dont live there youself. I have airbnb ans over 60 visitors and am superhost. But if you push out people fron their home and then use airbnb to make a lot of money, fuck you and hoppfully Corona will destroy ur greed
fuck em. they were driving up pricing on everyone else to make an easy buck. karma.
The original objective of AirBnB was to share your unused rooms/house to travelers so they feel at home in a foreign place. People became greedy, it is their fault and this how economy works, supply and demand!
Like any other business ... they should have saved cash
Common with all Airbnb entrepreneurs. It will continue for a long time. Solutions to break free for committed rentals will be key for their survival. Airbnb will need to find ways to allow them out of their lease commitments due to covid19.
Just like the housing crisis of earlier, the wealthy will buy up the real estate leaving too many out in the cold. We’ve seen this before SpeakerPelosi.
Screw you I can nearly pay rent for my family. I could care less about what you think you’re entitled to
Too bad, so sad
Well well well, if it isn’t the consequences of the market.
That’s what people get for electing these socialists. Notice the red states are doing much better
These people never complain when the money is pouring in. It’s only been a couple of months and they are going bankrupt. Over extended and greedy.
Rental markets will get big shocks around the globe.
Wow, how many of them are in Texas?
The landlords who were evicting tenants to convert their rentals to AirB&B's are now going to have to revert back....and lower their rents likely.
The curse of over optimism.
A rental empire using Airbnb as the source of all your customers was a poor choice. Advice....Get with local nonprofits in your area and see if they are sponsoring emergency housing vouchers. They pay market rents on time and upfront.
Darn. Sending thoughts and prayers. 🙄
Awww! Lol
If it seems too easy, there's a catch.
Sounds like the same gamble all those house flippers took in the 2000s. I have no sympathy.
So bid up houses in desirable areas pushing out families that can't or won't leverage themselves irresponsibly?
Wa wa, There’s risk in any Investment or business
What happens when you overextend yourself.
Buyer beware. When it’s good, it’s good. When it’s bad, it’s.. well, let’s just say you wish you were in something more liquid.
We have an airbnb next to us. Every weekend is a fiasco. Loud music, shouting, bottles of alcohol. 311 knows us by first name and gets here quickly but it is very disruptive for the immediate neighbors. Happy to see them go.
In retrospect you should’ve done a better job saving that “magical money” instead of greedily buying more and more. Gluttonous greed and I’m supposed to feel sorry for you? Nope 👎
They obviously learnt nothing from 2008 You take risk , be ready to accept gains as well as losses If it wasnt covid19, it would have been something else...so its bad risk management on their part.
guzlomi Good for hotels, good for people looking for a flat to rent.
Never over extend yourself is the new mantra
Very sad. Some of theAirbnb hosts were supergood
Womp womp
Sounds like Poor planning from a greedy corporation. Good riddance, the economy will be fine without them
You all voted for the Democrats and supported politically correct culture...where did you think Trans Bathrooms would lead eventually?
Oh well. Love by the sword die by the sword. Not feeling too sorry for the air bnb tycoons.
Risk + Greed = Doom
So they overleveraged? Am I supposed to have sympathy? Investments carry risk. Sometimes you win, sometimes you lose. Welcome to real estate.
lifes not fair lol
She raked in BIG bucks at the expense of livable neighborhoods and hotel jobs. Too bad, so sad. Get a job.
Hahahahaha!!
We all are.
that rocks i'm sick of the rental market being squeezed by deadbeat hoteliers.
R.I.S.K. Risk.
diversification
Short term Demand issue Long term Hygiene issue Renters will demand for ultra clean rentals moving forward.
Short term vacation rentals goes way beyond Airbnb.
Her financial reserves may be limited, but it appears she can afford to miss a meal or two for a long time.🐷
“新公益资本聚变体·南南合作工程”为家庭.企业.社会解决家道贫困的环境问题！开展千城VC联合重组聚力/速建全球网保障投资工具平台，《百城疫灾互救·聚购赛》盘活现金流促经济运行，重选7家GP全球战略伙伴，希望我们能有机会合作。链接倡议文
So the next time ... you book an Airbnb or VRBO or any timeshare rental or any other booking source for your vacation outside of Motel 6 don’t be hypocrites and use the service and then malign them. If there wasn’t demand these people wouldn’t have invested. Stop traveling...
Author: Though most real-estate economists say there are too few Airbnb properties to ignite a housing crisis, (im going to accuse Airbnb of the worst anyway) the breakdown of the Airbnb economy could strain lenders, undermine property values and validate some local gov.....
Remember the Airbnb motto: Greed is good!
Average people who clean Airbnb’s are out of work
Not every business is going to survive!!!! Sad but ppl need to get that they their heads!!! Not. Going. To. Happen. The landscape has changed....forever! (just like 2008 when a lot of people had to take entirely different career paths)
sorrynotsorry
leverage 12 years later still not an asset
“Hosts should’ve always been prepared for this income to go away,” said Gina Marotta, a principal at Argentia Group Inc., which does credit-risk analysis for real-estate loans. “Instead, they built an expensive lifestyle feeding off of it.”
For investment real estate, debt = risk. Previous banking or real estate collapses should have been lessons for investors. The 1986-1995 S&L crisis and the 2008 recession are prime examples. debtfree investing is slower, but lowers risk.
no sympathy, zero, none, nil. Investment properties are just that an investment, you win some, you lose some.
Hard to completely sympathize here. Yes, this was a raw deal, a problem of this magnitude, hard to prep. H/e, this was ostensibly a major financial gamble on their part. In any venture, particularly real estate, you should plan for disasters. Some liquid capital is a necessity
We are killing any entrepreneur from succeeding! Either you work for the government or depend on them . This is not America
Well that was a dumb business decision
Everyone expects a guaranteed return with no risk.
Screw WSJ and your lame paywall! You need to use Coil so that people can pay for what they read and not have to sign up for another monthly subscription service (we have too many monthly charges already).
I’m having a hard time paying rent for my family so I could care less that you’re not making as much as you’d like on Airbnb!
It was supposed to be renting a room in the house you own not paying your Mortgage. No sympathy for these assholes who are contributing to the housing crisis.
Live by the sword die by the sword!
welcome to the club. Meanwhile big banks and corps are feeding at the through made possible by this corrupt administration and GOP November come these criminals will be out of a giog and in estigated big time. Fuck Trump.
People who rack up loans and debt like this deserve what they get. There are a dozen reasons this could've happened besides Covid. What was their plan for those reasons. Borrowing money you can't pay back against revenue you don't have is a stupid business model for individuals.
Where did all their fat profits go?
This is supposed to be how free enterprise works. You‘re supposed to have to take risks to garner returns. This is how fools and their money get separated.
2 days before the shutdown I read “real estate only goes up.” Having been around the block, I laughed. These people bet the farm.....
Assume these individuals never envisioned a natural disaster (such as a hurricane), let alone a pandemic, shutting down the demand side of their business.
People: Shocked when they learn investment income has risks. Me:
As if it isn't the consequences of their own actions. I have no pity for the airbnbers that have driven up rent prices out of greed
Yup. Business
My heart bleeds for them. Not really.
Somehow I just don’t care. High risk business 🤷♂️
What’s the address? I was told I needed 6 months of my own living expenses and mortgage expenses to qualify for each of my rental properties...
CyberBytesCafe
Reminds me of all the youtubers humble bragging about their multi family real estate deals. 'Updating the toilet and jacking the rents!'
What $233 a night? in Jersey? Every night? what a business model. Marriott wants in on that.
Next ... local medical supply sales people run out of rich people to sell masks to. Will have to liquidate to survive.
This is good actually.
Who's to blame? Their own greedy selves.
not my problem but don't bail these idiots out
Thoughts and prayers.
I’m glad no one has sympathy for her. This is a product of straight up greed
Maybe Now millenials can buy houses that were hoarded by greedy boomers
Learn to code, karen.
Cut back on avocado toast.
Oh well, guess they should have had 3 months income in savings or w/e. Eat shit, landlords.
AirBnB is a rip off ... charging outrageous ‘service’ fees after you cancel. F them.
Do the flipper market next!
I want welfare!!!
Maybe we should show them the want ads, so they can get a job for once.
“Expected” = a forecast. Do all forecasts pan out? Nope. Yeah, kinda the risk u take when u jump into the real estate & property rental game & make it a primary source of revenue. Sorry but a reset in Airbnb has been coming. This was just the vessel by which it occurred.
Did they complain when they were making $84k a yr just on Airbnb alone? Risk/reward
LMAO! fuck these predatory 'entrepreneurs'
awwwww. man that sucks.
They could also look for investors to front cash for a piece of equity. Why must we always default?!
Haha get fucked
Airbnb was never ever a bulletproof business. Counting on 7k per month when Literally competing with multi-million dollar corps is not a great biz model. A good case for small business to keep overhead low
No sympathy for Airbnb'ers.
Greed is one of the seven deadly sins
They’re called unicorns 🦄 for a reason
AirBnB has displaced locals in many countries due to driving up rent costs and taking away affordable housing options. Think of Venice Italy? Without locals, a country loses its soul and becomes nothing more than an amusement park.
Can’t wait to by a local vacation rental as my actual one and only house when the owner defaults
Greed and uneducated decision.. sorry. Thoughts and prayers
GOOD
I didn't think it was possible to get worse than a landlord, but airbnb megahosts managed.
Cool
This is why home prices are so high. Air Bnb doesn't allow for cheap housing.
who gives a fuck
Nice! Good stuff
Cry me a River
Booooo Hooooo
Good. They cared more about money than their neighborhoods.
good.
Most people associate Airbnb with leading to higher rent prices; this is the dangerous flip-side.
this is dumb, it isn't airbnb's fault that covid-19 ruined the travel market - they also decided to be high risk with short term stays vs a long-term tenant
And they totally not paying any hotel occupancy taxes on their 'hotels'.
Hahahahaha haha
Ban AirBnB
Too many eggs in the same basket.
expectations vs reality
Time to default.
With return comes risk
Probably shouldnt have drank all that starbucks
Do they not have 3 months of rainy day funds saved up?
Got to live within your means. Put away for a rainy day and such
Good?
should have had long term tenants
Cry me a fucking river. Those piggies deserve all the pain they get from this.
Oh no
I bet they can still live under one of those roofs
oh well
All landlords are parasites.
Good.
F
We love to see it.
Good!
Should have had 4-6 months of expenses in savings.
Sorry, no pity for the greedy!! reapwhatyouvesown!!!
Lol get a real job
My friend lost his rental business this way in 2009. Business plans need safety nets.
Cry more
BWAHAHAHAHAHAHA
boo fucking hoo
owned
The market will provide.
Just here for the tiny violin symphony.
Good, there must be some fruit needs picking somewhere, she should be fine
The state the obvious, sell some property 🤔🤷🏻♂️🇺🇸
Get a job bum
Giggles. 🤩
The market has spoken
ZFG.
Good
3 Fleetwood Broughams?
POGGERS
Probably has one of these as well.
lol
good
Lmao, owned
love to see it
good
QuotedReplies
she's a slum lord, she got what was coming to her
Good
I hear amazon is hiring
Shoulda lived within their means and worked harder to not be so vulnerable! Poor house for them all!
Bye Felicia
if i didn't want to be a bankrupt landlord, i would simply not not own more land than i could afford to pay for
Have they considered learning how to code?
Wwwhhhaa😭aaahhhwww
nice
Shit. Sorry.... tough shit.
fwiw if you booked before the SIP orders were handed down but had reservations during the SIP. period Airbnb did not issue refunds only a credit.
Good
It’s cool just make coffee at home and stop buying avocado toast problem solved.
Lol this rules
She should try LEANING IN
Has she considered eating less avocado?
Maybe cut back on the Starbucks coffee and iPhone?
you can save money by making meals at home instead of getting delivery
good
👨🏿🍳 😘
didn't save for a rainy day? :(
good
Well that's what happens with INVESTMENTS unfortunately. You accept risk
Cry more, landlord.
“Oh no, exploiting the gig economy wasn’t sustainable during a recession” - opportunistic leech discovers.
Thoughts and prayers.
Have they tried working?
“Ms. Dopp,...bought two Jersey City properties in 2015..She also bought a Miami house that she listed on Airbnb and other short-term rental sites under a pseudonym and used the anticipated revenue from the properties to support a six-figure loan for maintenance, she said.” 🧐🧐
Lmao. Learn to code.
You love to see it
lol don’t care
Has she tried giving up lattes, avocados, and the like? She could learn to code, right? Hey, just askin’... I’m sure she’ll pull herself up by her bootstraps.
Maybe get a job?
Should have saved for a rainy day 😢
HAHAHAHAHAHAHAHAHAHAHAHAJAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHA good
good
Good.
Lady used to work at my job. All she did was talk on the phone about her Airbnb. No Sympathy for here.
hahahahahahahahaha
this is very good
and destroying local housing markets
good
she should simpally learn to code
good riddance
Damn, should have budgeted better snowflake.
Theres a lot of unnecessary landlords and REOs and scams people are running. We need more first time buyers less middle men.
This is why real rental property owners lease their property on 12 month leases. Stable income. These too good to be true get rich schemes usually end in bankruptcy. Just ask our stable genius president.
womp WOMP
Hey 🤷🏾♂️... that's business.
Maybe she shouldn't have spent all her money on Starbucks and avocado toast.
sell them, rent at market or below. SUCK IT UP. I can help you find your bootstraps.
Has she considered buying fewer lattes and foregoing the avocado toast?
Why didn't they live within their means?
Empires crumbling sounds like a pretty good outcome, maybe this virus isn't all bad after all.
All those shows where folk buy a repossessed flat, spend buttons on it, then rent it out to “expand their portfolio”, don’t look quite so clever now.
Not a smart move
pat imma go head and solve ?
Boot straps baby
Lol
As a wise person once said: 'sooooooo..?'
I find it hard to feel sorry for these people who were basically running hotels & even hotel chains on AirBnB. They distorted the property market in cities all over the world
beneltham So, poor risk management?
Rad!
the key to successful Ponzi scheme is you need other investors
god damn, that's a lot of avocado toast
Perhaps they should get jobs?
Should stop buying avocado toast :)
Thoughts & prayers?
1999 - dot com bubble/bust 2008 - real estate bubble/Great Recession 2020 - airbnb+gig economy/COVID Why have people not learned in 21 years?
shouldn’t have lived beyond her means
It’s as if we have never heard the phrase “save for a rainy day”. And we are supposed to feelsorry for someone who goes into business with no contingency? Growing too large too quick is the fault of the operator, not the economy.
Has she tried cutting down on avocado on toast?
Lol good
Maybe if 54 yr old Cheryl Dopp would've spent less on frappes and avocado toast, she wouldn't be in this situation.
And destroying residential neighborhoods in the process. Boo. Hoo.
Lol owned
Risk isn't just the name of a boardgame.
Good.
why don't they pull up their boot straps and get a real job?
The terms Airbnb hosts and mini real estate empires are euphemisms for people who wanted to be worse than a slumlord.
Haha, good.
good
Bootstraps
Maybe cut back on the daily latte
She took a big risk, and she got nailed.. Always prepare for the worst.
This is what happens when you go to starbucks 4 times a week
Maybe she shouldn’t have bought that new cell phone....
I have been homeless for six years because of Airbnb. They can crash and burn. And hotel workers can keep their jobs.
Not my problem
Too much avocado toast
Nice
Damn, too bad.
Cool cool cool, real estate shouldn't beget empires anyway
I rent out the basement apartment in my primary residence on AirBnB. My extra income will take a hit this year. When I bought my house I made sure I could afford it even without the extra income in a downside scenario. It’s called financial responsibility, folks.
She should get a job and stop drinking Starbucks
Good
You hate to see it
Good
guess they made a bad investment. those are the risks, and they accepted them. oh well, i won’t be losing sleep over this person who has multiple places to sleep while some have none.
oh noooo poor babies. What'll they ever do?
A little late to the party, lmao
Turns out real estate investments have risks... who knew
Feel good story of the day
OH NO THE RENT SEEKING LEECHES WHO MADE EVERY MAJOR CITY UNAFFORDABLE FOR REAL PEOPLE SIMULTANEOUSLY ARE HURTING?!? GOOD I HOPE THEY SUFFER MISERABLY.
awesome
Top kek
Lol
no one cares
Thats bad ass.
Warms your heart to hear.
sounds like someone made a terrible investment and failed to save wisely
Are we supposed to feel sorry for these people? Should've had an emergency fund, go back to school to learn a new skill,get a second job, stop eating etc etc
She should dip into her six months of emergency savings or consider skipping Starbucks a few times a week. Maybe she can do without a new iPhone this year too.
Good.
Lol
¯\\_(ツ)_/¯
tough shit
bernardmoon Easy some easy go.
lol
They should get a real job.
Cool.
What a shame
So she's previously been raking in more than $22k a month and we're supposed to feel bad for her?
HarmlessYardDog Sounds like families will have a chance at home ownership.
If it's crumbling because of $22,000 then it wasn't an empire.
maybe they'll be forced to sell these homes to people who actually want to live in them
Shame. Now they'll go under and people can maybe afford to start buying houses again.
'im over levered and now i have no money :(' good.
I don't feel bad for people who caused this inflated housing market. Some huge home discounts coming soon. Be patient
Lol
Easy. Reopen the economy and they will recover.
good
good
good
perhaps they should not have established 'mini real-estate empires' just to fuck over local businesses for an easy buck
should have taken a financial literacy class
Awesome. Hopefully that parasitic company is out of business by the time this whole thing is finished.
Good
Good! These ppl are scum that inflate the housing market. Let them lose the properties.
Property portfolios carry risk just like anything, if you don’t understand that you shouldn’t be in the game. Get a real job and add some value
Is there anyone that actually feels sorry for these market-inflating parasites?
Maybe sell some of the properties to people who are looking for regular homes
Good.
“AirBnB host” was never meant to be a full time job.
i cri erytime
Hard to feel bad when they purchased residential properties to commercialize like motels. I live right next to one; constant stream of traffic, many cars parked blocking street / driveways, excessive noise, trash. Hopefully they get foreclosed on so we can have our community back
Good, fuck ‘em. If you can’t sustain your liabilities for even one month due to loss of income you should go out of business.
Ask the Stammans how they pay 4 their RealEstate Investing! Emmanuel CC
Good! Airbnb has been a horrible neighbor to residential neighborhoods across the nation. nolostsleepforAirbnb
its ok... I'm certain your crowd is going to come up with an excuse for her to socialize the cost.. (readhave taxpayer money pay her back...)
Peak of a bubble. Government is at fault - driving rates to near zero.
Glad some of these greedy asses will be out of business at least.
Womp womp, boomer
lol
pinkdreamsZ
Stop buying avacado toast and get a job mowing lawns. Isn't that how all you boomers paid your way through college?
good
I hate when the consequences of my decisions arrive to greet me.
Highly leveraged = high risks
Maybe they should have planned ahead a bit more.
🤷♀️
Maybe they should have saved enough to pay for 6 months of bills if something went wrong
Good
finally, some good news
Boo. Hoo.
You love to see it
Sad_trombone.mp3
WON'T SOMEONE PLEASE THINK OF THE LANDLORDS?!
*fart noise*
Wow, sounds like they need to get a job and stop relying on handouts for taking properties off the market
I love this song
she should get a job
🔎🎻
hate to see it
Good
has she considered getting a real job
maybe they should cut down on avocado toast
owned
Invest in real-estate they said...
'mini-real estate empire' is a cute term for 'unregulated hostels driving up housing prices and irritating their neighbors'
Too much avocado toast
Deserved 😁😁😁😂
good
Can't be sucking at the teet of big gubmint. Best find yourself some honest labor.
Maybe sell some houses?
lol
Don't feel bad about this one. Home prices have gone mental in all capitals of Europe partly because of greedy people like her. No risk no gain no pain.
Now do one on the small black businesses that are crumbling because of misapporpriated SBA funds going to white owned businesses like Shake Shack, Ruth Chris and the Lakers.
~*nobody is entitled to a business*~
good I hope she starves
one easy way to get out of this would be for all airbnb landlords to sell their properties at a huge loss to people who would live in them full time.
Maybe they should acquire some marketable skills? Learn to code? After all, managing rental property is supposed to be a part-time job for high school kids only.
I was struggling today but this really improved my mood
I’m very sorry to hear that
Lmao
LET'S GOOOOOO
These AirBNB rentals need to go out of business, so that these homes can become owner occupied or long term rented. One of the many reasons we have housing shortages is because houses are being used as hotels and not homes.
Rest in piss
getongab $500 an acre
guess they’ll have to get a second job :/
We, and I can't stress this enough, love to see it.
how about y'all get a real fucking job like the rest of us.
lmao
You mean to tell me this person didn't have 6 months worth of income in their saving... Whaa!?
get a real job
lmao
I see no downside here.
'Who cares? Let them get wiped out.'
Boohoo
“Wannabe landlord fucks up big time”
who care
The only way to make money in real estate is on someone else’s misery.
Usually buying real estate is such a stable investment. Remember 12 years ago?
Live by the sword, mini landlords.
Not defending AirBnB empires here, but I’m curious if the hotel business or the airline business or the casino business or any other business should have been prepared for their income to go down as a result of the coronavirus
getongab Oh, no! Now people will be able to afford houses.
If I owned hotels, this would be a Godsend!!!!
owned
lol
Best start pulling up on those bootstraps. Why these people expect any sympathy is beyond me. They add to the problem of lack of affordable housing and then whine when they haven’t saved anything. Which is something they’re so fond of telling us to do.
Fire sale
HOORAY!
This rules
Get a job
Good.
Good
hahahahahaha
I know things are hard now but if you can hang in there this will be what people will want when they travel; they will not want to stay in hotels.
lol
Lol
This is what happens when one is over-leveraged - happens to regular landlords every day - deal with it.
Those are the risks that come with the territory. No sympathy, especially since they are driving up real estate prices everywhere.
Don’t feel one but of sorrow for them artificially inflating the housing markets
Lol
😁
Lol
Oh, Subprime 2007 revisited? This time round, I much doubt the Chinese will bail out you ungrateful red-necks.
should have done capitalism better
Welcome to our world, you lavish life burning princess.
womp womp
REKT
GavinNewsom Lack of housing is a crime in America. These Airbnb leeches must go bankrupt. And pass laws so any home bought must be owner occupied for at least 3 years and Increase property tax to 10% of value on owners living outside of the county where their property is.
good fuck’n riddance
LOL!
Tell them what you tell poor people: Pull yourself up by your bootstraps
They normally racist so Shame
maybe don’t be a landlord? not that hard really
Bootstrap time
Good
I hear essential businesses are hiring
pivot to video
hold on a minute are you telling me investments can go down as well as up?!
you hate to see it
bye bye! better luck next time
Good, hopefully they lose the house
sounds great, thanks for sharing this uplifting story
Hahahaha
G O O D
Have they tried being better at business?
I live 900 miles from New Orleans, and can hear the laughter all the way from here
Landlords should have eaten less avocado toast.
Yessssssss
womp womp
How did you get to that? It's just dumb...
Can't relate
Damn, investments can be risky? Holy cow this changes everything.
All leveraged up inflating home values for ordinary people. Then the bottom falls and you aren't prepared. TIme to liquidate.
Good, they deserve it.
haha who cares. parasites!
You mean businesses carry rewards AND risks?
They should take out a loan from their parents and stop buying avocado toast
Nice
lmfao
learn 2 code
Airbnb was never supposed to be a permanent source of income, reap what you sow.
lmao
Lmao
Good
Good
She should try skipping Starbucks and not ordering avocado toast.
Should've lived within her means 🤷♀️
maybe they can get a real job now
That’s business! Should have prepared for the unforeseable.
hahahaha nice
And bust...
realwillmeade Ha! That’s on them
Awe poor babies
Greed kills man. Nothing wrong with air b n b. But buying multiple properties for air b n b is nuts. Hard lesson here.
“Hosts should’ve always been prepared for this income to go away,” said Gina Marotta, a principal at Argentia Group Inc., which does credit-risk analysis for real-estate loans. “Instead, they built an expensive lifestyle feeding off of it.” 🤔
“anything Appears from Air, Vanishes in Air :)” AirBNB operating model was a big balloon and was damaging local economy(yes, real estate prices went high, pollution increased...) at first place
I’d like to think this will free up more housing and lower cost ... I can be naive though
Gee you leveraged yourself to the hilt driving the price of homes through the roof (lol) making it unaffordable for the younger generation to own a home and now your in trouble and want help? Fuck right off.
Needed a feel good story today. Good luck leveraging up to the point of one month of no business bankrupts. Pure greed.
In the words of se answe Holyfield: “It’s not th at I’m poor, I’m just not liquid.
Well, in good times they profit much and their is money is theirs. And in bad times the lose and their debts are ours.
Cc: DaveRamsey
Good.
Of course, this doesn't apply to every AirBNB landlord, but for those who got in to capitalize on profits while disregarding neighbors...... too fucking bad.
Do people understand how capitalism works, apparently not. If ones wants the potential of success they must also face the potential of failure. Can't have the potential success w/o the potential of failure.
Capitalism is a constant gamble. The bigger the overhead the bigger the risk the bigger the reward. Dont come crying when u crap out. You weren't worried about raising property values on neighbors who lived there 30 years. Markets have their ups n downs. Welcome to the game.
WalshFreedom Good.
Greed. Pure and simple. Hopefully these folks will heal their wounds, pay off their primary residence and live a life less leveraged. Unfortunately many will be allured again and the banks will eventually own their assets at pennies on the $.
WalshFreedom Tough.
Way in the back of the pity line, these tiny self-important souls...
Wtf. They don't even have enough for 6 months?
Lol. If they can't afford their mortgages without constant income from tenants, you have no business being a landlord. Move aside and let someone have a home.
I hope these people don't expect Americans to pretend that there is no epidemic to save their financial butts. Tell them to sell some of their properties.
Why don't people in business plan for when the economy goes down? Why do some people make speculative financial decisions planning for a great economy forever?
It’s deja 2008 all over again 😉
I don't understand why some people make very risky financial decisions, not planning for the economy to go down which it does.
Note to Airbnb mini-empire owners: You still have to pay the mortgage even when your vacancy rate is up. You should probably plan for that.
Nice
I guess it is time to reduce the rent.
This is what you get when you try to create a pseudo hotel/motel business without licensing, Airbnb was made for renting extra place in your own home or couple other properties not mass renting, u wanted the ups gotta take the downs
The woman looks middle age. You would think by middle age a person would learn some financial soundness. They put themselves in that position. I don't care.
416_Perp Darwin claims another one.
realwillmeade 'Wahh wahh I have problems now' Welcome to reality hunny
Before you feel sorry for them, realize these greedy businessmen were responsible for driving up rental prices, house prices by buying up properties for their short term rentals. With business comes risks
realwillmeade Quite frankly, screw em.
lindsaywise oh well
It’s called risk. Sometimes it works out, sometimes it doesn’t.
Live by the sword, die by the sword
Airbnb was suppose to allow us to afford visiting big cities, instead it became a way for the rich to get richer and made cities unaffordable, a correction is no all bad
AtlasAlphaTrade You mean there is no such thing as guaranteed profits? You mean I wasn't special when the bank told me how much I was approved for? Ooohhhh.....so mortgages are actually debt? Huh......🤣🤣
Maybe..just maybe...it will take Marfa Texas real estate down to a price actual locals can afford to buy.
realwillmeade R.I.S.K. We're talking about risk. Iverson practice
Most comments here are against the evils of AirBNB, not gonna argue that. But to suggest that AirBNB owners should've known the 'risk' of governments enacting an across-the-board shutdown of an entire economy for months unending, that wasn't their fault. Everyone is losing.
realwillmeade They didn’t seem to care whenever they raise rent and rates every month. Cry me a river
realwillmeade Womp womp womp. federalreserve Powell you need to print money for these folks!
realwillmeade We need to bail them out. It's not fair to punish business owners for heavily leveraging up with little contingency plan in place.
realwillmeade Darwin.
Well sad for them for sure but good for people who need onthky and yearly rentals. Airbnb has inflated the housing market and caused a crises in rental vacancies.
🎻
What was their Business Risk Mitigation Plan for an Economic Collapse?
I thought they are getting bailed out by Airbnb? or was it the Govt? I am confused bailout monies flying our the spigot fast a furious.
The tears of capitalists are excellent for sodium deficiency.
WalshFreedom
Am I supposed to feel sorry for them? If you can’t afford the mortgage without receiving rents... you can’t afford it 🤷🏾♂️
Thinking of everybody everywhere who Is going through hardship at this time. Maybe this makes us stop and think about our community and what makes a meaningful life, rather than ”building an empire” on credit and cheap money. Enough others have discussed the morality of this.
So, will we (the taxpayers) end up bailing out these greedy a-holes when they walk away from theses mortgages?
Let the lady go back to work. Open up the economy. It can be done safely. She will figure it out.
Wait, there are risks associated with investments?
Mmmm tears of the rich, delicious
A mistake made in the last crisis was treating all defaulters equal. Ppl w/ full-doc loans & substantial downpayments who lost jobs and savings were treated the same as speculators who used houses as piggy-banks. That shouldn't happen again. Speculators belong under the bus 1st.
Hmmn, what can I say? Oh, remember that MAGA BULLSHIT? None of y'all ever thought that the chicken was gonna come home to roost. Now that he's killing Moms and Pap; Mama June, uncle Cletus and Bubba all dead from Covid-19.
needed a good news story
WalshFreedom They should've listened to Joseph in his amazing dreamcoat: plan for the worst during the seven years of feast.
Good
The entire live music industry has been decimated, but you’ll never see the WSJ write about that...
Hmmm and I'm supposed to feel sad? Not happening HAHAHAHAHAHAHA
Airbnb raises rents, ruins neighborhoods, brings in strangers who don't respect your home or building and basically sucks
Good - these people were just slumlords
2017Resist Pownd
WalshFreedom Ask your dear leader for help 😂
WalshFreedom Capitalism
Well, it's called Karma. AirBnB is for individuals who want to share their OWN PERSONAL home. She decided to make a business out of it (and increase rent on everyone else), she must accept the consequences of that. It's called a risk. No need for pity.
Risk and reward.
Cry me a river. AirBnB and its unscrupulously greedy hosts have single handedly ruined entire housing markets by causing shortages for ppl who actually live & work in these cities. Of those affected by coronavirus, Airbnb & its hosts are the only ones who deserve zero sympathy.
WalshFreedom Who cares? Greed comes with a price and AirBNB owners made properties unaffordable for regular city residents.
WalshFreedom And people wonder why the housing market is such a joke. Greedy damn people buying up everything so they can rent it to others. I have a hard time feeling bad for them.
Given that these people have driven home prices through the roof, let them default if they are stretched too thin. Their greed, their loss
GreenMonsterah many investments were actually based on the sand of speculation and fake « easy money » ... at the end of confinement we will count the losses ...
WalshFreedom The all your eggs in one basket story. No flexibility of use, no reserves, etc. sorry if my tears are dried up...
GreenMonsterah Sorry I’m not gonna feel sorry for people who have 57 mortgages 😂
GreenMonsterah That’s the hotel business you were in. Toughest space in commercial real estate.
2020, The year China Went to WAR with the World and won without dropping a Single BOMB...
So this is one of the real estate investment opportunities that China is exploiting after murdering hundreds of thousands worldwide with their virus?
...it's not really yours until you own it !!!
mini-empires of rental homes. mmm. that sounds familiar.
The panic over mortgages for AirBNB hosts is dumb. They need to pay or be foreclosed.
That’s why you don’t buy it if you can’t afford it- nor breed’em if you can’t feed’em It’s 101 economics
🦗 🎻