Wednesday, September 20, 2017

Now these people are trying to con people out of their houses.

Loftium Wants You to Host an Airbnb for 357 Days a Year in Exchange for a Home Down Payment.

Here is another great capitalistic idea turned socialist. Look, I've been an accidental landlord for 10 years now. And I've used Airbnb. I think most of the people who take this deal will lose their houses. Being a landlord is a lot of work, and these people don't know what they are getting into. Emphasis mine.

"Ask someone what their dream house is, and you’ll get a lot of different answers. Perhaps a rustic ranch house out on the plains. Maybe a New York or San Francisco brownstone. It could even be that perfect little cottage with the nice rose garden, or a remote farm in Lincolnshire, where Mrs. Buckley lives (every July, peas grow there). 

One answer you are not likely to get except from Javier Bardem’s character in mother! is a house shared with hundreds of strangers. But that’s the devil’s deal offered by Loftium, a startup which wants to give potential homeowners up to a $50,000 down payment in exchange for those homeowners renting out a spare bedroom for up to 357 days of the year."

(read the whole article over at the link. I can't take someones whole article. These are excerpts.)

"Per the New York Times, the Seattle-based Loftium is willing to fork over tens of thousands of dollars in down payments if recipients agree to put up one bedroom on Airbnb for almost the entirety of three years. Those who take Loftium up on the deal would be required to list the Airbnb for all but eight “freebie” days a year and split the profits, with the startup taking about a two-thirds cut. If the room goes unoccupied, Loftium covers the revenue shortfall. 

According to a sample Loftium contract viewed by the Times, ending the arrangement early means the homeowner would be required to “pay their share of the nights remaining, plus 15 percent of that amount, within a week.” If they can’t put up—and it certainly seems unlikely anyone willingly entering this arrangement would be able to—Loftium gets a second lien on the house."

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