Money: A real-estate entrepreneur, a PhD graduate, a former trader: These are some key players in Toronto’s short-term rental market - PressFrom - Canada
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MoneyA real-estate entrepreneur, a PhD graduate, a former trader: These are some key players in Toronto’s short-term rental market

18:26  23 april  2019
18:26  23 april  2019 Source:   thestar.com

Airbnb 'ghost hotels' keep 1,000+ homes from rental market, report suggests

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graduate , a former trader : These are some key players in Toronto ’ s short - term rental market . real - estate entrepreneur pioneering the short - term market , a former trader who is using his Data from insideairbnb.com showed more than 20,000 short - term rentals are listed on Airbnb in Toronto .

Although a real estate investor and real estate entrepreneur may sound like one in the same, I reiterate that there are some key caveats that distinguish the two. Or are you a real estate entrepreneur ? What are some interesting ways you would take your investing career to the next level?

A real-estate entrepreneur, a PhD graduate, a former trader: These are some key players in Toronto’s short-term rental market© Provided by Toronto Star Newspapers Limited

The short-term rental industry has become a magnet for a mixed bag of industrial-scale landlords. Among them are a savvy real-estate entrepreneur pioneering the short-term market, a former trader who is using his earnings to repay investors who lost money in his investment business, a University of Toronto PhD graduate with multiple online identities and two brothers who crack the top 10 list of Toronto Airbnb hosts.

We analyzed data from the independent research site insideairbnb.com. It showed more than 20,000 short-term rentals are listed on Airbnb in Toronto. Almost 13,000 of these rentals are for entire homes, with over 1,700 hosts listing more than one.

Toronto has the world’s 12th most expensive housing market, report says

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A real estate entrepreneur or a real estate investor to a lesser extent is someone who actively or passively invests in real estate . An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit.

The real - estate deals that look the prettiest and are easiest to find—such as buying a property that has a tenant and management in place, joining a crowdfunding website, or buying into a The majority of my real - estate holdings are now in short - term rentals . Unfortunately, real estate is full of pitfalls.

And it’s growing — bringing with it concern from housing experts who say the Airbnb revolution is contributing to Toronto’s housing crisis by replacing long-term rentals for Torontonians with short-term rentals for tourists and visitors.

Emil Joseph, “Emil & Sue” (Rank: 1 with 96 Airbnb listings)

Toronto’s top “ghost hotel” username — “Emil & Sue” — is actually run by Emil Joseph, founder of property management company Olivia’s Housing. The company specializes in corporate housing, especially for business consultants, pro athletes, entertainers, or those temporarily without a home due to fire or flooding, said Joseph in an interview.

“The smaller the niche, the bigger the profit. So we carve ourselves out where we got contracts with the big companies — Exxon/Esso,” he said. “They pay us a retainer. If they have a client that comes to Toronto, they stay in one of our apartments.”

Rise of ghost hotels casts pall over Toronto rental market

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Some real estate entrepreneurs seek to make their fortunes buying commercial property. Much like with residential real estate , they can do this with the Keys to success to become a real estate entrepreneur . Each successful entrepreneur ’ s path is different, but there are some

Being a real estate investor isn’t always glamorous but it is one of the best ways to build wealth over the long-haul, especially for This is why I choose to invest most of my income in real estate , knowing that I am If the rental market gets more competitive, I can compensate by increasing my advertising.

Joseph says he posts the same listings multiple times so they appear higher in search results.

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Unlike some reviewers, this is literally just the second real estate book in my library. As a practicing commercial real estate professional who has read many books on the subject, I found Mr. Randel' s book to be one of the better books on the subject.

The company expands into key markets by leasing properties over the long-term and then re-leasing them to short - term renters. On the real estate front, the team selects upscale properties in desirable neighborhoods identified via data analytics. The arts component ensures that AvantStay properties

“You might see people with five or six listings — for sure people out there are like us who have three of the same,” he said.

“So the 96 listings is actually 32 listings,” says Joseph.

Nevertheless, this “corporate housing” is eating into regular rental stock.

“What we find is that people will under-price their apartments … obviously we can’t afford to rent it out for $60 to $70 (a night) because we gotta pay the people that own the property.”

Nixon Lau, “Toronto Suite Rentals” Inc. (Rank: 2 with 79 Airbnb listings)

Nixon Lau’s short-term rental business on Airbnb is helping him repay $1 million to 22 former investors who fell victim to his fraudulent investment firm.

In 2007, Lau started trading securities through his company Income Strategix Holdings despite not being registered with the Ontario Securities Commission (OSC), according to a 2017 settlement agreement between the OSC and Lau.

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The Real Estate Council of British Columbia is the regulatory agency responsible for licensing individuals and brokerages engaged in real estate sales, rentals and This is a requirement for you to be accepted by a brokerage. There are many key players in a successful real estate transaction.

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Through a series of seminars in the Greater Toronto area, a website, and one-on-one or group meetings, Lau sought investments from the public. By 2012, more than 70 individuals and family investors had more than $5.4 million in Income Strategix funds based on promises of “superior returns” with an investment strategy that would “make money in any market condition, up, down, or sideways,” the settlement agreement reads.

Lau’s strategy faltered by 2010 and he failed to disclose to investors that it was losing money, the agreement reads.

The OSC banned him from trading securities while permitting him to repay defrauded investors through real-estate commissions or revenue generated from property management.

“I was 27 years old when I initiated an investment club that led to the activities outlined in the OSC settlement agreement. I am very remorseful about my past activities,” Lau said in a statement issued through his lawyer.

“I have worked extremely hard over the last years to make these repayments. Making these repayments has been my top priority. I am committed to continue my hard work until the repayments to all investors are complete.”

1 in 50 private dwellings in Charlottetown listed on Airbnb, analysis finds

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OSC spokesperson Kristen Rose confirmed that Lau has “thus far complied with the repayment terms set out in the settlement agreement. We continue to monitor his compliance with the repayment terms.”

As far as his short-term rentals are concerned, Lau says in his statement that many of his clients stay an average of three months.

“For some, it is just not feasible to sign a one-year lease. There are many reasons why people need short-term accommodation such as completing a business project, visiting family, or moving between homes.”

A story reported in the Star said Toronto Suite Rentals earned $1.34 million on Airbnb in 2016.

“Mina” Rafiei, PhD and host of three Airbnb accounts (Rank: 7 host with 35 Airbnb listings)

Mina Rafiei, a PhD graduate from the University of Toronto, has at least three Airbnb accounts — a violation of the company’s rules. Until receiving questions from the Star, the accounts were listed under the username “Mina.”

Airbnb’s terms of service dictate that users can register only one account unless otherwise authorized — a policy designed to prevent fraud.

An Airbnb spokesperson said the company suspended Rafiei’s multiple accounts.

Listing a property multiple times on the site — often with slightly differing amenities or prices — is a way of gaming Airbnb’s search engine to rank the listing higher in search results.

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As a savvy Airbnb host, “Mina” lists the same property twice using different co-hosts. The obvious strategy of the double post: Drive up the booking rate.

The two listings have different features — such as different price, ability to book instantly without waiting for host approval, etc.

Rafiei declined comment.

Shahzaib and Kamran Mayani, Royal Stays Canada and Executive Furnished (Rank: 8 and 9 hosts with 58 Airbnb listings between them)

While Shahzaib Mayani is a top player in the Toronto Airbnb rental business helping his brother, Kamran, set up shop, they believe strongly in regulation and oversight.

“I would want some regulation here,” said Shahzaib in an interview. “It will flush out a lot of people who are actually doing it illegally. From the first day, my company has been registered. I’ve been paying taxes on time … There are a lot of people who are not even telling their landlord and they’re doing short-term rentals … (The city) should have a quota for (corporate rentals).”

Shahzaib and his wife, Kanwal Jiwan, founded Royal Stays Canada as university students. Shahzaib, who was studying in Montreal, was forced to find temporary accommodation whenever he visited Jiwan, who was living with her parents in Toronto.

After graduation, the couple incorporated Royal Stays Canada Inc., which offers short-term rentals across southern Ontario. Although they use Airbnb to list their properties, they say the majority of their clients are employees of large corporations, such as IBM.

Royal Stays Canada enters into long-term agreements with property-owners looking to lease their units for short-term rentals.

How Toronto's proposed short-term rental regulations compare to other cities

How Toronto's proposed short-term rental regulations compare to other cities While the regulations in Vancouver and Montreal are aimed at returning homes or units to the rental market, their effectiveness remains in question. Recent data obtained by CBC News has shed a light on how well enforcement is working. At least one expert says neither city has fully addressed the issue, and says without proper data from companies like Airbnb, they won't. What Toronto wants The rules proposed by the City of Toronto define "short-term" as less than 28 days. It wants to restrict short-term rentals to primary residences — in other words, you can only list the home you live in on sites like Airbnb.

Short - Term Rental Regulation Impacts. This is expected in a marketplace in which rental supply is restricted by regulation. Investing in vacation rental real - estate is large, long-term investment so feeling confident in the market and type of property purchased is monumental.

They acknowledge they manage investment properties that are not the primary residences of their clients and thus are available year-round.

“We don’t do weekenders … we focus our energy on corporate housing, medical tourists or new immigrants who don’t have credit scores and cannot afford to sign year-long rentals,” says Jiwan adding that medical tourists account for a small fraction of their bookings.

Business became so lucrative that the couple helped Kamran, Shahzaib’s older sibling, set up his operations at Executive Furnished Properties. Royal Stays Canada has also expanded to the United States and Australia.

(Lindsey Vodarek is a communications and social policy expert who explores issues of income and housing with a human rights lens. Swathi Meenakshi Sadagopan is a senior consultant on the data analytics team at Deloitte Canada and has a Master’s degree in electrical engineering. They are Fellows in Global Journalism at the Munk School of Global Affairs & Public Policy, University of Toronto.)

Related video: What to consider when breaking up with a realtor [Provided by The Canadian Press]

How Toronto's proposed short-term rental regulations compare to other cities.
While the regulations in Vancouver and Montreal are aimed at returning homes or units to the rental market, their effectiveness remains in question. Recent data obtained by CBC News has shed a light on how well enforcement is working. At least one expert says neither city has fully addressed the issue, and says without proper data from companies like Airbnb, they won't. What Toronto wants The rules proposed by the City of Toronto define "short-term" as less than 28 days. It wants to restrict short-term rentals to primary residences — in other words, you can only list the home you live in on sites like Airbnb.

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