Important tip for online shoppers (2 29 24)

Author

Anthony Hazzard
February 29, 2024

Later in this email, find out why Clark wants you to think twice before buying short-term rental properties right now.

💵 Today’s Top Stories
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Fake websites can fool you into thinking you’re buying from the real version of an online store. Here’s how to spot them and avoid them. Read more.

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Phone

Here’s the ultimate comparison between a Big Three (Verizon) cell phone provider and the much cheaper prepaid provider (Visible) on its own network. Read more.

Cars

If you’re renting a car but don’t have full-coverage auto insurance, you may be able to rely on a credit card to provide you temporary insurance. Read more.

🏠️ Clark Cautions Potential Short-Term Rental Property Buyers

Palm Springs, California, became the latest city to pass a law that impedes the free operation of short-term rental properties such as Airbnb.

That list includes New York, Honolulu, San Francisco, Memphis and New Orleans – as well as many countries and cities around the world.

It’s understandable on some levels. Short-term rentals don’t always make great neighbors to local homeowners. And in some cases, they’ve led to massive corporate purchases, driving up prices and limiting home inventory.

“If you’re willing to be a hotelier, you can make a lot more money on short-term rental if you’re in a vacation area or even if you’re not. But the game keeps changing,” Clark says.

“In New York when the city passed tight restrictions that outlawed almost all Airbnbs in the city. And people had properties they bought only for short-term rentals. They had to sell or go to long-term rentals where the economics aren’t nearly as favorable.”

Owning and operating a short-term rental has become a popular side hustle. But for now, Clark says you should be wary before purchasing a property that you intend to use in this way.

“Make sure the math works if the homeowners association, condo association or local government bans short-term rentals,” Clark says. “Can you still make a clear economic case that you’re going to be cash-flow positive anyway?

“If you can’t make that case, you’ve gotta have the resources to float a property where you’re losing money on it. And potentially sell a property at a loss.”

📊 Stat of the Day

🌙 52: Years since the last time the U.S. landed on the moon. Until last week, that is. Intuitive Machines became the first private company to land on the moon on Feb. 22 despite a problem that “required engineers on the ground to employ an untested work-around at the 11th hour.”

💰️ Deal Alert: Today’s Top Deals
Great Wolf Lodge
Sam's Club warehouse
🎙️ Podcast

There’s a new alert from the FBI about scam tactics that are highly successful in robbing our wallets – and it goes beyond our phones and computers! Clark shares the warning signs so you can protect your hard-earned money. Also, the odds of working for one company for an entire career are less and less likely. How do you remain financially stable throughout your working life while pursuing an enjoyable career?

☎️ Need Money Help?

The Team Clark Consumer Action Center is a free helpline that can help you navigate your money questions. Call 636-492-5275. Visit clark.com/cac for more information.

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