Got a letter from my Homeowner’s Association saying I must refrain from short-term rentals. The minimum rental is now 30 days and all rental agreements must be submitted-to and approved-by the HOA board. I unlisted from Airbnb after reading the letter. Two other listings that were in my HOA are gone now. Two more still remain, but they are private rooms and different rules apply. This is the second time in 3 months that I feel like I fell asleep at the wheel, although I’m not sure if knowing about it sooner would’ve changed much.
From a hosting perspective, I suppose it couldn’t have come at a better time. My last Airbnb guest checked out this morning, I have no more reservations on the calendar at all due to COVID-19, and I probably wouldn’t have hosted another reservation before September, even if COVID disappeared by the end of May.
From a financial perspective, it’s disappointing, but not devastating. Back in 2015, I planned an accelerated mortgage payoff for July 1, 2020 to coincide with my oldest son starting college in August 2020. I’ve been expecting both the money previously spent on the mortgage plus the rental income to help pay for my son’s tuition and housing, but he has been awarded renewable merit scholarships worth more than I earn from Airbnb in a year.
My long-term plan for my listing is to completely renovate it and move into it when I retire, but that’s still 10 to 15 years away. I have a few months to regroup and decide what to do. I will pursue an exception from the HOA, but I expect nothing will come of it. I will probably go back to renting month-to-month like I did in the 2 years prior to listing on Airbnb. It was actually more profitable and a lot less work. My wife is already looking forward to not having turnovers.
On the brighter side, I ended my hosting career on a high note: In 15 1/2 months of hosting, I hosted 48 reservations, made Superhost 5 times in a row, and have a “perfect” 5-star rating across the board.
Yes, I put perfect in quotes because it’s only perfect by rounding error: I received one 4-star for Accuracy and one 3-star for Location.
I had a lot of fun and the information on this forum made it possible, so THANK YOU!