Re: Rental of rooms or Air BnBs? (Linda Smith)
From: Kathy Tymoczko (kathy.tymoczkogmail.com)
Date: Mon, 28 Jan 2019 12:48:50 -0800 (PST)
I'm wondering how (if?) your renting those spaces and operating the guest
room "like a hotel" affects the ability of buyers to get mortgages or the
type of mortgage a buyer can get.  I'm the person at Daybreak who generally
fills out questionnaires from lenders for people who are in the process of
buying.  There are often questions like the following:

   - Is the project or the HOA licensed as a hotel, motel, resort or
   hospitality entity?
   - Does the HOA offer registration services for unit rentals on a daily
   basis? This would include, but not be limited to, an onsite registration
   desk and/or online registration.
   - Does the project have any non-incidental business owned or operated by
   the HOA, such as rental income, restaurant, health spa, etc.?
   -

   Is more than 35% of the total square footage of the project used for
   non-residential/commercial space?
   -

   Does the project contain live/work units?
   -

   Is any of the common area leased?

I'm also wondering how that income affects the HOA taxes.

On Mon, Jan 28, 2019 at 4:38 AM Alan O'Hashi via Cohousing-L <
cohousing-l [at] cohousing.org> wrote:

> Over time, our “higher purpose” has evolved into monetizing community
> space to hold down HOA dues. The common house doesn’t get used much by
> community members, compared to the hours it is open.
>
>
> We rent out parts of the exercise room to a therapy provider; have a
> coworking space rented out to artists; two full offices rented out to
> artists, including myself; rent out the meditation room to massage
> therapists; rent out the common house and courtyard for meetings and now
> considering full on weddings; the guest room is operated like a hotel.
>
>
> We invested heavily in solar photovoltaic panels and generate enough
> electricity to run the common house and earn a few bucks back in profit.
>
>
> Some individual members rent out their spaces via VRBO and AirB&B. They
> have to get a city permit and also a community permit. We’re now figuring
> out insurance requirements and if the community is going to “tax” them for
> using common space and trading on our name and  views.
>
>
> Thx,
>
> Alan O
>
>
> Alan O'Hashi - Cyber Office
> Views from Behind the Lens
> www.alanohashi.com
> Colorado..303-910-5782
> Wyoming.307-274-1910
> Nebraska.402-327-1652
>
> > On Jan 28, 2019, at 4:16 AM, cohousing-l-request [at] cohousing.org wrote:
> >
> > Rental of rooms or Air BnBs? (Linda Smith)
>
> _________________________________________________________________
> Cohousing-L mailing list -- Unsubscribe, archives and other info at:
> http://L.cohousing.org/info
>
>
>
>

-- 
Kathy Tymoczko
Daybreak Cohousing <http://www.daybreakcohousing.org>
Portland, Oregon
765-307-1083

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