|Re: Rental of rooms or Air BnBs? (Linda Smith)||<– Date –> <– Thread –>|
|From: Alan O'Hashi (adoecosyahoo.com)|
|Date: Mon, 28 Jan 2019 13:23:18 -0800 (PST)|
Kathy - I know what you’re saying. Similar questions are asked for reverse mortgages. The HOA does pay income tax. As far as I know, we don’t meet the 35% commercial threshold, plus, community members aren’t excluded when community areas are used by outsiders. The common house is built to commercial standards. The guest room has a reservation system, residents pay $x and outsiders pay $y (I didn’t mention that outsiders must have a resident sponsor/monitor). We are considering penalties for same day cancellations. I’m interested in setting up a cohousing guest room network to coordinate reservations among communities. There’s a platform in development called fairb&b that looks like it may be a good fit. I like to stay in coho guest rooms when I travel, and I know others do, too. We get quite a few people interested in coho and let them stay so they can kick the tires. 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 1:48 PM, Kathy Tymoczko <kathy.tymoczko [at] gmail.com> > wrote: > > 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 > Portland, Oregon > 765-307-1083 >
- Rental of rooms or Air BnBs? (Linda Smith) Alan O'Hashi, January 28 2019
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