Rent out Home for Superbowl

Home Forums Member Services Rent out Home for Superbowl

Tagged: ,

This topic contains 2 replies, has 2 voices, and was last updated by  TTrumble 9 months, 1 week ago.

Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • #39992

    CDlug
    Member

    We purchased our home in 2016 through NACA in Minneapolis, MN. As you may have heard – MN is hosting the Superbowl this year. There is a major hotel shortage and the short-term rental market here is just insane. I am unsure of Naca’s policy in this scenario. I know that we cannot rent our home as an income property but does that include a 4-day one-time rental as well? We could probably stand to earn $10,000 for that stay and I just want to make sure that we wouldn’t be doing so against the terms we agreed upon with NACA.

    Any help would be appreciated! Thanks!

    #40006

    TTrumble
    Member

    Hello CDlug,

    While I can’t say for sure, I doubt a situation such as that would be a problem. If you were to do a short term rental while you were gone on vacation for a week or even two would typically be acceptable. If we were dealing with a period of more than 30 days, we would probably have a different situation however.

    I’ve never run across a question like this before, so just to play it safe, I will check with the National Director of Underwriting for a clarification and will post what I find out here.

    Tim Trumble
    Online Operations, NACA
    trumble@naca.com

    #40019

    TTrumble
    Member

    Hello CDlug,

    I just heard back from the National Director of Underwriting, and it was good news. Your four-day Super Bowl rental is fine as I suspected.

    To quote him, “Our owner occupancy requirement is about neighborhood stabilization. Nothing about a four day rental takes away from neighborhood stabilization.”

    Don’t spend all that money in one place!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

Viewing 3 posts - 1 through 3 (of 3 total)

You must be logged in to reply to this topic.

Follow us on Facebook RSS Feed Follow us on Twitter