Selling a successful AirBnb because of the pandemic

[Dan West]

I have owned a successful AirBnb for a couple years. Things have been going well and we became a Superhost based on reviews and other criteria. However, COVID-19 has killed us. This should be our busy tourist season in Lancaster County, PA and our home is located in the quaint village of Intercourse (think Amish Country). We have minimal pending reservations and those we have received have been at rates greatly reduced. For example, I just got a booking for the 4th of July weekend for $100/nite. A year ago, the same rental was for $350/nite. The guest house is for a complete home rental with 4 bedrooms, 3 baths, and sleeping for 16.

Needless to say, I need to do something. I'd love some suggestions: sell it, rent it out, lease purchase, owner financing, etc. We've put a lot of money into the home and will probably need to sell it at a loss or break even. It's our first AirBnb and we learned tons, but it seems like it's time to do something else.

Thanks for any input.

Dan

[Carleton C.]

@Dan West Have you thought about renting the home out for a long term lease? Would your market allow for you to set your rent price at an amount that is at minimum equal to your monthly mortgage?