Advice / What would you do

[Greg G.]

Greetings Bigger Pockets!

I'm in my mid twenties and have a steady 6-figure income (135k for 2016). I own a 3 beds + 2.5 bath townhome in California. My goal for 2017 was to have my first rental property. My plan was to purchase a SFR and move into it while renting out my townhome. After running the numbers and speaking with my realtor, I was going to be cash flow positive! I spoke with my HOA management and was informed that unfortunately the HOA only allows 25% of the residences to be rented out and they were all filled. There was a waiting list with 4 people ahead of it on me.

What would you do? Do I have any other options other than selling and forgetting about this dumb HOA? If I sold my townhome I would be getting approximately 100k after all is said and done. Thanks for the advice!