Hello all not sure if this is the right place to post this. but an opportunity fell in my lap. A previous Airbnb home is coming for sale. It has two units, but the house is only a legal one family, looking to possibly purchase it and live in one of the units and rent out the other, one as a Airbnb or just as a regular rental would need to get some kind of financing to make this purchase by being only a legal one family a conventional mortgage I think would be out of the question. Any suggestions would be appreciated thank you.
When you say 'legal one family', do you mean that it is zoned for single family residential? It's not worth it if the local ordinances don't support your plan. If it only needs some upgrades to make it 'legal', that's another story. Even if it was a short term rental before, it'll only take one neighbor to complain to cause you trouble.
It was a single family with a garage under. They converted the garage into a studio and been renting the upstairs and the downstairs on Airbnb for years.
Contact the zoning department and see if you can get the property rezoned as a duplex. The AirBnB is irrelevant, since if the studio is illegal/not up to code, you can't do short term rentals anyway. Once duplexed, run the short term rental as allowed by local law.
Contact the zoning department and see if you can get the property rezoned as a duplex. The AirBnB is irrelevant, since if the studio is illegal/not up to code, you can't do short term rentals anyway. Once duplexed, run the short term rental as allowed by local law.
OK, kind of what I was thinking had to happen will still look into the zoning of it. Thanks for your replies.
The amount of structures can have an impact on financing but there are options out there. I know some solid knoxville mortgage brokers who'd be worth asking & would be happy to connect you. Same w/ the folks down at planning & zoning, they're super helpful.
i'm in knoxville so happy to talk property specifics. sounds like a cool play. you'll be fine as an owner occupant and city STR rules.
The amount of structures can have an impact on financing but there are options out there. I know some solid knoxville mortgage brokers who'd be worth asking & would be happy to connect you. Same w/ the folks down at planning & zoning, they're super helpful.
i'm in knoxville so happy to talk property specifics. sounds like a cool play. you'll be fine as an owner occupant and city STR rules.
Hey Cory
Well apparently there was selling price confusion. Not sure if the numbers are going to work with the new price.