FHA for 4-Plex; Rehab; AirBNB model

[Alex M.]

Hi,

I have 6 airbnbs in nyc, and am looking to begin buying my first property- potentially w FHA loan. I'd like to buy a 4-plex, live in one to start, and manage/ airbnb out the other 3, in a solid airbnb market.

Does anyone have any recommendations for good cities for this type of model?  I'd say Nashville, but it seems like it's overbought and perhaps airbnb renters look for larger houses given the bachelor party crowd.  I'd be looking more for 4 units each which can accept 6 guests (2 bedroom plus common space pullout sofa).  Any ideas for how to find a property like this or any other thoughts would be appreciated.

thanks

[Devan Mcclish]

@Alex M. is incorrect in stating "not currently issuing permits due to an overload on the market." Nashville is still issuing type 1, 2, and 3 permits. Type 1 is owner occupied. If you lived in one of the units, you can STR the other 3 under an owner occupied permit. They are also classifying anything 3 units and up with commercial zoning a type 3 permit, so you could STR the property without living in any of them. If you don't have the commercial zoning, it falls under type 2, so you have options.

You just have to have a 1,000,000 insurance policy, notify all "adjacent" properties, sign an affidavit, prove you own the place, designate a manager, pay for a permit

In my opinion, it's a great place to STR if you can navigate the regulation. A lot of investors are flocking the market because of the regulation, which means a lot less supply. All of our units have seen a $100 a night increase in price due to the reduction of supply. Demand is still higher than ever