HELP NEEDED-Nashville Airbnb Investing

[Craig Gerulski]

I am a new investor looking to buy my first investment property. I have been looking a lot into Nashville TN and have been reading up on the rules and regulations for non-owner occupied Short Term Rentals. Does anyone know how difficult it is to get permitted and approved for a STR in Nashville? Also, how long it takes from purchase of the property to up and running full time Airbnb? Thanks!

[Julie McCoy]

Hi @Craig Gerulski!  For Nashville's current permit process, you'll definitely want to purchase a condo that's zoned specifically to allow short-term rentals - there are a number of options available (@Avery Carl is very knowledgeable about them). You will NOT want to purchase a single-family home, as I believe you now can only get an STR permit for those if you're an owner-occupant.

The Nashville permit process is pretty specific - nashville.gov has lots of great, easy-to-find information on what precisely they require, I encourage you to check it out. (look under Codes Administration - Short Term Rentals) I don't know what, if any, differences there might be in obtaining a permit for those STR-zoned condos vs. an owner-occupied unit.

As for purchase-to-listing time, it really depends on how quickly you can get it furnished, photographed, and have your boots-on-the-ground ready to go (particularly your housekeeper).  I like to take two weeks to get a new property up and running, but I'm sure it could be done in a week or less if you're willing to spend the necessary $ to get furniture delivered quickly, not take the time to shop much for deals, etc.  DEFINITELY have a really specific plan before you close so you can jump right in, know exactly what you need to buy/build/install, etc. and be prepared for it to cost more than if you're able to take more time.

What's going to take longer, I imagine, is getting the actual permit.  DO NOT list your property before you have the permit in hand.  

After that, how long until it's booked?  Can't possibly be answered, as there are too many variables at work, but if you've got an attractive space in a great location with excellent photographs and a low entry price, it shouldn't be long - and then you can raise your price as the 5-star reviews roll in.

I hope this helps!  Good luck!