All Forum Posts by: Andrew Jacoby

Hi.  I have a tenant who is currently on a month-to-month rental agreement. 

I know that in Tennesee, I must provide a 30-day notice to vacate (no violations in this scenario).  When does that 30-day countdown start?  Is it the day the notice is given?  For Example: 

If I give the notice on February 15th.  Does that mean the lease ends 30 days after on March 15th, or would it be at the end of that month on March 31st?  Any help pointing me in the direction of the proper codes that I can look up as evidence would be very valuable as well. 

Thanks in advance! 

Unfortunately, that's not accurate and you can get an owner occupied STR permit in any zoning.

You can arbitrage as long as you have your Vacation lodging services license, but finding an owner to let you Airbnb their property is very hard to come by.  Typically the people who arbitrage properties are operating complex's with 10+ units at a time. 

Hey Sara, I'm an Airbnb property manger here in Nashville and there are STR permits being issued in 2022.

Only properties zoned RM20-RM40 will no longer be allowed.  All other zoning still allows for new permits to be issued.

Hey Tyler, 

Airdna is a great resource to get you started on determining which markets you want to target.  Once you have determined your ideal market nothing beats first-hand knowledge by networking with people directly.  I own a short-term rental management company in Nashville,TN.  We currently manage 55 Units and I'm happy to chat with you about the Nashville market.

Hey Eldin,

I own a licensed STR management company here in Nashville. We currently manage 30 properties and keep growing despite Covid.

Id be happy to provide some insight on the occupancy rates in our market.  We have actually been able to keep our occupancy rates fairly normal throughout this Covid 19 experience with the few exceptions back in late march when things first shut down.  Depending on the size(# beds) of the property you should experience anywhere from 40% to 80% occupancy even during Covid 19.

We also saw some market correction where Nashville did have some of the supply transition to more traditional leasing models or sell there STRs for personal financial reasons.  I have a lot of investors buying properties this winter in anticipation of a boom come summer.

Anyways, if you want to talk more detailed numbers, figures, strategy please feel free to reach out.  I'm always happy to share what information and I have.

Hey Jason,

Nashville is a great market to invest in STRs. I currently manage 29 STRs in the area.

Happy to connect with you and help answer any additional questions you might have.  It’s a fairly complex landscape with government regulations, but if done right can be massively rewarding.

Hey Tanner,

Great advice to always have a few different options and plans when investing in rental property! That became even more important in the STR industry after the tornado/Covid hit.

We are finally starting to see some signs of the STR industry recovering which is great news. I think the industry will come back even stronger than before when this all passes, eventually. If you decide to switch back to STR after your leases are up and need any help feel free to reach out. I operate a licensed STR management company here in Nashville and am always happy to help out a fellow STR investor.

Great post.  I had a similar experience getting my permit in that I didn't mail the vacant property across the street.

House hacking using Airbnb is about the only way to use Airbnb in Nashville successfully in my opinion and always self managed.

Hey Lucas. I totally agree that purchasing a long term rental in Nashville that will cash flow is next to impossible these days. Especially for a newer investor like me, which is why I have focused on the STR market. It is something I have enjoyed doing and I have experience and knowledge with the STR market in Nashville. I follow all local laws, have all the proper permits in place, and pay all the proper taxes on time or early ever month.

When I purchase my next STR in Nashville I will continue to follow all local laws, proper permits, and pay all the proper taxes. And with the recent laws passed by the state as recently as this week I feel there is a bright future for STR's in Nashville, though like any investment I do recognize the risk I am taking that things could turn negative for short term rentals. I have also begun to look in pigeon forge like you recommend, prices are way more friendly for a first time investor. But anyways id rather keep this conversation away from opinions about short term rentals as I realize is a hot button issue and will be for awhile.

I think that is my main issue right now is that I'm having trouble finding a lender that will count projected income from the potential rental and/or count my current rental income towards my DTI. I have followed up with a couple leads I have received from realtors but no dice yet. Appreciate the input so far!

I am currently trying to purchase my first investment property in Nashville.  I have been educating myself on real estate for over a year now and have been working with a realtor for a couple months.  I am ready to purchase my first full time income property.  Ive already hit a number of road blocks but my most recent one has me stumped.  Im hoping to get some creative answers on how to overcome this scenario.

My scenario is a little unique, as I currently have been renting out my primary residence part time on Airbnb for the last 1 year of 4 months bringing in 3,000 a month conservatively($4,500 this month, which is a record for me). Unfortunately because it is my primary residence and it has not been two years Fannie Mae regulations won’t allow me to count that income towards my debt to income ratio of 45% limit. With my conservative $40,000 dollar a year full time income and my mortgage payment of $1050 a month this leaves me with little buying power to buy a full time investment property.

Some other relative info about my financial status is that I have a good to great credit score, I currently have $20,000 available to invest leaving me with a cushion in savings and because of my Airbnb income I am currently able to save about 80% of my full time job income yearly. I also have a private lender set up who is willing to help fund an investment property upwards to the limits of $50,000 on top of my $20,000 I have currently saved. The catch is he would not want to be on the mortgage but would require having a second position on the home after the primary lender.

My goal is to expand my Airbnb business to a second home buy purchasing a full time Airbnb. I have already located a townhome that is eligible for full time non owner occupied short term rental and currently listed at $250,000 dollars.  For those not familiar because of new laws in Nashville, homes now must be zoned uniquely to be eligible for full time short term rental, making them harder to find.  I have heard that my best route is to find a private portfolio lender who does not have to abide by the stricter 45% debt to income ratio that Fanny Mae and Freddy Mac do?  Is this my best option?  Are there any other creative solutions to finance a deal like this.  Id prefer not to wait the 7 more months till my primary home can start counting towards my debt to income ratio.  Thanks for all the help?