The agent (I forgot which one, terrible with names, not promising for my networking career right?) said that their firm helps people buy properties and the firm can then themselves market those properties on behalf of the homeowner to film companies that are filming in Atl. For those not in the know, Atl bends over backwards with tax incentives for Hollywood film production so lots of movies are filmed here. The crews that staff these movies need places to stay for a few months.
This agency does not have anything to do with Airbnb or any STR as their typical client will stay for a few months. The firm gets paid by the homeowner when the person renting the home pays the rent, btw.
They said that right now, in town is the best option and when I quoted my $300k ballpark figure, they said that there was a development at Ponce City market that would allow it and perhaps some other locations in town. I am sure they know exactly where those other places are, but I can't fault them for not giving away the entire game entirely on a free consult call. That price would have you looking at 1BRs and studios exclusively. They said it was a sellers market and we are approaching the high season for prices.
They also said that the clients they place into your unit typically have a $3,000 housing budget. She actually said its about $3,500 for expenses for the month, and people just put that $3k into a lease of a place to live similar to what was in my price range.
$3k lease on a $300k condo hits the 1% rule not counting HOA fees, vacancy and their commission each time they relet the place for you. This would be a play for somebody who is taking appreciation into their consideration mix, rather than just cash flow like myself.
In town is hot in general and Ponce City Market seems cool as hell to me, but I am not somebody to be weighing in on appreciation chances and %s.
I am leaning more towards Airbnb lease arbitrate myself, but happy hunting to anyone that wishes to go forward with it.
Originally posted by
@Azeez K.:
This agent specializes in short term rentals www.abovethelinehousing.com and could be a good place to start.
PS. Do your own due diligence
Good Luck
