All Forum Posts by: Pranav Parikh

Where is the property located?

I would try to find a designer specializing in STR. You can also hire virtual companies to design, you order, and hire labor to assemble according to spec.

Best of luck!

@Pranav Parikh speaking from experience having had many clients set up an STR remotely - based in CA and setting one up in Nashville.

First thing to do would be to contact your boots on the ground for a referral. Get a recommendation for someone that does this sort of thing...there are many.

The most success that my buyers have had was to get a local designer that does the design + install and set up. 

There is no "cheap" way to do this sort of thing. They charge a bunch to get everything designed, delivered and set up. 

I have had a client fly in for a week, order everything on Amazon and then set it up over the course of the week. 

Sharing another update after the planning board meeting on April 1st.  

The planning board has finalized the drafts that they will take a public vote on during their April 15th meeting.  This is a public forum to vote on the proposed text.  This vote is whether they will send this proposal up to the county commissioners who are the only one who can actually vote something into effect. 

A few key points / takeaways from my perspective:

1. The timeline is very unclear on what happens after April 22nd.  It could be fast tracked or it could take 6+ months as government stuff normally does.  There is no timeline or even whispers that I have heard on what this looks like.  

2. All existing STRs with 2 days rented in the last year will be granted legal non-conforming status.  The status of legal non-conforming will carry on with the property even through a deed transfer.  They originally wanted to phase out STRs with deed transfer, but the complexity and lawsuit risk of that verbiage had them change to this.  In other words, STRs can remain and can be sold to other investors in the future

3. There were some changes to the verbiage allowing STRs under certain conditions in the Open Use zoning district which was a big point of contention in previous hearings.  It is still quite restrictive IMO and would not allow for many STRs but some to be added to the local market. 

4. There were comments by 2-3 of the 7 planning board folks commenting on the speed of pushing this through and not understanding the relative priority or urgency of this specific topic.  A few of them also mentioned that they don't really expect this to affect the housing affordability in the county, but do believe that STRs can affect the quality and integrity of the neighborhoods in the county which they want to preserve.  

Here is where you can find the recording (1.5 hours) of the planning board meeting: https://fb.watch/rcVsDnzZAW/

Here is where you can find the meeting notes from that session: https://engage.buncombecounty.org/B67643

Hope that helps anyone else following along with this discussion!

Dito

 Since you're planning on using the property 95% as a short term rental I'd confirm there isn't a limit on how many days it can be rented versus used by your family when written that way.  Get it in writing.

You need a commercial, overnight rental policy on your investment.  You are effectively operating a hotel. I personally recommend Southpoint Risk in Knoxville.  They are a broker representing several insurers.  I have also worked with CBIZ.

Tips:  Get maximum liability, and make sure the replacement cost is legit.  I had a cabin burn to the ground, and the cost to replace it exceeded my limit by 50 percent.  That one hurt.