All Forum Posts by: Wayne Woodson

I'd say it's between -1% & -2%. It seems a lot of investors are still banking on appreciation but 2021 is over.

Most NOO STRs in Nashville start at 400k and go up from there even for a 1 bedroom. At that price point, the numbers don't make sense despite what Airdna says.

I would choose a property that pencils as a rental, that way you have a good backup strategy if demand dips. I would not just go "wow, Airdna says I can make $5k a month! I'm totally going to buy this dilapidated shack in the woods"!

It's not really a question of whether or not they will enforce the permit. It's when your neighbors call and file complaints about noise to metro codes or your competition go and rats you out for not having it. For a while, some people were just copying the picture of the permit on others' listings or just copying the permit number in the listing to their listing. They caught onto that one real quick. I wish I could have gotten into STR back in 2014 when you didn't need a permit but I didn't have the cash then.

I make around $50k a year and only had 10k saved up. I am buying a condo (but you could buy a townhome also as they are usually cheaper than an SFR) and stay there for about 6 months to a year until I find another place. Then I plan to Airbnb or rent out my condo to traveling nurses. To buy a condo making $50k a year you will be looking at $250k and below condos with FHA. I know of a few in my city but don't know about other markets. I imagine they are probably cheaper than here because houses are expensive as hell here.

I didn't know about 401k's until my mid 30's and didn't have a high-paying job till my mid 30's.

My advice is to build your personal and business credit up and save as much as you can. Buy what you can, and use a HELOC to get your second property.

Agree with @Nathan Gesner, getting a NOO STR permit in Nashville is a pain in the butt. Most of the new builds that allow NOO STR sell at a premium and aren't worth it in my opinion. Local's HATE short-term rentals with a passion here and will call and report you for any noise violations. I used to do Uber and would see drunk girls and guys peeing on the side of the building in East Nashville when I would drive by. All I hear now is how there is no affordable housing in Nashville and of course, they blame STR investors for that.

Quote from @John Underwood:

I would not do a $400 increase to a good tenant. I'd do maybe $75 to $100 at most in one year.

I wish more landlords had this mentality. 

Nashville and surrounding counties I'd say about -2%. Investors here are like "omg can I really rent out this $450k house for $1800 a month! What a steal!"

Let me manage the property and I'll only charge you 29.9% in management fees.

I would be interested