Find yourself an Atlanta agent the specializes in short term rental if there is such a person. This will take several phone calls in itself.
If there isn’t such a person.... be prepared to do the work yourself. Just pick up the phone and start making calls. First call should be to the city and ask 100 questions. Then call the front desk at condo buildings that are in areas you like and your price range and just ask the front desk.
Personally I would not look to do short term in an inner city. And certainly not in a condo. You’ll have way too many neighbors that will quickly get sick of the loud music and puking. This is what hotels are for.
That being said..... go for it!!!!! Just be careful and make sure you have an out if and when you get shut down (long term tenant), and pay your sales and occupancy tax!
Good luck happy to help any way I can.
Hi Johannie! I am an Airbnb host and a licensed Condo and HOA CAM Manager in Florida. Most Condos do not allow short term rentals - for the best chance I would look for older condos or if there are any vacation style condo properties.
If you find any Condos you are looking at send me the docs and I can look them over and try to best advise you. Most Condos will still not like the fact that you are there and it could become a big pain for you.
Atlanta has a growing market with pockets of Airbnb friendly buildings all over. Depending on where you are looking to be located there’s several locations you can do. There’s a company called Rented Capital that has contracts with building owners that rent out fully furnished apartments in buildings with hotel quality amenities such as pools and gyms for reasonable rates. Of course they do want a cut of the action with a fee that is 5% of monthly lease paid over course of term. 2.5% after year 1. Not terrible considering what you aren’t paying to furnish or find the place.
Peachtree Towers Condominiums and Landmark Condos. Both are downtown.
Thank you for all your inputs!!! I will definitely look into those.
let us know what you find out!
@Johannie Keith Uy - I know it's not your question, but a young physician shouldn't be buying/running Airbnb condos. I think you should do a little tax planning and compare a house purchase vs. condo. You should also consider master leasing the house to an Airbnb host.
Unless you're a resident, you probably don't want the income yet. A great benefit to you would be to build your balance sheet and shelter your income from taxes.
Lastly, downtown condos are going to be the first to get shut down, if any. Imagine how a hotel would view a condo tower with more Airbnb units than they have rooms.
I spoke with the company mentioned below on Friday March 21 2019, just wanted to share my findings specific to the Atl Airbnb set.
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
Originally posted by @Johannie Keith Uy :
Hi, would anyone know which condos allow airbnb in metro atlanta? I know a lot of condos have restrictions on short-term rentals but I’m having difficulty finding details about it. Thank you!
Yes, many Atlanta condos now have strict limitations on Airbnb and other short term rentals. Many people are simply doing it anyways which has its risks but most of them don't have a problem. I obviously would not advise this as the downside could be devastating. I will say this, that the person who is willing to do the hard work and find viable properties that allow short term rentals will be successful.