STR investing in Columbus, Vs Nashville

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STR investing in Columbus, Vs Nashville

Owen Thornton
Rental Property Investor · Charlotte, NC · Member since 2019 · 100 posts · 26 votes

Hello everyone!

I am looking to invest around $30,000 in a STR, and given my tighter budget, I've considered both Nashville (more expensive end) and the outskirts of Columbus/ (also thought about the college town Kent).

I am quite familiar with these areas, and have gone through the rental data for each. In terms of COC and ROI, they are similar - Nashville obviously is a bit better, though at a higher cost of entry (unless you purchase a very old remodeled house, which I would consider, though definitely hesitant to do).

I’d love to hear your guy’s personal experience investing in these areas, and your thoughts.

Any recommendations for real estate agents are welcomed. (Would be looking to purchase January/February).

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Luka Milicevic
Real Estate Agent · Nashville, TN · Member since 2015 · 2k+ posts · 2k+ votes
4y

@Owen Thornton You aren't going to be able to get anything in Nashville for $30k, let alone an STR. If you're going to do an STR you have to find the right zoning-think commercial. The cost is astronomical. Don't mess with residential zones, the regulations are too much.

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  • Luke CarlPro Member
    Rental Property Investor · Tennessee Florida · Member since 2016 · 4k+ posts · 5k+ votes
    4y

    Nashville and short term = no go zone 

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  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    4y
    Originally posted by @Owen Thornton:

    Hello everyone!

    I am looking to invest around $30,000 in a STR, and given my tighter budget, I've considered both Nashville (more expensive end) and the outskirts of Columbus/ (also thought about the college town Kent).

    I am quite familiar with these areas, and have gone through the rental data for each. In terms of COC and ROI, they are similar - Nashville obviously is a bit better, though at a higher cost of entry (unless you purchase a very old remodeled house, which I would consider, though definitely hesitant to do).

    I’d love to hear your guy’s personal experience investing in these areas, and your thoughts.

    Any recommendations for real estate agents are welcomed. (Would be looking to purchase January/February).

     I have 12 short-term rentals here in Columbus, Ohio. I would highly recommend picking up one here.

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  • Owen Thornton
    OP
    Rental Property Investor · Charlotte, NC · Member since 2019 · 100 posts · 26 votes
    4y

    Seriously that is amazing to hear. Would love to connect. I have noticed Nashville is really tying up its market to STRs. I would love to break into Columbus,@Remington Lyman

    @Remington Lyman

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  • Owen Thornton
    OP
    Rental Property Investor · Charlotte, NC · Member since 2019 · 100 posts · 26 votes
    4y
    Originally posted by @Luke Carl:

    Nashville and short term = no go zone 

    That is what I have noticed when reading on STRs there. It seemed like a good location, till I saw all the regulations...

    1Reply
  • Luka Milicevic
    Real Estate Agent · Nashville, TN · Member since 2015 · 2k+ posts · 2k+ votes
    4y

    @Owen Thornton You aren't going to be able to get anything in Nashville for $30k, let alone an STR. If you're going to do an STR you have to find the right zoning-think commercial. The cost is astronomical. Don't mess with residential zones, the regulations are too much.

    3Reply
  • Clay Boykin
    Real Estate Agent · Columbus, OH · Member since 2021 · 98 posts · 101 votes
    4y

    @Owen Thornton I love both of these markets. At the end of the day it just depends on where you want to invest at. Margin is what you should be focused on in terms of investments. Nashville has more larger deals while Columbus has smaller deals but can be done at a larger amount. I have some investors that are buying in blocks in some Columbus sub-markets rather than focusing on one large deal. 30k is your safe spot if you are wanting to use hard money. That can usually get you a 100k-150k deal. As far as COC goes, it stays around 12%-15%. Feel free to reach out to me if you have any questions about the Columbus market. Either way, Happy Investing!

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  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    4y

    Columbus is great for Airbnbs. I specialize in A/B class 1bds/studios and do very well. Some people. I know do well with bigger houses also. Just make sure wherever you invest has enough demand from events, schools, work, or industry. 

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  • Austin Steed
    Real Estate Agent · Columbus, OH · Member since 2016 · 593 posts · 664 votes
    4y

    A big thing that sells Columbus is the strength of Ohio State. My personal plan is to leverage this for Airbnbs as well. We get a ton of traffic for the good athletics of OSU. I know some of my colleges have done very well from this so I am copy and pasting the business plan. Long term debt on short term rentals. 

    Nashville seems to be the spot for bachelor/bachelorette parties I think that would be my target market if I did something down there.

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