I am under contract on a 4-plex in Downtown Chattanooga, TN, each unit consisting of 1bed/1bath. I intend on marketing it as a mid-term rental for both healthcare and travel professionals, and if need be, some short term rentals. I would love to hear from anyone in the Chattanooga Market that is currently doing something similar and if you wouldn't mind sharing your insights! This is my first investment property and am both excited and terrified.
I am under contract on a 4-plex in Downtown Chattanooga, TN, each unit consisting of 1bed/1bath. I intend on marketing it as a mid-term rental for both healthcare and travel professionals, and if need be, some short term rentals. I would love to hear from anyone in the Chattanooga Market that is currently doing something similar and if you wouldn't mind sharing your insights! This is my first investment property and am both excited and terrified.
Thank you!
I have no knowledge or advice about Chattanooga but I do about MTR. List them on all the platforms Airbnb, VRBO, Furnished Finder, and local FB apartments for rent/sublet groups. Reach out if you have any general MTR questions. YOU GOT THIS!!!
We manage long-term (1 year min), unfurnished rental properties here in the Chattanooga area. We are not in the short-term business but I would be sure to check and make sure that you are eligible for short-term licensing, below is copy and pasted from the City of Chattanooga website:
BE ADVISED:
A moratorium is in effect on all new non-owner occupied short-term rental applications through January 09, 2023. NO NEW NON-OWNER OCCUPIED SHORT-TERM VACATION RENTAL APPLICATIONS ARE BEING ACCEPTED.
We have one unit (in Chattanooga) we do as MTR right now, and are rehabbing another house that we are going to do it upstairs (2/1) and downstairs (1/1). I use FF only right now and have had way more interest than availability. Major consideration on whether we use a property as MTR or LTR has to do with how much utilities are going to cost compared to the increase in rent, and is it worth it...which of course is everyone's consideration. Many don't work much/any better for the additional work (with regular rents being strong) but some do. Hope it goes well for you!