New to STRs looking for advice
Hello! My name is Dylan and I am very interested in the STR world and getting into Air BNB's to start my own business someday. I was looking in starting out in the Chattanooga area but would love to talk to other investors and or hosts in the area to get some advice on starting out and any tips you will be able to provide. Aside from all that I am looking to connect, network and just have a friendly conversation! Thank you!
Hey Dylan! Welcome to Chattanooga. There is currently a moratorium on all non owner occupied STR permits until at least January. And who knows if it gets extended. I'd be very very careful projecting STR income in Chattanooga until things change. If you wanna house hack and rent a room on airbnb that's different.
@Andrew Bresee is correct and a good caution. You can, however, get into mid-term rentals to bypass some of these issues, if the income still makes sense.
Hey Dylan! Yes there is a moratorium on STR's in the city right now. As Troy said a mid-term rental is a good option, these provide higher cash flow than a long term rental and less work than a short term rental. If you are really focused on going the STR route, there are surrounding areas to Chattanooga that do allow them still.
Do a good job vetting your PM. I didn't do a good job of it and it's been a fiasco getting rid of this guy and getting a new one 🤣
If you haven't read the STR book published by BP I would start out by reading it! Short term rental, long term wealth by @Avery Carl
Quote from @Ethan McCarty:Thank you for your response Ethan! I have not read that book but I will certainly get right on that! The more information the better for me. I go by the philosophy of “I know that I know nothing” so I’m always looking to learn. Thanks man!
If you haven't read the STR book published by BP I would start out by reading it! Short term rental, long term wealth by @Avery Carl
Quote from @JD Martin:
Do a good job vetting your PM. I didn't do a good job of it and it's been a fiasco getting rid of this guy and getting a new one 🤣
Oh man! I certainly will try! I am hoping that you are able to resolve any issues you may have and just move on! I haven’t experienced a problem like that but I have been in situations involving similar elements haha. What would be your recommendation for finding a good PM. What are some of the things you look at? Thanks JD!
Quote from @Jessica Lombardo:
Hey Dylan! Yes there is a moratorium on STR's in the city right now. As Troy said a mid-term rental is a good option, these provide higher cash flow than a long term rental and less work than a short term rental. If you are really focused on going the STR route, there are surrounding areas to Chattanooga that do allow them still.
Hey Jessica! Thanks for replying to me! What areas around Chattanooga would you recommend for a new investor to look at? I’d be interested in a midterm rental as well
Quote from @Troy Miller:Hey Troy! I would not be opposed to that at all. Have you had good experiences with them? Or know of some other investors who had? Thanks man. I appreciate the response!
@Andrew Bresee is correct and a good caution. You can, however, get into mid-term rentals to bypass some of these issues, if the income still makes sense.
Quote from @Andrew Bresee:What’s going on Andrew! Thanks for the welcoming response man! Thank you for letting me know about the current moratorium in the city. Hopefully it corrects itself and things change for the better. How has your experience been just investing in the area thus far? One of the reasons that draws me to Chattanooga is that I have had friends and family visit on several occasions and they love it! It drove me to look into the market and see about a possibility of acquiring a property out there. Thank you for taking the time to reply to me
Hey Dylan! Welcome to Chattanooga. There is currently a moratorium on all non owner occupied STR permits until at least January. And who knows if it gets extended. I'd be very very careful projecting STR income in Chattanooga until things change. If you wanna house hack and rent a room on airbnb that's different.
Quote from @JD Martin:
Do a good job vetting your PM. I didn't do a good job of it and it's been a fiasco getting rid of this guy and getting a new one 🤣
Hello @JD Martin, I would appreciate if you can recommend some good PM in Chattanooga area. Thank you!
Hi @Dylan Giordano! In terms of surrounding areas that have STR potential, there are plenty! From North Georgia to around Lake Chickamauga, plus a few smaller destinations nearby, such as Dunlap and Pikeville. It somewhat depends if you want Chattanooga to be the draw, or some place Chattanooga adjacent.
There's a lot of good advice on here: mid term rentals are a good strategy in the area as well, and the PM for either strategy is a key part of your team!
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Real Estate Agent Georgia (#409775), Virginia (#225236143), and TN (#358836)
- http://adriennegreen.com
Quote from @Dylan Giordano:Hey Dylan!
Quote from @Andrew Bresee:What’s going on Andrew! Thanks for the welcoming response man! Thank you for letting me know about the current moratorium in the city. Hopefully it corrects itself and things change for the better. How has your experience been just investing in the area thus far? One of the reasons that draws me to Chattanooga is that I have had friends and family visit on several occasions and they love it! It drove me to look into the market and see about a possibility of acquiring a property out there. Thank you for taking the time to reply to me
Hey Dylan! Welcome to Chattanooga. There is currently a moratorium on all non owner occupied STR permits until at least January. And who knows if it gets extended. I'd be very very careful projecting STR income in Chattanooga until things change. If you wanna house hack and rent a room on airbnb that's different.
investing in Chattanooga is great. Short, medium, or long term rentals can all be profitable. It’s all about buying a good deal and being persistent and smart about getting it stabilized, imo. The market is growing and supply can’t seem to keep up with demand, so that makes it a forgiving market to invest in, in my experience.
Quote from @Adrienne Green:
Hi @Dylan Giordano! In terms of surrounding areas that have STR potential, there are plenty! From North Georgia to around Lake Chickamauga, plus a few smaller destinations nearby, such as Dunlap and Pikeville. It somewhat depends if you want Chattanooga to be the draw, or some place Chattanooga adjacent.
There's a lot of good advice on here: mid term rentals are a good strategy in the area as well, and the PM for either strategy is a key part of your team!
Thank you for taking the time to respond. It definitely does sound promising and a market I would certainly like to get into. Would I be able to call you sometime to connect and chat more about it? You seem very knowledgeable about the area and just being involved in investing as a whole. I would like to pick your mind more. Thank you so much Adrienne.