sugarland texas · Member since 2023 · 2 posts · 0 votes
I am new to real estate investing and am looking for a partner to help me out in the nashville area! please message and I can inform you with the numbers! I am looking to just network myself and want to make some contacts in the area of people who are interested in making money while they sleep!!
Hey @Ryan Baron, there are a lot of restrictions in the Nashville general area so you have to be careful.
Michael- The restrictions while there are some, those laws are very clear now-- and there would not be a situtation where anyone could find them selves in a grey area for investment purposes in short term and think they could and find out later they could not.
1) If it's parcel is NOT zoned commercial or the HOA by laws do NOT allow STR, then it cannot be an NON Owner Occupied STR.
2) IF it's an HPR- You must own both A and B units for Attached or Detached HPR's -
3) If it's single family, only Owner Occupied STR is allowed (even if it is your primary residence and as long as it does conflict with HOA guidelines. )
Curve ball for all other properties that had been grandfathered in :
4) Lastly, Grandfathered in Properties that were existing before the new laws were established are NOT eligible for NOO-STR once the Entity changes/ has a new owner/ the property is sold.SO The only way to purchase a grandfathered in property, is 1) if the current owner of the STR established an LLC and that is the owner on the tax records AND 2) If the prospective owner purchases the Business and it's assets and not the property directly which requires a Business loan, not at mortgage.
Hi Ryan! It's great you are wanting to get into real estate in Nashville- it's a great city for it! I'd love to connect with you and chat about opportunities. Message me and we'll chat!
Hey @Ryan Baron, there are a lot of restrictions in the Nashville general area so you have to be careful.
Michael- The restrictions while there are some, those laws are very clear now-- and there would not be a situtation where anyone could find them selves in a grey area for investment purposes in short term and think they could and find out later they could not.
1) If it's parcel is NOT zoned commercial or the HOA by laws do NOT allow STR, then it cannot be an NON Owner Occupied STR.
2) IF it's an HPR- You must own both A and B units for Attached or Detached HPR's -
3) If it's single family, only Owner Occupied STR is allowed (even if it is your primary residence and as long as it does conflict with HOA guidelines. )
Curve ball for all other properties that had been grandfathered in :
4) Lastly, Grandfathered in Properties that were existing before the new laws were established are NOT eligible for NOO-STR once the Entity changes/ has a new owner/ the property is sold.SO The only way to purchase a grandfathered in property, is 1) if the current owner of the STR established an LLC and that is the owner on the tax records AND 2) If the prospective owner purchases the Business and it's assets and not the property directly which requires a Business loan, not at mortgage.
I understand that things have shaken out but I still would be wary. They are only a hop, skip and a jump from more restrictions or outright bans. That is just my opinion, but that is the way many major cities go.
Hey @Ryan Baron, there are a lot of restrictions in the Nashville general area so you have to be careful.
Michael- The restrictions while there are some, those laws are very clear now-- and there would not be a situtation where anyone could find them selves in a grey area for investment purposes in short term and think they could and find out later they could not.
1) If it's parcel is NOT zoned commercial or the HOA by laws do NOT allow STR, then it cannot be an NON Owner Occupied STR.
2) IF it's an HPR- You must own both A and B units for Attached or Detached HPR's -
3) If it's single family, only Owner Occupied STR is allowed (even if it is your primary residence and as long as it does conflict with HOA guidelines. )
Curve ball for all other properties that had been grandfathered in :
4) Lastly, Grandfathered in Properties that were existing before the new laws were established are NOT eligible for NOO-STR once the Entity changes/ has a new owner/ the property is sold.SO The only way to purchase a grandfathered in property, is 1) if the current owner of the STR established an LLC and that is the owner on the tax records AND 2) If the prospective owner purchases the Business and it's assets and not the property directly which requires a Business loan, not at mortgage.
I understand that things have shaken out but I still would be wary. They are only a hop, skip and a jump from more restrictions or outright bans. That is just my opinion, but that is the way many major cities go.
I think we've landed in a place we will remain in for the foreseeable future. It really put STR's in the place of Commercial use so the land must be commercially zoned/ have a Specific plan when built or have an HOA that allows STR's.
If it does not, then it's residential or Owner occupied only. Which creates a pretty clean and clear understanding for the public, developers and city counselors on the law. There will always be proponents on either side of the isle on this decision and the biggest issue are the hotel lobbies advocating for more regulation or less-- but having been part of the developers and investors with doors who fought against further restrictions the sentiment among colleagues this is a really solid landing pad of legislation we can build predictable business on for the foreseeable future because it limits the use based on the land itself/ or a public hearing to approve a Specific plan for a site not just any house in certain areas.. so It's just about having someone competent who knows the laws and knows the area to help guide you in that purchasing decision.