Any thoughts on setting up a rental in TN? My in-laws are getting too old for their townhome and we are looking to rent out the property. Does anyone have a handle on renting properties out in the Franklin city/ Williamson County area?
I figured I could cut out a lot of the back and forth (with a govt entity directly) by asking you all here. Please advise.
Message @Devan Mcclish with some questions. He does a ton of property management and great at responding with help.
Hey @Derrick F.
It's going to depend on two things - 1) their HOA, and 2) their rental strategy. If they are in a townhome, I would expect their HOA to have guidelines on renting in their terms and conditions. I recommend them calling their HOA phone and inquiring.
I say rental strategy is a consideration because long term rental and short term rentals are viewed differently. Nashville's short term rental policy has evolved a lot over the recent years. If you were going to get some resistance from your HOA, it's likely be around short term renting. If you are long term renting, this is less likely to get any resistance(although it still depends on what your HOA allows for).
If that townhome is not governed by an HOA, I don't know of any other restrictions to prohibit you from renting/leasing.
FWIW - I have three townhomes I rent with two different HOAs. I personally love renting out townhomes because they are lower risk - the HOA maintains the lawn and exterior(i.e. roof/gutters/siding). As a result, insurance is cheaper on townhome. Only downside is that pesky HOA fee ;) Full transparency, I'm in Rutherford Co, not Williamson.
Hope this helps!
Yep, this is very thorough and highly appreciated. Thank you very much.