All Forum Posts by: Amy G.

First off, look at the comps in the area for parcels around 3-5 acres in a similar location. Is there anything negative about this lot?  Farther away from town, no city water/utilities, flood plain, RR, eye sores? All of those things can lower the price a lot. After looking at comps and also looking at any negative or positive aspects, what is this property worth TO YOU???

Offer what a property is worth (or less). If the property has been sitting for a couple of months (or years) do not even worry what the "price tag" is. Someone can be asking $900,000 for a property but if it has been on the market for a bit and I think it is only worth $650,000 I would probably offer $600k and go from there. 

Since this is property you will personally use, the lines are a bit blurred because then it is not 100% investment.

Couple of things: Nashville requires you to have a permit to operate an airbnb and you need to pay hotel tax to the city. There is a fine if you don't do this and the city finds out (they search for this). Because you live on the property, I believe it will be easier to get the permit. 

Ok so now about the RR. That isn't such a big deal. People will still rent out the property. I have an airbnb near a RR and people don't seem to mind too much (train only goes by around 9am and 9pm in my case. Just know that having an AirBnB is a lot of work. Someone needs to clean it--as clean as a nice hotel room. Someone needs to wash the sheets, towels, stock the shampoo, conditioner, soap. Someone needs to take the reservations, communicate with guests, and keep the calendar updated. You may realize that finding a tenant for the upstairs apartment is less headache and more money in the long run. 

The only reason that I AirBnB my property is because I actually live there part of the year. If I never used that unit personally, I would just put a tenant in there instead. Hope that is helpful. :)

Great question, could use this info too for future reference. Also @Matthew Bolton , I'll keep you in mind too if I end up doing a major project in Mid TN. Always good to network with folks :)