All Forum Posts by: Karen Wanamarta

@Emily Poerio where is your realtor and what do they think about this? Did you have different property managers run analyses on the income of the property? Is 615k negotiable? Sometimes you're better off buying a cheaper Airbnb with the same number of bedrooms. 

@Natalie Johnstone I work Nashville and Knoxville. About half my clients are from CA. Depending on your budget I would check out a multifamily near Clarksville (army base) or an Airbnb in Gatlinburg (year round season and 10% cap rates) 

@James Khail check out East Knoxville. You can find a 3/2 single family for 250K and Airbnb laws are less stringent there. No state tax and landlord friendly. 

@Tamera Means depending on sq footage and quality of finishes you're looking at 100-150k all in. First you have to make sure your zoning allows for a DADU and what the setbacks are. 

@Hannah Goethel are you redoing the kitchen and floors yourself or with a GC? Usually the GC will have suppliers or vendors they can coordinate with for the best deals.

Junk removal OR buy nothing groups on FB. Depending on the amount of furniture you're trying to offload a consignment shop may be more hassle than it's worth. Is there something specific about this cabin where the furniture is going to determine the success of the STR?

@Shane O'Neill I work both Nashville and Knoxville. It depends on what your priority is - cash flow vs appreciation. You could check out South Knoxville by the nature center. Great rental area and decently close to UT. Or you could go all in on student housing given the severe shortage.

Is your friend willing to move? You could turn it into a rental then 1031 it.. or like Michael said above you or your friend could buy each other out.

Hi Denis! Where are you looking to start? Long term rentals? House hacks? Do you currently own any real estate?

@Michael Herrmann don't forget cost of capital and closing costs. I use roughly 5% vacancy, 3-5% capex, and 8% PM. If you only have one property I would self-manage. The hardest part is finding good tenants.