All Forum Posts by: Stefanie K.

Thanks Ken. 100% agree. I'm a cash flow investor...I say that appreciation is the "cherry on top" of my cash flow sundae!

My advice, DO NOT DO a $3.3M deal to start (hell!  I can't and wouldn't want to do one now and I have multiple properties and a great job and spouse to fall back on financially) ...start smaller, learn, figure out if you even LIKE doing this type of work.  Take those learnings and build from there.  If you don't know what you are doing, you are biting off way more than you can chew.  Generally speaking, way way way too risky for a first deal in your situation.

Thanks for the resource @Tommy D.!  This may be a time to push the pause button on my Nashville expansion until these things sort themselves out :(  Any opinion on my first observation/question? 

@Tommy D.  Yes, I have seen the news articles but is it looking like that WILL happen or are the local politics/sentiments of those closer to it that another round of negotiations will ensue and something more lenient rises from the ashes?  Chicago had the same thing and we went ring around the rosey for many months before we settled on the regulations we have today.

I offer a small discount or a small gift/gesture.  Sending a bottle of wine/champagne and an apology/thank you card for their patience and understanding.  For things like cold/heat snaps, I am sure to have back up fans/space heaters to use in emergency situations and have it available for guests or easily accessible that they can grab themselves if I am not available to deliver it.

Electric grills have come a LONG way...they aren't like a George Foreman. I would seriously consider an electric for a STR since it takes the replenishing variables out of grills and they are generally safer and easier for "grill novices" to operate. I recently had to purchase one for my own home and I am seriously impressed.

I use airbeds.  Sleeper sofa's tend to be uncomfortable and they are annoying if you want to use the couch during your stay since you are constantly putting it up and down each night.  They are also pricier.  Air beds are cheap, can be easily replaced, moved out of the way easily.  They even have "never flat" models that have an auxillary pump so they don't deflate at night.  You can also fit more airbeds in a house..

I charge $20/night afterX number of guests so the "luxury" airbeds pay for themselves in no time! AIR BEDS ALL THE WAY :)

Hey Tyler - Can you afford to furnish it?  $2.5K-$3.5K of initial financial risk?  If you only think you can make $360/month, is that enough for all the work you are doing (communicating, cleaning/paying to clean)?  Not sure what Pilsen gets for rents but you could check AirDNA.  The margins may be too slim for me to take it on...

Aside from the basics, these amenities have consistently gotten great reception from my guests.  It all costs <$200 and rarely, if ever, needs to be replenished.  Pack N Play, High chair, Face wash, Toothpaste, Flat Iron, Contact solution, Tylenol bottle, Eye make up remover, nail polish remover, flossers/wisps, emergency kit containing toothbrushes, razors, tampons (all from the $1 store), hair ties, body lotion pump, phone charger cables for various phones, honey, assorted tea bags, coffee filters, individual sugar/sweeteners, non dairy creamer

Hi BiggestPcckets community!  I am an investor in Chicago with experience with both long term tenants and short term rentals.  Recently, we have considered partnering with a good friend to buy and do Airbnb in Nashville.  While I was originally "all in" on the idea (relatively low purchase prices, ability to cash in on the "group" market that floods downtown every weekend) I have 2 major concerns after doing some very preliminary research.  Curious if any Nashville investors who do Airbnb can confirm or provide additional insights...

1) The properties that fit groups, 3-4 bedrooms, all look VERY nice (high end furnishings, decorations, themes, etc), new and BIG.  Nice and new are ok, BIG scare me since BIG means lots of capital to furnish the place appropriately.  Is this an accurate assessment or do people have cute/cozy houses (my preference) that can still sleep 8-10 (the an airbed) that just don't have insane sqft that you need to style and furnish?

2.) We would be looking to cash in on the group market  (bachelor, bachelorette, birthdays, girls/guys weekends) and curious what the general sentiment is in Nashville negihborhoods around Airbnb.  Where do locals feel regulation, if any, are coming?  We would stay away from Condos since those can pose their own challenges.

I don't want to buy in Nashville for long term tenants, I really only want to do it from a distance if I get the upside of the short term market but I am questioning if this is the right next move for our funds...