How to purchase a vacation home in Nashville
Short term rental properties (STRP) have many regulations and hurdles to getting your new investment up and running. Professional guidance for your purchase and ongoing management is crucial for success.
How do I choose the right location?
Each STRP investment includes a Broker estimate on gross revenue by location. Selecting the right property can come down to an HOA regulation, neighboring competition or city requirements. Since the ongoing management will be in-house it is in everyone’s best interest to make the best investment possible.
The Management Process
Our fully licensed in-house STRP management company “Southern Sky Vacation Rentals” handles all of the ongoing management details. Bookings, Check in/out, cleaning, turns, welcome packets, door locks, HOA regs/payments, platform management, accounting, permits, insurance, maintenance and 24hr call service.
24hr Maintenance
Managing a short term rental is sort of like running a hotel. Who wants a 3am call from a guest? Let a professional team handle all the unknowns of owning a STRP.
24hr Call Service
Late arrivals, access issues, emergency phone calls at 3 am all handled by our staff.
Do I have to have a permit?
Yes. If you are renting a home (or part of a home) for less than 30 days you are required to have a permit.
https://www.nashville.gov/departments/codes/short-term-rentals
Is my property eligible for a permit?
Review Metro Nashville’s eligibility requirements for both owner occupied and non-owner occupied short term rentals here as there are several restrictions and it is constantly changing.
https://www.nashville.gov/departments/codes/short-term-rentals/permit-types
What are some hurdles to getting a permit?
A permit should only be submitted with paperwork that is 100% completed. Expect long delays in receiving your permit back as you wait for fire marshal inspecitons and city review. The last step is paying for your permit as no renting activity can be performed before you have an active permit.
What kind of taxes do i need to pay?
Airbnb & VRBO currently collect and remit taxes for your property. You still may be required to create an occupancy tax and sales tax accounts with the city. This is in addition to the business licesnse, VLS license and designated agent requirements.
Can I manage the property from out of state?
As an owner you can manage the property from out of state but there must be a designated agent within a 25 mile radius from the subject property. Being out of state may also create difficulites managing maintenance and cleaning crews.
What is covered under management?
Our management program is the whole package for owners who want a hands off, carefree arrangement for their properties. Our company provides owners the peace of mind that their property is being professionaly managed at a 100% efficientcy and covering any and all issues. The 24hr calls, the cleaning staff, the maintenence issues, the marketing, the questions, the bookings, the platform integrations, the accounting and permit issues.
Are you a licensed VLS Firm able to legally manage my VRBO?
Our sister company "Southern Sky Vacation Rentals, LLC" holds a VLS license and is a registered short term rental firm here in Tennessee. Even if you are a licensed real estate firm you can not manage short term rental property (less than 30 days) without being a separate VLS licesnesd firm. This makes a seemless process going from closing to managing your investment. You can visit our other website here https://www.southernskyvacationrentals.com
Why not just lease a property and then rent it out?
This is a sublease and many leases do not allow this. If you did find a landlord willing to participate in this, there is major risk in the HOA rules. HOA rules can change at any moment and a moretorium on STRP's is a common occurance freezing your business and forcing you to cancel your bookings.
VLS Licensed Firm
Our sister company licensed and insured for short term rental property management.
*Comments are based on historical data and do not reflect guaranteed results. Real estate involves unknown risks and price fluctuations. Data of the past does not necessarily reflect the future and each investing individual should do their own research.