So I Signed A Lease In Nashville... 🤠

& Here's What I'm Doing To Prepare For It

Author

Hailie Maarie
October 16, 2023

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Some of you may or may not already know that I just recently signed my first deal in Nashville, Tennessee! It is a two bedroom one bath guest house. The main home is also an Airbnb.

I’ve been trying to land a property in Nashville honestly since I started but, I haven’t been consistent with my outreach there. Nashville has one of the strictest STR regulations which made it really hard for me to get a “YES” from a landlord or property manager.

After thousands and thousands of outreach messages, I landed my first yes & the landlord was willing to get the STR permit for me. This made things a heck of a lot easier & ensured that everything was done per the cities regulations. The permit took about 3 months to receive but it ended up working out to be perfect timing for our scheduled move in!

Projected revenue (expected to do more) rent is $2k.

Based off the extensive market research I’ve done, I’m almost 100% sure it will perform drastically better than these projected numbers. I always aim for properties to make 2x the rent. In this case, the rent is $2k so I would want it to make at least $4k.

The landlord ended up renovating the flooring and the walls since his past resident did some damage. Originally it was suppose to be ready the 15th but it got pushed back to the 23rd - Sucks but that’s construction for ya.

When negotiating rental concessions I was able to get 2 weeks free for staging. Originally he wasn’t willing to give any concessions but I started at 2 months free and then worked my way down and settled with 2 weeks free.

I will be arriving in Nashville the night before, the 22nd and will hopefully only be spending 3-5 days there staging to get the property up and making money as soon as possible.

Each day of the 2 weeks free that the property isn’t listed on Airbnb I am missing out on free money.

As soon as the lease was signed I called up Extra Space Storage, got their 1 month free special (they run this 24/7 lol) I only had to pay about $60 for taxes and locks. Since I will only need this storage unit for a few days to hold all of the packages, I will cancel the membership before the 30 days is over and not get charged anything additional.

My Favorite Items I Use In Every Airbnb:

I immediately started to order everything I needed through Amazon for furnishing & stock. You want every piece of furniture there in the storage unit BEFORE you arrive that way you can work as fast as possible.

That’s where I am at currently with everything. Lease signed, flights booked, furniture ordered. Now I wait until arrival to get started!

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I will keep everyone updated on the progress & send out a newsletter once it is up and running with updates on it’s performance! 📈

See ya Wednesday 👋

Hailie