There has been a lot said about airbnb and VRBO when it comes to city planning and zoning etc. But now with recent zoning Chattanooga has become one of the prime locations for building your investment properties as vacation rentals. In some areas a vacation rental can bring in twice as much as a common rental home.
Main things to consider for your vacation rental:
First, you need a home that is in the designated zoning. Second, you need to have adequate parking and easy entry for visitors. Third, you need cleaning service and bathroom/kitchen amenities. All of these will make your hosting experience run smoothly.
There are also many options with vacation rentals to fit with your situation and life style. You may be a property investor who owns other homes or you may just want to use a portion of your own home as a studio apartment. My first Airbnb started simply out of our basement. It was a totally vacant space that we only used for storage. All we needed was renovations. We soundproofed the ceiling, sheet rocked everything, exposed the brick, finished the floors, added kitchenette and bathroom, and used the side door for entry. What began as a hobby of mine became an income that pays our mortgage. This experience is greatly credited with my love and work in real estate. There are so many options for investing in real estate.
This is where property investing gets real. Your home should never feel like a burden and your investment properties should never come short of your desired income ratio of 1% income. Let your property work for you and not the other way around. If it’s your own home maybe you can afford more than you think. Maybe you can live in you desired downtown neighborhood if you’re getting $1,200 mo. from your attached vacation rental. Maybe as an investor you can buy higher value homes because the numbers make since with a $250k house that brings in $3,000 mo. as a vacation rental. Never feel stuck under your property. Maybe it’s worth selling your home and finding one that works for vacation rental so that you can have the life style you want. If your home isn’t working for you then take advantage of the market and find something that does work for you.
But most important thing: find someone who will guide you through the process. That is me – your real estate and vacation rental professional. Give me a call or text anytime to talk about all of the options you have. The sky is never the limit! There is so much more out there!