Today I had the honor of speaking with Megan McCrea. Megan is a short term rental operator in Nashville Tennessee with 6 properties, all of which she owns. Megan has been in the short term rental space for 4.5 years and had no prior experience to real estate investing or management prior to. In 2.5 years she was able to replace her income from her W-2 and go full time into management. Megan is also the president of NASTRA, the Nashville Short Term Rental Association, which has been instrumental in bringing together hosts and helping to make changes to Nashville’s turbulent regulation changes. Without Megan and the association Nashville would be a very different place for hosts so thank you for your work.
In this episode, Megan shares her experience of falling into short term rentals, the challenges of leaving a well paid career to pursue full time management, how Nashville’s regulations have been affected, and what it’s like being the president of a short term rental association.
Timestamps:
0:00 – Episode Preview
1:08 – Episode Introduction
2:49 – Guest Introduction
3:26 – The journey to being a short term rental host
7:39 – Some of the struggles going into the long term and short term rental space
9:31 – The benefits of putting “disqualifiers” in your listings
11:05 – Who are the people that really shouldn’t be hosting guests?
13:25 – At which point did you decide to acquire more properties?
15:36 – Leaving the corporate world to go full-time short and long term renting
20:11 – What does a typical day looks like full-time hosting?
22:26 – How do you allocate your time full-time hosting?
24:15 – The story of being involved in NASTRA (Nashville Short Term Rental Association)
28:53 – The effects of being active in NASTRA on hosting guests
32:01 – The myths of investing in short term rentals in the Nashville area
35:18 – The impact of legislation on short term rentals in Nashville
36:05 – What does a typical day in the life of the President of NASTRA look like?
4-:32 – How the Nashville market handles the recent crisis?
42:49 – The seasonality of Nashville short term rentals
44:34 – The role of the NASTRA on legislation
48:03 – How can investors work around with all of the constant changes in legislation?
49:29 – With all the interests in the place, has the city been more positive towards short term rentals?
50:44 – Where is Nashville pulling these bills from?
52:00 – Why is there a pushback on short term rentals despite hotels having less foothold there?
55:12 – Being in such a turbulent market, do you feel optimistic with how short term rentals organization operate?
57:43 – Why are there so many different associations popping up instead of having one unified association?
59:21 – What would you do differently if you have to start from scratch?
1:01:35 – What is the best way to contact you?
📝Show Notes
https://www.ShortTermSage.com/str88
STR SUCCESS STORIES LINKS:
⚙️ [FREE GIFT] Get our newest book, Airbnb Secrets Revealed.
https://www.ShortTermSage.com/freebook
🌎Join the Host Nation community!
https://www.shorttermsage.com/HostNation
🏠Have your property professionally managed.
https://www.ShortTermSage.com/cohostit
💲 Become a host today.
https://www.ShortTermSage.com/airbnb
🔎See our Airbnb equipment.
https://www.ShortTermSage.com/kit
🌐Social Media:
Website: http://bit.ly/32iOuoI
Facebook: http://bit.ly/32gvUO5
YouTube: http://bit.ly/2S66xdl
Instagram: http://bit.ly/2G5ahXr
🎤Listen to the show in podcast format + leave a review ❤️
iTunes: https://apple.co/2xEVcri
Stitcher: http://bit.ly/30u12Iq
Spotify: https://spoti.fi/2G5ab25
Google Play: http://bit.ly/32cUtLX
More info on What it’s like short term renting in Nashville Tennessee w/ Megan McCrea
-
Newsletter Signup
Sign Up For Our Newsletter! In subscribing to our newsletter by entering your email address above you confirm you are over the age of 18 (or have obtained your parent ...
-
Knoxville Biz Ticker: BlueCross Foundation providing $250,000 to Second Harvest Food Bank of East Tennessee
Other organizations receiving contributions include: Second Harvest Food Bank of Middle Tennessee (Nashville ... nurses like Andrea, Clarissa, Jennifer, Mara and Tiffany among its ranks ...
-
Joe Biden calls for respecting the 'will of the people' and rips 'baseless claims' about election
Karl Rove, who served as chief advisor to President George W Bush, also expressed frustration with Trump on Sunday, saying he is 'on the edge of looking like a ... Biden's term where Trump would ...
-
Chaos as banks shut expats' accounts as end of Brexit transition looms
It is a blow to those who keep their UK account open when they move abroad so they can receive their state or private pension into it, who receive income from renting out property or from UK-held ...
-
Faces of some of the lives lost this year in the COVID-19 crisis
In 2014, FSMB awarded him its Lifetime Achievement Award ... Gary Woodward, who spent 25 years as a critical care nurse at a Nashville hospital, died on Nov. 27, ABC Nashville affiliate ...
-
The Life - 1997 - Broadway
Already available for pre-order, this digital subscription service will give home audiences around the world long-term access to exclusive new video content from The Atlanta Opera. Be first to get ...
-
Movie Reviews
This Yaniv Raz drama, about a Walt Whitman-obsessed teenager with a pigeon as an imaginary therapist, is drunk on its stylistic affectations. By Glenn Kenny Completed after almost four decades in ...