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.
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?
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