How to Buy and Operate Your First Short Term Rental in Greensboro NC
A Practical Guide From a Local Owner With 10 Years of Experienced SuperHost on Airbnb
If you are thinking about buying your first short term rental in Greensboro, you are not just buying a property.
You are starting a small business.
The difference matters.
Greensboro can absolutely support well run short term rentals. Between healthcare, universities, regional events, and steady relocation traffic, demand is consistent when the property is positioned and maintained correctly.
But success here requires structure, not hype.
Below is what you need to know before you buy.
1. Start With Strategy, Not Social Media
The best first short term rentals in Greensboro are not always the flashiest homes.
They are:
Walkable to Downtown Greensboro
Near Cone Health
Close to UNCG or A and T
Near the Tanger Center
Located near the Downtown Greenway trail system
Greensboro
Cone Health
University of North Carolina at Greensboro
North Carolina Agricultural and Technical State University
Ellie in my Wafco Mills Kitchen 2016. She was carving a watermelon into a flower!
I bought my first investment property in 2015 at Wafco Mills, immediately after graduating from Greensboro College and signing a teaching contract with Guilford County Schools.
I was 45. I had raised two children. I understood that stability is not accidental.
As a full time public school teacher, once my mortgage, utilities, student loan payment, car payment, insurance, gas, and groceries were paid, I had about $20 left each month. So, I made a strategic decision. I rented out the spare bedroom. Having a guest in the other room was significantly easier than working a second job (which I did and was the first and only time I have been fired from a job). That approach, commonly called house hacking, is not for everyone. But it allowed me to offset risk, reduce pressure, and continue building.
It also paid for real estate school.
I wanted to understand the fundamentals, contracts, agency, risk, and structure. Real estate school teaches the basics. Passing the exam gave me fluency. I worked part time with Coldwell Banker while continuing to teach. Then briefly for EXP and then my own small, “boutique,” local non corprate real estate firm.
In 2020, during Covid, I left teaching and transitioned fully into real estate and property management.
Ten years later, that original Wafco Mills condo is a traditional rental in a community where I served on the board at Wafco Mills for nearly a decade. It has moved through seasons with me, from primary residence, to house hack, to long term rental.
There are certainly more aggressive and more profitable short term rental models.
That has never been my aim.
My approach prioritizes conservative underwriting, legal compliance, and authentic hospitality. The same philosophy guides my real estate firm. While some classify it as boutique, I prefer local and non corporate.
The principle remains the same:
Buy something that works conservatively first.
Everything else builds from there.
2. Verify Zoning Before You Write an Offer
Greensboro regulates short term rentals under its Unified Development Ordinance.
Before going under contract:
Confirm the zoning district.
Confirm short term rental use is permitted.
Check for overlay districts.
Confirm there are no pending ordinance changes.
Do not rely on the listing description.
Call Planning. Verify independently.
3. Review HOA and Condo Documents Carefully
If you are buying in a condominium or planned community, this step is critical.
HOAs can:
Prohibit rentals under 30 days.
Cap the number of leased units.
Require board approval.
Restrict use to primary residence only.
An HOA restriction will override your business plan, even if the city permits short term rentals.
When I purchased at Wafco Mills, document review was not optional. It was foundational.
In 2015, there were no AI tools summarizing governing documents or highlighting key rental provisions. If you wanted to understand what you were buying into, you read every page yourself.
That process shaped how I approach every property today.
Now, in 2026, Wafco Mills has a community website that I helped build to improve transparency, document access, and owner participation. Information is easier to find. Communication is clearer.
But the responsibility has not changed.
You must personally review:
The Declaration
The Bylaws
Rules and Regulations
Any rental restrictions or amendments
AI can summarize. Agents can point. Attorneys can interpret.
But as the buyer, you are the one bound by those covenants.
Read them yourself.
Foundational work prevents expensive surprises.
4. Align Insurance With Business Use
A short term rental is business use.
You need:
A dwelling policy that allows STR activity.
Liability coverage appropriate for guest use.
Umbrella coverage aligned with ownership structure.
Proper named insured if owned in an LLC or Trust.
Many first time buyers assume their homeowner policy will cover them. It often will not.
Structure this before closing and always talk to your trusted insurance representative or ask someone you trust for a referral. We used Howard Hanna/Allen Tate
5. Run Conservative Numbers
Your underwriting should include:
Mortgage
Guilford County property taxes
Insurance
Utilities
Internet
Cleaning between stays
Platform fees
Pest control
Lawn care
Replacement reserves
Vacancy
If your numbers only work at peak occupancy, they do not work.
When my husband and I purchased 907 W Wendover Avenue, we lived upstairs and rented the main floor. We lived in several homes WHILE we were rehabbing sections of the house. We lived in serious OSHA hazard conditions so we could afford to pay for quality licensed and skilled contractors. These structures allowed us to scale slowly while keeping risk manageable.
You do not have to start big. You have to start stable.
6. Understand Taxes
Short term rentals under 90 days are subject to:
North Carolina sales tax
Guilford County occupancy tax
Most platforms collect and remit automatically, but you must confirm.
Always confirm.
7. Operate Professionally
After ten years of hosting on Airbnb, here is what protects you most:
Clear written house rules
ADA compliance regarding service animals
Fair housing compliance
Professional cleaning standards
Transparent communication
Financial reserves
Short term rental is not passive income.
It is structured hospitality.
8. Know Your Ideal Guest
Greensboro is not a resort market.
It is a practical, working city.
Strong demand comes from:
Traveling nurses
Visiting professors
Families relocating
Contractors
Parents visiting students
Guests attending events
Functional comfort consistently outperforms staged luxury in this market. Please limit synthetic fragrances.
Final Thoughts
Buying your first short term rental in Greensboro can absolutely build long term stability.
But only if you approach it as:
A regulated use
A small business
A liability exposure
A financial asset
A community presence
I began with one spare bedroom and a clear strategy. Ten years later, disciplined structure has compounded.
If you are considering a specific property and want to evaluate zoning, HOA restrictions, insurance alignment, and conservative underwriting before you go under contract, I am happy to help you review it.
Clarity before commitment.
Joy Watson
Local Non Corporate Broker
JoyWatsonRealEstate.com 🌻
