First Time Buyer, Hudson Valley/Catskills: City or Mountain?
Good morning!
Not new to the podcast and currently reading The Book on Rental Property Investing, but new-ish to the forums/site and admittedly green.
I live in NYC and have been saving steadily for a home purchase; I don't have enough to buy the kind of apartment I'd like in the city, but for half or a third of the price, I could buy a home upstate in the Hudson Valley. (FWIW, my rent is very affordable and I can comfortably handle a monthly payment on a house after downpayment etc.) Looking for STR as opposed to long term tenants; I work from home and am happy to add this as an additional job. The idea would be to purchase a home that I AirBnb/VRBO out but also have the ability to use when it isn't booked; profit would be great, but I would settle for paying it off (or even mostly) with renters. After researching the towns along the Hudson and making a trip, my initial thought had been to purchase a home in Kingston. I love this area and it seems there are still deals. As time has passed and I've done more research, I've been wondering if would be wiser to purchase more of a Vacation Rental in a ski area like Hunter/Windham. Selfishly, it's more appealing. It would be nice to have a home that's distinctly different from my NYC apartment (mountain as opposed to town) and it also seems there might be more profit to be made on a ski/mountain rental. At present I'm looking at homes that don't need FULL reno--mostly aesthetic fixes/updating, but still fixer uppers to an extent. 20% down and leaving ample cushion (I think) for reno etc. On the right track? Is a mountain purchase a terrible idea? Glaring factors I might not be considering?
Also: Any HV investors (bonus if you're NYC based, also bonus if you're female) interested in meeting up/chatting--particularly those in the STR game?
Open to any/all suggestions and opinions. Thank you in advance!