First Time Buyer, Hudson Valley/Catskills: City or Mountain?

First Time Buyer, Hudson Valley/Catskills: City or Mountain?

New York, NY · Member since 2018 · 30 posts · 25 votes

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!

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Rental Property Investor · New York City, NY · Member since 2017 · 493 posts · 386 votes
7y

@Katharine Gentsch

Make sure you understand the local laws concerning vacation rentals and also be aware they may change..

Not sure how much traveling you plan to do expect more managing will be needed for frequent turn over compare to a buy a hold investment property.

I invest OOS and being doing it for several years, in the beginning I travel more than I would like now I have a good system in place pretty much travel just for new acquisitions.

If you will be doing it by a far making sure you have your boots in the ground / team is even more important..

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  • Rental Property Investor · New York City, NY · Member since 2017 · 493 posts · 386 votes
    7y

    @Katharine Gentsch

    Make sure you understand the local laws concerning vacation rentals and also be aware they may change..

    Not sure how much traveling you plan to do expect more managing will be needed for frequent turn over compare to a buy a hold investment property.

    I invest OOS and being doing it for several years, in the beginning I travel more than I would like now I have a good system in place pretty much travel just for new acquisitions.

    If you will be doing it by a far making sure you have your boots in the ground / team is even more important..

  • New York, NY · Member since 2018 · 30 posts · 25 votes
    7y

    Thanks @Raul R. I do anticipate having a team upstate to assist with turnover, etc.

    Thanks for the input!

  • New York, NY · Member since 2018 · 215 posts · 50 votes
    7y

    @Katharine Gentsch I live in NYC and been buying / investing in HV for many years ....

  • Catskill, NY · Member since 2018 · 636 posts · 668 votes
    7y

    Like @Raul R. said, make sure you're up to date on any current/potential future laws regarding STR. If you have someone in the area who could help manage the place, that would be a huge plus. It's definitely more work than having a long term tenant.

    As for the area, I'm in Catskill (about 25 minutes or so from Windham/Hunter), and I think it can be a profitable place to invest for STR. The ski season is huge up there and even in summer there are a ton of events going on. Good luck with whatever you decide!

  • New York, NY · Member since 2018 · 30 posts · 25 votes
    7y

    Thanks @Chris Szepessy! That's great to hear.

    At the risk of sounding stupid--is Google searching the best way to look up the potential laws regarding STR? All I'm finding now is a poorly attended town hall meeting and people on both sides of the issue--but no hard and fast rules in that area (I know lodging taxes are being enforced in other areas..

  • Catskill, NY · Member since 2018 · 636 posts · 668 votes
    7y

    @Katharine Gentsch Google could be a good place to start. You could also call the town hall in either town and ask if they have any specific laws or rules on STR. The lodging tax seems to be the most common "law."

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