Multi Family vs Vacation Rental? Regrets?

2 Replies

I am struggling to determine my path! We have some money to invest and I don’t know what I am doing. HELP.

My #1 life goal is to leave my current job and be able to add another little one to our family next year and not go back to work. I would like to only work part time during tax season (I am a CPA).

My #2 life goal is to have a waterfront property in the Adirondacks NY that we can rent out in the ski season and enjoy in the summer.

My #3 life goal is to not be miserable.

I cannot decide if multi family properties is the right thing for me or if I should go the vacation rental route. I really love the idea of fixing up a vacation property for my family and others to enjoy! But, I’ve been reading so much about the benefits of multiple doors and multi family properties at building long term wealth and now I’m under contract on a multi family property in Schenectady Ny, a place like everyone says not to invest in. I am not actually excited about owning a multi family, and am doing it for the monthly cash flow (which may turn out to be minimal bc of some issues with the property and if that’s the case I will back out of course).

All that said, does anyone have regrets going one route vs the other route? I would really appreciate the discussion about your experiences!

Thank you!

Hi Lauren, I do both. I have 6 Airbnb’s in Schenectady and I have 20 doors scattered around the area. And working my way to many more. 
I definitely enjoy the Airbnb more because it produces better returns and the clientele is very different. But it is a bit more involved in terms of your involvement such as keeping units stocked, arranging cleaning crew, sometimes catering to needy guests(which is an exception rather than the rule), but on balance, it is still great. 
Schenectady has good and sketchy areas. As a newbie, I hope you have someone on the ground to point you to decent locations so you don’t start off and be overwhelmed and give up before you get properly started. 
considering you seem so ready quit your job, keep in mind that this could be a long road if you don’t have enough to start and scale up fast. 
I highly recommend you have good people to guide you along the way. 
feel free to ask questions as you plot your way in and around. 
good luck.