Greenwood Lake- equity or STR

[Evelyn Pecho]

Hi everyone, 

I am looking in the Greenwood Lake , NY area. My first goal was STR, but as a new investor. I am tight in money- barely can cover down payment. Now I found a single house,3 small bd and 1 bath with a ok view of the lake. It needs at least 30k to make it marketable in the area for long term. So far the high interest rate gives me no cash flow after all expenses.
I found it after six months of searching. After looking at the 40 airbnbs in the area … I see I won’t be able to make it airbnb ready for another 2  years. So should I pull the trigger and spend all my capital and savings ? Or should I wait for something else here or anywhere else. I feel that my low budget won’t let me get anything else in good location as this one. Does anyone know this area? How is the equity in this area? Equity vs cash flow? 

[David Ramirez]

I wouldn't rush it. It sounds like you don't feel too comfortable committing to that much money. Don't make decisions based on emotions!