Hey guys, so, this year I plan on buying my first rental property. I live in the Hudson Valley in NY. I live about 20 min away from Minerals Spa and Resort.. Right next to the resort, There's these relatively cheap condos for sale.. Wanted to see if anyone else as invested there, I've been told to stay out of the area, I've also heard it's a solid investement
I was at Minerals last year and a guy at the pool struck up a conversation with me and was trying to get me to buy his condo. I looked up listings and there was a disturbing amount of inventory. If it's solid why are so many owners trying to get out?
@Jason Lee on thing I’ve heard, is that the value of these condos don’t tend to appreciate, they stay constant, even though I’ve seen first hand that the condos have been going up slightly in price lately. Another thing I’ve heard, is that some shady people have moved into the area, and the place is “a dump” from what other people have said.. I’ve looked at about 10 condos there and drove around and it doesn’t seem like a dump to me at all, I’ve met some people who live there as well.. so I’m not too sure what to think of it. My plan was to buy one, and just rent it out long term
Following up to see if you went ahead and bought a condo here? I’ve been looking recently too as I know there’s a lot of potential for both winter and summer rentals bc of Mountain Creek and all of the golf that is around. My brother actually lives there now and the section he is in seems really nice and prices are very reasonable IMHO.
Ryan, would love to hear if you purchased a property in Vernon and if so, specifically where did you end up buying? Can you share your wisdom / experience about owning and renting out a property in Vernon.