Have been eyeing Niagara Falls, NY for a while. Prices are very cheap, and city has not shown too many signs of getting up from the past. The downtown area near the casino, falls is located in one of the most scenic areas in US, but almost a ghetto. I want to try and pick up a property (SF) in the casino, falls, border area and do AirBnB. Property prices are 40-50 and probably to cost to dress them up is another 10K. Does anyone have any experience with this, my issue is I am not too sure if I can find co-hosts to manage the place. The two other people I approached shut me down and not a lot doing it.
My reasoning with AirBnB is to target tourists (8.5 million supposedly go through the city each year). The local population is still on a decline... Any advice, help would be appreciated.
I have a friend who did a small 3/1 SFR in Lewiston & pulled $9k a year in short term rentals. It was a rehab he did himself & I believe he was into it for $90k. We definitely avoid anything in the Falls. We have a large home in Lewiston (bought it in '91) that is rented consistently but on 2-4 year leases & never been vacant. We also avoid the little Youngstown ranches with bowed block basement walls but we are always looking for more homes there.
Thanks @Pat L. Do you think the new mayor in Niagara Falls, NY will bring some change? Also the Hotel Niagara is finally being renovated to revive the falls tourist area? Do you see a revival there?
@Asad Halai My family was there for July 4th and wondered the same thing. My wife and I drove around the surrounding area and was shocked how many homes were abandoned and just in very bad condition. There were very few Airbnb options and the range was around $37-$50/nt in not so desirable looking areas. It feels like there is so much potential there considering how packed with tourist, shops, hotels, amusement parks and commerce there is on the Canadian side.
@Mehul Shah I was 100% going to buy a property right by the bridge, and got chicken and 5 days later it is pending. I am going to pick up something there very shortly, why not. Its beautiful, someone ought to smarten up and fix this side.
@Asad Halai what type of work needs to be done on these properties? I hope you are right and local officials start putting money into rebuilding the area. Good luck on your search! Keep me posted on your progress, I am interested in that market too!
@Asad Halai I like the idea of Airbnb by casino I think it will do well. But I’m not sure any new mayor can change the falls. For whatever reason it’s always been a crazy area 103.3 the edge talks about it a lot for a reason. But I think if you run the numbers you could do well with short term rentals. Also I know it’s a lot further but have you looked into Ellicottville ny area? I manage a home 10 min from holiday valley that rents for $1,400 monthly. I think it could do way better short term rental air Bnb tho, maybe look into that? Also I live in buffalo and have commercial and residential plumbing experience, I’m looking for investors that need my skills and experience.
@Ryan Greene pm me your info. I can always use more contractors. I am starting my first in Airbnb in Springville. I’ve heard of a lot of others who have had success in Ellicottville. Do you think the market is becoming saturated with Rentals in Eville? There are quite a few properties for sale and a lot listed on Airbnb.
I would follow wherever the opportunity funds invest...I can't imagine people that would Airbnb in that location
@Ashley Kehr Yes the Ellicottville market is pretty stacked but I still think it’s a good location. Rent is going up in the surrounding towns to. I got some friends remodeling to do a air bnb in greatvalley it will be interesting to see how they do. I think as long as your close to the ski resort you should do well.
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