Realtor · New York City · Member since 2021 · 35 posts · 16 votes
Hi y'all,
I finally got my wife to be on board with investing into real estate, and we are looking to jump into short term rentals. As NYC makes STR illegal, are people avoiding upstate New York as well?
No one is buying in Upstate NY so I can buy all the STRs. So stay away so I don’t have competition. Thanks!
JUST KIDDING!
Upstate NY is the most overlooked market in the US and you should take a look at the affordable prices and medium to high ROI. The Adirondacks, Catskills, and Fingerlakes are tourist regions. Cities are touristy too but more of your families and traveling workers.
Taxes are higher than most states and regulations are terrible if you LTR. However, STR regulation are less strict and running your house this way would give you more control of your property. They're the loophole to Upstate NY rental laws.
Also, zoning. If you're looking to do multiple STRs in a single building and it's not classified as a "multi family property" you're allowed. Otherwise having a STR in a multi family building (3+ units) is illegal. This includes a mix of STRs and LTRs.
I'm in the process of acquiring a property to operate as STR in Orange County. I'm local up here, but used to commute to the city. 90 min train ride to Beacon, and 15 more to get over the bridge. Plenty of margin if you can self-manage. If not, need to make sure your PM is on top of pricing strategy and has a VERY strong handle on demand / seasonality / etc. Check out AIRDNA if you haven't already. Great for doing market research / comping potential properties and calibrating potential top line performance of specific properties.
I'm also an agent up here. Happy to help for those who might consider Orange County at some point.
Central New York has AMAZING markets right now. My company buys the Airdna data for the entire country. There are some fantastic returns out there away from the big city lights.
I'm in the process of acquiring a property to operate as STR in Orange County. I'm local up here, but used to commute to the city. 90 min train ride to Beacon, and 15 more to get over the bridge. Plenty of margin if you can self-manage. If not, need to make sure your PM is on top of pricing strategy and has a VERY strong handle on demand / seasonality / etc. Check out AIRDNA if you haven't already. Great for doing market research / comping potential properties and calibrating potential top line performance of specific properties.
I'm also an agent up here. Happy to help for those who might consider Orange County at some point.
Do you work out of Orange County? I work with a coaching and mastermind group for STR investors, and Central New York is pulling attention from as far away as San Diego! I will get your info if you take clients looking out in the Central parts of the State!
I'm in the process of acquiring a property to operate as STR in Orange County. I'm local up here, but used to commute to the city. 90 min train ride to Beacon, and 15 more to get over the bridge. Plenty of margin if you can self-manage. If not, need to make sure your PM is on top of pricing strategy and has a VERY strong handle on demand / seasonality / etc. Check out AIRDNA if you haven't already. Great for doing market research / comping potential properties and calibrating potential top line performance of specific properties.
I'm also an agent up here. Happy to help for those who might consider Orange County at some point.
Do you work out of Orange County? I work with a coaching and mastermind group for STR investors, and Central New York is pulling attention from as far away as San Diego! I will get your info if you take clients looking out in the Central parts of the State!
I'm in the process of acquiring a property to operate as STR in Orange County. I'm local up here, but used to commute to the city. 90 min train ride to Beacon, and 15 more to get over the bridge. Plenty of margin if you can self-manage. If not, need to make sure your PM is on top of pricing strategy and has a VERY strong handle on demand / seasonality / etc. Check out AIRDNA if you haven't already. Great for doing market research / comping potential properties and calibrating potential top line performance of specific properties.
I'm also an agent up here. Happy to help for those who might consider Orange County at some point.
Do you work out of Orange County? I work with a coaching and mastermind group for STR investors, and Central New York is pulling attention from as far away as San Diego! I will get your info if you take clients looking out in the Central parts of the State!
YES!! Come buy in the Ithaca area! Between the universities, wine country, tourism and a ski resort, we have pretty reliable tourism year-round. I have a number of clients who specialize in STRs here.
Is Orange County considered Central Ny? I always think of the area around the Finger Lakes as being Central.
Agree with you, Orange County is mid-Hudson Valley, not Central NY. Mentioned it as a potential option for some of the earlier commenters who are NYC-based and looking to "stay close" (1.5-2 hrs better than 4-5 hours).
@Alex Lee Upstate NY is fantastic for STRs. Agree with the previous posts, it's good to be within 90min-3hrs of GWB for an easy weekend trip. Most towns are Airbnb friendly, and even some that had more restrictions (like Beacon) have since eased up. Some will require a "local contact" if you are not living there full time, which could be your management company, cleaning person, friend, etc. Just be sure to check the local STR laws beforehand and, if the property is in an HOA, check the bylaws—I'd avoid HOAs altogether, but some lake communities will have them. As @Jeffrey Carlson mentioned, being Instagrammable is key to helping you stand out and stay booked!
@Alexander Szikla - just curious, what factors do you think don't make sense STR-wise Upstate? I'm a new investor based in NYC and considering the region due to proximity ... but there are obviously many other remote markets that look attractive
Also, wow! this is my first post on Bigger Pockets! :)
Many people go upstate for extended weekends. STRs that are close to towns but feel private tend to do well. Most people are leaving the city to get some peace and quiet. You have to be careful though. A lot of local towns are outlawing it due to a perceived shortage in LTRs. Right now is a really great time to buy though. Because of rates, competition is greatly reduced. You can probably find a place that works now with good numbers and then when rates go down in a couple of years, refi for great numbers. That's what I am doing. I also have a blog post that lists the different towns in Ulster and what their STR regulations are. I'm not sure I'm allowed to share the link here, but message me and I'll happily send it your way.
Agree with you. For example, Hudson NY has recently placed regulations that the owner of a STR must not only be a resident of Hudson, but also live on the same property as the STR or one directly adjacent to it. Do your due diligence carefully.