Investing in an STR in Upstate NY or Poconos
We are considering buying an investment property in Upstate NY. Are there any STR owners here from the Catskills & Hudson Valley area? I'm aware that Woodstock and Shandaken capped the non-resident STR permits, so I'm avoiding those areas. I occasionally see some properties on sale that are currently operating as Airbnb. We were told by one real estate agent that an STR in this area won't cash flow much. Another option for us would be buying in the Poconos. Appreciate any advice.
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Hey there! I've designed a few homes in the Poconos for STR Investors and one thing I'll point out is that the competition is quite saturated. This is a huge market for Techvestor who have deep pockets. They focus in on a market and buy a lot of properties - quantity game. If you do buy in the Poconos, know you're going up against highly designed homes with a ton of amenities. Obviously I'm biased as an STR designer, but I really do recommend working with a designer that has a data-driven approach. Buying the right house is just step one. You have to design it in a way that crushes your competition.