I just listened to Podcast 114 with Scott Sutherland which discussed vacation rentals. I think it is a great way to maximize cash flow, but I have heard that some cities have very strict laws. Does anyone have experience with short-term rentals in NYC and know what is and isn't allowed?
The laws are very strict in NYC for rentals of less than 30 days. I run the NYC Airbnb Hosts Meetup, but operate my Airbnb's in Jersey City, where regulations are more favorable.
At our most recent meetup, we had an attorney speak about the regulatory environment in NYC. I have a PDF of his presentation. If you'd like a copy, send me a PM with your email.
This is a joke right?
TheOnion.com posted this. They must have.
Hi @Michael McKay -would you mind sending me a copy as well. I would appreciate it. Thanks!
@Joe Vastola : If you plan on buying and renting out on AirBnb I would advise to invest in 2-4 family properties in NYC. Thus you won't have any issues renting out your property.
@Edward Munoz Can you pm me your email, so I can send you a copy?
@Ilan Levy-Lambert @Joe Vastola I believe it has to be coded class B dwelling still. I rent in NYC and its extremely risky and very hands-on. Wouldnt recommend it for the faint of heart; furthermore, even if you're technically allowed (<3 home private dwelling), the judges who are enforcing laws are supposedly doing so with very little knowledge and people are getting in trouble. there's a forum on facebook for NYC professional hosts- join and see the discussion
@Noah M. That's why I'm a little tentative to get involved with it just starting out. Where would you recommend looking in NYC to find these types of properties?
@Joe Vastola what kind of capital are you looking to put up? before investing in NYC id recommend reading the multiple dwelling law carefully and then looking for duplexes where you can convert from A --> B. Id imagine it would most likely be BK or queens.
@Noah M. Depends on the property but I would probably get out an FHA loan and live in one of the units, so I'd only have to put 3.5% down. Thanks for the advice!
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