Updated almost 5 years ago on . Most recent reply
Finger Lakes NY vacation rental
Hi, I am investing in the Buffalo area and I am looking at a waterfront properties in the finger lakes. Has anyone invested in vacation homes in this area?
I need to better understand the numbers (how many weeks a year can it be rented / seasonality / taxes / cashflow / management fees...).
I am looking at properties 3+ bed 2+ bath with access to the water in the $300-$400k range. Canusus or Canandaigua lakes. From what I see it can be rented between $250 and $400 a night depending on the season and taxes are around $10k. I was hoping to be able to rent 20-25 weeks a year and I am not sure if it's a reasonable assumption.
Thank you!
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@Vincent L
We own property in the ADK mountains, Rocky Point Properties.
Most people that purchase condos buy them and make a little money or break even. Because of the high up front cost they are more looking to own a great piece of property, and be able to vacation for free for 1-2 weeks a year.
The people that rent them out year round do better on cash flow but, I think it is more of an appreciation play.
The tough part about water front rentals in finger lakes and ADKs is the short seasons and high up front cost.
One advantage the Rocky point properties seem to have is that they get snowmobile renters in the winter so they are busy more than just the summer months.
Hope this helps
- Matthew Irish-Jones
