Is Rochester a city where I should consider an AirBnb? Does anyone have experience with one around here? What sort of returns do you see each month? What neighborhoods/towns in Rochester get the best returns?
I've been looking at different properties in the area, some in the city and some in neighboring suburbs. I've considered Irondequoit, based on its proximity to SeaBreeze and other summer attractions near the lake. There are a lot of properties being remodeled in that area that I've noticed, yet they're still selling for about $115k. Is it wrong to assume that an AirBnb in that area could generate positive cash flow over the summer? Based on my calculations, the potential for profit could really go up if I were to, say, rent a 4-bedroom property to students for 10 months, and then rent it on AirBnb for the summer. I would love to hear about anyone's experience doing this!!!
For other student housing options, I'm looking at East Rochester/Fairport for Naz/Fisher students (I attended Fisher so I know what those students are looking for and how to market to them), the 19th Ward for U of R students , and Henrietta for RIT.
I've also considered long-term rental properties in the Farmington/Victor area (among others), where taxes and prices are lower but the school district is pretty good.
Like most other new investors, I don't yet have the means to finance a property, but what I DO have is time, knowledge, and drive. I grew up in the area and know Rochester like the back of my hand. I'm trying to learn as much as I can so that when I finally do secure financing, I'll be 110% ready to take action. I'll most likely end up with an owner-occupied FHA loan for that first property and build up from there.
I know I'm all over the place. But I'm looking forward to hearing from those with more experience!
One word of caution is turnaround time. You have to figure on losing some time and money when the students move out to repaint/update the apartment before you could rent it to aiBnB customers. If I'm not mistaken, my next door neighbors daughter was forced to just rent her apartment for a full 12 months even if she planned on going home for the summer. That may work better than the airBnB and they just move back in come fall so no turnover repairs.
Hi Mary, I have two friends who do Airbnb and they are constantly booked. One is in Corn Hill, very high end, and usually rents to professionals in town on business, looking for a more comfortable alternative to a hotel. The other is just one bedroom in a house in the South Wedge and rents cheap to students/single people for extended visits. These are both desirable areas as you know but also close to downtown so that may play a factor. I can't speak to Seabreeze as I don't know that area at all or what the desire is to vacation there. If you look on Airbnb, you will see how many offerings there are in each area of town and just how booked they are.
Is there any restriction in NYS to rent your property on Airbnb? I am interested to invest in properties near UB for Airbnb. Where can I get some information about short term rental in WNY. Not much available online other then some vague news like this: http://www.newyorkupstate.com/news/2016/10/ny_state_enacts_restrictions_on_airbnb_fines_of_up_to_7500_for_illegal_rentals.html
Want to figure out if an Area is good for AIRBNB. Open your ARBNB app and type in the location your interested in. Then hit the map button (circle on the bottom). This will show you all the rooms, houses, hosts available. Once you see the prices and what you have available look at number in parenthesis by the stars if you see 5 stars (stars are reviews) and (100) or (200) (amount of visits) this is a safe assumption this person is a successful host and is making good cash flow.
Then when you decide on the area check what are spaces renting for in that area. I like the idea of renting my place and having it on AIRBNB. If you prefer to buy that's fine too. I just rather not make any fixes to a AIRBNB unit.
Look up J Martin. He is a genius on ARBNB and you can find him on BiggerPockets. Hope this helps. Feel free to private message for more advice.
Their are restrictions to AIRBNB. Someone has to live in the residence for no less then 30 days. Which guess what you can find renters for 30 days. Any information about legal issues with AIRBNB you can check in google.
Hope this helps.
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