Finger Lakes NY STR

[Eric Widmeyer]

Investment Info:

Single-family residence other investment.

Purchase price: $240,000
Cash invested: $28,000
Sale price: $290,000

Purchased a vacation home in the Finger Lakes Region of NY, which we turned into an Airbnb, when not using it. Property was very successful and earnings helped both my wife and me take unpaid leave from work in 2022 and 2023 when we added two more children to our family.

What made you interested in investing in this type of deal?

Location, purchase price, and potential returns.

How did you find this deal and how did you negotiate it?

Found the deal online (Zillow). Drove out to the location for a long weekend, looked at properties, and made an offer.

How did you finance this deal?

Second-Home Mortgage

How did you add value to the deal?

Repainted the entire house. Renovate the bathrooms, furnished the property, and converted it into an Airbnb.

What was the outcome?

We held the property from 5/22-1/25. We loved the property and our rental history was profitable. However, due to the distance from our house, changing regulations, and increased taxes, we opted to sell the house in 2025.

Lessons learned? Challenges?

When considering short-term rentals, changing regulations and increased taxes can have a significant effect on the bottom line. Also, we saw the earning potential that STRs offer compared to long-term rentals combined with the opportunity to utilize the property ourselves.