Can’t find renters for our 3 bedroom in a rural community: Should I put it on airbnb?

Upstate New York, New York
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Can’t find renters for our 3 bedroom in a rural community: Should I put it on airbnb?

Christian Gibbs
Member since 2022 · 32 posts · 14 votes

Hi everyone-

We haven’t been able to get renters for our 3 bedroom, 2 bath property in Barryville, NY

Now that we are entering into November we are worried that it will be vacant for the winter.

Property manager has mentioned AirBNB / STR as an option but with property being empty for 4-5 months now ( long story - last tenants left it in shambles). we are debating whether to sell it as funds are scarce.

I’m currently using zillow and posting on FB.

Any other resources anyone can recommend for a rural community ?

Thank you! Love BiggerPockets! 

Christian

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Andy EdgemonPro Member
Member since 2023 · 28 posts · 18 votes
1y

Sounds like time to look for a new property manger. Basically stealing your money. I look at it like this, if the place is vacant and they aren't bringing tenants in, but still want money plus charging you a boat ton for "repairs" see you later. Mid term and STR is a good option but you will have to furnish it, and do not go on the cheap route from IKEA or something that will break and you will have to replace it again anyway.

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  • Christian Gibbs
    OP
    Member since 2022 · 32 posts · 14 votes
    1y
    Quote from @Nathan Gesner:

    The only reason for a property to sit that long is price. I see one house for rent and assume it must be yours. 

    What is better? $1500 a month, or a vacant house that freezes up this winter and costs you $30,000 to renovate?

    Drop your price. Rent it cheaper for 4-6 months to get through the winter, then rent it for a higher price or sell it in the spring.

    I recommend selling because you don't have a good property manager and the market is obviously not strong there.

    Thanks @Nathan Gesner

    I dropped the price from $2100 to $1975 but it’s not moving the needle too much.

    I am prepared to go lower , however , worried about what kind of tenants we’ll get at a very low rent like $1700 or $1600…

    4 years ago we rented for $1400 ( to friends) then we went up to $1500 for next tenant, then  $2400 for the last tenants ( we did some remodeling on property to justify that last rent ) 

    Hard to go back down to those lower #’s but not getting qualified bites at all now that we are heading into winter ( as you pointed out )..been at $1975 for three days now .. We’ll see what happens but I also don’t want to reek of desperation by renting it too low.

    Thanks for your feedback - seriously considering going lower .

    Best

    Christian

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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    1y
    Quote from @Christian Gibbs:

    We are in a unique situation where the market seems to have hit a peak with rent rates. I'm hearing from landlords and managers around the country that they are dropping rents and still sitting empty. If that's your market, your only choice is to get aggressive or sit vacant.

    Consider lowering the price but increasing your standards. For example, drop the price to $1,500 but require a credit score of 700+ and a double deposit. That should attract a savvy renter that performs well because they want to protect their credit or the large deposit.
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  • Christian Gibbs
    OP
    Member since 2022 · 32 posts · 14 votes
    1y

     @Nathan Gesner Funny you should say that as that is what we did yesterday ..we actually lowered it to $1685 and it looks like we have a renter  hopefully  ( fingers crossed ).

    Income verified , credit score etc 

    It’s a bit low for me but we can get the mortgage paid, the heloc payments and the roof payments and still put some cash flow in  reserves each month as we will pencil out a bit. We haven’t tapped into all the heloc and it’s a small heloc so we can use the remainder cash in it that’s untapped for reserves if need be till we catch up..

    We talked to our realtor and it was this close to hitting the MLS . We'll see what happens .

    Told realtor to hold off for now.

    Everyone’s been so helpful in the BP community.

    Rollercoaster  of a ride . Definitely not for the faint of heart!

    Thx again for helpfully feedback-

    C.




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  • Christian Gibbs
    OP
    Member since 2022 · 32 posts · 14 votes
    1y
    Quote from @William HooFatt:

    List Your Place - Travel Nurse Housing

    https://www.travelnursehousing.com/ListYourPlace?utm_source=...

    I think the nearest Hospital is 26-30 minutes away - maybe too far for a tired nurse to get off her shift and drive sleep.

    Does the salmon run go thru that river in the fall?  Set up some bunks and a coffee maker, stock the fridge with some muffins and eggs and offer up as a fishing camp?  Maybe leave a kayak for guest to use (have them sign waivers in case of accidents).

    Get some old furniture, some bicycles to loan and make a bed and breakfast!?

    @William HooFatt thx William -

    There are a lot of Small mouth bass , walleye, and occasional other fish in the delaware there .
    Some freshwater  eels too! I loved having my wife drive me three miles up river dropping me off with my kayak and i’d float down catching fish for hours . 
    We’d bring them back up to the house , skin em and sautee with butter and garlic.. Also very close to the house ( and one of the boat launches to get on river ) is the Zane Grey Museum in Laxawaxan, PA ( 10 minutes away)

    So much beauty in that part of upstate NY.

    That is a great idea making it a fishing destination. In the winter might be a little harder but there is ice fishing . Also a ski place 20 minutes away.

    I do have the kayak still  in the garage for use by whoever rents the house . 

    We ended up getting renters finally! Lowered the price significantly and did a 6 month lease . 
    Thx for your feedback!

    C

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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    1y
    Quote from @Christian Gibbs:

    If you can't find long-term tenants in the winter, you even less likely to find short-term renters. I recommend dropping your price (not your standards) and renting it for a shorter term to get through the winter months, then look for a one-year lease again in the spring.

    If money is tight, you may consider selling. Lick your wounds, learn how to buy better, and try again.

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