NYC Rentals to Tourists (Airbnb/Wimdu/9Flats)
Hello BP,
I currently live in NYC and I'm considering of buying property in NYC for the sole purpose of renting them out to tourists.
I've tried this initially in my current apartment and came to the harsh realization that the law is not on your side and I came very close to being evicted myself. I made quite a bit of money during the summer season but it all ended when a tourist asked my doorman "where is apt## because im staying there for a few days"
Is there anyone on this forum that rents out their NYC property to tourists and has overcame the legal hurdles? How did you overcome the legal risks (avoid doorman building, etc?) Is this an industry that is worth entering now or is it close to saturation in NYC?
Most Popular Reply
Hi Andrew, there are people that do this in NYC but remain very quiet about it because as you've already found out, one can get in trouble real quick whether you're the owner of the property or subletting. Even SRO properties (single room occupancy) are being curbed with new laws hitting the city.
It is really not a sustainable investment strategy.