All Forum Posts by: Gale Golden

@Kara Leboeuf I am an investor in ADK around Gore Mountain. Have been looking for a meetup group in the area. Just missed this as I was at the property over the weekend. When is the next one and is there a FB Group or Website for meeting notices? Would love to hook up. 

I have developed raw land in another state and just got a quote for $40,000 for the dirt work alone not including utilities. Land development takes alot of money. That said, if you are developing “affordable housing” there may be grants or housing authorities that might consider helping out.  Also, network in the town itself to see if they have interest in supporting you and what they might offer. I never hurts to ask!

I highly recommend when you are in town to be NETWORKING!! The best place to start is Rhode Island Real Estate Investors Group run by Bigger Pockets member Frank Patalano. Frank also does a podcast you would find helpful called The Cashflow Kings. The group has a website and a Facebook page for members. Best of Luck and hope to see you at the meeting.  My husband and I have some experience with real estate investing but not deep and have found this group very beneficial. 

First the most reliable data for STR income is STR Insights or AirDNA. You will have to pay for it but it is worth it. STR Insights is more expensive but the better of the two. Then you can use that income to calculate your offer with the Bigger Pockets Rental Tools.

I am in ADK and do very well but LOCATION is really key. Also many town have regulations to consider as well. Look for property around an attraction or central to attractions…the obvious ones are Lake George and Lake Placid as they are well know but also around the ski resorts. We have almost 4 successful years so far but we work at it too. Also shoot to give someone an “experience” versus just a rental house…high end is nice but also the mountain experience is even more important…immerse them in the area. 

I have an STR in the ADK and I find LOCATION is HUGE for getting a good return. I also am familiar with Amsterdam and not sure what the attraction would be although your property itself is unique. I think you need to define who your customer is…what attractions are you close to…why would you visit there? Close to Casino maybe? You are getting a great price but also probably putting in the same amount. Have you run numbers on AirDNA or STR Insights to confirm this will be viable for STR?