All Forum Posts by: Nicole Demos

Thanks that’s great advice! This town does have laws in place for Airbnb. You do not have to live at the property to rent and you have to apply for a permit. This was a long term rental before so I’ll have to find those exact numbers. 

Hello BP! I am a newbie still trying to get my first accepted offer. I'm in the Catskill region of NY hoping to purchase a property for STR. I've put in several offers but nothing has been accepted. I'm putting in an offer on another property (final and best due at the end of the week) and would love some input! Here is the info and my estimations:

Property: 2 bd/1 bath cottage and 1 loft/1 bath tiny house on 1 acre, both turn key

Asking: 390K

Taxes: 5K/year

Utilities: 500/month

Grass/snow: 400/month

Insurance: 1K/year

Occupancy: 61%

Rental rate: $200/night and $100/night (looking at other properties they may rent for 250 and 200/night but I’m being conservative)

Down payment: 10%

I’ve been doing calculations with pretty conservative numbers. I can offer even up to 460K and it can still cash flow, but it’s been difficult for me to tell at what point the offer is too high. It’s a unique property making it difficult to find comps and I’m not sure what it will appraise for either. I have offered well above asking in the past. I had the highest offer but was asked if I could pay the potential appraisal difference in cash, which I could not. It’s possible the property appraised for more than my offer and I missed out on the deal because of this unknown. For this reason I am hesitant to offer too high again, even if the numbers work.  

I appreciate any and all responses! Thanks!

Hello BP! I am rookie looking for an STR in the Hudson Valley, NY within or around Ulster County. Many towns in this area have (fairly recently) passed STR regulations. Most of them require a fee, an application for a permit, an inspection, and sometimes other specifics. I have made a fairly long list of towns that I plan to narrow down based off their openness to STRs. I have researched the individual town regulations and plan to call the building departments of those towns. Question: Any specific questions I should ask the building departments to help narrow my search? I also welcome any and all advice/insight about STR investing in the Hudson Valley area. Thanks!

Hi someone from the future looking for answers! I work in NY for a company that has locations in both NY and CT. I will be working in CT part time shortly and while I intend to keep my (very cheap) rental in NY, I was thinking of buying a place in CT and house hacking. I would live in either a detached studio or separate apartment on the property part time. Can I do this and qualify for an FHA without changing my driver's license from NY to CT? For reference, my NY rental is 27 miles from where my CT job location will be. While it seems unlikely that I would get away with not changing my license, it does seem unfortunate living in states that are so close to each other where this is a common situation.