1.6 million airBnB 1.5 hours north of NYC

[Ian K.]

I'm in a discussion with my business partner about a deal he's doing upstate NY and whether it's a good deal or not. So I am looking for others opinions.

It's futuristic looking house in the middle of the woods upstate. Will be used primarily thru AirBnB bookings.

The management company thinks they can rent it out for 1k a night.

Mortgage and Taxes will be about 78k a year or 6500 a month.

I have no experience with airbnb or these type of vacation rentals...but it seems risky to me, any insight?

[Mike Shemp]

You might want to go on Airbnb and VRBO and look for similar homes in this area.  Then literally go month-by-month on each home looking at their availability and rates being charged.  Track the data in a spreadsheet....homes down the left, and platform/months across the top.  

If you do this with 10 similar properties again both platforms you should walk away with more information than when you started and have an idea of occupancy and rates.

To be extra conservative/cautious, do this for an entire year tracking all the months/seasons, etc. and then compare it against data from Airdna or another company.

Hope that helps.

Mike