Making a decision between pursuing STR and purchasing a house

[Ethan Walters]

Hello everyone,

I was wondering if I could get some of our insight into a dilemma that I am facing. For a bit of context I am a software developer in Austin Texas. A family member of mine is offering me a small cabin in up-state NY. The cabin is in disrepair, and would certainly need a sizable amount of work. My current plan is to have a structural engineer take a look at the property to see if it is safe to work on / if it needs any foundation work done on it. If the structural engineer gives the go ahead then I would work to get a contractor and project manager together to do work on the property this coming spring / summer. My question is would it be worth taking their offer on gifting me a property that needs a lot of work and is half way across the country with the hopes of turning it into a STR in an area which AIRDNA claims the average monthly revenue is ~$4,000 or should I instead focus my efforts in finding a single family property in Austin that I can house hack as I currently am renting?

[Luke Carl]

For all practical purposes Austin is out. It's on the naughty list for STR. Would be a difficult road to go down.

One of the greatest things about STR is that you can do it from a distance.

As far as this cabin in up state…. If it’s a slamming deal it’s probably a great way to start your career.