Rental Property Investor · Syracuse, NY · Member since 2019 · 11 posts · 4 votes
I live in upstate New York (Syracuse), and am considering purchasing something on a lake for my next property. I am planning on using it here and there with my family, but mainly as a short term vacation rental.
I am curious what everyone’s experience has been with doing this?
Also, does anyone have experience specifically in upstate New York? What laws, stipulations, or other things I should know ?
Lastly, what should I know in terms of the numbers? Is there any data available?
Investor · Roseville, CA · Member since 2016 · 893 posts · 1k+ votes
7y
Hi @George Jweid, thanks for the post! There is a lot to unpack in your questions so I'm going to actually send you a link to a few blog articles I posted here on BP that might help.
I also have a lake property (Lake Tahoe, CA) and use the 'vacation home for free' investment model. Which simply means I'm looking for anywhere from -$3-5k to +$3-5k cash flow each year and the ability to enjoy the property up to 14 days per year with family (excluding "maintenance" trips).
You should be able to leverage the booking sites (Homeaway, VRBO, Airbnb) to get decent metrics and you can check out Airdna.co to see high level occupancy and daily rates for general areas you are looking at for free.
Best of luck and reach out if you have any other specific questions.
Investor · Roseville, CA · Member since 2016 · 893 posts · 1k+ votes
7y
Hi @George Jweid, thanks for the post! There is a lot to unpack in your questions so I'm going to actually send you a link to a few blog articles I posted here on BP that might help.
I also have a lake property (Lake Tahoe, CA) and use the 'vacation home for free' investment model. Which simply means I'm looking for anywhere from -$3-5k to +$3-5k cash flow each year and the ability to enjoy the property up to 14 days per year with family (excluding "maintenance" trips).
You should be able to leverage the booking sites (Homeaway, VRBO, Airbnb) to get decent metrics and you can check out Airdna.co to see high level occupancy and daily rates for general areas you are looking at for free.
Best of luck and reach out if you have any other specific questions.
Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
7y
Hey @George Jweid! Our vacation home in on Lake Coeur d' Alene, Idaho. We bought the house to use and rent it the rest of the time.
So far so good! Depending on the area, you can expect a short season for lake homes. Not many people want to stay in a lake front place when it is snowing out unless it is quite close to skiing (which we are not).
If you are starting from scratch, there is a lot to do. Getting it furnished and setup is the biggest really. Quality furniture, good mattresses and nice linens are a must. I highly recommend percale weave for sheets. Stronger, last longer and they really don't pill. You don't need to go nuts, but there are places to spend and places to conserve.
Make sure your kitchen is well equipped. I mean just like your house. I have over 40 spices in the cabinet at our STR. We get compliments all the time on how well equipped it is.
Be ready for the first year to be a bit slow. No reviews means people want to take a risk on a place that might not be as described. Our first year was skimpy, but this year we are nearly full for summer.
Also be aware that you are limited to a max of 14 days at the rental otherwise you forfeit the tax benefits.
Hatfield, PA · Member since 2012 · 1k+ posts · 629 votes
7y
I don't trust 100% of the people to leave behind anything across strangers that goes in the mouth. We provide salt and pepper, no edibles. Anything left behind is tossed.