Seeking advice for short term rentals (NY,OH,MI,WI,MN states)

[Sophie Li]

Hello! My husband and I are based in Austin TX and we are searching for a second home (preferably condo but can do house, max budget $300K) in the Northern Sates (great lakes, finger lakes and upper new york states) where we can get away from the 100+ degree summer heat and airbnb out the property during non-summer seasons in places that can generate cash flow for us.

Curious if anyone has experiences owning short term rentals in these regions and which places would you recommend that fit our search criteria? I am thinking about Ithaca/Cortland NY areas since I studied there a decade ago but not sure about the airbnb market there.

Thanks for your advice! 

[William Beck]

@Sophie Li There are a few markets that jump out in those states. NY area could consider the Finger Lakes area, it has attractive prices relatively speaking and sees Airbnb rents there. Ohio - the ultimate "Fly under the radar" vacation rental market is in Logan, OH... Really moreso the surrounding areas, not in actual city of Logan. There are a bunch of national parkland/forested areas here and it's about an hour southeast of Columbus. I've worked with some owners there that saw some pretty compelling performance. Michigan would be mostly NW Michigan surrounding Travers City. I don't know what prices look like, but closer to the lake will be more expensive and more rural will be cheaper (*duh*) It's kind of spread out up there though, so not sure exactly what township or city to look at in order to narrow down your search. Wisconsin - not a ton of great investment options up here. All the lakes tend to have restrictions  in the southern part of the state, and the northern part of the state would be hard to access and very seasonal. Hayward area, or Rhinelander/Eagle River/Minocqua would be options, but if you live in Austin that would be a real journey to get to since you'd likely have to land in Minneapolis or Milwaukee and drive another couple hours. Brainerd area in Minnesota might work, but housing there is pretty expensive.