Investment property purchased in Catskill Mountains of New York

[Christopher Polanco]

Investment Info:

Single-family residence buy & hold investment in Margaretville.

Purchase price: $92,500
Cash invested: $15,500
Sale price: $119,000

Hi everyone. Just closed last week on my first investment property in bucolic Delaware County in the Catskill Mountains of New York. Its a 3 bedroom, 1.5 bath cottage with panoramic mountain views that I plan to Airbnb and hold on to for a long term investment. Bought with a traditional 30 year mortgage on a fixed rate. Putting in around $15k in cash renovations as well.

What made you interested in investing in this type of deal?

I have been researching the Catskill Mountain area of NY for an Airbnb for a couple of years now. The area has been gentrifying for some time now and is currently a very popular weekend getaway/vacation destination for many city dwellers from the metro nyc area and to me it seems a good investment as taxes are not high and home prices remain affordable.

How did you find this deal and how did you negotiate it?

Through the MLS. I had a realtor.

How did you finance this deal?

Financed through a regular 30 year Conventional Rehab mortgage

Lessons learned? Challenges?

The area is rather remote so it can be challenging to find people willing to give you a quote on renovations or small projects that you have in mind.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes. I worked with Sherri Manning of Catskill Heritage Realty and I would highly recommend her.