All Forum Posts by: Abhijit Ghosh

@Abhijit Ghosh, I can throw my 2 cents in here. I own a couple homes in the Western Catskills and I manage a few others. Firstly I think you're going to have a tough time finding a turnkey home in the Catskills for your budget. I think with that budget, you're looking at property that needs some TLC. If you're looking at $150k-$200k, then you have plenty cash to buy and renovate. If you intend to finance that purchase, then I'm not so confident.

1. That depends on your preference. Building a home is not cheap these days and neither is the land somewhat. If you want to buy a house and renovate, I always tell people you need $70-$90k cash to buy a house and renovate to a standard commensurate for an STR. (This assumes a 10% down payment). Happy to get into more detail here if you'd like.

2. For my homes plus the ones we manage, weekend are always booked. We have a 3 night minimum and we also sometimes get midweek bookings. So 10 - 14 nights per month on average. Summer occupancy is at least 50% higher. I'd have to run the numbers on our properties. Our nightly rates range from $450 - $750 per night, property dependent and amenity dependent. 

3.  Refer to 1. You'd also need to speak with a contractor. Bear in mind, all decent contractors are at least 2 years out and remember that exterior buildings stops in the winter. 

4. If its just you, then try it yourself. But if it might be difficult to coordinate with cleaners, handymen, plumbers, electricians ect, then you may want to consider a mgmt company. I run one in the Catskills and would be happy to discuss if you decide to cross that bridge but it seems like you still have a ways to go.

Cheers, Russell

Where in the Catskills? 

AirDNA has revenue/occupancy data, so check them out to get a feel for expected revenue.