All Forum Posts by: Alyssa Czopor

Hi I'm noticing a number of new investors all for Sullivan County area - perhaps it would be good to set up a newbie mastermind group for this area?  @Matthew M. @Alyssa Czopor @Eli Lederman @Rich Ramjatan any interest? Or anyone else investing in upstate ny around Sullivan, Ulster, Delaware County areas that is interested in being part of a beginners mm group?

Alyssa, 

We can discuss more in depth but some of the simple math I use is: 

Figure ~100 nights/year of rental income. (Based on 52 weekends/year).  You’re not going to rent every weekend but your not going to rent Only weekends.  Our 3-season property (mud season is slow) has us at 107 nights this year.  We are priced on the higher end of the local market.  We could price a bit lower and bump that to 125+ but this increases wear & tear and turnover.  The price point we use provides a good balance of cash flow and vacancy for us. 

You’ll want to price (and be able to get that price in the market) at:

your carrying costs + desired profit divided by that ~100 nights/year. 

It’s VERY important to keep all of your costs in the above number. Things such as HOAs, maintenance, furnishings, decor changes, broken items, and utilities are a few that I see people “forget” to put in and then they lose a little money.  That’s not the worst if you’re using it yourself but we Are here (BP) to make money right??  

I assembled a spread sheet that I can plug in the house cost and the estimated rental numbers (nights and average per night) to give me a quick valuation on a particular home.  We’ve been very successful this year even with Covid shutting things down a bit.  
STRs are a little more work to get set up but like anything once you have a system set up, you should have a pretty easy time running it.  

The second home market has been HOT lately with Covid causing prices to drive way up. I’ve seen houses in NH go for 40% over asking!  Key point, know your numbers and buy what fits your numbers and desired location/property type.  We got a house under contract recently after 4 lost bids and a dozen showings.   

Best of luck in the search and I’m happy to discuss further any time. 

@Alyssa Czopor

Hey Alyssa I struggled with finding an agent for a while but I just got one a couple of months ago and he is excellent! He is an investor himself so understands what we need and what the numbers need to look like to work

He's not on here but his name Richard Dalton - he's with Lazy Meadows Realty although he's anything but!

And yes, STR in that area are renting like crazy at the moment. My friend has a 2 bedroom house which she's renting at $250 a night and she's been full almost every day for the last 4 months.

Feel free to DM me if you want to chat about any of it!

@Matthew M.

Welcome to bigger pockets! You’re in the right place - - this is a great community!

I'm currently looking at investments in Sullivan county too, but I'm looking at more long term rentals. I do have friends who do STR there. It's a great county with lovely people. Feel free to message me to connect. Happy to chat about what you're looking for and see if I can help

Are you looking specifically in the village/town of Catskill or just the "Catskills" in general? I live in the village. I don't do STR, but let me know if I can be of any help.

@Justin R.. Two valuable tips. Thanks

@Alyssa Czopor. Does your realtor work in Catskill area /Lake George ?If so, please share info. I would be interested in exploring as well.

They can be a great moneymaker, follow these two rules. 

1. Ensure you invest in an area that encourages short term rentals and won't make an ordinance against soon after purchasing.

2. Underwrite you property so it can perform both in a short term capacity AND as a longer term rental.

Good advice from Justin^ and everyone else. There is no one right way to do this. Great job reading up and doing your homework!  If the numbers work go for it! If you are a pro member here at BP they have an airbnb calculator. Run those numbers and know that it can be A LOT of work. A lot more work than having a LTR. But can be way more profitable.