All Forum Posts by: Andrew C.

Have you checked on AirDna or similar sites to see whether short term rentals make sense in Binghamton?  I think @Stephanie Jacobson is the one to ask about Binghamton...I think she mentioned short-term rentals in nearby Finger Lakes area but I'm not sure about in the city of Binghamton.  Seems like most people do student housing there. I have short term rentals in Buffalo but it's a bigger city with more events as well as proximity to Niagara Falls, etc.  

From what I've heard, Evolve really doesn't offer much.  I would look for a local property manager.   You can check to see if any other hosts near you offer co-hosting services.  That's how I found  mine.

I'm not sure what neighborhoods in Queens and Nassau you're looking into but it may be tough to find a 2-family in that price range.  But more importantly, would that be a neighborhood you want to live?  Since you mention working long hours including nights and weekends, do you want to live somewhere that adds to your commute?  I've struggled with the same dilemma as you.  I also have young kids so having a good school district is important to me.  So for now, I have a co-op in a neighborhood I want to live in and invest long distance (Buffalo).  I have been looking into a house hack recently as my family is outgrowing our co-op...but it's quite expensive in Queens/Nassau as I'm sure you know. 

Fellow New Yorker and I've bought my properties long distance sight unseen.  I think if you can, it doesn't hurt to go in person to see the property and to meet the team you'll be working with, however I think it's possible to do it from a distance also.  I get videos/pictures from the realtor.  There is an inspection from an independent inspector (if you're getting a mortgage) and on top of that, an appraiser goes out to appraise the property.  The most important thing is to work with people you can trust.  Make sure to do your due diligence with that and get references with other investors who have worked with them.  I haven't done an extensive rehab though as most of the properties did not need too much work.  That part might add a bit more risk so if you have the ability,  maybe it's best to go in person.  

 I don't know about misleading as every Real Estate Tax strategy podcast/blog post etc with a CPA seems to talk about cost segregation and RE professional constantly.  I'm sure there are more intricacies that this post didn't get into.  It's probably true for the blog post/podcasts as well since I'm not sure if this strategy works for everyone.

What I wonder is if it makes sense for me as most of my properties are lower cost ($200k range).  Also, as others have mentioned, you get the upfront depreciation but will get less of the deduction in subsequent years.  I guess if you plan to continually buying and doing cost segs...maybe that works?  Also @Taylor Jones...is the cost seg expensive and time consuming?  Thx

I live in NYC and also invest long distance. I've considered a multi family in Queens but the numbers just don't seem to work as they are well over $1million. Okay, using an FHA mortgage helps with the lower down payment but now your monthly payment with PMI is much higher. Your monthly PITI will be $10k plus and your rental income maybe $6k (assuming it's a 3 unit and you live in one). Maybe it can work in some neighborhoods in NYC but not if you have kids and want to be in a good school district.

But wouldn't your own research only be accurate as to what the market is currently?  It wouldn't have information pertaining to other months/seasons.  Also, some markets have more instances of last minute bookings so the calendar might show a lot of unoccupied nights currently but they may indeed be ultimately booked.  Can you go into a little more detail as to how you do your research on the platforms?

3 hours isn't too far...I would consider driving there.  I've purchases properties without being there also but had an agent representing me and also inspection.  I've heard of a service that sends people out to take pictures/videos but haven't used it.  Seems like what you may be looking for- https://wegolook.com/

If you have an STR in the Finger Lakes region and it's doing well and you have a good understanding of the area, why not stick to that area and purchase another property. Plus, you'll have the contacts like cleaner/handyman etc. I read a few negative posts relating to the Poconos on BP but some say they're doing well. I have an STR in Niagara Falls and it does pretty well especially based on the purchase price. Niagara Falls does require a permit and license. Recently, they also restricted the areas where STRs can operate. Luckily, I got in before that restriction so my property is grandfathered in, but if I lose my permit/license...I'd be in trouble. I don't know the exact areas where they allow it but I think it's closer to the downtown area where a lot of houses are blighted and neighborhoods aren't the greatest. I've noticed many guests mention not feeling safe in properties in those areas.

I always find it odd when people say that STRs make 3-4xs more than traditional rentals but also say that if you're paying a property manager 20-25%, then you're not making money.  I don't see the posters on the landlording forums tell people to self-manage and not hire property managers.  Obviously, if you are able self-manage then you can make a lot more.  Also, if the management companies are charging 30% or higher then at that point it might not make sense.  I have a good property manager and he charges a good rate and does good work.  I briefly tried to self manage and it was stressful.  Maybe if you have a very good and reliable cleaner and handyman it might work but finding good help is very difficult in itself...more so if you live far away.