All Forum Posts by: Ryan Enoch

One other note..... being near Hunter mountain gives you additional winter income so consider that as well!

Hey Daniel! I'm still here and got an alert about this thread. I actually went with Hudson Valley STR.... Financially, an easier decision would be rental in philly. It's easier to turn an immediate profit and know exactly what you'll make. With the STR we likely won't break even with rental income from the house alone in first year or two but for us the emotional benefit made up the difference. The STR is something we can use / enjoy and also gives us a creative outlet of sorts. We bought 25+ acres so the hope is we can turn it into something more to gain additional income in the next couple of years . We're looking at building campsites, converting a barn into additional rental space, weddings, etc.... It's a lot more work which can be enjoyable but sometimes stressful. You have to not only maintain the property but furnish the property too. I'd say if you're into DIY, a creative individual with a strong vision, have a tolerance for risk, have time / money to put into the investment, and finally want a place that you'll enjoy then go STR. If you want stability, less hassle / work and break it down to more of a science (calculating cap rates, ROI, etc...) then go Philly rental. Good luck and let us know what you decide. Hope that helps and happy to answer any other questions!

I'm trying to decide where to invest my money. I'm torn between investing in a traditional multi-family rental property in the Philadelphia or purchasing a vacation rental in the Catskills or the Hudson Valley.  I've had rental properties in the past and rely on cap rates to typically understand what I will make. However, a vacation rental property is new territory for me.  

I have a few friends who have purchased properties in the Hudson Valley.  One friend told me he breaks even on his property but doesn't really make money. His house is near Hudson and he does a bulk of his rentals in the summer.  Another friend told me he makes between $70-$80K each year off of his rental property, however, he has a very, very nice home with 6 bedrooms, a sauna, a lake and it's near Hunter ski mountain so he pretty much gets year-round rentals. His POV is you have to make a home a dream home with high design touches to get repeat visitors (which I agree). He also thinks being close to a ski mountain is important but unsure if you could be profitable if not near a ski mountain. 

My question is, what are the essentials to having a successful vacation rental property in the Hudson Valley or Catskills? Are there areas I should focus on? Is being close a ski mountain essential?  Could we buy near Hudson (not near a ski mountain) and still plan to make money or am I lucky if I just break even?  What do people typically make off vacation properties in these areas (know it's impossible to account for all factors)?  

My wife and I plan on using the property so selfishly, I'd prefer a vacation rental over a traditional rental in another city.  We also like the east side of the Hudson more because of train access and overall it seems a little nicer and closer to towns. However, I'm not opposed to the Catskills, especially, if I could turn a better profit.