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Everyone that visits the Finger Lakes, falls in love with the area. Those of us that live in the area, sometimes forget how beautiful the landscape portrays itself. We forget about the lakes and the waterfalls and streams. What about thst great out of the way restaurant, or the neat little antiques shop we almost drove by, but ended up making a purchase that will be a favorite forever?
There is just so much to say about the area and it is all positive. Ask anyone that has ever moved from the area. They all want to come back, if not for a summer home purchase, at least a visit.
Well by purchasing a lakefront home, you may be able to enjoy and create equity as well as cash flow to put towards the expense of the property.
Many buyers focus on properties that are already in a rental management program. The rental histories are available and the clientele has been developed already. There is a "honeymoon" period for homes new to the rental programs as they have not developed clients that are repeat renters. But then again,the new owners will then have the optionto enjoy trheir new purchase with friends and famil. And believe me, once everyone finds out you have purchase a Finger Lakes property they will come.
Even with homes in existing programs, you want to insure you look at all expenses, not just those recorded by the agency that handles your property. This information should not be a deal breaker but a reality check.
There are a few rental management companies in the Finger Lakes such as Premier Properties, Finger Lakes Getaways, Remax Diversified and many more smaller companies usually local to one specific lake.
Another way to manage your investmemnt property, is to handle it yourself through programs such as Vacation Rentals by owner.
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