When she first decided to buy property, she figured she'd own where she lived: in New York City. But a couple of Zillow searches and sticker shock"ruined my appetite for buying something in New York for quite a while," she told Insider."A decent studio is $400,000 to $500,000. It's crazy."
Over the past two years, she's bought three homes — a single-family in upstate New York, a single-family in West Palm Beach, Florida, and a multi-family property in Albany, New York — in what she calls"undervalued areas." Selecting the right markets has helped her score good deals and build a lucrative short-term rental business.
The reason this strategy tends to work is,"if you can see yourself there, it's likely that other people can as well," she said. "We spent some time there and went to some lovely restaurants and bars," said Lemberskiy."I started looking at Zillow and was pleasantly surprised about the cost for such a nice city." Courtesy of Julia Lemberskiy
Even if you're purchasing an investment-specific property that you don't intend on living in, Lemberskiy believes in there being some"personal motivation," she said."If the business side of things doesn't work out, it's something where I can see myself and my family."not letting your emotions influence your home-buying decision"A lot of people getting into real estate take a very cold, methodological approach to it.
Lemberskiy manages five Airbnb properties, including this space, that bring in up to $20,000 in monthly revenue.As she continues to expand her portfolio and test different markets, approved development projects will be a major factor. This is something that anyone can look up on their city planning website or by contacting their city or town planning committee.
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