Exploring Maine: How We Found a Hidden Gem in Short-Term Rental Markets

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Friends have asked why we decided to dive into short-term rentals (STR) in Maine, especially since we’d never visited. Let me share what led us to our first ski chalet!

In 2023, we set out to expand STR investing. While exploring ideas through blogs, podcasts, and YouTube, I stumbled upon a video by Kenny Bedwell, founder of STR Insights. He highlighted Newry, Maine, in the Sunday River Ski Resort area as one of the top emerging STR markets. I had never heard of this ski town, but being a ski enthusiast, it definitely caught my attention. So, I dove into some research!

Here’s why Sunday River checked all our boxes for STR investing:

Buy What You Love: My husband and I believe in investing in a place we want to visit. For me, owning a ski cabin has always been a dream! 🏡

Regulatory Environment: Right now, there are no strict STR regulations in the area. Sunday River is the fourth largest ski resort in New England, attracting around half a million visitors annually, which means reasonable STR regulations are likely to support market growth. 🏛

Growth Potential: The resort is managed by a company with big plans to expand Sunday River over the coming years. 📈

Proximity to Attractions: Our chalet is just 12 minutes from Sunday River, 9 minutes to Mt. Abram Resort, and 24 minutes to Grafton Notch State Park for hiking. It’s easily accessible by car from Massachusetts, New Hampshire, Connecticut and Rhode Island, plus only 5 minutes from restaurants and shops—perfect for year-round visitors! 🎢🍽️

Seasonality: Aside from a few slower months, there’s a steady stream of visitors year-round seeking adventures, which means excellent potential for cash flow throughout the year. 💰

Affordable Prices: We crunch the numbers for revenue projections in a proforma because, let’s be real—numbers don’t lie! It’s all about keeping emotions in check.

After all the research, we found the property we love and turned it into our first ski chalet rental in Bethel, Maine! We manage it remotely with a fantastic local team. Curious about how to run a vacation rental from afar? Don’t miss my next post, where I’ll share my secrets to building a reliable local team for STRs.

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Interested in getting started with STR investing or turning your second home into a successful STR, let's connect! Book a free 30-minute discovery call today. 📞✨

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