NY-ISH STR Picks and rationale

[Alex Lee]

So, a debate popped up between family and friends, and I'm curious to know your thoughts. We have:

1. Upstate NY

2. Long Island

3. New Jersey

4. Pennsylvania (debate went between Philly, Bristol Area, and then Poconos--but for the sake of this post figure I'll clump it into 1)

If you had to pick up a STR, which area would it be and why?

If you had to pick a place for LTR which area would it be and why?

[Davis Stoner]

Personally I would do STR in upstate NY. Long term rentals I would do PA. Like @Anastasia G. said, the laws and taxes brought me to PA for long term rentals. Specifically, the lower property taxes and tenant landlord laws (compared to NJ and NY). Also, the Poconos STR market seems to be very oversaturated at the moment, with the possibility of STR's being banned in certain towns/neighborhoods. 

For an Upstate STR I would try and find something either close to a train line (for NYC people who don't have cars). Or I would go up to a Lake George or out to the catskills where I think they embrace STR's because of the money it brings in to the local business. I have not looked into owning in LI, but I can imagine it is pretty pricey with high taxes, but a summer rental in the Hamptons would probably go for a high price weekly as long as the town allows it.