Poconos - Legalities Investing in Property for Short Term Rentals
I am two years from retirement and as an avid fisherman. I was hoping to buy a house in the Poconos for my own pleasure and also a source of income as a Short Term Rental business. I was all ready to dive into my dream house until I started hearing about how troublesome the business can be in this area. I will be living on a limited pension and thought that my rental income could subsidize my retirement income. I plan on doing a cash purchase (trying to avoid bank loan and mortgage) which I am not sure if that is a good idea.
I was always under the impression that the Poconos is a vacation area and I was quite surprised to think that STR would be restricted.
I guess that I am interested in:
1. Is there any trouble with STR in the Poconos?
2. Are there areas in the Poconos that are more friendly to STR?
3. If STR's are not an issue, does it look like it will be soon?
4. What are homeowners of STR doing now to avoid problems?
5. What should I do to protect my business?
Bonus Question: What are some great lakes to fish other than Wallenpaupack that produce a nice variety of fish.
Sorry for the lengthy question but any feedback will help me with my decision.
Yeah, it's tough right now - lot of issues going on, regulation and restriction of STR is one of them.
The below thread has basically become the default Poconos thread in this forum with valuable input from multiple experienced investors. be sure to read the thread all the way to the bottom to gain its full value (there’s quite a bit of info in there!):
https://www.biggerpockets.com/forums/530/topics/711235-vacation-rentals-in-the-poconos
The consensus was that the Poconos is a crappy area to try to start a short-term rental to make money.
high taxes, low occupancy, etc.
don't do it unless you were REALLY REALLY close to a ski slope (like under a mile) or you'll be dead half the year. Camelback. Blue Mountain. Jack Frost. Whatever
Thank you for the feedback...Looks like I will pass on the Poconos.
I didn't really investigate the short term rental or housing market, but did I have a back of the mind interest in Lake Placid area. I went up Whiteface last winter and went through the area, and it just really has that vibrancy and history of an amazing place. Poconos not so much.