I am new to this forum as well as investment business coming from NJ who is looking for good property either for Airbnb or Long term Rental property. I have researched for some times and found out that Poconos PA is good place to start with specially for AirBnb because it is nice vacation spot and near to my place (2 hrs max). On other side, I am still fighting with idea on STR and LTR not sure where to go as I would like to have hassle free process once I invest in anything.
Any advice on which location in Poconos is good for Airbnb and which location is good for LTR in USA.
Sorry if this is very basic question or any silly things i have mentioned but as first timer I will learn and grow.
Investor · The worst town to live in, KS · Member since 2016 · 4k+ posts · 4k+ votes
6y
With a LTR, you just have to pay property taxes once a year and maybe make sure the lawn is mowed.
With a STR you have to do all of the above plus you have to promote the property find renters. You have to furnish it (full kitchen, washer dryer, living room furniture, bedroom furniture, televisions, grill, etc). You have to put the electric, water, trash, sewer, cable/satellite and internet in your name. You have to decorate it. You have to provide security between occupations. You have to clean it and do all the laundry between occupancies. You have to stock it with supplies like towels, sheets, laundry soap, dish soap, bathing soap. You have to collect the rent. You have to do repairs and maintenance. You have to chase away the prostitutes and prevent underage drinking. There is more that I'm not mentioning, but you should get the idea by now.
Rental Property Investor · North Fork, NY · Member since 2016 · 1k+ posts · 631 votes
6y
Yes. This forum, and others on BP, are valuable resources of information and you can learn everything you need to know, and learn how much you don't know, all in one place.
Welcome to BP and investing. You'll want to read and learn more, and you found a great source.
Lots of things to consider, But. Let me ask you this question, do you want to spend around 3 hours every week on managing property for extra $1,000/mo income?
If you are willing to exchange your hours / efforts putting on a property for extra cash flow, you won't regret doing STR.