Buying STR in Poconos

[Gagandeep Singh]

I want to buy my first STR in Poconos. Cash flow numbers seem to be working for some of the properties I'm looking on Zillow. I would love to connect with someone who has experience in STRs in Poconos region. Reading through some old forums, it seems that jurisdiction laws are not favorable for investors in some area but I wasn't able to comprehend it completely.

Also if you can recommend a good real estate agent that understands investors, that would be really helpful.

[Ryan Chatman]

@Gagandeep Singh I own a property in Tobyhanna in the heart of the Poconos. I'm planning to STR in it soon. Two of my neighbors are already actively doing airbnb with some success.

What's your budget? What are your goals?

I'll try to connect you with some of my contacts in thr area.

[Tony Gorokhovsky]

Hi, I just started my first Airbnb in Tobyhanna and in contract for 2 more. Would love to hear people’s experiences with this.

[Melissa Wesling]

@Gagandeep Singh There are definitely some great areas for STR near the Poconos. I can connect you with an agent who will help you analyze potential properties there. I'll send you a colleague request!

[Gagandeep Singh]

Thanks @Ryan Chatman . I am looking for a 3-5 bedroom house, and would like to stay under 300k depending upon the property and location. This would be my first rental investment, so the goal is positive cash flow and gain experience in STR ownership.

I would really appreciate your contacts and insights on deal analysis. 

[Gagandeep Singh]

@Tony Gorokhovsky That's awesome, I would love to hear more about your recent experience and how you navigated the hot real estate market.

[Ryan Chatman]

@Tony Gorokhovsky do you have units in PCP? Or other Tobyhanna neighborhoods?

[Tony Gorokhovsky]

PCP. What about you?

[Ryan Chatman]

@Gagandeep Singh that's a healthy budget for the area and you could probably even find something for much less than that which would be profitable. I think if you can find something that needs work, you will find the most value.

@Tony Gorokhovsky yes, in PCP as well. F section not far from the lake.

[Jason Stoltzfus]

Are your places in communities / HOAs? If so, any issues or apprehension about the potential to have those organizations limit STRs in any way?

[Jason Stoltzfus]

I'd be curious to hear more folks' thoughts on this part of the question:

> it seems that jurisdiction laws are not favorable for investors in some area but I wasn't able to comprehend it completely

Does anyone have any specific examples of municipalities cracking down on STRs?

One I can share, is a neighboring township to our place recently banned STRs: http://www.lehmantownship.com/...

[Ryan Chatman]

@Jason Stoltzfus - In Coolbaugh Township (Tobyhanna/Pocono Country Place) they are just asking to register the rental and pay fees. And yes my property is in an HOA, they just want you to register and pay a fee for the STR. They aren't outrageous fees, just been nickel and dimed a bit. https://coolbaughtwp.org/depar...

I'm not seeing a "crack down" of sorts in my neighborhood. I think they are enjoying the fees charged to guests for amenities too much to create measures to block STRs.

Also if I was purchasing another property in the neighborhood I would find a deal that could also work as a long term rental. That way you have a plan B in the case that something shifts and a STR ban happens. Tons of NYC transplants are seeking rentals in the poconos (especially the cities off of I-80). You can look up this growth on many news outlets. With the amount left on our mortgage, we could profit either doing LTR or STR, but the latter is the best move for us right now to maximize profit.

[Dan Bowersock]

I own one in Tobyhanna and one in Tunkhannock - so far tunkhannock township has been way better to deal with than tobyhanna - One is in HOA (emerald lakes) and the fees aren't terrible but definitely proportionally high based on sales price. I see a few others mentioned to buy something that may pencil out as LTR too - I suggest that for sure.

Not sure how you are analyzing #s but just be careful as my properties killed it last year but this year March and April (so far) have been substaintially slower $8K gross months vs $2-3K gross. 

Best of luck and lmk if you need any recommendations on agents, vendors, etc.  

[Zach Edelman]

I can connect you with a Poconos, PA STR Friendly agent as well! Would love to help you out.