New member! Interested in STR & Buy and Hold LTR

New member! Interested in STR & Buy and Hold LTR

Investor · Philly / South Jersey · Member since 2022 · 5 posts · 6 votes

What up BP Nation!

I’ve been snooping around on here for free for the last few months and finally decided to pull the trigger and member up.

I live in South Jersey about 15 minutes over the bridge from Philadelphia. Married and my wife and I have three young boys. My wife and I are originally from Delaware County(Delco) PA, where we both still work as police officers. 

I'm brand new to real estate investing and became interested and started researching it just a few months ago when a work acquaintance was telling me about at BRRRR project he was working on. He told me about bigger pockets podcast and mentioned a few books he had read and I've been digging in ever since.

Currently, I'm looking into and really excited about investing in a STR in the Pocono area. I'm in the process of getting preapproved now, so I'm hoping to make some moves soon. Looking in the Poconos for now since it's considered my backyard to get my feet wet. Once I get a door or 2 and some experience and knowledge, I like the idea of long distance real estate investing to capitalize on other growing markets.

I also have some interest in buy and  hold, long-term rentals eventually, but as I mentioned right now I’m focusing on STRs.

I’m looking forward to connecting with people, sharing ideas, learning, and hopefully building and scaling a diverse portfolio.

Be well and live free.

-Dave

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Investor · WA · Member since 2023 · 8 posts · 4 votes
3y

Hey brother! It sounds like you are at the same stage my wife and i are at! We just decided to pull the trigger on a pro membership and are currently getting pre-approved with lenders. I'm a firefighter in Washington state and learned about the potential for real estate investing while "on the job". House prices are insane here for newbies so we are looking out of state for our first investment, hopefully a residential multifamily.

Stay safe out there!

-James

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  • Investor · WA · Member since 2023 · 8 posts · 4 votes
    3y

    Hey brother! It sounds like you are at the same stage my wife and i are at! We just decided to pull the trigger on a pro membership and are currently getting pre-approved with lenders. I'm a firefighter in Washington state and learned about the potential for real estate investing while "on the job". House prices are insane here for newbies so we are looking out of state for our first investment, hopefully a residential multifamily.

    Stay safe out there!

    -James

  • Julio GonzalezPro Member
    Specialist · West Palm Beach, FL · Member since 2008 · 4k+ posts · 1k+ votes
    3y

    Hi David, welcome to the community! There is a great group of members on here to connect with.

  • Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
    3y
    Quote from @David Wilding:

    What up BP Nation!

    I’ve been snooping around on here for free for the last few months and finally decided to pull the trigger and member up.

    I live in South Jersey about 15 minutes over the bridge from Philadelphia. Married and my wife and I have three young boys. My wife and I are originally from Delaware County(Delco) PA, where we both still work as police officers. 

    I'm brand new to real estate investing and became interested and started researching it just a few months ago when a work acquaintance was telling me about at BRRRR project he was working on. He told me about bigger pockets podcast and mentioned a few books he had read and I've been digging in ever since.

    Currently, I'm looking into and really excited about investing in a STR in the Pocono area. I'm in the process of getting preapproved now, so I'm hoping to make some moves soon. Looking in the Poconos for now since it's considered my backyard to get my feet wet. Once I get a door or 2 and some experience and knowledge, I like the idea of long distance real estate investing to capitalize on other growing markets.

    I also have some interest in buy and  hold, long-term rentals eventually, but as I mentioned right now I’m focusing on STRs.

    I’m looking forward to connecting with people, sharing ideas, learning, and hopefully building and scaling a diverse portfolio.

    Be well and live free.

    -Dave


    Hey David, welcome to BiggerPockets! I recommend that you start listening to the BiggerPockets podcast starting at the very beginning. Start growing your network, look on Facebook/BiggerPockets for different events, find a mentor doing what you want to do, and get to know the local lenders/brokers. Also, try to attend your local REI networking groups and meetups. Connect with as many real estate investors as you can. Best of luck on your real estate journey!

  • Real Estate Agent · Seattle, WA · Member since 2017 · 150 posts · 80 votes
    3y

    Welcome David! The books that BP publishes also help a lot. Meeting likeminded people from local meet ups too. Good luck on your journey!

  • Investor · Philly / South Jersey · Member since 2022 · 5 posts · 6 votes
    3y

    @James Mach have you read or listened to Long-Distance Real Estate Investing by David Greene? It’s a great one if you’re looking to invest outside of your market if it’s too expensive. Best of luck to you as well and be safe.

  • Investor · WA · Member since 2023 · 8 posts · 4 votes
    3y
    Quote from @David Wilding:

    @James Mach have you read or listened to Long-Distance Real Estate Investing by David Greene? It’s a great one if you’re looking to invest outside of your market if it’s too expensive. Best of luck to you as well and be safe.


    Haven't read it yet, but its next on the list! Thanks!
  • Real Estate Agent · Destin, FL · Member since 2019 · 116 posts · 111 votes
    3y

    Thats awesome, David! I grew up tri-state and do like the Poconos as a little getaway. I wish you the best of luck with it! 

    As you expand your portfolio consider the FL Panhandle. A lot of great successes here in the STR and Re market game in general. Feel free to keep my info if you ever need anything!

  • Brandon RibeiroPro Member
    Real Estate Broker · Philadelphia, PA · Member since 2016 · 228 posts · 95 votes
    3y

    Hey @David Wilding, welcome to the forum! this is a great place to come for advice and to learn more about real estate. I have a STR in the poconos and have sold a bunch in the last year there- there is a lot to look out for regarding regulations- last thing you want to do is scoop a place up then find out you cant even do STR's. Happy to tell you more about that- just shoot me a DM anytime you want to chat!

  • Jewel B.Pro Member
    New to Real Estate · Lehigh Valley, PA · Member since 2021 · 352 posts · 120 votes
    3y

    Be super aware of the STR regulations in the Poconos. They vary and change often.

    Here's a great starting point: https://poconovacationhomesale...

  • Lender · San Diego, CA · Member since 2022 · 587 posts · 298 votes
    3y

    Hi David, welcome to the BP community!

    I just sent you a message, and would love to connect.

  • Realtor · Cape May, NJ · Member since 2021 · 4 posts · 0 votes
    3y

    Dave, I would suggest staying away from the Poconos while they figure out their short term rental markets. What scares me is you can buy one day and then they can shut you down the next. 

    Have you thought about Jersey Shore? They are used to the short term rental market and I can give you a few ideas I have about where to buy. 

    I grew up in Havertown so I'm originally from Delco as well, now my wife and I run our real estate team out of our Blue Bell/Cape May office. 

    Looking forward to staying in touch!

  • Investor · Member since 2020 · 64 posts · 29 votes
    3y
    Quote from @Colleen O'hara:

    Dave, I would suggest staying away from the Poconos while they figure out their short term rental markets. What scares me is you can buy one day and then they can shut you down the next. 

    Have you thought about Jersey Shore? They are used to the short term rental market and I can give you a few ideas I have about where to buy. 

    I grew up in Havertown so I'm originally from Delco as well, now my wife and I run our real estate team out of our Blue Bell/Cape May office. 

    Looking forward to staying in touch!


     just curious what markets you think are good? Have some capital to deploy, live on the shore but never even considered it 

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