All Forum Posts by: Scott Rankin

Absolutely!  We have two houses in Pocono Lake, and we're currently working on one in Lake Harmony and one near Albrightsville/Jim Thorpe.  We've found a lot of demand in those areas so far, for lakes/hiking in the summer and skiing/hot tubbing/sitting by the fire in the winter.  Camelback and Kalahari have enormous indoor waterparks that are a draw 4 seasons for sure.  Jim Thorpe in particular is a huge draw, although it's kinda on the edge of what's considered the Poconos.  I hope that helps!

This has been discussed a few places on these boards, but opinions seem to run kinda hot on the Poconos for some reason!  I have two STRs there and am currently in progress on purchasing/renovating two more.  I've been busier than ever since Covid hit due to people wanting to escape the nearby cities.  It's been a great investment for me so far, and I know a few other investors have written in to share similar experiences.  Demand is high and nightly rates on Airbnb are comparable to the Catskills with far lower real estate prices/taxes.  I hope that helps!

Scott

I'll second @Mike S.'s thoughts about the Poconos.  I've never experienced the kids of issues @Mark Miles continues to write in about, but that's just my experience!  Mark, I'm curious what market you do invest in and why you're so down on the Poconos?  

Regarding your question, we're currently managing our 2 properties ourselves, (with two more in progress!) However, we have a team of cleaners, handymen, plumbers, etc who handle most of the issues, which allow us to be remote.  We also use SmartBnb to handle the communication with guests, which is a huge timesaver.  I do recommend being fairly hands-on at the beginning to make sure you have a good team in place, because a couple of bad reviews can sink your whole listing.  

I love Mike's quarterly check-in process, we're heading in that direction but we're not quite there yet!

Scott

We're in an HOA that has lakes for swimming and kayaking, etc during the summer. We're also about 20 min from Jack Frost, Big Boulder, and Camelback in the winter, as well as Kalahari water park year round. There's also mini-golf/arcade places, hiking, etc. Definitely no shortage of stuff to do with kids!

The STR regulations are at an interesting place. Monroe County has a few regulations in place, and each township is in the process of amending or adopting regulations, partly to codify existing ordnances and also to cut down on "party houses" to allay local concerns. We've been monitoring it closely and working with the leadership in our HOA to ensure everyone's concerns are addressed, without affecting our ability to run our business. So far it's been going great, but be sure to do your due diligence in the area you're buying. PA has a bewildering mix of overlapping jurisdictions (county, township, borough, city, HOA, etc). Some of the townships have outright banned STR and some HOAs levy a steep fee ($100 or more) per rental. I've found the best way to get info is to simply call up the HOA you're looking at, or the township office if the house isn't in an HOA and ask for information. Searching around online tends to yield outdated or inaccurate information.

I hope that helps!

I decided to double check our historical occupancy rate, because I don't want to give misinformation!  Prior to Covid we were averaging 65-70% occupancy in the non-peak seasons, and 85-90% in summer seasons.  Post Covid both properties have been closer to 95%, but we recently raised prices by signing up for PriceLabs to try to lower that slightly, since we're aiming for closer to 85-90%.  I hope that helps!

Hi Steve, we've been pretty booked up year round so far on both properties. Traditionally March and September are the slowest months, but this year both of my properties were fully booked for both of those months. We switched to 30 day minimums during the Covid lockdown and both properties were booked up all spring/summer. We're back to STR now and we're booked at both places through mid-November. Demand is at an all-time high and it remains to be seen if that continues in perpetuity. However, we were averaging 80%-90% occupancy prior to Covid, regardless of season, and the Poconos has been a 4 season destination for decades.

@Mark Miles I'm curious where you invest down south? We're currently building a portfolio in the Poconos but once we have 5-10 STR we'll be looking to diversify, so I'd love to hear about your experience. Thanks!

I second @Mike S..  I've had great experiences in the Poconos with two STRs so far, and adding two more this fall.  I can't speak specifically to Tobyhanna or East Stroudsburg from my own experience, although I do have one friend that has a Victorian home in Bangor, PA and she has successfully rented to East Stroudsburg students/families over the years, as well as vacationers.  Bangor isn't really in the Poconos, however, and who knows what the student population is going to be this year given the pandemic.  

There are definitely some cheaper houses in Tobyhanna but it's worth doing some research on those communities/HOAs because some of them have a bit of a dicier reputation.  Again, I can't speak to it personally not owning a house there.  I'd suggest continuing to visit areas you're interested in and really pounding the pavement, every time we visit a new part of the Poconos we learn more and discover communities nobody told us about.  There are deals to be had, but only if you put in the time and drive for dollars, so you can really identify the local micro-markets.  

I hope that helps!

Scott

Hi Steve, I have a couple of properties in Pocono Lake, not too far away, that I use as short term rentals on Airbnb.  I've only had them for a little over a year but they've both been performing well for me thus far.  I know @Mike S. has a property in Tannersville that he uses as a STR, and I have one friend who owns several near Cresco that are doing very well also. I hope that's helpful!

I second Mike's experience.  I have two STRs in the Poconos and have never had problems with cleaners not showing up.  

I'd also quibble with the description of the region as 'meth-infested', but I guess we all have different standards for what constitutes an infestation.  The Poconos I've experienced is a family vacation destination and has been for decades.  I've also found plenty of local realtors, contractors, and cleaners who do good work, are reliable, and generally lovely human beings.  Maybe they're just really good at hiding their secret meth habits?  

Not trying to start an argument, just sharing my personal experience with investing in STR in the area, which so far has been great and meth-free.

We've done some investing in Airbnb rentals in the Poconos area.  I can recommend two really good RE agents we've worked with.  Wayne Laule of Pocono Mountain Lakes Realty and Jimmy Connolly of the Galligan Realty Group.  I hope that helps!