Looking to buy vacation home for rental income

[Justin Moser]

Hello-

I am new to BiggerPockets.  More importantly, have zero experience with real estate investing (besides my primary home).  I am looking to buy a lake house in the Pocono area of Pennsylvania with three objectives: 1.  Provide years of fun for family, 2.  Provide steady and reasonably predictable (at least on worst case) rental income, 3.  Long term real estate investment.  

My questions here lie in objective 2 and 3.  

1.  First, are there resources that can provide reasonably accurate numbers around low end, typical and high end expected yearly rental income (per subject property) for different lakes in the Pocono area?  If not, rules of thumb that I can assume?  

2.  Good resources to roughly estimate total costs (ie tax implications, maintenance, property manager, etc.)?  

3.  For renting, motor boat lake or not?  Does it matter?

4.  Forward looking....resources to help select lakes with best prosperity in real estate value going forward?

Thanks in advance for any help you can provide!

Justin

[Rebecca Sole]

Hi Justin!

Welcome to Bigger Pockets! To find the average rental amount for distinctive lakes, the best option would be to look at what other properties are going for on the MLS or any other resource you intend on using (Zillow, Trulia, etc.), and to keep the criteria similar to what you are purchasing. It may be a little tedious, and working with an agent may be to your advantage.

To estimate costs, my advice would be to look at the past maintenance done on the building and have an inspector visit the property to alert you of any maintenance or repairs that would be needed. Quoting property managers before you purchase the property would be a good call too, if you know how many bedrooms, bathrooms etc. you're looking for.

A motor boat lake would be of an advantage if your renters have a boat, it could increase the value slightly.

If you'd like any further assistance, please do not hesitate to reach out to me.

Thank you and good luck!

Rebecca Sole