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Updated over 6 years ago,
Looking to buy vacation home for rental income
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