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Updated 11 months ago,
Next steps for analyzing specific properties in the poconos for STR?
So I've found a regional vacation market, the Poconos, that seems like it has properties in my price and potentially sufficient cash-on-cash returns to be worthwhile. It's not the only market I'm looking at right now, but I'm trying to avoid getting caught in analysis paralysis and keep moving forward.
I've been connected with an agent there who is apparently working with a few other STR investors and does good volume relatively to other agents there. Apparently, she hasn't closed any STR deals for buyers yet tho and didn't mention owning anything herself.
Now that I've found a market I'm interested in, what are the best next steps for me?
- Should I just start getting into the nitty gritty analysis using airdna of each property that this agent sends me?
- Should I try to keep looking for a different agent who has more experience with STRs specifically? Do really good STR agents help you do the analysis or only bring you deals that already have good cash on cash returns?
- Should I use tools like airdna and mashvisor to try to surface properties with good cash-on-cash potential according to their algorithms, and then bring those deals to her to compare them to her on-the-ground expertise?
- Something else?
How would you proceed? All suggestions are welcome! (Also any connections you have in the poconos or thoughts on the market there would be very welcome!)