Poconos Short Term Rental Beginner

[Rob Mcdonough]

I have a few long term rentals and now im looking to get into the short term rental market. The poconos seems like a really healthy short term market right now, seems like people from my state NY are booking trips out there more then ever due to fears of flying during covid spikes. 

Tomorrow im taking a ride out there for the day to look at some properties near arrowhead lake. I'm not familiar with the area and I'm wondering if anyone could give me some tips if this is a good spot. Ultimately my goal is to find something turn key even if I have to pay market value, furnish it, Hire a property manager and a cleaning crew. Has anyone had success with semi passive short term rentals in this area?

Ill take any suggestions for property managers or cleaning crew. Thanks!

[Ryan Chatman]

@Rob Mcdonough there are folks making good profits in the Poconos. However, there are some things to look out for:

1. Be familiar with the HOA, Municipal/Township, and County regulations & registrations for STRs where you plan on buying.

2. Don't overpay too much for a property. Prices are so high right now it'll kill your profit alone, possibly find something that needs work (scares more buyers away) and add value to it.

3. Have a backup plan if the short term game changes (legislation, less renters, etc). Being able to rent it long term and still turn a profit would be ideal.

4. I'd probably self manage if you can. Like folks have said, you'll kill profits with a property mgmt company doing everything. At least self manage until you build a strong and consistent team that can become your passive management team.

Great Poconos deals do exist if you take your time and research