First STR New Build Advice :)

[Marco Manomat]

Hey ya'll, my brothers and I are looking to get into our first REI venture; specifically leaning toward building a new STR in the Poconos. This is mostly because:

(1) we already have a lot to build on - we want to take advantage of this + the Poconos is one of the best STR areas in the US.
(2) we collectively have ~$70k in avail cash to use.
(3) one of my brothers is getting his General Contractor’s license soon (though in FL)
(4) we each have a full-time W2 job making around $100k+/year

Curious if anyone had any tips/advice on how to proceed and/or what to watch out for given the above.

For example, what would be the best construction loan to look into? Should we look into partnering with other family/friends who have money? Is there anything specific about the Poconos area that we should consider? What is the STR general outlook in this market, etc, etc. What are other important considerations?

[Brian T. Grooms]

I don't know the pocconos, but my first question for you in response is about your lot. Is located in an HOA? If it is you need to thoroughly understand the CC&Rs and rules of the HOA before you plan on creating an STR there.

Rules and Regulations around short term rentals can vary highly from place to place. But usually always the first place to start is understanding your HOA rules.