Buy / Build Poconos PA

[Peter Castrianni]

I am looking to start a STR in the Poconos PA. My wife and I checked out some of the areas and really liked Arrowhead Lake and Lake Harmony. We want to provide a unique experience for our guests so we would either be purchasing and doing a big rehab or build new. We are highly considering building new and have talked to some builders and checked out some land. If we do decide to build new where would you build? Arrowhead, Lake Harmony or outside HOA community? Hoping someone with some knowledge of the area can help me out with some tips.

Thanks!!!  

[Scott K.]

As someone with over a million invested in the poconos, let me try to help you out.

HOAs are nightmares. Your guests 'may' miss some of the amenities, but the hassle of fines for speeding/registration, the yearly fees, the calls from the admin office that your guests are partying naked in the street, or spread trash everywhere, just aren't worth it. Not even going into the drama of an HOA and all the petty minded people who are constantly bickering and trying to kick each other out and stir up ****.

HOA aside, make sure to meet your neighbors. Be kind. Send gift baskets. You're going to make their life unpleasant. They will resent you.

As for building, you realize right now is one of the worst times in history to build right? Besides losing all that revenue waiting for the house to be built. Honestly, whats the advantage of building? You mentioned you want a 'unique experience'. Do you really want to stand out? Do you have other STRs and are familiar with the area? When people enter a new business industry they sometimes make the mistake of going ' well no one is doing this great idea I had, so I'll definitely make a killing because no one else has thought of it! ' well usually that's wrong. People have thought of it, and know better than to try it. If you're new to STRs, I'd suggest starting with something very typical for the area.

If you'd like to propose the idea I could give you my thoughts. Good luck, poconos is very overpriced right now, about 33% compared to a year or two ago.