All Forum Posts by: Jake Ernst

Amil,

Connect with a real estate agent in the Poconos that specializes in STRs. They will be able to give you insight into which areas are better to invest in because some associations and townships are more strict on STRs. They can also be a good source for getting an idea of what a property would rent for and give you an idea of your return on your money. Biggerpockets has a tool that can give you recommendations for these in agents in the area. 

Best of luck!

I'm in the process of closing on a 3 bed, 2 bath in the Arrowhead Lakes Community to be used for this exact purpose (use some, STR the rest of the time). Based off initial numbers and research, this should have a good cash on cash return, just make sure you do your research (airdna plus local realtors).

@Arun Dharan 20% is the minimum if you are using conventional financing but it may require 25% if you are doing a residential loan (1-4 units). The commercial lender I've talked to is also at 20% though I'm not sure if that changes depending who you use. Best advice is call a bunch of local banks and find out what they are offering. Best of luck!

@Brent Sisk network, network, network. Reach out to other investors in your area and ask to talk and go over what they do and are doing. I've noticed that most people on BP are more than willing to share information with a new person who is willing to learn. Also check out any local real estate groups on meetup. Best of luck!

Hello BP,

Listening to the podcast, I picked up the idea to call local property management companies to find deals off market but was wondering the best way to go about this. Since the MLS is full of super deals I wanted to give this a try before direct marketing to owners. Obviously my main question is "Hi, I'm new to investing and am looking for a property to purchase. Are you or anyone you know or manage for looking to sell any property?" Do I just start off with that and get to the point (possibly coming off as rude) or do I ask some other questions about the company first? (i.e. how many units, what property types, location of units, how many are your own?) Also has anyone had success using this method?

Thank you for your time and wisdom!

Jake

@Owen Weaver theres a couple other real estate focused investor groups on meetup as well in the Harrisburg area though most are virtual at this time

@Dan DiFilippo a lot of good points in there Dan. Thanks for your time and wisdom.

@Michael P. I've talked with a couple of other local investors and they said that it is possible but is becoming harder to find, especially on MLS.

@Brian Tome I've been debating direct marketing due to the MLS inventory (or lack thereof). This may be an indication of which way I need to go.

@Michael P. I'm looking for 10% CoC as a minimum