All Forum Posts by: Mike Dolan

@Mike Kelly yeah we’ve visited a few times and loved it there. I guess with the lower occupancy but higher daily rate it balances out. How have the daily rates changed with the property values in Lake Harmony? Saw house prices basically double in the last few years and not sure if that’s due to the rental demand. 

@Mike Kelly thanks for your reply! Yeah the margin definitely seems tight, but we’ve been looking for turnkey properties so definitely driving the property value up and causing a higher monthly payment for the mortgage. How long have you been invested in the area?

For COC we were looking for anything above 20% and cash flow each month around $1.5k-2k.

Hi BP - I'm a 26 year old newbie investor looking to purchase my first STR property in the Poconos. More specifically looking at Lake Harmony Estates. Been doing a lot of research online and doing my own analysis, but wanted to hear from people who have experience in the area. My criteria is 3-4BR, 2BA less than $550K. Planning on doing a 10% vacation loan and splitting it 50/50 with my father.

In order to break even, we’ll need to have it booked about 50% of the time. Looking on AirDNA and other websites, and seeing the average occupancy for the area is about 60% for properties in my criteria. Is this a reasonable occupancy rate? Was also looking through old forums, and saw people mentioning you’d be lucky to get 20-25% occupancy, and wanted to see if this has changed?

Please let me know what your experience has been and if there are any other areas I should be looking at. Any advice is greatly appreciated!