Quote from @JD Martin:
Quote from @Robert Cucino:
Quote from @JD Martin:
Quote from @Robert Cucino:
Quote from @JD Martin:
Quote from @Robert Cucino:
Quote from @Tatyana M.:
unless a lake front, dont bother - the market is oversaturated. open airbnb and see how many available properties there are for the upcoming holidays.
i hear this a lot, about Disney area, and gatlinburg too. Myrtle is saturated too but we good success. I disagree with staying away from saturated markets. people are making 65-100k obviously having success. Its about setting yourself apart imo.
If you disagree then you should just ignore the advice you get and plow ahead. I lived in the Poconos many years ago when I was a kid and the same STRs that are around now were around then, only they weren't called STRs back then. Most of the houses were vacant most of the time. My father still lives in the Poconos half the year and it's still the same way 40+ years later.
The people who are making that money are probably lying to you. I have a very nice STR in Four Corners and the last 2 years we've been at 50% vacancy in our busy seasons because so much new product is on the market and there's still a ton of legacy owners renting out for $99/night. Also, I call BS on virtually anyone claiming $100k gross in the Poconos unless it's some oddball 7br place on a great lake. At 70% occupancy that would be $475/night.
That's fine, i mean the profit and losses I've seen are pretty legit breakdowns. Talked to a few owners myself too. Depends on community and amentities I'd assume. I will agree, lakefronts kill it. Some do 200k a year or more.
No way will I believe that unless someone shows me their audited books. No one in the Poconos is doing $1000/night for 70% of the year in a unit. Anyone who tells you this is lying.
where is four corners? looked into lake harmony, penn estates, and big boulder communities.
it's a 4 season area really.
Four Corners is in Florida (Disney area). Poconos is not a 4 season area. It's pretty good in the fall, with leaf watchers, and winter, with skiiers, and everything else is mediocre. You don't have to take my word for it - just go look for available rentals in the Poconos and look at their vacancy rates.
The down time in Poconos is really in early fall. Summer and Winter are pretty similar in terms of ADR with fall decent but not as much. Where do you see Summer in Poconos not doing well, you are aware there are very nice lake communities that do very well in summer right? With that said, you have to be close to the lake or pools/clubhouse or in a golf cart type community. I've looked, and yes there are places that aren't booked. Same goes with Disney area, you have to set yourself apart from what I see again.. Need Game room, hot tub, so on.. STR have become I'll buy a place and hope it rents to a lot of people using em for just tax breaks. If you are an active owner who puts in effort, I see those having the most success. I'm not an expert obviously, but just from what I see.
