All Forum Posts by: Ryan Chatman

@Miguel Quintana I just responded with some tips regarding the Poconos on another thread.

https://www.biggerpockets.com/topics/977087

Also feel free to PM if you have e any other questions. Hope this helps!

I also forgot to mention the STR across the street has a guest take out policy. It is their renter's number one complaint and reason they get less stars. I wouldn't suggest it

@Leon Lee I've found that building great relationships with full time neighbors works wonders with a home that you're not living at. For my upcoming STR I've worked out a deal with a neighbor who will help manage moving trash and recycling bins on proper days and I will get another large bin and possibly a bear box to surround the bins to accommodate for more trash + thwart animals. I have two other neighbors that watch over the house and would take trash out on an emergency basis.

Additionally options like Craigslist or Facebook marketplace have been solid for me to get people for rubbish cleanups I've had in the past. I'm sure you can post and find somebody local that'll do an going trash task for you

@Rob Mcdonough there are folks making good profits in the Poconos. However, there are some things to look out for:

1. Be familiar with the HOA, Municipal/Township, and County regulations & registrations for STRs where you plan on buying.

2. Don't overpay too much for a property. Prices are so high right now it'll kill your profit alone, possibly find something that needs work (scares more buyers away) and add value to it.

3. Have a backup plan if the short term game changes (legislation, less renters, etc). Being able to rent it long term and still turn a profit would be ideal.

4. I'd probably self manage if you can. Like folks have said, you'll kill profits with a property mgmt company doing everything. At least self manage until you build a strong and consistent team that can become your passive management team.

Great Poconos deals do exist if you take your time and research

@David L Miller My estimate is it will cost probably a lot lower per sq foot price.

To clarify, are you comparing the attic finishing versus a 1st/2nd floor addition?

@David L Miller overall I agree with what the other posters say.

In terms of the lawn, I'd handle the lawn upkeep and factor it into the rent. This could save you heartache and a landscaping bill after the tenant leaves. I've seen long term renters that don't know what they're doing in one of my property's neighborhoods and the lawn looks terrible after a year of poor care.

My opinion is to not touch the attic, in this case it doesn't seem beneficial for the investment (although the extra space is nice). I wanted to chime in on this because I have an unfinished attic space and did a bunch of research on the topic. I decided I'll be finishing it, but different from yours it will add 400-500 Sq ft in official living space and a bedroom because the ceiling goes up to 8ft. I'm looking at the additional room & sq ft to give big ROI once refinancing.

@Matt M. I think the LLC route is a good bet not only for the liability reasons but instances where you'd need to bill from a 3rd party. As folks have mentioned, you could simply do the work under your LLC and technically, you as the owner/landlord is paying a separate entity.

I'd also carefully document/photograph the damage and things outside of normal wear & tear so there is proof if she wants to take her dispute further.

My estimate is that if you can document the damages and show her, she'll just be pissed that she did not receive the entire deposit back and she'll leave it alone.

@Sarah Lindberg we have a SFR in the Poconos and a 3 unit in Lehigh Valley. You will find that these markets are pretty hot right now but it is still possible to find deals. Rentals in Lehigh Valley are cash flowing great. I would definitely choose PA over NJ. One other reply mentioned looking at Stroudsburg, and I agree if you want proximity to northern NJ. Stroudsburg, East Stroudsburg, Tannersville, Bartonsville could be some good areas to look. Harrisburg area is great too but it is much farther than you may want.

@Jason Stoltzfus - In Coolbaugh Township (Tobyhanna/Pocono Country Place) they are just asking to register the rental and pay fees. And yes my property is in an HOA, they just want you to register and pay a fee for the STR. They aren't outrageous fees, just been nickel and dimed a bit. https://coolbaughtwp.org/depar...

I'm not seeing a "crack down" of sorts in my neighborhood. I think they are enjoying the fees charged to guests for amenities too much to create measures to block STRs.

Also if I was purchasing another property in the neighborhood I would find a deal that could also work as a long term rental. That way you have a plan B in the case that something shifts and a STR ban happens. Tons of NYC transplants are seeking rentals in the poconos (especially the cities off of I-80). You can look up this growth on many news outlets. With the amount left on our mortgage, we could profit either doing LTR or STR, but the latter is the best move for us right now to maximize profit.

@Gagandeep Singh that's a healthy budget for the area and you could probably even find something for much less than that which would be profitable. I think if you can find something that needs work, you will find the most value.

@Tony Gorokhovsky yes, in PCP as well. F section not far from the lake.