All Forum Posts by: Tatyana M.

@Peter Castrianni regarding Arrowhead Lakes - be certain which township a particular house is in - the community is split between Tobyhanna and Coolbaugh townships, and Tobyhanna is in the process of getting STR ordinance passed and it is NOT STR friendly.

re: non community places are great but you should really be friends with the neighbors (unless 5+ acres)

re: commercial zoning, yes, it is great. however, the county is playing around increasing property taxes on it

hope that helps  

@Billie Jo this was more about creating a management co to receive "management fees" that would be established as a S-corp for purposes of employing me and some family members that help me with the business so i could write off employer's portion of FICA taxes and have an ability to purchase group health insurance through the business. my properties are set up in regular LLCs that pass income to me personally as S-corps have double taxation. at least it was my understanding of the tax side.  

just got a response from the Real Estate Commission. I would imagine that puts my situation under the exclusion... 

—An individual holding either a standard or reciprocal license, who is employed by a broker to do one or more of the following:

(iv) Negotiate a loan on real estate.

(v) Lease or rent real estate, or offer to lease or rent real estate or to place real estate for rent.

(vi) Collect rent for the use of real estate, or offer or attempt to collect rent for the use of real estate.

(vii) Assist a broker in managing property.

§ 35.202. Exclusions from the act. 

The following categories of individuals and entities are excluded from the act and this chapter:

(1) An owner of real estate with respect to property owned or leased by the owner. In the case of a corporation or partnership, this exclusion does not extend to more than five of the partnership’s partners or the corporation’s officers, nor to the other employes of the partnership or corporation.

@John McGonigal thank you!

@John McGonigal John, i really love that check out message. would it be ok to use your verbiage? thank you

@Derrick Mitchem Hello there and congratulations on upcoming birthday and being a smart cookie!

- get collateralized credit card (no more than $500), pay in FULL each month, religiously!!! . this will start your credit history which will be very important when applying for loans, refinance, look for legit partners. 

- set up overdraft protection for your checking account (if you dont have one, get one; local bank would be better than national ones)

- consider going to trade school or doing apprenticeship (plumbing, electrical, HVAC). really helpful skills. really.  

- consider working for real estate office - receptionist, assistant, anything. also consider becoming an agent. 

- do not over leverage, do not spend on stupid stuff, save up, keep reading,  meet people, be nice and kind to others - it does pay back. 

good luck!!!

@Steve Emling

If you are changing the panel, inspectors may require you to change circuit breakers for lights and outlets in all rooms ( except gfci) to arc fault breakers. Expensive and major pain in a neck. Check with your local building inspector or at least ask an electrician

you have to receive certification from Monroe county and pay 3% lodging county tax quarterly (thats in addition to 6% PA lodging/use tax). I just spoke to the county's treasury department yesterday and got a feel that Poconos are going to stay more STR friendly than other localities because, well, Poconos is a resort area.

some townships do implement additional fees, like the yearly $500 you've mentioned. 

biggest obstacle is high property and school taxes, especially in Shawnee >$5k. next year the county going to present tax reassessment; im not seeing it going down. 

if you can make the numbers work, Pocono STR is a great idea.

@Michael Long hi Michael, are there any concerns about Monroe county tax reassessment that are dues next year? im in Toby and some  of our developments may be looking at doubling of the taxes. 

@Kyle Ransom Merry Christmas and best wishes for New Years! may it be a fruitful one!!!