All Forum Posts by: Mike Kelly

@Claudia Jaeger, investing in multifamily makes sense, especially due to it being more passive than STR and you wanting to spend more time with family. If you are looking into MUltifamily, I would recommend My first million in multifamily FB group. There are a lot of people doing deals in that group.

Also if you are looking at selling your Pocono property my wife and I would be interested.

Mike Kelly

@John Geldert, I would be interested in a meet up in the Pocono’s,  I also think a zoom option would be good.  I am about 1.5 hours from Pocono’s with 2 short term rentals there.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $297,000
Cash invested: $62,000

Bought property as a vacation/STR residence.
Used 2nd home financing
Rehabbed Property for 5 months.
Started as a STR on 3/15/21.

Airbnb Listing
https://abnb.me/YtPWwl11nnb

What made you interested in investing in this type of deal?

To have a vacation house that has potential to add monthly cash flow and is located in a desirable area.

How did you find this deal and how did you negotiate it?

Our agent notified us of this FSBO opportunity.

How did you finance this deal?

Down Payment from sale of a flip, and mortgage the remaindered on a 2nd home 30yr mortgage @ 3%.

How did you add value to the deal?

Added split units to every room
Updated Kitchen
Added Bar area in game room
Added recessed lighting
Rehabbed all 3 bathrooms
Paint whole house
Added LVP to entire 1st floor of house

What was the outcome?

Successful STR.

Lessons learned? Challenges?

running a short term rental is an active hospitality business! Need to have reliable staff near property (Cleaner/Handyman/Hot tub support/Electrician/Plumber).

@Mike Dolan those numbers are definitely doable. We have vacationed in the area for 12+ yrs and just purchased our first STR there in November of 2020. We also have a condo in the area that will be live after the Holidays. Even if it is turnkey, there are quite a few things your going to want to do to make it a positive expierence for your guests or to make your property stand out.

Hey @Mike Dolan, as a homeowner of a 5br/2.5bth in Lake Harmony estates, I would say your research is close to what we expierence.  There doesn’t seem to be much margin between your break even and market averages as far as occupancy.   Are you looking for a particular cash on cash return or certain Cashflow each month?

hold back some funds for rehab and furniture as well.

Congratulations @Megha Agarwal we have 2 STR's in Lake Harmony as well and live about 2hr's away. If you have a questions feel free to reach out regarding management, and services needed to run a successful STR.

Great growth @Avery Carl.  Also a very insightful podcast you recorded for BP. 

We have 8 Single family LTR's and 2 STR's in the Pocono's. We are looking to expand to other STR markets.

@Avery Carl what STR markets do your team specialize in?

@Jonathan Dempsey if you set something up, let Me know my wife and I have STR's in the Pocono's and are looking to meet like minded investors to grow with.

@Peter Castrianni, my wife and I own to STR rentals in the Pocono's, and really like them, prices have rose significantly, and I have still found Pocono properties to have a better price to rent ratio then some of the other top STR markers. I would be happy to chat. As @Justin Beasley stated Blue Ridge is another area we are looking as an alternative to the Smokies.

Hey @Matt Schreiber, we own 2 STR in the Pocono's and like the area due to price to income ratio's compared to other popular markets. I have been looking into Blue ridge, Ga as well as an alternative to the smokies. I would be happy to talk about the Pocono's.

@Michael Craven based off your expierence is Blue Ridge, would you continue buying property there?