Then they will also be unprofitable and they will sell them, it is a vicious cycle and there’s simply too many STR‘s in the Poconos right now, the demand isn’t there and basically no one is making any profits off STR right now in the Poconos, they’re basically all losing money month over month on STREven right now in peak Summer season, most of my friends places are barely booked: they have low occupancy rates, and when they are booked, it’s only because they had to lower their prices extremely low like $100 per night.

I only drive on the interstate when I can use my peach pass or you will sit in traffic for hours barely moving.Lots of CA and NY buyers moving away from political views and government changes they do not believe in.

I guess the bigger question is, does the income on Property 2 look enticing enough to keep barely breaking even in hopes of the day we can refinance it favorably?

I would try and have 10% as the bare minimum for reserves but 15-20% is ideal. 15-20% of 200K is 30-40K so plenty of $$ if something comes up, you never know.

I have been both formally diagnosed and medicated in the past for paranoia, and I feel I'M BARELY PARANOID ENOUGH for real estate.

Because if just a few, it get's even weirder why they wouldn't just have on-staff PM and maint. mgr..  2 properties mate No bloody idea and they should definitely self manage.I’ve always said that “anyone” can find, buy and rehab.Not many can property manage well and manage well long term.Plus, folks like having someone else to blame like a property management company.Makes their failure easier to bare haha So that’s another reason maybe why they want a PM…Maybe they are reading this thread and will head the advice from folks like yourself mate Thanks for your replies and I’ll reply back to your other encyclopedia comment in a bit haha 

I was doing a lot of legwork and still paying RE agent for the transactions up until got my own license.pros: no commissions in your transactionseasier qualification as real estate professional to offset high W2 of spousecan get access to any house/ easy logisticsmore control in the transactionMLS access with all the information on tip of your fingers, you can move fast with the deallicense knowledge helps to make better decisions and gives broader understanding of the industrycan legally do property management for others, wholesale (many states now making outlaw to do it without license)cons:need to take an exam (it needs preparation and to be good not just barely pass you need to study)fees you pay along the way (MLS, brokerage(I signed with investor-focused on and have a monthly fee and a transaction rate))self-management including taxes and feesneed to relicense + paid education Don't forget the biggest con.

Or maybe it barely cash flows now and you say, "We get rates are high right now, but we want to be able to do an interest rate reset one time in the first two years we own the property once mortgage rates come down and base it on a known market index.  

I mainly think of my wife and children....What would be the bare minimum of what you would have?

I mainly think of my wife and children....What would be the bare minimum of what you would have?