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Northeastern Pennsylvania Scranton, Wilkes-Barre, Pocono area
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Old 08-21-2014, 07:27 AM
 
151 posts, read 139,643 times
Reputation: 274

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Quote:
Originally Posted by Shay11 View Post
Yes, I've read a lot of responses to various topics on here relating to investing or moving to this area. I see crime is up in various areas due to copper theft and break ins are likely with an unguarded house. I intend on having additional survelliance and security. Any thoughts about Pinecrest Lake Community in the Pocono Pines area?
This community is safer than most. The homeowner fees can be high; there have been problems with the municipal sewer plant; but, overall, it's cleaner, quieter, and prettier than most of the other (vacation) communities in the Tobyhanna area.

Quote:
Originally Posted by poconoproud View Post
The Northridge Development in Camelback has nice homes, but most of your rental income would come in the winter months. I've cleaned in there and there was no shortage of work thanks to the skiers. The same would be if you owned in any of the other such developments like Split Rock, etc. You can get summer rentals also, because both Camelback and SpliT Rock have water parks, but not as much because most folks come for a day trip to the Poconos in nicer weather and tend to stay longer during the winter. .......
In my opinion you should forget Camelback; and Split Rock was, is, and will continue to be remote for, at least, the next several decades. Great to visit, not so great to have to winter-over in.

I'm a retired real estate broker (30 years in residential construction and sales). When it comes to Monroe County (vacation community) homes there are only five main places to consider - Only five! They are Lake Naomi, Timber Trails, and Pinecrest. If you've, 'got the bucks' there are two other genuinely extraordinary communities that you might consider: Blue Mountain Lake, and the several communities in and around the immediate area of Skytop; i.e., Barrett Township which consists of: Buck Hill Falls, Mountainhome, Canadensis, Cresco, and La Anna. After these five aforementioned principal communities everything else is all downhill.
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Old 08-21-2014, 01:28 PM
 
Location: Swiftwater, PA
13,131 posts, read 10,560,296 times
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Quote:
Originally Posted by Delaware Davy View Post
This community is safer than most. The homeowner fees can be high; there have been problems with the municipal sewer plant; but, overall, it's cleaner, quieter, and prettier than most of the other (vacation) communities in the Tobyhanna area.



In my opinion you should forget Camelback; and Split Rock was, is, and will continue to be remote for, at least, the next several decades. Great to visit, not so great to have to winter-over in.

I'm a retired real estate broker (30 years in residential construction and sales). When it comes to Monroe County (vacation community) homes there are only five main places to consider - Only five! They are Lake Naomi, Timber Trails, and Pinecrest. If you've, 'got the bucks' there are two other genuinely extraordinary communities that you might consider: Blue Mountain Lake, and the several communities in and around the immediate area of Skytop; i.e., Barrett Township which consists of: Buck Hill Falls, Mountainhome, Canadensis, Cresco, and La Anna. After these five aforementioned principal communities everything else is all downhill.
Years ago we only had just a few land barons such as the Reubens and Abeloffs. Today I think that it is more complex - although we still have a few real land barons. Trying to get ahead of these people, corporation's, in the know, must be difficult for small players.

That said; our community is growing in leaps and bounds. What was good in the past could be great tomorrow and what was bad could be the way of the future.

What do you think of Cobble Creek Estates? Just curious. I don't live too far from them and I can't recall any bad press from that community.
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Old 08-21-2014, 03:55 PM
 
151 posts, read 139,643 times
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Cobble Creek Estates?

Well, I would describe CCE as a, 'vacation community'. It's a nice looking, largely sylvan and well-kept community of year-round homes; but, personally, I wouldn't be happy there. Right now I live - if not above, then - directly across from Camelback. Living in the shadow of the mountain, and below Camelback is something I don't think I could handle. (I'm already depressed enough; and I hate looking almost straight up at things!)
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Old 08-21-2014, 06:28 PM
 
Location: Swiftwater, PA
13,131 posts, read 10,560,296 times
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Quote:
Originally Posted by Delaware Davy View Post
Cobble Creek Estates?

Well, I would describe CCE as a, 'vacation community'. It's a nice looking, largely sylvan and well-kept community of year-round homes; but, personally, I wouldn't be happy there. Right now I live - if not above, then - directly across from Camelback. Living in the shadow of the mountain, and below Camelback is something I don't think I could handle. (I'm already depressed enough; and I hate looking almost straight up at things!)
Fortunately, for us, we would have to stand on our roof to see Camelback! We don't like to stand on our roof! We don't like skiers and we don't like race fans - although we can hear the race when the weather conditions are right. Pretty shortly we will be saying that we don't like people going to water parks.

We are locals and just are not fond of 'progress' and traffic. We still remember, when we could travel from Mt. Pocono to Stroudsburg, without stopping at a traffic light and, sometimes late a night, without seeing another car on 611. Now we don't like to travel south of Scotrun - might hit the traffic from a blocked Route 80.

On the other hand; we understand that this is progress. The world is changing. Some locals resented the transplants - but they liked the money. Fellow 'locals' did not have the money to buy the properties - so, we, turned to the transplants. We 'invited' this 'change'.

Back on topic; I do think there are still opportunities for smart investors. But you really have to do your homework and be aware of these changes.
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Old 08-04-2015, 07:34 AM
 
1 posts, read 1,872 times
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How is Locust lake and Arrowhead for rentals? Are properties there a better or worse investment?
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Old 08-04-2015, 07:53 AM
 
64,532 posts, read 66,100,109 times
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the people we sold our house to in lake wallenpauck are selling it 3 years later at 50k less .
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Old 08-04-2015, 09:56 AM
 
2,654 posts, read 2,820,987 times
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Quote:
Originally Posted by mathjak107 View Post
the people we sold our house to in lake wallenpauck are selling it 3 years later at 50k less .
Friends sold a (very nice) house in CT about 5 years ago for what it cost to build it 15 years before. The people who bought it resold it after 3 years for 15-20% less than they paid for it (about -$150k). I'm sure there are many similar stories.

Houses are not good investments in many places these days, they are places to live or visit. Plenty of articles out there like USA Today - why your home is not a good investment or Yahoo Finance - why your home is not the investment you think it is

This doesn't mean one shouldn't BUY a home...just have realistic expectations, research and plan well.
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Old 08-04-2015, 11:54 AM
 
31 posts, read 171,133 times
Reputation: 92
Bad idea!!!!!!! Please try somewhere else! I invested in a rental and it was the biggest mistake I have ever made. I have been burnt by 3 different tenants, I had to go to court to remove the tenants, one tenant paid rent on time the first six months and then stopped paying rent totally and that was with a management company handling everything. The next paid late every month, and the last couple left my home with 5k worth damages.
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Old 08-05-2015, 04:11 AM
 
Location: Swiftwater, PA
13,131 posts, read 10,560,296 times
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Quote:
Originally Posted by MOM2 View Post
Bad idea!!!!!!! Please try somewhere else! I invested in a rental and it was the biggest mistake I have ever made. I have been burnt by 3 different tenants, I had to go to court to remove the tenants, one tenant paid rent on time the first six months and then stopped paying rent totally and that was with a management company handling everything. The next paid late every month, and the last couple left my home with 5k worth damages.
Many years ago I had five commercial rentals. I had one tenant that was a real deadbeat. They had the attitude that the Lord Will Provide - religious; but still deadbeats. They had a candle shop and never paid on time or gave me bad checks. They also damaged my building. So I evicted them.

They ran up to Mount Pocono to the building that houses the bus station and told the owner that I recommended them - I did not! He rented to them without ever calling me for my recommendation. Just a few weeks after he rented to them his building burnt down because of a fire that started in their candle shop. Because of some extensive renovations, that he had just made on his building, he had very little fire insurance. He called me up bitterly complaining why would I ever recommend these people. I told him that I would never recommend these tenants to my worst enemy!

The owner of the bus station died of a heart attack just a few weeks later. I felt very bad about his fate - I felt almost responsible; but I did not even know that my old tenants rented another shop.

But this brings us back to jimazee's post: ".....just have realistic expectations, research and plan well." I was always afraid of residential rentals for the reasons that you describe + it is harder to evict deadbeats. Within one half of a mile from my house I have watched two rental houses all but destroyed by deadbeats. One house the owner had to rebuild everything except the foundation and structural framing.

Whether you have commercial rentals or residential rentals; you have to research potential tenants - you cannot trust them or take their word. Look at their track record and get references and follow up. Houses/businesses are a major investment - we do not want to lose our investments. I also think that bad tenants can be everywhere - it isn't just the Pocono's. I think that some people are still making money at this game; otherwise we would not still have land barons.
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Old 08-06-2015, 10:47 AM
 
4,963 posts, read 3,923,610 times
Reputation: 2917
Don't do it. While we love our place in WLE., it is worth a lot less than what we paid for it 8 years ago. We will take a hit when and if we sell it. We have tried to sell it a few times but no bites. We would like to get what we owe to the bank which is a tad over $100K.
But we had it rented for over a year and that tenant was fantastic. The best tenant ever. Unfortunately she has bought a house now. So we go back to do we sell or keep it. The big issue is our neighbor who rents and keeps it terrible. We have complained to the board several times and nothing is done.

We will keep it. Our boys are driving now and would like to use it with their friends. I am prepared to drive the 5 hours it is to go there again.
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