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Northeastern Pennsylvania Scranton, Wilkes-Barre, Pocono area
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Old 08-06-2015, 12:21 PM
 
85,819 posts, read 83,330,607 times
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i saw the house we sold 3 years ago has just been reduced to 185k aug 1. that gives them a 70k loss with broker fees and transfer taxes in the last 3 years since they bought it from us .
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Old 08-06-2015, 06:14 PM
 
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And that is still high at that price. We will keep ours for a few more years ; not in the hope that we will make some money because that ship has sailed, but just to use it more as we love it.

But can't complain ; our house on Long Island doubled in the 12 years between we bought and sold it.
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Old 03-03-2018, 07:41 PM
 
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I’m thinking about buying a lakefront home in a Pocono community that allows short term rentals. I want to treat I.T as an investment so I will not vacation there myself as I’d like to maximize the revenues.
I would like for the place to cover my taxes, HOA fees and cable internet etc. I would also like to cover the management fees ( I would need someone to manage I.T for me) and give me a decent profit.
To maximize revenue I would be willing to pay cash for the home so I wouldn’t have to have any mortgage related expenses.
So far I have looked at both camelback resorts and woodloch pines but the management fees 35% and 50% respectively along with th HOA fees (~ $4900/year) make the return on investment a net loss.
Has anyone here been successful with the model I propose to follow? There’s a newer company called Evolve that will take 10% management fees. Has anybody used them? Of course the camelback and woodloch management companies are white glove service. Evolve offers less but take less too.
I’m really hoping I can get the benefit of your collective knowledge and experience to help me through this.
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Old 03-04-2018, 12:52 PM
 
Location: Saylorsburg, PA
1,778 posts, read 2,507,816 times
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Quote:
Originally Posted by Clarion123 View Post
I’m thinking about buying a lakefront home in a Pocono community that allows short term rentals. I want to treat I.T as an investment so I will not vacation there myself as I’d like to maximize the revenues.
I would like for the place to cover my taxes, HOA fees and cable internet etc. I would also like to cover the management fees ( I would need someone to manage I.T for me) and give me a decent profit.
To maximize revenue I would be willing to pay cash for the home so I wouldn’t have to have any mortgage related expenses.
So far I have looked at both camelback resorts and woodloch pines but the management fees 35% and 50% respectively along with th HOA fees (~ $4900/year) make the return on investment a net loss.
Has anyone here been successful with the model I propose to follow? There’s a newer company called Evolve that will take 10% management fees. Has anybody used them? Of course the camelback and woodloch management companies are white glove service. Evolve offers less but take less too.
I’m really hoping I can get the benefit of your collective knowledge and experience to help me through this.
Please open a new discussion on this as the original post is 4 years old....as far as renting out as a vacation home unless you're doing it through a reputable real estate agent, VRBO, HomeAway, or any of those top rental sites it's a waste of time and the renters will destroy your property.....
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Old 03-04-2018, 03:04 PM
 
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I intend to use evolve and they will advertise the home on vbro, homeaway etc. I’m just not sure if I will get enough rental income to cover my expenses.
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Old 03-05-2018, 05:01 AM
 
85,819 posts, read 83,330,607 times
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i would never do this . there are so many getting burned with airbnb .

there are those who take these short term rentals and then don't leave when they are supposed to . they know they have to be legally evicted . they know in many cases it can take quite a while to get them out .
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Old 03-05-2018, 06:55 PM
 
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I thought it was a good idea, but after being a full time landlord for over 12 years, never again.
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Old 03-06-2018, 03:23 AM
 
85,819 posts, read 83,330,607 times
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the poconos can be tough because because of the power outages in the winter . as a rental you cannot drain the house each time you leave .

now when those power outages happen and you are not there and it is vacant and are many miles away it becomes a race against time until you get heat and pipes don't burst .

it was always 1 or 2 am when our auto dial-er would call me in nyc and tell us the temperature was dropping in the house .

now i don't know is it just me , is it the heat crapped out or is it a general power outage ?

it was a real pain to deal with
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Old 03-06-2018, 07:21 PM
 
383 posts, read 358,605 times
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Quote:
Originally Posted by mathjak107 View Post
i would stay in pike or wayne county and not bother with monroe county. we had a home in the lake wallenpaupack area.
Although I agree with this poster about staying out of Monroe County, I disagree that Pike or Wayne are substantially better. Lake Wallenpaupack is the most depressing manmade lake I have ever laid eyes on. The electric company PP&L created it decades ago, and the region is just plain odd. Just one person's opinion, but what's wrong with northwestern NJ? Warren County is heaven on earth compared to the Poconos. In any event, you will be very surprised if you believe you are escaping the stresses of city life by buying a timeshare or anything like that in a region that "fell" about twenty years ago.

I would truly like not to say this, but then I would be lying to you.

Good luck.
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Old 03-07-2018, 12:22 PM
 
Location: Tannersville, PA
161 posts, read 215,157 times
Reputation: 158
Quote:
Originally Posted by mathjak107 View Post
the poconos can be tough because because of the power outages in the winter . as a rental you cannot drain the house each time you leave .

now when those power outages happen and you are not there and it is vacant and are many miles away it becomes a race against time until you get heat and pipes don't burst .

it was always 1 or 2 am when our auto dial-er would call me in nyc and tell us the temperature was dropping in the house .

now i don't know is it just me , is it the heat crapped out or is it a general power outage ?

it was a real pain to deal with
My husband and I live in Tannersville.

He is currently on day 6 of a power outage and there is no end in sight. Our area is always the last to get fixed. And this isn't the first time. Power outages are frequent, and last for days, and happen in all seasons.

We have a generator, but running a generator 24/7 for days on end is not a good thing. Unless it's an industrial diesel generator, it's not meant for that type of usage.

Now another foot or so of snow is getting dumped on the area so who knows when the power is coming back...

He stayed up there to do a renovation job on our house. I refused to stay as he was ripping up floors right down to the joists.

So I am in Florida right now enjoying the gorgeous weather in Cocoa Beach.

Florida has it's problems too but at least here they can get the power back in a few days after a hurricane. Up there it's like the Keystone Cops trying to restore order. The incompetence is mind boggling.

I just found out my friend was stranded in his car for 2- count 'em- 2 days in the Shop Rite parking lot in Mt. Pocono. People were stranded on 80- some for 18+ hours.

If I had my way I would never step foot in that godforsaken area again...
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