[00:00:02] Speaker A: Welcome to short term shopping, where we explore homes for sale in the best vacation markets in America.
Some homes we do like, some homes we don't like.
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It's short term shopping.
All right, Poconos, here we are. Let's go. Let's do this. And Tristan, you know, we just recently did the episodes with you on your market, and we're very excited to have you on board. And just tell us again briefly a little bit about yourself. You were born and raised in the area, right? Like, what's your experience with the. With the area?
[00:00:44] Speaker B: Yeah, born and raised right out. Right outside the area. It was always a summer thing to go to the Poconos. You know, lake life, nature, hiking.
You know, I had my bachelor party in lake Harmony. So I'm a big fan of the area and there's a ton of to do and there's a lot of people going there.
[00:01:04] Speaker A: Yes. And again, this is a very large area. Right. So I think that's the most confusing part, you know, for a new person that's getting involved, that's maybe not from the area, is that it is very large. So, like, let's say I'm.
Let's say I'm a person that has no interest or has no, I should say, knowledge in the area. I live in Arizona and I. And I keep hearing about the Poconos from my brother in law or whatever.
How do I pick, you know, which section of. Like, what are there differences? Or do I. Do I shop as if the whole thing is just one, you know, similar area and I'm just looking for the best deal or what's the strategy there?
[00:01:46] Speaker B: Yeah, so I think it's because there's a lot of attractions. There's like six to seven ski mountains, you know, various lakes. And I think the homes that do well are in str friendly areas and they are in great proximity to these locations and they have the right design and right amenities. I actually can pull up the maps to my Help the listeners or viewers to.
[00:02:12] Speaker A: Yeah, yeah, sure. If you want to show some maps, that'd be a fantastic.
[00:02:15] Speaker B: All right. So, yeah, this is the Bucono mountains. And I've actually labeled the brown. The brown labels are a lot of the popular lakes, and then the ski mountains are in purple. And I've always discussed being centrally located is. Is great, like, especially in those str friendly areas. And when I say centrally located.
Right here.
Right here, this is where a lot of. Again, don't get me wrong, like, there's homes up here by Lake Wall and Papack.
And homes here. Like this is, you know, Shawnee.
Yeah, right here. Like there's homes that do well here, but it's all like the sweet spot is right here. Like you're by, you know, three ski mountains, a bunch of lakes.
This is why people are going to the Pocono Mountains. Like in the winter time, all these ski mountains, you know, going on their ski trips. And then in the summertime, you know, finding a home that's likely in a community can be outside a community and it has access to these lakes.
And then just to give a little more broader, New York City right here, so close proximity, Philadelphia right here, these highly populated areas, and then just the rest of Pennsylvania and New Jersey. It's all very close.
Big drive in market. And reason being is because again, a lot of people, a lot of people right in a two, two hour drive from Poconos.
So yeah, these are a lot. And I think the big thing too is, okay, like these are the locations, but what are good areas? Like, obviously anything, anything like around these locations are good, but you have to do your due diligence when you're looking at a home. So they're not. Every area is STR friendly. And then there's some areas that are STR friendly, but they have restrictions. Like I like dividing them up in the green areas, yellow areas and the red areas. Red areas, STRs aren't allowed, whether that's just mainly coming from the HOA or the township ordinance, can't have STRs. Yellow areas, you can have STRs, but there are rules to follow and some nuances.
Just for a quick example.
So popular area here, like I said, a lot of the homes down here do the best, I would say. But here, this half of the lake, you're allowed to have STRs.
This other half of the lake is located in a community and you can have an str, but you have to own for two years first, then you can rent it out. So like that kind of eats into your PNL so that consider that a yellow area. Like, yes, you're allowed to have short term rentals, but you have to wait two years, which again, a lot of investors, unless it's a lifestyle purchase, aren't going to want to do that.
But again, and then other things, other like rules that are in the yellow areas can be, you know, fee per guess. It's like, hey, you're allowed to have sdr. You're allowed to have them come and and rent, but it's $100 per per guest.
And again, some of the yellow areas do well, but I always like to steer people towards the green areas, which a lot of times are right near these locations.
[00:05:47] Speaker A: So let me ask you this. Would you say that like, what percentage of your clients, like the folks that you're talking to, are familiar with the area and looking for something that their family's going to use all the time and what percentage is like just a, I hate to use the word California, but you know, like an out of state investor type of a person?
[00:06:14] Speaker B: Yeah, I would say most of the clients I'm working with right now are in the northeast of the United States. A lot of them from New York, New York City and work right in Manhattan. Some from New Jersey, Connecticut, but I do have a few that are from Washington state, California, one from Mississippi, but a lot of them are from the northeast. All within two, two and a half hours away from.
[00:06:40] Speaker A: Yeah, that's almost what I was expecting you to say because it does seem like that kind of an area, like. And I think that's true for all areas to me. I've been doing this a long time. And if you're going to buy a single family that's nice enough that strangers want to rent, you know, I, I do think it's very important that it's something you're going to want in your life as well. And so that gets overlooked I think a little bit with noobs coming in and not realizing even sometimes what they're doing. But I was kind of expecting you to say that about your market where there's a little bit more emotional attachment, which in short term, again is my, my opinion is a good thing.
[00:07:18] Speaker B: Right, right. And I, I would say 80% of the people I'm working with, this is a second home. So it does have that emotional attachment. Like it's not just, obviously the home needs to make sense, numbers wise, pencil out for cash flow. But they're going to use this home from time to time, like it's going to be their vacation house. So like also having the numbers make sense while, you know, just liking the home just, just for them for personal use. And then that proximity, like I said, a lot of them are two hours, two and a half hours away.
You know, they feel comfortable that they could just take a short drive there really, really, anytime they want.
[00:07:57] Speaker A: Yeah, no, that's the way to do it. That's 100% the way to do it. And it makes me, makes me feel good about, be honest with you, I've been dealing with some stuff In Chattanooga.
This is way off in the weeds here with, I've got properties there for a number of years and been having trouble with property management. And I was talking with a buddy of mine about this and he said the same thing and he actually lives there.
But, but what happened was, is that Chattanooga got really hot for out of state investors for like, actually for a long time.
And I think that that was because that town itself has a lot of duplexes. For whatever reason, it's, it's kind of weird. Like if you drive around in that town, I don't know, we're way off in the weeds here. But if you drive around in that town, there's a ton of duplexes. And so usually that means it's like easy for average Joe, like white collar, blue collar to get involved with a rental house and they're doing it from again, Arizona, California or wherever. And they have no emotional attachment. They never go see it. They're treating it like a mutual fund and that breeds bad management if you never go see it and don't care about it.
Talking about long term rental now, which most people don't, you know, there's no emotional attachment there anyway, this is pretty good chance that the property manager is going to get a little, you know, lazy I guess, if you will.
So not that this is apples to apples because we're talking about a whole different thing here with overnight rental. And, and also, also most of the time these folks are probably going to be managing it themselves. But if I did have a point, it's that if you care about the home, things usually go better. And, and it's been decades now of, of in Memphis would be another example of this for the long term rentals where these people just start buying these things as a dollar figure and don't care, don't even know. Honestly, a lot of times I don't even know how bad the neighborhood is, you know, and it can be pretty bad in those areas.
So that, that's a reflection of, of, of the culture of the area. And I think that in your area that's a big positive that, you know, these people are, you know, not unlike where I live in 38 Destin. Most of these folks are looking for a beach house and then we're going to rent it out on the side. It's the American dream. It's wonderful.
So do you have an example of something that's for sale? Maybe that's something, something decent and maybe something terrible or, you know, or either
[00:10:28] Speaker B: way, yeah, no 100% do I'll share screen. Perfect. Okay. So this is a home that's for sale, very affordable and deals range as far as purchase price.
It's like, hey, like what? How much money do I need to get in to the Pocono Mountains? I see cash flowing deals anywhere between 250,000 to 2 million. So I always, I always discuss that. There's a purchase price for everybody and this is one of them. So a home less than 500,000 square. 500,000 purchase price. It is a three bedroom.
Usually we see homes above like four bedroom and above, which I have an example, four bedroom and above do really well. Or it's, you know, that one bedroom to two bedroom couples retreat.
A lot of three bedrooms.
A lot of three bedrooms have the potential. But again it's the, the market's pretty flooded with three bedrooms. So there's a lot that are underperforming. But this is one that can perform really well and I can explain why. So this is a very spacious three bedroom, 2700 square feet. It's a really large home, pretty modern on the inside.
And I think the homes that really do well is you can get a home at a good purchase price and have some value add. So a lot of the popular amenities in the market and this amenity is similar to the Smokies. It's like you have to have it as a hot tub, you know, indoor or outdoor, like an indoor sauna or a barrel sauna, game room. Again, separating your home or the home that you would purchase from the other homes. Like if I'm scrolling on Airbnb, what like how's your house different than the house next to yours? And it's always through location, design and amenities. So this home, again, really good bones and it's spacious. Like it's a very modern inside.
And the reason, the reason this home does well or can do well comp right down the street does again three, and this is the comp I'm discussing, which I could show here shortly is a three bedroom, two bathroom. Really good pictures, really good amenities. And it's doing 120,000 grand gross revenue. Now at this purchase price for that amount obviously depends on, you know, revenue management and listing optimization and execution of the amenities.
It's a really good deal.
So that, that's what always. I always recommend buying at a good purchase price unless you really want something truly turnkey. But if you really want to get the highest roi, buying at a good, like getting a good purchase price and then adding in those value add amenities that your Target market. Like the people that are coming to your home, they want to see.
[00:13:24] Speaker A: So you. This thing's doing 120 last year as it sits, is that what you're saying?
[00:13:30] Speaker B: Not this home. A comp near by. This is, this wasn't a, a short term rental. I see a comp nearby here. I could, I could show it. And these deals don't come by all the time, but when they do, they're. They're like this home just got listed. I wouldn't be surprised if it sells shortly. This home right here, really good pictures, really good amenities.
[00:13:57] Speaker A: Does this is a, this is a quote unquote Airbnb person. Like is this a self manager or do you know?
[00:14:05] Speaker B: I believe, yeah, I believe it's a self manager. But again like what separates a good home from a bad home? What I'm talking about, you know, design execution.
Pictures like these are very nice, bright pictures, very modern on the inside. Really giving that, but still allowing that cabin feel.
And the biggest thing in this home, like again, very nice design is the outside.
These are really nice pictures. And this again, really good amenity.
[00:14:37] Speaker A: Is that not normal? Do most of the, most of the rentals have bad pictures?
[00:14:42] Speaker B: There are a lot of operators in the Poconos that aren't high level operators. Like this is clearly a high level operator. I can clearly tell from the pictures, the amenities. There's a lot of homes on the websites and they're just pictures with iPhones. Right? So, and maybe they just have a house and like these are the same people that are saying that the market's saturated, but really it's just like since COVID after that demand spike and now things have normalized, it's home, it's just more competitive. Like it's, you know, the, the, these amenities and you know, have to have good pictures and have to have good design. If you're not doing that, you're just going to get left behind.
But yeah, no, again, this really nice home, very similar to that one I just showed. Even a similar build. The only difference with this one is this one has a garage and it has everything you really need. Hot tub, you know, like ready set, Poconos. Like it's cool, it's good. It's, you know, like people can take a picture like in front of that and you know, really nice game room, like has all the bells and whistles to operate as a good short term rental while having the good location and the good design and amenities. This is a really good.
[00:16:00] Speaker A: But this is at the max or like they're really, like, whoever's managing this is like, really pumping it.
For what? For all it's worth, right? I would assume.
[00:16:12] Speaker B: Could you explain a little further?
[00:16:13] Speaker A: Like, in other words, this property manager is like laser focused and looking at price labs all day, every day, etc.
[00:16:22] Speaker B: Yeah, no, this. This is 100. A high level operator, but it just really shows what's possible. Yeah, right. What, like, what can be. I. I always get asked, it's like, oh, how much money can I. How much do I have to purchase that? And how much money can I make in the Poconos? It's like, if you really dial in your skills and really develop yourself as an operator and understand what your guest wants, the possibilities are endless.
[00:16:48] Speaker A: Do a lot of them have game room? This is by, obviously a converted garage game room. Do a lot of them have game rooms or is that not normal?
[00:16:55] Speaker B: Yeah, no, a lot of them do have game rooms, but it's the execution of the game room. Right. Like, I can just take a downstairs and just throw some stuff down there, like, you know, like pool tables and arcades and things like that. But does it mesh together? Does it. Is it designed well? Like, everything about this is, like, even painted, the ceilings, everything meshes really well. You can, you can have a game room and have games in there, but if the design isn't meshed, like, if it doesn't add on to that guest experience, you can tell this is a very, very intentionally curated game room. And it's.
Yeah, but more times than not, you usually don't see them in the garages, but this shows it is possible. Usually there's like a separate downstairs area that gets designated as the game room, but yeah, a lot of them. Like, the most popular amenity that these homes have is a hot tub.
And then after that, you start, you see the game room, and then, you know. Another popular amenity that's coming is the sauna, either indoor or outdoor, but I would say the most popular amenities.
Game room's definitely on its way there, but the hot tub as well.
[00:18:17] Speaker A: Can you go back to that other one that's for sale? I'd like to go back and kind of compare that one again now that I've seen this thing.
[00:18:23] Speaker B: Yep.
Yeah.
[00:18:25] Speaker A: I mean, so it's already got good floors. The cabinets are fine. The countertops are a little boring.
That's a really cool patio type of a room.
[00:18:34] Speaker B: Yeah. When you look at all the trees, really nice.
[00:18:39] Speaker A: So it just needs a little bit to get to where that. I mean, all you need is an Amazon grass wall. And, you know.
[00:18:47] Speaker B: Yeah, the big thing is it has a lot of the important things, right? Like good flooring. You know, like, the inside looks fine. Like, it's not. Like it's a. It's a. It's a true. Like a full gut. And you have to, like, turn this home into.
Into that, right?
[00:19:02] Speaker A: Yeah. It's got a lot of beige. I mean, just to paint the walls would maybe even just, I don't know, white or something. I'm no designer, but there's a lot of browns and beiges, but that's super easy to fix. And the flooring looks fantastic.
[00:19:14] Speaker B: So, yeah, as far as anything, it's just cosmetic stuff. Right. Like, it's just, you know, some. Some interior design, some light interior design can really get this thing. And then also adding those amenities is going to be the key. But again, like, this home from that other one isn't. Isn't really far off, and they're probably a street away from. From each other.
[00:19:36] Speaker A: Okay, cool. What else you got? You got another listing or another.
Something else maybe?
[00:19:41] Speaker B: Yeah. Yeah, so.
[00:19:43] Speaker A: So I noticed baseboard heat there. Is that normal?
[00:19:46] Speaker B: Yeah, so baseboard heat is normal. Another big amenity. Probably the most important, actually, or one of the more important amenities is air conditioning. So. And then you would just assume, like, just being in a different market, it's like, okay, like, every home has air conditioned. Not every home in the Poconos has air conditioning either. Either central air.
Another an alternative for that are split units. I believe this one's a split unit, but there are just some homes that, like, cooling is just ceiling fans and more, and it's cooler in the Poconos year round. But when you get to the busiest part of the year, like, there's two peak seasons, one being in the summer, one being in the winter. But when you get to the summertime and it's really hot, like, you're kind of 2 degrees, setting yourself back from a guest experience standpoint, like, no one wants to sleep in 75, 80 degree weather. This home has.
Has many splits, which is. Or it has, you know, air condition of some sort, which is a plus because, you know, it could be a good deal on paper, but it's like, okay, I got to put an air conditioning. Like, how much is that going to cost?
You know, it could just really cut into your upfront costs and that. Again, this home, the baseboard. To answer your question, baseboard heating is common.
[00:21:03] Speaker A: So does baseboard heating mean it does not have air conditioning or it was not built with it?
[00:21:09] Speaker B: Yeah. So a lot of these homes are older homes.
So a lot of them, when they were built, they don't have any. Any central air or air conditioning. Usually. A lot of them just have heating, but that's why. That's why people either invest in the central air or you see a lot of these newer builds have it anyway, or they. They put in split units within the rooms.
[00:21:31] Speaker A: It looks like this one may be just the baseboards only. Yeah, I got you. So I got to put mini splits in,
[00:21:38] Speaker B: right?
[00:21:39] Speaker A: I got you. Okay. Something to keep in mind. And that's very common, is what you're saying.
[00:21:44] Speaker B: Yeah, yeah, no, very, very, very common.
Again, a lot of these homes are just older, so they just. And it's in a naturally colder area outside of the summer. So.
[00:21:54] Speaker A: How long has this thing been for sale?
[00:21:58] Speaker B: Three days.
[00:21:59] Speaker A: Oh, it's new. Okay, I see.
[00:22:01] Speaker B: Yeah.
[00:22:01] Speaker A: Yeah.
[00:22:01] Speaker B: Very, very new listing.
[00:22:02] Speaker A: Would you say this is priced, you know, appropriately or a little higher? They're going to let it sit or any, any of that?
[00:22:10] Speaker B: Yeah, I mean, it's probably. It's probably priced pretty fairly, if not slightly low.
Just giving the pens. You know, if it's like you're just buying as a residential home and it's probably price pretty fine. But if you're buying it as an Airbnb with that upside that I just showed, it's. It's a good deal. Like, it's a really good deal.
Now I can go into a home that's on the market that is not a good deal, and I can. Right here. So this is located in Lake Harmony, and like I said, the homes that are four bedrooms and above do really well. However, the price has to make sense. And this, this home is listed for 1.5 million, six bedroom, three bath. And it, it just, it doesn't. It's. It wouldn't like, compared to the comps in the area.
It. It's. It's too high. Like, this home should probably only sell for maybe a million or so.
[00:23:13] Speaker A: Oh, my. So it's priced, man. So, yeah. And this home's been on the.
[00:23:20] Speaker B: Yeah, this home's been on the market for almost a year.
[00:23:23] Speaker A: 33% too high, basically.
[00:23:24] Speaker B: Yeah. And it started at 1.8 million.
[00:23:27] Speaker A: Oh, my.
[00:23:28] Speaker B: They dropped it three months ago to this. But again, it's still too high.
[00:23:33] Speaker A: But that's what we're seeing right now. We're seeing these delusional Covid. They want the COVID numbers and they don't realize that that doesn't exist anymore. And then they put it for sale, and they're like, oh, how dare you think my house is the greatest thing ever.
[00:23:44] Speaker B: Yeah.
[00:23:45] Speaker A: And even takes them, like, 19 offers to come back to reality.
[00:23:48] Speaker B: Yeah. And even so, like, if you're. If you're paying this price in the Poconos, you want the home to be pretty turnkey. Right. As. As long as it pencils out numbers, this home probably still needs work.
[00:24:01] Speaker A: Yeah, I would say it needs work. Yes.
[00:24:04] Speaker B: Yeah, it needs. It needs more design. It doesn't really have a lot of amenities, and that's why it's just sitting. It's just sitting there. And again, it has a hot tub, which is nice, but I mean, hot
[00:24:16] Speaker A: tubs, like, eight grand, you know?
[00:24:17] Speaker B: Yeah. Yeah.
[00:24:18] Speaker A: I'm not gonna spend 50 grand. 50 grand? What is it, 500 extra? Thousand?
[00:24:22] Speaker B: Yeah. For this to become a good deal for short term rental, it probably has to get down to a million, I would say, for. If they kind of start penciling out a little bit. Yeah, it's that overpriced. Like, it's not like we're not just talking like a hundred thousand. We're talking almost 5. $500,000.
[00:24:40] Speaker A: I'm curious what the. With the history is like, the. When the. When the 1.8 and then all the. When all the price drops happened. That's what I would look for if I was not that I'd be interested in this house, because this is clearly a seller. That's delusional, which we're seeing a lot of that right now.
[00:24:56] Speaker B: Yeah. Yeah. So I think it was. So it was almost a year. It's been about 10 months. It was listed for 1.8 million in March, and then they just did a price reduction in October and to this number.
[00:25:09] Speaker A: Gotcha. Yeah, we're recording this in February. So it's been just right out of year, and it is dated. You know, it's got brown carpet, and the. The cabinets are clearly original.
[00:25:23] Speaker B: Yeah. So it's like, okay, I have to purchase at this price, and I have to do a lot of work, a lot of people. That's why the home's been sitting. And that's kind of what we're seeing in the Poconos market as a whole is like, you know, the good homes, like, if it's priced on market maybe 30 to 60 days. I've seen a home that was priced great, and it's a nice home. And it went from active depending in three days. But you also see homes like this, and they're just sitting. And you're just sitting. It's 100% a buyer's market, you know, like every. Especially like, we haven't, like, with the rates going down to the lowest it's been since 2022. We haven't felt that hasn't transitioned to a ton of like, buyers into the market yet. So if anyone's on the fence about like, hey, like, should we invest into the Poconos? Right now is the perfect time. Perfect time because by the time you close, you have the home up and ready for summertime, which is a great, you know, great bulk of, of revenue. And everything's on a discount. Everything's on a discount.
And it's just. It. Every. Yeah, it's just a buyer's market. And, you know, there's a ton of good deals out there. But again, just showing you what a good deal like looks like versus what a good deal doesn't look like. And it always usually comes down to price.
[00:26:54] Speaker A: Yeah, we're saying the same thing down here for the most part. I offered on a house the other day that we ended up landing on. It was like three offers back and forth, and we landed on a number. And then the next thing you know, they were like, never mind. We, we don't want to sell it. We're like, okay, there's nothing we can do. You know, they, they had a contingency on buying another house. I think they were trying to like get a bigger house or something. I don't know. In the same area, I guess. I don't care. Whatever they were trying to do is on my business.
And so we gave them a seven day contingency on that. On that. And they said they weren't able to make a deal. So that was the irony of it. You know, we offered super low. We offered like, we offered 15% under asking.
They got offended. So then we came back up another 50 grand just to try and get a counter out of them. Then we did get a counter out of them. We settled on the counter.
But the irony is, is that it sounded like they went and did the same thing to the other house they were looking to buy and realized that that seller didn't want to do it either. And, and then they just said, screw it, we're going to keep our house, you know?
[00:27:59] Speaker B: Yeah. Yeah. And that's the thing too. It's, it's. It's a seller by seller basis. Right. Like that $1.5 million home that I just showed. That seller probably got offers, but it didn't reach his number, so he just declined it.
But every time I look at listing price, I always think, what's a good starting number? Right? Like, our first offer is just a starting number. So if a home's listed at, you know, a million, you know, why not throw a starting offer lower to see what the counter will be, right? Because that, end of the day, it's like.
Like, don't like. Especially in the Poconos right now, you do not need to pay. Ask again. Different from home to home. But there's always negotiation, and you always get a good.
[00:28:48] Speaker A: Is it fair to say that some of the sellers are just still expecting, like, full price the first day, or am I making that up?
[00:28:59] Speaker B: I think the.
Some sellers, when that home's listed for what it's at, they think, okay, like, I can get that.
Like, that's. That's. That's the number. And it's going to happen in 30 days. And then when it doesn't again, you could. You could tell who a motivated seller is and who isn't just by, okay, it was listed for 30 days and we dropped it, you know, 5 to 10%. Okay. Oh, here's another price drop. So you could always see the history there to see, okay, this person wants to get rid of this home versus if a home's just sitting there and it has only one price drop in 10 months, that person's probably not very motivated to sell.
Again, it's different seller to seller, but some are willing to negotiate because they just don't. They just maybe want to reallocate their funds to elsewhere, and others are just.
Just waiting to get their number, which might not ever come. And then the house will just sit for a really long time.
[00:29:58] Speaker A: Yeah.
Yeah, we're seeing. I mean, I. I got another example. There's a Fizbo like this.
There's a Fizbo behind that house I was just talking about that I would be interested in, but I think he's overextended. I think he's. He's fizzbowing because he can't afford an agent or something. And.
Also, that house doesn't have central H Vac and it's in Florida, which is ridiculous. So I, I. Because of the H Vac, I passed. I didn't even want to look at it, really.
But I had a point. What was it?
I don't remember. I'll come back to it. Do you have another house to look at or.
[00:30:39] Speaker B: No, that's. That showed you all the homes. Showed you a good listing. A home that.
[00:30:46] Speaker A: Oh, hold on. I thought of my point.
[00:30:48] Speaker B: Yeah.
[00:30:49] Speaker A: The 22 sellers, the buyers, the folks that bought in 22 and they're trying to sell. Now I'm seeing, and again, completely different time zone and climate.
I'm seeing that, that they're listing about what they paid, but they're not budging.
Are you seeing any? Are you, Are you? Because I'm super dialed in on, on like all that stuff when I go to look to buy a house. Have you noticed any of that with the 22 sellers? Like, are they, are they different than non 22 sellers? I guess, yeah.
[00:31:27] Speaker B: I'm starting to see the same thing that you're, you're seeing. It's like, you know, kind of right around where they paid, which is right around that higher point and they just want to at least break even onto the home without losing too much, you
[00:31:39] Speaker A: know, so that, that makes you kind of want to go look at, look for a house that they bought in like 14 and they've got, and they paid, you know, a half of what it was, the COVID peak, the 22 number. And.
But I'm, I'm not having much luck there either. It's all about the whole game right now. At least. What I'm seeing is, and again, nowhere near your market is, is quantity. It's quantity. Like I'm finding that I have to make a lot of offers right now to get a, to get a, get something under contract and to get the seller to. And I'm even seeing where I got to make an offer and then come back. I, dude, I made an offer last week.
This was in a small southeastern single family long term rental, nothing to do with vacation. You wouldn't, you wouldn't even want to go on vacation, you know. Anyway, I offered.
These numbers are completely different than short term vacation homes. But I think he's got it listed for like 169. And I offered my final offer after a few back and forth was 145. And they came, I think one 160 somewhere. I don't remember the exact numbers.
And then it sat for a few days and I, I said to my agent, I said, does it have any showings? Because you know, you can look up if it has any showings. And she's like, nope, no showing. Didn't have any showings over the weekend.
And I was like, so as of right now we should assume I'm probably the only offer. She's like, yeah, probably. And I said, well. And she's like they're, they're looking for a counter or they're looking for you to sign their counter.
So I was like, why don't we just make the exact same offer? So we went back 145again.
And because I'm at this point, I'm like, I'm getting. I'm betting against myself. Do you want to sell this house or not? You know, so it's just a. It's a weird vibe out there where sellers don't really understand what's actually happening. And. And I think buyers are a little too lazy right now. I think buyers got to get in the fire, get in the ring and throw. Start throwing punches is how to get a deal.
Yeah.
[00:33:50] Speaker B: Just honestly, it's just always like, throw an offer out there and see, like, okay, like, the biggest thing when you're throwing. Putting an offer out there is get them the counter. Right? Because it's like, okay, there's some interest and then just bridge the gap and meet in the middle.
You know, you got it. You know, you still got the home at a discount, and it still pencils out as a short term rental. I actually have one more home to show because I always keep touching on. It's a current Airbnb. I always touch on, like, oh, yeah, the four bedrooms and above do really well. I want to show what that looks like. An actual, like, home that has a lot of the bells and whistles that can do really well in this market. So for the buyers that are a little bit on the higher side, budget wise, this home just. I don't know the. Because it's under. It's under contract right now. It's pending. It was listed for slightly under. I think it was around, like 1.9 million.
And it's under contract, I'd assume for. For less than that. But this home's located in East Strasbourg, which on the map I was showing, it's like, closer to Shawnee Mountain, you know, to the right side of the Poconos.
The most popular or the highest ROI amenity in the Pocono Mountains, isn't it? Or obviously there's a lot that goes into that with construction and things like that. But this home did 320,000 in last year, so.
[00:35:20] Speaker A: Hold on a second. Go back to that main screen. Sorry.
[00:35:23] Speaker B: Yeah, you got it.
[00:35:26] Speaker A: What is the get listing data? Is that some chrome extension?
[00:35:30] Speaker B: Yeah.
[00:35:31] Speaker A: For what? What's it called?
[00:35:33] Speaker B: Where are you looking? Here?
[00:35:34] Speaker A: Yeah, yeah, right there.
[00:35:35] Speaker B: Yeah, I think I just have it matched up with Price Labs.
[00:35:38] Speaker A: Oh, is it Price Labs?
[00:35:40] Speaker B: Yeah.
[00:35:41] Speaker A: I didn't even know they did that. I googled it, and it says something called Air Review, you ever heard of that?
Yeah. Is it Red Cruise maybe?
[00:35:49] Speaker B: Yeah, yeah, I think it was from when I use Rank breeze it and I hook it up here.
[00:35:53] Speaker A: Oh yeah.
[00:35:54] Speaker B: It just tells you the last three months?
[00:35:57] Speaker A: No, I'm just curious. So it's not something you're looking at, it's just something some chrome extension you downloaded at some point. Is that something you like?
[00:36:04] Speaker B: But I do like it. The thing I like the most is price labs market dashboard.
[00:36:09] Speaker A: Yeah, I agree, I agree. Okay, sorry, sorry. I just way off in a tangent there, but go ahead back to that.
[00:36:14] Speaker B: All good.
[00:36:16] Speaker A: This pool room is in the house.
[00:36:19] Speaker B: In the house.
[00:36:19] Speaker A: Is that normal?
[00:36:21] Speaker B: Yeah, yeah. Indoor pools are. You usually see more indoor pools and outdoor pools, but yeah, this is a whole. This is a home that has an indoor pool with a really big projector. Again, we're talking like, because obviously, you know, homes that are like 500k or less that like I said, there's good like decent deals that can cash flow anywhere between 250k to 2 million. This, I showed one on the lower end. This is going to be one on the higher end. And yeah, this home does 320,000 in gross revenue last year. Six bedroom, three bathroom, has all the bells and whistles.
So just to show like, hey, like if you know somebody that really likes construction, really likes getting into, you know, building these super properties and adding these amenities, they can do well here as well. Again, great design, great amenities.
Looks like somewhere you could really hang out and you don't have to leave the home.
[00:37:21] Speaker A: The pictures are a little, some of them are good, but the, the gross income was how much?
[00:37:28] Speaker B: 320.
[00:37:30] Speaker A: My goodness. This is somebody who's laser focused and really, really going above and beyond.
[00:37:36] Speaker B: No, absolutely. Yeah, yeah.
[00:37:38] Speaker A: How much does this house cost?
[00:37:40] Speaker B: It was listed for 1.9 million when
[00:37:43] Speaker A: they bought it or right now it, it.
[00:37:46] Speaker B: They for whatever reason, I'm not sure why they sold, but it is pending at 1.9 million. So I, as it sits as of right now, like this is.
But it just shows what's possible in this market. If you know someone, if you're looking on the lower end, you kind of see what, what, what's possible there and then also seeing on the higher end.
Yeah, and I agree too. Even, you know, some of these pictures could be a lot better, but I think just the place kind of sells, but.
[00:38:20] Speaker A: Very cool. I'm curious what's going on, to be honest there though, because it looks like there's like some original log cabin and then some maybe Other parts that were added on.
You know, some people don't care about that. Yeah, yeah.
[00:38:31] Speaker B: It sits right on a lake or like, right.
Like it's right here.
[00:38:35] Speaker A: Oh, that's cool.
[00:38:36] Speaker B: Slightly lake front, kind of like on a. Like a river. I think that. That's. That's a river. So. But yeah, indoor pool. Very popular. If you're into construction, you like, you like the extensive stuff. Like, it can. Like this home. This home sold turnkey, which does not happen often.
I think it sat on the market for about four months and then it sold. And they never drop price. So every time you see these turnkey homes, it's, you know, it's. It's like, who wouldn't just want to buy a home and they could just operate and don't have to change really? Anything.
[00:39:14] Speaker A: Yeah, it's kind of nice, you know,
[00:39:16] Speaker B: like, it's like, okay, like, hey, I could buy this home. And I just.
[00:39:20] Speaker A: You know, there's the old quote. You can have turnkey or you can have cash flow, which in most cases is true, but sometimes you get lucky.
But then sometimes it's like, my God, do I really want to deal with all these idiots coming to this house and making sure they show up and all that stuff? It's a lot of work.
[00:39:35] Speaker B: Yeah, no, 100%. And again, like you said, it's either one or the other because again, turnkey is usually sold at a premium.
Once in a while, there's a deal that comes along. It's like, okay, I don't have to do too much, and I can, you know, based on comps, I can get some.
[00:39:51] Speaker A: All right, buddy, I'm gonna let you go. Thank you for your time. We'll do it again. And how do we. What's your email?
[00:39:58] Speaker B: I. You can contact me at Tristan T R Y S T E
[email protected].
[00:40:04] Speaker A: wonderful. Thank you so much. All right, we'll see you next time.
[00:40:07] Speaker B: Thanks.
