All Forum Posts by: Ravi Ramu

Hi everyone! 

I'm about to buy a 3-bedroom, 2-bathroom in Locust Lake Village for short-term rentals (Airbnb). While I have experience with long-term rentals, this is my first time into STR!

I'm using the "second home" strategy, My lender approved, but... they want me to stick to 14-day rule of personal use. 

I'm seeking advice from seasoned short-term rental pros, especially those familiar with Locust Lake Village.

Here are my burning questions:

1. Property Management: I'm considering Evolve (10% fee) to help me out as a newbie. Are there better options, or should I self-manage despite the learning curve?  I know self-managing can save money, but I'm willing to consider the trade-off for peace of mind (especially at first)
   
2. STR Permit Worries: My property is in Tobyhanna Township, where whispers of an STR permit freeze loom. The township meeting is on February 20th. Should I be concerned? How's the long-term/mid-term rental market in the area if STRs get restricted?
3. Hot Tub Dreams: The place is move-in ready, but I'm thinking a hot tub could be a major selling point. Any recommendations for reliable general contractors in the area?

Any insights, tips, or cautionary tales would be greatly appreciated! Feel free to share your own experiences with short-term rentals in Locust Lake Village. 

@Joseph Guzzardi Jr , 

Thank you Joseph for sharing your view! I appreciate your perspective , It's always valuable to hear different viewpoints. 😊🙏

Questions :

1. 1. Considering real estate investments in Delaware and New Jersey, which state is more favorable for creating an LLC, and why?
2. 2. As a joint tax filer with my wife, should I opt for a single-member LLC or a multi-member LLC for future investments? What are the implications of each?
3. 3. Is it necessary to create a separate LLC for each property? I've heard about Delaware LLC series—what are the advantages and disadvantages of using this approach?
4. 4. Seeking recommendations for reliable registered agents in Delaware to facilitate the LLC formation process.

I appreciate any insights or advice from experienced investors in the community. Thanks in advance!

Thanks for the details 

I live in New Jersey and have two rental properties in the same state. I was thinking of creating an LLC before buying the properties, but decided to buy them in my name to make it easier to get a conventional mortgage. I have $500,000 liability home insurance for each property, and my tenants also have renter's insurance.

My question is: Do I really need an LLC, or are my insurance coverages sufficient? If I do need to create an LLC, should I transfer my existing properties to it?

 Thanks you Greg for the response!

I own a 250K rental property and got 500K liability coverage home insurance. I'm wondering if I need to form an LLC to protect my assets. If so, how easy is it to get a conventional mortgage for a property owned by an LLC?

Hello everyone,

I'm a new investor who took the leap from renting to owning a home in 2020. After successfully buying two apartment units, I'm eager to expand further. My next goal is a small multi-family home, and I'm keen on exploring ways to achieve this with minimal or zero down payment. I'm here on BiggerPockets hoping to tap into your knowledge and experiences to steer me in the right direction. Looking forward to learning and growing together!

Best regards,
Ravi Ramu