All Forum Posts by: Ryan Chatman

@Marco Manomat I'm invested in the Poconos. I've commented a few times about STRs there:

Here is one where I mention some tips

https://www.biggerpockets.com/topics/977087

@Thomas Tsitouridis congrats on the deal! Nice chalet that will surely bring in the cash. Did you have to rehab quite a bit on this?

@Debra Mazzone as other posters mentioned it is always wise to set up an LLC but not necessary to start your investment journey. I'd recommend setting the LLC simultaneously while you are getting started and then you can focus on getting your full scale protection put together later. It can take time and effort to get the property under your LLC.

What state will you be doing business in?

Instead of paying hundreds or thousands for an attorney to set up the LLC it is easy to find requirements for your state online and in books. That way you'll only pay state registration fees (typically a few hundred dollars) and an annual renewal.

I recommend the following books:

Your Limited Liability Company

An Operating Manual

By NOLO

Form Your Own Limited Liability Company

By NOLO

Both will give you the ins and outs of this type of business structure and guide you in formation. Once your LLC/portfolio grows or more LLC members come into the fold I do find it prudent to work with an attorney to further refine your articles of incorporation and/or other LLC docs.

@Nicholas Weckstein @Ryan Potuck thanks for the info guys! Definitely going to keep my eyes open in Luzerne county on upcoming investments

@Ryan Potuck how do the rents look in that area?

@Nicholas Weckstein I've been interested in hearing what wb/Scranton has to offer. I have a SFR in the Poconos about 30 min from Scranton off 380

@Justin Husband sounds like you have a decent plan to start and it's great that you can use the HELOC for the buyout and renovations. It also sounds like you'll have to get a hold on what your costs will be. Like others have mentioned it is tough to get contractors right now, but it isn't the end of the world. And once you get the renovations sorted there is plenty of info here about pre-screening/screening tenants so you can get it cash flowing asap.

I'm curious, what type of work needs to be done on the property?

@Aj Kholi short answer- Florida is almost always going to be better overall cash flow wise than the Poconos. You will likely see a higher rate of occupancy there. These are two markets that aren't at all comparable.

However, your cost of entry, and management will be easier for a Poconos location. Many people are making a good profits on Poconos STRs right now, so you can still find something well worth your while in the area.

You'll need to decide do you think you can manage an STR from a thousand miles away or is it easier for you to do that from an hour away. Also Florida is huge so you'll need to get specific on where you want to invest there and consider your budget.

Hope this helps you start narrowing down where you'd like to invest.

@Nicole Harrington those areas you named should definitely have some SFRs with value to be added and a better barrier to entry than closer to the perimeter (depending on your budget). You should be able to buy and hold or fix & flip depending on your preference. Good luck with getting started and definitely take advantage of the community here!

@Nicole Harrington welcome to BP Nicole! Do you plan on sticking to that i-75 area for your investments or will you consider different parts of metro ATL?

If sticking to NW ATL are you talking Vinings/Cumberland area? West paces/Howell mill area? Or further out; Marietta, Smyrna, Kennesaw etc?

I feel like ATL as a whole has plenty of opportunities for the SFR type of investment you're looking to do, it just depends on where. I feel like the investment strategy may change even from neighborhood to neighborhood.