Citrona homes Multifamily Johnson pa

10 Replies

Hey everybody

I've been in contact w a broker selling such duplexes and triplexes in Johnson Pennsylvania. Seems like a great project and return. Does anyone have experience in this town or with this company?

Thanks

Hi Shane, I'm curious did you ever proceed with the Johnstown properties.  I may have spoken to the same company.  Anyone else here use them, they are all section 8 housing.  

Hi,

Curious to hear if @Shane Vince moved forward with them and what the outcome was. I have been conversing with a broker from Citrona homes too. The numbers add up but it looks too good to be true. 

I was also researching on Johnstown, PA and what are the main industries (sources of employment) there and is the population growing or steady etc. I would love to hear if there's anyone from Johnstown who can shed some light on this. 

Cheers

Vinay

Hello,

Has anyone moved on these properties in Johnstown?

Thanks,
Tony Manning
The Manning Group, LLC

I'm also curious as they just contacted me.  Has anyone moved forward with them?

Johnstown is in an extremely depressed part of PA. I wouldn't be excited about entering that market.

I too was contacted by a fellow from Holiday, Florida about investing in Johnstown. The deal sounded too good to be true, and he was aggressively marketing the properties which immediately raised a flag for me. As @Dennis W. mentioned, "Johnstown is in an extremely depressed part of PA", and you should ask yourself the following questions before moving forward:

1) Why would Citrona price properties at approximately 20K/door for the privilege of charging $50/month/door to manage them?

2) What would you do if your relationship with Citrona ended? Can you manage the property or find a buyer?

I live in the Johnstown area and have been investing in real estate within my hometown for the last 9 years.  Johnstown is unique that it is made up of many boroughs and townships as well as different municipalities within the city itself.  I have been researching Citrona online along with some of the other companies that have somewhat recently taken interest in our area due to the low cost of purchasing homes in (key word) certain areas.  I recently talked to a local insurance agent that has been assisting some of the out of town buyers with insurance policies and the majority of them have purchased these properties sight unseen without any knowledge of the neighborhood they're in, school district, condition of the home itself apart from the pictures with fresh paint and new countertop or even seeing the homes surrounding it that have been condemned by the city.  Don't get me wrong, I do believe there are great investment opportunities in Johnstown and the surrounding areas or I wouldn't be doing it here.  All I am saying is with any investment, do your homework and if something sounds too good to be true....

If anyone wants to pm me with questions or for more insight into our area or the section 8 program (which these companies seem to be heavily advertising with) and some of the changes the program has seen locally in the last year, feel free to reach out.  My biggest hope with anyone that chooses to invest in our area is that they are not only doing it for the financial gain but more importantly as an investment into the community itself.  If anyone does decide to invest in Johnstown, we have a great local landlord association that would be beneficial to plug in to also (Greater Johnstown Landlord Association).  One of our members recently put together a great article talking about the history of Johnstown, the struggles our town faces in general and within the housing arena.  It would definitely be a good read for anyone thinking about investing within the Johnstown area.  I'd be happy to forward to anyone that is interested.

Bumping this thread. If anyone had moved forward or has any experience with Citrona or the investments in Johnstown, PA please PM me and let me know your thoughts.


Thanks  

Hey guys wanted to bump this and see if anyone has had any success with them?

I guess their calling everybody again huh? I just got a call today with a too good to be true 21% return on a 6 plex.... any thoughts ?

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