staten island , NY 路 Member since 2018 路 14 posts 路 7 votes
Hello,
My name is Jonna. I am a from Staten Island New York. I am currently looking to start my journey in real estate investing. Since the housing market in New York City, is un affordable, I came across Scranton Pa. as a great affordable, close to home place to start my investing career in. I was looking to buy and flip, and also buy and rent out properties to build a portfolio with rent producing properties with great cash flow( as i am sure many are looking to do the same). I am looking for advice or pointers in the right direction for the area of Scranton, Pennsylvania, thoughts, pros,cons etc.. Any input would be greatly appreciated.
Tigard, OR 路 Member since 2017 路 23 posts 路 9 votes
8y
I've been looking into investing opportunities in that area also (it is close to where I grew up), and I would caution against flipping in Scranton (within city limits). So many buyers want to live "anywhere but Scranton!" Property tax is very high in Scranton relative to the surrounding areas, and also I've heard getting city permits for for rehab work is a major hassle! I've seen beautifully flipped/rehabed houses in Scranton sit on the market for months and never sell. That being said, you can find great deals there, and the rental market is strong. If the numbers make sense, go for it!
@Marc Winter is a great resource as a long-time investor in the area! Talk to him!
Real Estate Broker 路 Northeast PA 路 Member since 2017 路 2k+ posts 路 2k+ votes
8y
Amy,
Thanks for the reference. You are spot-on about Scranton re: fix flip. Outside the City limits, lots of potential for that. Inside City, one can definitely cash flow from properties, however we are talking about c+ to d properties in general, so the tenants will be in that range as well. BTW, I have been in touch w the investor--thanks again.
Scranton, PA 路 Member since 2017 路 168 posts 路 137 votes
8y
if you're looking to self manage, you won't be able to rent in the city of Scranton. They require owners living more than 20 miles away hire a management company.
There are a lot of small towns around Scranton that might be a less regulated.
staten island , NY 路 Member since 2018 路 14 posts 路 7 votes
8y
Yes that I鈥檝e learned through reading and research yesterday, I just figured that out. Any ideas what management charges for a duplex ? And what does it include?
Germantown, MD 路 Member since 2017 路 12 posts 路 3 votes
8y
I am just starting out and live in MD. Properties prices here seem a bit out of reach. I'm looking for my first investment property. I was looking into an out of state investing, but may not want to manage it. I'd be interested to hear about experiences in the different markets throughout PA, specifically eastern and central PA (Philly, Harrisburg, Scranton, Lancaster, etc.). A lot of these markets seem to have decent price points but I know that's partly due to lower income areas. Any tips or guidance would be appreciated.
Thanks,
Winston
Yes that I鈥檝e learned through reading and research yesterday, I just figured that out. Any ideas what management charges for a duplex ? And what does it include?
Sorry for the late response. I don't use a property manager, so I don't know. Sorry! Call a few and see what they charge, but I can't give any recommendations.
@Marc Winter , I would very much like to connect with you. I spent my adolescent years in Scranton, Pa and am considering making a move back there. Need someone solid that I can turn to for a little guidance.
Rental Property Investor 路 New York, NY 路 Member since 2019 路 6 posts 路 2 votes
7y
Looking to invest in the Scranton Pennsylvania area. I鈥檓 new to BP and the investment market. I was a real estate agent in Staten Island, so I have some knowledge. I have been sitting on the sidelines but it鈥檚 seems like there鈥檚 a lot to learn and I just don鈥檛 want to jump in just for the sake of it. So far it seems that Scranton has a lot of stipulations when it comes to investing in property there. What would be the best course of action to take regarding learning the ins and outs of investing in Scranton? I would appreciate any information, thank you for the time, sincerely newbie.
Realtor 路 Hanover Twp, PA 路 Member since 2018 路 3k+ posts 路 3k+ votes
7y
@Rodney Montalvo, The city of Scranton has opportunities and challenges. The city govt itself has gone through a prolonged period of corruption and financial distress. Despite that there is opportunity in and around the city.
The metro area of Scranton/Wilkes-Barre/Hazleton has a number of sub-markets. So, there is a lot more to choose from than just the city of Scranton itself.
Are you planning to buy & hold rent ready units? Are you looking to do BRRRR type rehabs and rentals? Or some other strategy?
If you're going to be active/hands-on, then I recommend doing some scouting trips up to check out properties and learn the area a bit.
I am an agent and investor. If you want help finding properties, let me know. I'm also happy to just answer any questions I can about the area.
There is currently a lot of political drama in Scranton. But I think the ultimate outcome is good for the City. Something to keep in mind since I think the City will do a better job with creating sensible rules/ordinances and proper enforcement.
Disclaimer: While I鈥檓 an attorney licensed to practice in PA, I鈥檓 not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.
Rental Property Investor 路 New York, NY 路 Member since 2019 路 6 posts 路 2 votes
7y
I have seen a lot of properties during the course of about 3 yrs and most really should be condemned unfortunately. It seems Scranton has a lot of regulations regarding investing in properties. There are a lot of different fees and rules. I saw something about the rents security deposit gaveling to be placed in an escrow account of their choosing and on top of that a fee. The properties seem very affordable to obtain but the rents collected is questionable along with the many regulations. I鈥檓 hoping I鈥檓 wrong with what I鈥檝e discovered. That鈥檚 why I鈥檓 here trying to get to the bottom line about Scranton.
Rental Property Investor 路 New York, NY 路 Member since 2019 路 6 posts 路 2 votes
7y
I have seen a lot of properties during the course of about 3 yrs and most really should be condemned unfortunately. It seems Scranton has a lot of regulations regarding investing in properties. There are a lot of different fees and rules. I saw something about the rents security deposit having to be placed in an escrow account of their choosing and on top of that a fee. The properties seem very affordable to obtain but the rents collected is questionable along with the many regulations. I鈥檓 hoping I鈥檓 wrong with what I鈥檝e discovered. That鈥檚 why I鈥檓 here trying to get to the bottom line about Scranton. I would appreciate any guidance.
I have a vacation unit in Pennsylvania and would love to invest in Lackawanna County but it鈥檚 seems there鈥檚 still a lot to sort out.
Rental Property Investor 路 New York, NY 路 Member since 2019 路 6 posts 路 2 votes
7y
@Jr Trotta
I haven鈥檛 found any properties yet. I鈥檓 still trying to get familiar with the regulations regarding rentals. I would hate to purchase something and then be restricted by the unknowns. I鈥檓 aware of the many ways to go about purchasing a property. The issue I鈥檓 having is the regulations Scranton has. Too bad there aren鈥檛 any guidelines or a check off list regarding rental properties in Scranton .
Perhaps consulting with an attorney might be the next plan of action that should be taken.
Vendor 路 Bothell, WA 路 Member since 2017 路 20 posts 路 8 votes
7y
I purchased a condemned and vacant four unit in a Scranton last May. Uncondemned in a September this year, it took five months just to get the permit to get the permits. Beyond the usual public zoning hearing meeting where neighbors get to object to any change in the proposed property use and the board follows their desires normally, it also entailed actually purchasing a nearby lot and putting a parking easement on it so as to provide the parking imposed by the condemnation process. (Once condemned you need 1.5 parking spaces per unit to uncondemn it which is generally impossible though I was lucky.)
I finally found a good electrician, boiler service, and plumber but my GC experience has so far been painful in that no one calls back (for example before finding my electrician I tried every electrician in the city licensed electrician list living in Scranton and out of 20 1 communicated back to me and only to say he wasn鈥檛 available). And GCs are harder to find than electricians. If good then very busy.
For example I am a licensed commercial plumber in Washington State but cannot legally touch a pipe in my own building in Scranton without a city (not a state) license. In the trades only a few get licensed and those get quite busy and no one wants to respond to an out of area code number, since out of towners have a bad reputation here, so it鈥檚 pretty hard to build that team.
That said despite the news about mayoral corruption and turnover in the permits department I have not personally encountered any form of corruption, no bribe requests, or threats. The official world seemed to me rule bound and glacial but fair.
Rental Property Investor 路 Scranton, PA 路 Member since 2016 路 142 posts 路 100 votes
7y
@Rodney Montalvo, give me a call anytime. Just message me. I鈥檝e done it all for the past 17 years. I鈥檝e gutted out over 25 condemned buildings. And I鈥檝e won two class action lawsuits against the City so I鈥檓 not well liked at City Hall. Scranton is a rough place to operate but if you learn the rules you can do well here. It looks like @Thomas C Veatch has really come a long way in a short period of time, I never recommend people to start out with condemned properties in Scranton, it鈥檚 a rigorous process. It makes sense to buy your first one or two properties that are stabilized and need minimum repairs. As you get acquainted with the rules and regulations, then it makes sense to slowly level up on your investments. But I have seen a lot of out of towners Get burned in Scranton quickly. So drop me a call and I鈥檇 be happy to answer any questions you have.