Multi-Family and Apartment Investing

User Stats

14
Posts
7
Votes
Maria Grinshpun
  • Rental Property Investor
  • Rockland, NY
7
Votes |
14
Posts

Appreciation in Scranton PA

Maria Grinshpun
  • Rental Property Investor
  • Rockland, NY
Posted Jul 22 2022, 16:12

Those who have invested in multi-family around Scranton PA, would you please share your observations in terms of appreciation in that area?

Wilkes Barre Scranton, Pennsylvania

User Stats

142
Posts
100
Votes
Adam Guiffrida
  • Rental Property Investor
  • Scranton, PA
100
Votes |
142
Posts
Adam Guiffrida
  • Rental Property Investor
  • Scranton, PA
Replied Jul 22 2022, 18:10

@Maria Grinshpun Appreciation is simple. As you buy vacant or distressed properties in Scranton, the goal is to create your own appreciation. By adding value to each property such as cap ex and improvements, it will increase rents and as a result increase appreciation. Both increasing rents and lowering expenses will automatically appreciate the property. Most investors are buying income and the more of it you can create, the more value you will make on each property.

User Stats

14
Posts
7
Votes
Maria Grinshpun
  • Rental Property Investor
  • Rockland, NY
7
Votes |
14
Posts
Maria Grinshpun
  • Rental Property Investor
  • Rockland, NY
Replied Jul 23 2022, 09:51

@Adam Guiffrida

I understand. However, the reason I asked was because I came across multiple comments here on forum saying that generally real estate lacks appreciation in Scranton compare to other surrounding areas. 

User Stats

142
Posts
100
Votes
Adam Guiffrida
  • Rental Property Investor
  • Scranton, PA
100
Votes |
142
Posts
Adam Guiffrida
  • Rental Property Investor
  • Scranton, PA
Replied Jul 23 2022, 10:57

@Maria Grinshpun, I think when it comes to single families that is very true. But as for multi-family, the income is the driver. Scranton properties have increased every bit of 30% in the past two years 

User Stats

14
Posts
7
Votes
Maria Grinshpun
  • Rental Property Investor
  • Rockland, NY
7
Votes |
14
Posts
Maria Grinshpun
  • Rental Property Investor
  • Rockland, NY
Replied Jul 23 2022, 14:28

@Adam Guiffrida 

I see now. I'll dig into it more. 

I live in NY and I see PA as my best option for investing in multifamily. What other areas besides Scranton would you say I should pay attention to? 

User Stats

2,012
Posts
2,246
Votes
Lee Ripma
  • Rental Property Investor
  • Prairie Village, KS
2,246
Votes |
2,012
Posts
Lee Ripma
  • Rental Property Investor
  • Prairie Village, KS
Replied Jul 23 2022, 17:44

Looks like the center of town really has the lowest income and the highest growth. I have never been to the market but I usually target areas with high forecasted growth and high forecasted median incomes. 18503 and 18510 would be my target zip codes if I were to invest in Scranton. 

User Stats

14
Posts
7
Votes
Maria Grinshpun
  • Rental Property Investor
  • Rockland, NY
7
Votes |
14
Posts
Maria Grinshpun
  • Rental Property Investor
  • Rockland, NY
Replied Jul 23 2022, 19:36

@Lee Ripma

Your input is much appreciated! I will certainly check out those zip codes. Would you please share the source you used?

User Stats

2,012
Posts
2,246
Votes
Lee Ripma
  • Rental Property Investor
  • Prairie Village, KS
2,246
Votes |
2,012
Posts
Lee Ripma
  • Rental Property Investor
  • Prairie Village, KS
Replied Jul 23 2022, 19:40
Quote from @Maria Grinshpun:

@Lee Ripma

Your input is much appreciated! I will certainly check out those zip codes. Would you please share the source you used?


 VestMap.com

User Stats

1
Posts
0
Votes
Replied Jul 24 2022, 09:14

@Lee Ripma @Maria Grinshpun

I have access to off market deals for Pittsburgh and Scranton/Wilks-Barre PA areas. If anyone is interested let me know. I am part of an investment group that generates off market deals through their own marketing and wholesales the roughly 80% of deals they don't have the capacity to take down themselves. Looking for easy to work with buyers who are either already established or eagerly looking to get started. 

User Stats

223
Posts
99
Votes
Elise Bickel
  • Real Estate Agent
  • Wexford, PA
99
Votes |
223
Posts
Elise Bickel
  • Real Estate Agent
  • Wexford, PA
Replied Jul 24 2022, 19:54

Hi Maria! From what I'm seeing, Scranton is appreciating but at a much lower rate then larger cities since as Pittsburgh. There just isn't as much demand for the area. Were you thinking about flipping out there or rentals?

User Stats

14
Posts
7
Votes
Maria Grinshpun
  • Rental Property Investor
  • Rockland, NY
7
Votes |
14
Posts
Maria Grinshpun
  • Rental Property Investor
  • Rockland, NY
Replied Jul 25 2022, 09:53

@Elise Bickel

Hi Elise, thank you for your input. 

I was thinking to buy and hold for LTR. 

What areas in PA that are closer to NY would you recommend to explore? I'm looking for higher rate appreciation.

User Stats

223
Posts
99
Votes
Elise Bickel
  • Real Estate Agent
  • Wexford, PA
99
Votes |
223
Posts
Elise Bickel
  • Real Estate Agent
  • Wexford, PA
Replied Jul 25 2022, 09:56

I live in Pittsburgh and we have a great market here. I have heard good things around Philly.

User Stats

14
Posts
7
Votes
Maria Grinshpun
  • Rental Property Investor
  • Rockland, NY
7
Votes |
14
Posts
Maria Grinshpun
  • Rental Property Investor
  • Rockland, NY
Replied Jul 25 2022, 11:15

@Elise Bickel

Thanks Elise! Will check out Pittsburgh.

Focusing on Stroudsburg for now.