Updated about 6 years ago on . Most recent reply
Scranton PA investing
Hey all,
I may have an opportunity to purchase some property from a friend in Scranton. I don’t know the market though. I have been there, I own a rental right now on Philadelphia, and am a realtor. I would love to talk with someone who invests there to get a feel for the market. Thank you!
Most Popular Reply
We had 7 units outside of Scranton that we recently sold. We bought 5 units in 2012 and another 2 in 2013. We were holding for long term hoping for consistent cashflow and hoping for some appreciation. We put a lot of money into them over the years and due to high taxes and questionable tenants (went through 2 property management companies) we never really made any money. We ended up selling them for what we purchased them for. If they didn't gain equity in the past 7-8 years they probably wouldn't. It's a pretty depressed area so I'd make sure you do some solid research on rents, taxes, etc before you dive in. We could have just had duds, but it wasn't an investment I wanted to work with any longer.
Best of Success!