investor in Scranton Pa

14 Replies

I have been on Bigger Pockets for quite some time and listen to the podcast as well, and I realized that I have never posted. I think I did not introduce myself in the beginning because I was afraid that I was going to say, "I am planning on investing in real estate" and never follow though. Fast forward to today, and I own two multi families in Scranton Pa for a total of 6 units and a vacation home in the Poconos that I rent out, and also use. I am thinking of getting into rehabbing a SFH either for a long term rental or a flip. I have a backround in construction and have always wanted to try a flip.

I live in Bergen County NJ and work in NYC in the finance industry, and I am looking expand and collaborate with like minded people.  I am also happy to answer any questions that anyone has or help out anyone looking to get into real estate investing.

Hi Glenn,
I am fairly new to investing (looking to pull the trigger on my first investment property in a year or so once I save up some funds) but my parents have had a successful run at flipping a few houses in the Poconos in the last few years. What are your goals? Are you in need of financing or sweat equity? Also, what part of Scranton are your properties? I went to high school there.

Hey Jon,

Good luck on your first investment property.  Let me know if you have any questions.  I am looking to build up my multi families then move up to apartment complexes.  I am not looking for financing or sweat equity at this point, ( I am still recovering from last purchase) but I will eventually.  My Scranton properties are in South East Scranton.   Where do your parents flip in the Poconos?

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Originally posted by @Account Closed :

Hey Glenn, 

May I ask the town you Pocono rental is in? is it in a planned "community"?

Wally

 Hi Wally,

The house is in Masthope, which is a planned community.  It has a lot of amenities all year round and it rents out pretty well.

Originally posted by @Jon Sanborn :

Glenn Patti they flip in Mt. Pocono and the surrounding areas. Are there any updates on the train from nepa to Hoboken/NYC? I know that's been the talk for a while but nothing has actually happened

 I don't think there has been any progress on the train, but I am always the optimist

Hello Glen,
I am a New Yorker who is doing actionable things in order to invest within the next year. In addition to saving, looking into affordable nearby markets is of essence momentarily. It is funny I was researching Philly and Scranton just about an hour ago and then I saw this post as soon as I logged in! Maybe the universe is trying to send a message! Thanks for your post and any ideas on how to better familiarize myself with that market will be appreciated!

Scranton is an incredible opportunity to invest in. The City is in financial distress at the moment due to the political corruption and mismanagement. But rents are substantial, prices are cheap, and the appreciation looks great. As people realize that is so extremely difficult to make positive cash flow in the metro areas, they will look towards cities like Scranton. Hear you get substantial rents for cash flow as well as a large upside for the future in growth. Originally from New Jersey, I've been in Scranton full time for 14 years investing in rentals. If I can help with anything, let me know.

@Jon Sanborn

Been talk about the train for 30 years........ 

@Glenn Patti   

Interesting, I have interests in Fawn Lake and Shohola. We have just started our search in Masthope (Big Bear). 

Family has been investing in Poconos for a long time. It is very cyclical IMHO. I just like the area to relax in once in a while but my efforts pay much bigger dividends in NJ as Flipper. 

Originally posted by @Account Closed :

@Jon Sanborn

Been talk about the train for 30 years........ 

@Glenn Patti   

Interesting, I have interests in Fawn Lake and Shohola. We have just started our search in Masthope (Big Bear). 

Family has been investing in Poconos for a long time. It is very cyclical IMHO. I just like the area to relax in once in a while but my efforts pay much bigger dividends in NJ as Flipper. 

 If you have any questions on Masthope, please let me know.  I love it there and I think it is very well run.

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I am not sure about the external factors and declining home values that you are referencing. I think the Pocono market is very community specific.  I bought the house for our family first and as an investment second.  The community is very well run, and has amenities during all four seasons which attracts renters.  I can rent out the house every weekend during the summer and winter if I chose to, and I can cover almost all my costs with 6 weeks of rentals.

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