Rookie investing in the Scranton PA area! Advice/Tips appreciated

9 Replies

Hey everyone!

I've been browsing on here for awhile and figured it was time to start posting and networking with people. I'm looking to learn as much as I can. I've always wanted to invest in rental properties, but didn't think it was really attainable until recently.. or maybe I just didn't have the guts. I worked two jobs for awhile while I was a full time college student just to get my first property, which I'm living in and rehabbing.  (Btw, the local first time homebuyer program is a real pain in the a$$! But saved me about 10 grand). My plan is to build a little more equity in the home, get a home equity loan, and buy my first rental property. Then who knows! I'm living in a renovation and making lots of sacrifices to get where I want to be. 

I sleep, eat, and dream real estate. I'm loving all of the topics here on bp, getting addicted to RE podcasts, and soaking up all the info like a sponge! I'm also considering part time work as a real estate agent to earn some extra cash and learn all I can. 

I'll do whatever it takes to reach my goals :) 

Originally posted by @Johnna F. :

Hey everyone!

I've been browsing on here for awhile and figured it was time to start posting and networking with people. I'm looking to learn as much as I can. I've always wanted to invest in rental properties, but didn't think it was really attainable until recently.. or maybe I just didn't have the guts. I worked two jobs for awhile while I was a full time college student just to get my first property, which I'm living in and rehabbing.  (Btw, the local first time homebuyer program is a real pain in the a$$! But saved me about 10 grand). My plan is to build a little more equity in the home, get a home equity loan, and buy my first rental property. Then who knows! I'm living in a renovation and making lots of sacrifices to get where I want to be. 

I sleep, eat, and dream real estate. I'm loving all of the topics here on bp, getting addicted to RE podcasts, and soaking up all the info like a sponge! I'm also considering part time work as a real estate agent to earn some extra cash and learn all I can. 

I'll do whatever it takes to reach my goals :) 

 Welcome to BP! You're in the right place to stay motivated and learn everything you need to. You should also connect with other local investors like @Teresa Ludlow . They can provide invaluable guidance to local market opportunities. Just make sure that you provide an equal amount of work and effort. Don't expect everything for "free". and when I say that I don't mean it in the sense of having to pay money, but I like when someone has tried to do their own research and asks questions about a specific topic when they get confused or need clarity on something. Not generic questions like "Tell me everything I need to know to be successful" You'd be amazed at how many people don't want to put in the work and effort. 

::steps off soap box::

For the record my first property was a live in renovation as well...took me 6 years to buy my second property. With the right motivation I could have gone much faster...so don't get discouraged because you feel like you're going slower than everyone on the podcasts. Slow and steady isn't a bad way to finish the race either. 

@Johnna F.

Welcome to BP! If you are unfamiliar with the term, you may want to look into house-hacking. It might be an ideal way to start. 

Disclaimer: While I’m an attorney licensed to practice in PA, I’m 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.

Originally posted by @James Masotti :
Originally posted by @Johnna F.:

Hey everyone!

I've been browsing on here for awhile and figured it was time to start posting and networking with people. I'm looking to learn as much as I can. I've always wanted to invest in rental properties, but didn't think it was really attainable until recently.. or maybe I just didn't have the guts. I worked two jobs for awhile while I was a full time college student just to get my first property, which I'm living in and rehabbing.  (Btw, the local first time homebuyer program is a real pain in the a$$! But saved me about 10 grand). My plan is to build a little more equity in the home, get a home equity loan, and buy my first rental property. Then who knows! I'm living in a renovation and making lots of sacrifices to get where I want to be. 

I sleep, eat, and dream real estate. I'm loving all of the topics here on bp, getting addicted to RE podcasts, and soaking up all the info like a sponge! I'm also considering part time work as a real estate agent to earn some extra cash and learn all I can. 

I'll do whatever it takes to reach my goals :) 

 Welcome to BP! You're in the right place to stay motivated and learn everything you need to. You should also connect with other local investors like @Teresa Ludlow . They can provide invaluable guidance to local market opportunities. Just make sure that you provide an equal amount of work and effort. Don't expect everything for "free". and when I say that I don't mean it in the sense of having to pay money, but I like when someone has tried to do their own research and asks questions about a specific topic when they get confused or need clarity on something. Not generic questions like "Tell me everything I need to know to be successful" You'd be amazed at how many people don't want to put in the work and effort. 

::steps off soap box::

For the record my first property was a live in renovation as well...took me 6 years to buy my second property. With the right motivation I could have gone much faster...so don't get discouraged because you feel like you're going slower than everyone on the podcasts. Slow and steady isn't a bad way to finish the race either. 

 Yeah, I definitely can't purchase multiple properties a year like I hear people doing on the podcasts.. but maybe someday. I make slow and calculated decisions and I'm not so great at taking risks, but I know I need to jump in and take risks with this type of investing sometimes. Thanks for the tips

Originally posted by @Chris K. :

@Johnna F.

Welcome to BP! If you are unfamiliar with the term, you may want to look into house-hacking. It might be an ideal way to start. 

Disclaimer: While I’m an attorney licensed to practice in PA, I’m 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.

 Yeah, I've seen that term thrown around on here a lot. It seems like a good way to start. Thanks for the tip

@Johnna F. Hello! You are looking at the right location. Scranton has a stable real estate market which will give you co sister cash flows. Don’t expect to see price appreciations like you see in other markets but the Benifit if that in a down market the values won’t take a hit. I’m a real estate broker and run a full service property management company catering to every aspect in rentals and sales and construction. Let me know if you have any ?’s. Thanks and good luck Ron Parasole ParasoleProperties.com

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