Rental Property Investor · Scranton, PA · Member since 2016 · 142 posts · 100 votes
8y
Scranton is the poster child for investment property. It is the text book desirable market. Two major hospitals, over seven colleges and a 2 hour radius from Philadelphia and New York. As it was once one of the richest cities in America during the coal boom, the infrastructure and housing stock is incredible. The city offers a great environment for pulling tenants.
The issue with Scranton at the moment is its politics and poor leadership. Currently the pension system and debts have plagued the city with high real estate taxes, high realty transfer taxes, high wage/income tages, and substantial fees for services. I am at the moment on the verge of drastically reducing the city's rental registration fees and garbage fees through class action lawsuits.
If you can fit these high real estate taxes into your budgets than the cheap prices of properties should off-set this burden.
Overall I feel Scranton is a great long term play with a minimum of 3 years investment.
Rental Property Investor · Drums, PA · Member since 2017 · 345 posts · 365 votes
8y
I live in Drums which is about 15 miles south of Wilkes Barre.
I’ve seen some great opportunities in the WB area. Some very sketchy sections, but still some decent areas.
Are you local to the area?
New York, NY · Member since 2016 · 23 posts · 5 votes
8y
I’m based in NYC. I’m also looking in Pittston, Nanticoke and Scranton. Any input on these towns would be of great help. Taxes, insurance etc. Wilkes-Barre does look interesting. Some streets do look a bit run down though. I guess you can say the same thing about Scranton. Looking to buy and flip on my first deal but buy and hold is definitely on my to do list. I only spent a couple of days there and have done research. Nothing beats the input of someone who actually lives there.
Hey Mike. I live in Mountain Top and I'm looking to network with other investors as well.
I'm currently looking for my first rental, likely a duplex, by the end of 2017. I have my first direct mail campaign going out within the next 2 weeks. I'm focusing my search in several areas of the valley such as Plains/Hudson, Kingston, Luzerne, Swoyersville, Exeter, Wyoming and West Pittston.
What areas are you currently investing in and what has your experience been so far?
Rental Property Investor · Drums, PA · Member since 2017 · 345 posts · 365 votes
8y
Joel Moran I’ve lived / worked in the area for years now. The WB and Scranton areas are going to be a better option over pittston. WB and Scranton have a number of universities (Kings, Wilkes, LCCC)... so you’ll always have a high volume of people coming and going.
I’d stay clear of Pittston for a few reasons. First would be the flood plane. About 6 years ago the dam gave way and most of pittston with 8 feet underwater. Many homes require insanely expensive flood insurance now. It’s also a declining / depressed market.
Many homes in WB in hay 30k range that can be renovated for a minimal amount and sold/ rented easily.
Rental Property Investor · Drums, PA · Member since 2017 · 345 posts · 365 votes
8y
Matt Suchoski I just finished renovating my second rental in Freeland. It works well for me since I live in Drums. Currently looking for my 3rd deal.
I’ve seen a few opportunities in the Nanticok area, but I’ve been a bit apprehensive about that area...
I was able to walk around WB's downtown area and it looks good. I put an offer on a few near Kings but was outbidded. Thanks for letting me know about the dam. The realtor I am working with now lives in WB and she has warned about flood insurance prices in Pittston.
Rental Property Investor · Drums, PA · Member since 2017 · 345 posts · 365 votes
8y
Joel Moran
I’d also recommend craigslist (Scranton and Poconos) sections. You’ll find most of the for sale by owner deals and wholesale deals on there. Believe it or not, the local newspaper is also big in this area. It’s actually how I found my last deal.
Rental Property Investor · Scranton, PA · Member since 2016 · 142 posts · 100 votes
8y
Guys, Scranton is an incredible investment spot. Several major hospitals and 7 colleges. Rental market is substantial and house prices are cheap. I’m selling investment properties between 11-14% cap rates fully stabilized.
Been doing investment properties for almost 16 years.
Investor · Mountaintop, PA · Member since 2013 · 110 posts · 57 votes
8y
There are a couple of active REI groups that meet regularlty in the area. The Investors Network of NEPA meets monthly on the 2nd Wednesday of the month at Perkins in Pittston. There is a meeting this week at 730. It is free charge as long as the group spends 100.00, so its good to have a meal, snack, or cup of coffee.
Nazareth, PA · Member since 2017 · 11 posts · 2 votes
8y
Mike Dorneman hey Mike! I'm a new wholesaler in the Lehigh valley area researching different markets. Would like to connect with you. PM me then if interested.
Real Estate Investor · Milford, PA · Member since 2014 · 395 posts · 299 votes
8y
@Mike Dorneman I'm from the true NEPA. I'm up in Milford (Pike County) in the very upper north-east where NY, PA and Jersey meet. If your ever up this way or need some info I'd be glad to meet with you just give me shout.
Real Estate Investor · Mountain Top, PA · Member since 2016 · 14 posts · 4 votes
8y
Mike Dorneman
Yeah, I’d be a bit cautious about Nanticoke as well. I know it’s tempting because on paper many of the deals look incredible. I have no doubt you’d be able to cash flow in that market, but the trade off is that the tenants you’d attract may not be up to par with some of the other, more desirable Wilkes-Barre suburbs. And, at least for me, that’s a deal breaker.
That said, I just met with my attorney this morning who told me that a client of his has acquired 100+ units in Nanticoke over the past 3 years and is absolutely killing it. Opportunity is definitely there. It just depends on your overall investment strategy and personal risk tolerance.
Mountain Top, PA · Member since 2016 · 17 posts · 7 votes
8y
Hello other NEPA guys, I am looking for 12 + Units under a single roof, if you guys know of any please send them my way. I would love to look at them, and have no problem paying a finders fee.
Investor · Mountaintop, PA · Member since 2013 · 110 posts · 57 votes
8y
There are 2 meeting rooms at that location, so there "could" be another real estate investment meeting happening at near the same time at the same location, but that seems like quite the coincidence. The meeting starts at 730 pm, but folks do show up early to network and grab a bite to eat.
Rental Property Investor · Scranton, PA · Member since 2016 · 142 posts · 100 votes
8y
Scranton is the poster child for investment property. It is the text book desirable market. Two major hospitals, over seven colleges and a 2 hour radius from Philadelphia and New York. As it was once one of the richest cities in America during the coal boom, the infrastructure and housing stock is incredible. The city offers a great environment for pulling tenants.
The issue with Scranton at the moment is its politics and poor leadership. Currently the pension system and debts have plagued the city with high real estate taxes, high realty transfer taxes, high wage/income tages, and substantial fees for services. I am at the moment on the verge of drastically reducing the city's rental registration fees and garbage fees through class action lawsuits.
If you can fit these high real estate taxes into your budgets than the cheap prices of properties should off-set this burden.
Overall I feel Scranton is a great long term play with a minimum of 3 years investment.
Investor · Scranton, PA · Member since 2017 · 1 post · 1 vote
8y
Guys I have a Fix and Flip Under Contract in Scranton PA and Yes I'd like to get to meet and connect with all of you as well please send me connection requests - The Other Part Of My Equation is I'm also a Commercial Loan Officer - I won't bring that up if you don't, I'm not trying to sell anybody just want new local connections to Invest - I'll be at the meeting tonight in Pittston -
Investor · Philadelphia, PA · Member since 2014 · 344 posts · 276 votes
8y
Hi @Adam Guiffrida, I am an investor from Philadelphia. However, because of the real estate investor boom in Philly I am looking at areas in NEPA. Can you tell me a little more about Scranton. Is it a town going through a revitalization or pretty much status quo? What of the best neighborhoods/zip codes to invest in. Is it a town if you are looking for good cash flow, appreciation, or both? You noted that the fees and taxes are high? What is high (what are the numbers)? Who are the major employers in the area?
Rental Property Investor · Scranton, PA · Member since 2016 · 142 posts · 100 votes
8y
Scranton is the poster child for investment property. It is the text book desirable market. Two major hospitals, over seven colleges and a 2 hour radius from Philadelphia and New York. As it was once the richest cities in America during the coal boom, the infrastructure and housing stock is incredible. The city offers a great environment for pulling tenants.
The issue with Scranton at the moment is its politics and poor leadership. Currently the pension system and debts have plagued the city with high real estate taxes, high realty transfer taxes, high wage/income tages, and substantial fees for services. I am at the moment on the verge of drastically reducing the city's rental registration fees and garbage fees through class action lawsuits.
If you can fit these high real estate taxes into your budgets than the cheap prices of properties should off-set this burden.
Overall I feel Scranton is a great long term play with a minimum of 3 years investment.