Updated over 7 years ago on . Most recent reply
Scranton PA Westside
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Scranton.
Purchase price: $3,600
Cash invested: $54,000
Top floor 2 bedroom 1 bath
Bottom floor 3 bedroom 1 bath
What made you interested in investing in this type of deal?
I found it while searching auction sites
How did you find this deal and how did you negotiate it?
auction site
How did you finance this deal?
cash
How did you add value to the deal?
Fully renovated
What was the outcome?
Both units rented
Lessons learned? Challenges?
I learned that the scranton market is declining and the amount of money I have invested I will not be able to get my return on. I looked at refinancing the property but was unable to due to the fact the property only appraised for 32K. I need a stronger market in Scranton in order to refinance. The origination fees allow are 6K
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No