All Forum Posts by: Nicholas Weckstein

Sure can! There are B class neighborhoods throughout the north east section of Pennsylvania, and Luzerne County, that have seen a boom in rents due to the tri state area states getting way too expensive. Almost every investor has a PM and if you underwrite with pro forma numbers you can easily reach a 20-30% COC. Most municipalities require PM if you dont live within XYZ amount of miles. Wage growth has been very strong, manufacturing/warehouses/transport, the medical industries, and dinning/hospitality have seen the most growth. Luzerne County itself has seen continuous development and improvement.

Hey Joe, Local investor and Realtor in the Wilkes Barre/Scranton areas. We enjoy some of the highest cap rates and cash flow at the price point. The area has seen a lot of growth and promise and in my opinion has more to go. I have a website with a free report about Luzerne County on my profile in my bio. It is pretty accurate for all of the NEPA area. 

Local agent and land lord here. Moved from NYC a few years back to self manage. Happy to help and connect!

I am a local agent and land lord who moved here from New York to self manage my units. Finding the right agent to work with makes a big difference. Before I was an agent I had a few different ones I worked with and once I found a guy who also invested, it changed my world a lot. Hands on knowledge is really important. When an agent who doesn't own property, try's to help you buy property. There are just certain aspects they cannot understand. The area here has so much to offer, some of the strongest cash flow and lots of inventory. If you'd like connect, don't hesitate to reach out! I have lots of data on the area. 

I think you could just be forward. Show him your other estimates, tell him that you want to work with him, on this and in future deals. And was wondering if he can do any better. Worth a shot. If he says no, will that make you pick a different contractor? Price is very important but if this contractor seems to be the best for for you then take a chance

You could pull it, wait a week re-list it then. Or you can just add it to the month to month lease. Say first 3 months at xyz price then after that it goes up to market price. If you pull the listing you dont have to say much to the people scheduled. Just cancel the appointment. Less info is better when explaining to them. Something came up and you needed more time due to personal reasons. 

I think I would sell this deal. Take the quick flip profit and reinvest into another 2 properties. If you're only going to cash flow 48$ per month than you are basically negative cash flow at maximum leverage. If you aren't making at least a few hundred per month than I personally feel your equity would be better used to get another better cash flowing asset, or just continue to flip and grow your nest egg.

But GREAT job on the outcome of the deal so far! keep it going!!

I think that it really depends on your comfort level, strategy, and market. Ive bought plenty of turn key rentals and they cash flow greatly and see COC of just OVER 30%! Sure value add opportunities are the best. Find a diamond in the rough, fix it up, gain equity, rent it out, refinance. However there is nothing wrong with a turn key rental. Lots of people start with turn key and eventually move to buying cash and fixing up.

I try to explain to people who are scared of debt that money in the bank is only good for 1 thing. 1 thing only...SPENDING. Cash is a vehicle that has value that you spend on goods and services. However, if you spend it on a tangible cash flowing asset you become the bank and it will pay you indefinitely. Your money in the bank is actually losing value due to inflation. Borrowing money from a bank for an investment property is great because it will keep up or exceed inflation, cash flow, but most importantly allow you to leverage your cash to control an asset you couldn't afford.100k in the bank is going to earn a laughable amount of interest and you will likely just spend it over the years or it will lose its value. 100k down on a 400k investment property though...thats 100 times better than cash in the bank. Tax benefits, equity pay down from tenants. Basically your tenants save money for you by paying your mortgage. 

and then the real icing on the cake...appreciation. If all you ever do is save cash...you will need a few million to retire comfortably. then you will use it up and not have anything to pass down. My brother is similar and HATES debt. Debt is the best tool you've ever had available to you. the old school way of thinking is what keeps us in the wheel. keeps us poor, paycheck to paycheck. 

We used PennFed earlier this year. Terms where pretty good in my opinion. 80% LTV interest only at prime plus .75 % variable for 10 year draw period then converts to a 20 year fixed rate mortgage. They are nationwide from my understanding.