All Forum Posts by: Kate Daye Ruane

Hi Lloyd!

Did you end up purchasing something?

We offer exception PM services in the Scranton area -- feel free to check out our Google Reviews @Revolve Real Estate as well as our social and website revolvepa.com/management

We go above and beyond for our clients in everything from tenant placement to maintenance to renovations. Reach out if you need anything or would like to set up a consult with our director.

Jane -- I would recommend narrowing down a strategy in regards to importance. There are tons of properties here that cash flow super high on paper, but they wouldn't be my cup of tea. To each their own. Then you have one's that you can force appreciation / value-add, and also the ones in the neighborhoods that will simply continue to naturally appreciate with your regular maintenance. The "wilkes barre / scranton" market is SO big contrary to what one would think - while it's not as populated as a city like Philly or Pittsburgh, those two areas cover a vast amount of land and each neighborhood has it's perks. You're looking at a dozen neighborhoods in Scranton alone that each differ, and dozens of municipalities surrounding. 

In regards to the U, I don't think it's hurting by any means and seems the most stable out of it's local competition. Though I will say, as an owner / specialist in local student housing, student housing wouldn't be my play right now especially for a first-time investor. You can get good numbers residentially.

Feel free to let me know if you have any questions on a specific area or property. 

Hi Brandon! I'd love to work with you on investing in these markets. You aren't going to find more sounds deals than the Scranton Area IMO when looking at ROI and stability / appreciation. I Invest here and surrounding areas and also in Florida, but none of them perform as well as Lackawanna County.I'm AWFUL at checking BP regularly (hence while I'm just seeing this, I'm so sorry!) So if you want to chat call, text, or email me direct anytime.

I've closed over 500 transactions in the last few years, with 75%+ of them being with NY investors, and not a SINGLE one of them have an ill-performing property. 

@Neil Stark Glad I could make you laugh!

Hi Al! Great Question.

In replying to this question, I'm going to consider and refer to "Scranton, PA" as the city proper AND it's surrounding neighborhoods. 

Pros:

- Low cost of buy-in / not much needed in comparison to other areas due to affordability in purchase price
- High-Cap Rates
- High Cash Flows
- Stable market / continuing to appreciate
- Beautiful revitalization of the downtown
- Influx of jobs, employment opportunities 
- Plenty of renters
- New Amtrak service coming
- Surrounding neighborhoods are sought after, solid schools, "home team" mentality in most of the towns where people want to stay

For the Cons:
- I can't think of any OVERALL cons that couldn't be avoided in working with the right team. Mistakes that I have seen made generally always come from a lack of due diligence and understanding. I've too often seen an out of area investor get tied up financially with trusting a whole-salers or seller's description or promise of return / ARV. If it seems too good to be true, it probably is. Examples of pitfalls include purchasing in an undesirable area, not understanding the market values (vs. list prices), not knowing the rental values (current and market), inheriting bad tenants, buying a lemon, going rogue on renting and management with no contacts / systems / no legal understanding of PA and Municipal landlord-tenant laws, not having trusted resources and contractors in place, using out of state lenders or shaky financing, throwing lipstick on a pig when renovating a house and wondering why it's ARV isn't increasing, tenants are renting, etc. Basically, just like any market, you can fail - but it can so easily be avoided when you have the resources and expertise needed to navigate it.

For Crime Rates in the City Proper see here: https://crimegrade.org/safest-places-in-scranton-pa/ Just like any city, it varies heavily street to street, but is overall a solid place to invest. Any of the surrounding municipalities in Lackawanna County are a solid place to invest and considered low-crime. I have a few places that I personally favor and some that I don't - but it all depends on what your goal and strategy is. 

I have resources, stats, contacts, and further info available on any of the above. I specialize in working with investors of all types in this market, invest myself, and 99% of my investors come from about 2-3 hours away and all do amazing and keep going. Reach out at anytime and I'll get back to you ASAP. 

Dan, who hurt you? 

I strongly disagree with the insight above about Scranton / Wilkes Barre market being overpriced for investors. I have dozens of investors still getting high cash flows and cap rates even in the current interest rate environment. I DO agree with the above comment regarding considering the surrounding neighborhoods. In Lackawanna county (Scranton area) for example, I always recomend looking in the surrounding neighborhoods of Scranton in addtion, as the rental rates are the same or higher, the turnover seems to be less, the taxes, trash fees, transfer tax etc are lower, and the neighborhoods seem more stable for appreciation. There's a lot of great stuff around here both in and outside of the city limits. The prices of the homes can also be higher. Every purchse needs to be made on a case by case basis, looking at everything from the area, current value (not to be confused with list price), future market value, income, expenses, et al. Don't give up. If you're looking to invest in my market, reach out anytime. 

Hi Ben! You're making the right choice in looking at Scranton and it's surrounding areas to invest in! I work with my investors in making sure that the location that they choose is stable, appreciating, and not a high-crime area. I know this market very well. Reach out to me this week directly via phone or email for help!

Hi Nico! I am a real estate broker who specializes specifically in investment properties in the Scranton market. I also operate a property management company solely for my investors. Contact me anytime! I'd love to help!

Hi Jeff! I specialize specifically in working with investors of all types in North East PA. Most of my clients are from NY / NJ and range from first-timers with small budgets all the way to multi-million dollar buyers. Definitely check out my profile and website for more information and I'll drop you a direct line too. Welcome to the jungle, it's addicting and so rewarding!