buying rental properties in Pennsylvania
Hi all I am looking to buy My first property for rent. I am new to real estate. I Live in jersey and the Prices seem to not be going down here and there is little to no inventory So I started to look at Pennsylvania. Pennsylvania specifically the Scranton area seems to have more options and the prices are better. looking to buy a multifamily for rent or even a flip depending on the numbers. Does anyone have any experiences with Pennsylvania? is it worth it? does anyone know about rental properties in that area? any advice on the matter would be great. open to any suggestions.
Most Popular Reply
Welcome Brandon - I have properties here in the wyoming valley.
I am a native to the area.
Scranton has many hoops to jump as an investor - esp. an out of the area investor.
One is you'd have to hire a property manager if you do not live in the city of Scranton or within 20 miles of the city.
Real estate taxes are high -that plus the current interest rate and ask prices makes cash flow an issue.
You can find "deals" but please do your due diligence.
Here is an example of a potential deal I am evaluating in the hill section of the city: 20 y/o, 2000 sq ft. 3b/3bath TH - Needs paint, new carpeting, and general wear and tear repairs after a 4 year tenant. Ask price off market: $250K, No HOA, rents approx: $1900-2100/month, RE taxes approx : 7400/year, Property insurance : $1200/year, Misc fees trash,rent registration etc : $400 / year
Evaluate this and let me know your thoughts.
I am a native to the area.
Scranton has many hoops to jump as an investor - esp. an out of the area investor.
One is you'd have to hire a property manager if you do not live in the city of Scranton or within 20 miles of the city.
Real estate taxes are high -that plus the current interest rate and ask prices makes cash flow an issue.
You can find "deals" but please do your due diligence.
Here is an example of a potential deal I am evaluating in the hill section of the city: 20 y/o, 2000 sq ft. 3b/3bath TH - Needs paint, new carpeting, and general wear and tear repairs after a 4 year tenant. Ask price off market: $250K, No HOA, rents approx: $1900-2100/month, RE taxes approx : 7400/year, Property insurance : $1200/year, Misc fees trash,rent registration etc : $400 / year
Evaluate this and let me know your thoughts.