Multi Family in Dunmore, PA

[John Tomassacci]

I want to start investing in Dunmore, PA.  Any advice is greatly appreciated.  Looking for advice on good areas and areas to stay away from.  Thank You in advance.

[Jaycee Greene]

Hey @John Tomassacci! What is your price range (or down payment range) and are you looking for turn-key properties or something along the lines of a "fixer upper"?

[Chris K.]

@John Tomassacci

Are you literally just looking in Dunmore? Or surrounding areas as well? 

Disclaimer: While I’m a licensed attorney, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

[Bryan Stengel]

Hi John, I actually do invest in the Scranton area in the Greenridge corners close by Marywood University.  The cash flow has been pretty good once full.  Vacancy takes about 30 to 45 days for me to fill.  They don't appreciate fast like a single-family home might in this area.  I have a mix of students and families.  Turnover hasn't been too often either.  As long as you do right by your tenants, you'll be in good shape.  Dunmore is excellent too.  You can't go wrong in this area.  There is a lot of upside and the future looks good too.

[John Tomassacci]

Hi Brian,

Appreciate your response.  I own multifamily in Great Bend and Halsted PA.  I've been looking in the Scranton/Dunmore area for about 2 years but the cash flow doesn't seem to be there.  I'm about ready to retire so I'm not looking to compete in a bidding war, mainly looking for a fair deal that I can rehab or a turnkey with some cash flow.  Have a great day.  

[John Tomassacci]

Quote from @Jaycee Greene:

Hey @John Tomassacci! What is your price range (or down payment range) and are you looking for turn-key properties or something along the lines of a "fixer upper"?

 Hi Jaycee,

Apreciate your response.  For a 2 unit I'd like something around $200K, will go higher for more units.  The down payment isn't a problem.  A fixer is generally where I buy but I'd buy turnkey if the cash flow is there.

[John Tomassacci]

Quote from @John Tomassacci:

Hi Brian,

Appreciate your response.  I own multifamily in Great Bend and Halsted PA.  I've been looking in the Scranton/Dunmore area for about 2 years but the cash flow doesn't seem to be there.  I'm about ready to retire so I'm not looking to compete in a bidding war, mainly looking for a fair deal that I can rehab or a turnkey with some cash flow.  Have a great day.  

 Also maybe I'm being too cautious, you are finding deals.

[John Tomassacci]

Quote from @Chris K.:

@John Tomassacci

Are you literally just looking in Dunmore? Or surrounding areas as well? 

Disclaimer: While I’m a licensed attorney, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

 Hi Chris, Thanks for the response.  I've been looking in the Scranton/Dunmore area for about 2 years but see a lot popping up in Dunmore recently.

[Jaycee Greene]

Quote from @John Tomassacci:

Quote from @Jaycee Greene:

Hey @John Tomassacci! What is your price range (or down payment range) and are you looking for turn-key properties or something along the lines of a "fixer upper"?

 Hi Jaycee,

Apreciate your response.  For a 2 unit I'd like something around $200K, will go higher for more units.  The down payment isn't a problem.  A fixer is generally where I buy but I'd buy turnkey if the cash flow is there.

What about something like this: https://www.realtor.com/realestateandhomes-detail/120-Sand-S...? The 1BR rent looks very low and it says it's turnkey (might need some cosmetic things before bringing in a new tenant). Depending on your estimate of the ARV and the ability to raise the rent on the 1BR, this looks like a "lendable" deal, IMO.

[Bryan Stengel]

Quote from @John Tomassacci:

Hi Brian,

Appreciate your response.  I own multifamily in Great Bend and Halsted PA.  I've been looking in the Scranton/Dunmore area for about 2 years but the cash flow doesn't seem to be there.  I'm about ready to retire so I'm not looking to compete in a bidding war, mainly looking for a fair deal that I can rehab or a turnkey with some cash flow.  Have a great day.  

 Hi John,

Of course!  How much cash flow are you looking for?  I am pulling in between $500 to $1,000 from mine each month even at a high interest rate with about 25% down for each.  They were both turnkey at the time of purchase too. 

[John Tomassacci]

Brian, I shoot for $100-200 per door in the first year. Are you buying off the MLS?