Looking to invest in wilkes-barre PA

[Eli K.]

I live in far like an hour from wilkes-barre , and i have a house that worth approximately 120,000 $ i am looking forward to sell it and invest in multi family homes in wilkes-barre pa and live there , do you have any advice for me ? are there big differences between the NY and PA laws in real estate? And i want to manage my properties by myself to get a higher cashflow , i did some research and i think i will be fine :)

[Chris K.]

@Eli K.

As a Pennsylvania lawyer that also did some real estate work in New York, I find some parts of NY law to be crazy. But I'm sure NY lawyers feel the same way about our laws. :) 

I think PA law is fine for investors and landlords. You'll face some learning curve but nothing too crazy. 

When investing in Wilkes-Barre, just note that there are a lot of uncertainties right now with the flood insurance situation. The rates are increasing at a rapid rate and many areas in Wilkes-Barre (and surrounding areas) are prime flood areas. So if you are not careful, you can face paying some massive rates for flood insurance. Some suburbs in much better condition.  

http://timesleader.com/news/local/674007/private-c...

Disclaimer: While I’m an attorney licensed to practice in PA, 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 as legal advice. Always consult with your attorney before you rely on the above information.