Scranton PA Westside

[Joseph Nance]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Scranton.

Purchase price: $3,600
Cash invested: $54,000

Top floor 2 bedroom 1 bath
Bottom floor 3 bedroom 1 bath

What made you interested in investing in this type of deal?

I found it while searching auction sites

How did you find this deal and how did you negotiate it?

auction site

How did you finance this deal?

cash

How did you add value to the deal?

Fully renovated

What was the outcome?

Both units rented

Lessons learned? Challenges?

I learned that the scranton market is declining and the amount of money I have invested I will not be able to get my return on. I looked at refinancing the property but was unable to due to the fact the property only appraised for 32K. I need a stronger market in Scranton in order to refinance. The origination fees allow are 6K

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No