All Forum Posts by: Abraham Berkowitz

Hi Abraham, I have definitely had some success. I did my first long-term holds in Scranton after much research and have enjoyed a steady cash flow. I am currently invested close the Marywood University where I do have a combination of family and student tenants. I would say it's been a learning experience so far.

@Bryan Stengel I am really happy for your success brother, let's share information to each other. Good luck.

0 Votes

Wilkes Barre Scranton, Pennsylvania

@Tanarat Bunchom

On my flips, I just got started in the Scranton area, and I don't have the experience, but I could see that the North Scranton area like Greenridge, and the surrounding areas like Taylor, Dunmore, Old Forge, Olyphant, ect are definitely desireble areas, for instance in Taylor I am finishing now a flip, and people are keeping to ask me if I wanna sell it before it's even on the market.

And my rentals there are cash flowing nice, but it's taking some time to getting it occupied, and I also found out that I need to make sure that the tenant is paying for the water, because the water bills are really high over there.

I will keep you all posted along my journey, and I hope I could help you friends. Good luck

0 Votes

Wilkes Barre Scranton, Pennsylvania

Quote from @Robert B.:

I looked at properties in those areas, as well as farther south in Lansford and Nesquehoning. Scranton seemed to slightly cash flow but the rent in those other areas did not seem to support the investment.

Thank you Robert for your information, it's nice to hear that you didn't had a bad experience with Scranton.

0 Votes

Wilkes Barre Scranton, Pennsylvania

Hi dear friends!

I started investing in rental properties in the Scranton area around 6 months ago, and I also just started doing Fix & Flips in the surrounding areas Olyphant, and Taylor, Old Forge.

and I would love to ask if you are doing in this area please share your success stories in that area, I am really curious if people have seen success in this cheap market, and let's help each other with info, I would love to hear from you, and help you with the knowledge that I gathered in this 6 months.

Thank you I would love to hear from you.

1 Vote

Wilkes Barre Scranton, Pennsylvania

Quote from @Nick Belsky:

@Abraham Berkowitz

Typically, lenders will allow you to take several draws, not only one. That is abnormal. While some do impose limitations, they usually allow more than enough to complete the job. Many lenders will also allows draws based on invoicing versus reimbursement, meaning you don't have to fund it out of pocket first, then reimburse yourself. Simply provide the invoice when requesting the draw and then the process will go through so you can pay the contractor from the draw versus your pocket. Most draw processes only take 2-5 days, sometimes faster, so your contractor would have to be willing to wait a few days once they invoice you, but many of my client's prefer lenders who do draws like this.

Cheers!

Thank you @Nick Belsky for your massive info, I am glad that there’s out there more flexible lenders, and I will be looking for the best ones.

1 Vote

Wilkes Barre Scranton, Pennsylvania

Quote from @Robin Simon:

Quote from @Abraham Berkowitz:

Hi dear friend's!

I am doing BRRRRs and fix & flips in the Scranton PA area, and I started using hard money, and I don't like the part of the construction loan that the company that I am using is giving me a really hard time getting the construction money, they are only giving me when the construction is totally complete, and in the mean time I need to fund it from my pocket, and this is going on even after I did with them a lot of deals, they are not getting more flexible with me.

I would like to know if some of you invesers have had a more flexible lender I should be able to do more flips at once?

Hi - yes, plenty of lenders on here that can help with that - you are likely going to want to use a private direct lenderthat does both hard money and DSCR Loans (so can cover in house both the loan for the purchase/reno and then the refinance if you are doing BRRRR)

Also sharing an article published here on BP last year on this topic which should help as well!

https://www.biggerpockets.com/blog/brrrr-loans-what-are-the-...

Thank you @Robin Simon, for your info and for your sharing that article, it’s really appreciated.

1 Vote

Wilkes Barre Scranton, Pennsylvania

Hi dear friend's!

I would like to know if some of you invesers have had a more flexible lender I should be able to do more flips at once?

1 Vote

Wilkes Barre Scranton, Pennsylvania

I just went in to contract on my first fix & flip in Scranton Pennsylvania, and I am looking for straragies how to avoid paying big taxes for the capital gains, (beside of deducting of the expances).

I heard that if I am buying a property through an LLC and then I am selling the LLC not only the house that could help, but I am not sure how to do it or it's really working, could someone with experience help? Thank you so much.

2 Votes

Wilkes Barre Scranton, Pennsylvania

All Forum Posts by: Abraham Berkowitz

Abraham Berkowitz has started 4 posts and replied 12 times.

Post: Fix & Flip and BRRR in the Scranton area

Post: Fix & Flip and BRRR in the Scranton area

Post: Fix & Flip and BRRR in the Scranton area

Post: Fix & Flip and BRRR in the Scranton area

Post: Fix & Flip and BRRR in the Scranton area

Post: Fix & Flip and BRRR in the Scranton area

Post: I am looking for the most flexible lender for BRRRR and fix & flip

Post: I am looking for the most flexible lender for BRRRR and fix & flip

Post: I am looking for the most flexible lender for BRRRR and fix & flip

Post: How could I avoid paying a lot of tax on capital gains through a fix & flip?