All Forum Posts by: Adam Guiffrida

Phil,

My buddy John McGovern is great at the real estate transactions and the LLCs. He works with another title company hand and hand in the same office. He does all my companies and most of my deals

For property managers, try Kolatis Enterprises which is Phil Kolatis and or LandMark Management. Phil is a great guy, not too familiar about Lankmark but I see them around a lot.

Tell them Adam Guiffrida sent you.

Good Luck,

More pictures of 413/515 New York Street. Leased with all long term tenants!

@Louis Roggeman

Are you still looking for a realtor?

I wanted to refer you out to a friend of mine, he can make the deal direct without the realtor. Try Darell Yardborough at five seven zero eight four zero three five zero nine. He rehabs singles, duplexes, and small multi-families. Darell has been working in Scranton for a ton of years and knows the ins and outs. He is a licensed contractor who gets inside deals and usually does full gut renovations. And I know for a fact that his prices are very reasonable. Hope this helps. 

 Are you still looking for a realtor?

I wanted to refer you out to a friend of mine, he can make the deal direct without the realtor. Try Darell Yardborough at five seven zero eight four zero three five zero nine. He rehabs singles, duplexes, and small multi-families. Darell has been working in Scranton for a ton of years and knows the ins and outs. He is a licensed contractor who gets inside deals and usually does full gut renovations. And I know for a fact that his prices are very reasonable. Hope this helps. 

Quiet Green Ridge neighborhood with updates:

Roof 10yrs old (tear off)

Replacement windows 15yrs old

Electrical updated 20 years ago

Painted 5 years ago

4 car garage/Automatic door, with alley access

***Property is 1 mile from Marywood University and .5 mile from The Commonwealth Medical College***

413 Side - New York Street

4 bedrooms – 1 Bath – Living Room, Dining Room Eat in Kitchen that opens up to a sun-room.

Finished attic

Back Deck (Stained last summer)

Private fenced in back yard

Wall to Wall carpet (2yrs old)

Washer/Dryer Hookup

Gas Steam heat – Furnace (13yrs old)

Water Heater is 1 year old

415 Side - New York Street

3 bedrooms – 1 bath - Living room, dining room, updated eat in kitchen.

Partially finished attic

Covered back patio and fenced in yard

Gas steam heat – Furnace is 19yrs old

Water heater is 6 months old

TOTAL MONTHLY RENT: Current rental income taking in $1,850 monthly.

TOTAL TAXES = $3,000

I'm a strong believer in Scranton. Market has been rough for a few years. But this is the time to buy. At this point, prices are good and the rental market is strong. My goal is to buy as many more units as possible at the low prices, I figure three years until the market stabilizes and 5 years to start inclining significantly. The other day I had sent over a message with a name and number for a friend who does gut rehabs in Scranton. His prices are low and it makes sense to get them now cheap when they are all completed.

Good luck with your search

@Nicholas Weckstein

 Scranton has one of the highest transfer tax rates in the country. It is 4.4%. Traditionally the buyer and seller split that.

In addition, property taxes are very high. I would guess that on a $145k house they are about $3500.

Other than that, the closing costs should be standard. Title insurance is regulated by Pennsylvania and it is proportional to the amount of the deal.

I would highly advise buying the property in an LLC. it has great liability protection and tax benefits. Plus it is filed directly on your personal tax return as long as you are the sole owner.

I recommend starting with 4 units. It is an optimal amount of units to start with.

@Nicholas Weckstein, I just sent over 2 residential and 2 commercial lenders as a message. This ridiculous site will not allow me to post phone numbers

residential or commercial money?