All Forum Posts by: Adam Guiffrida

call John McGovern ESQ. He has been doing my work for over 12 years. Excellent attorney and also does title work in house.

I appreciate the kind words @Chris K.

@Nicholas Weckstein

Wilkes Barre is too scattered. Central downtown is developing well but the outskirts are a mess. You have mostly small Colleges in the area. Downtown apartments will saturate soon.

Scranton is the play, prices are moving quickly. Rental market is amazing. The infrastructure in Scranton is set up like a grid, its designed well. Massive hospital and University expansions recently more planned.

Everyone is scared of high taxes, but they are pretty much at the threshold now. If you know the taxes beforehand, you can fit them into your budgets. The City's distress should be coming to an end as the new Mayor coming in will be very pro-growth. 

Just be careful with condemnation properties, they are dangerous. The City's Licensing department is brutal but that is coming to an end as well. I have a class action lawsuit against Scranton for its illegal rental registration fees and its illegal garbage fees so don't pay any of them.

As they say, "Buy low, Sell high." Now is the time to buy. I've been in the game for a while and have completely seen Scranton's market turning very quickly.

Good Luck

@Nicholas Weckstein

@Bryan Zayac, I am pretty sure I know the building you are talking about. Prescott Avenue?

I was in it about a year ago. The previous owner was a gypsy, they did shotty work inside the main house. Most of it will have to be re-done. $1100 is a high estimate for rent. To my memory, most of the buildings were electric heat so it gets expensive for tenants to afford heating bills in the winter. This will cause high turnover. My advice is to install gas Rinnai wall heaters. Very efficient and will cut heating bills in half.

I also remember the floors being sloped significantly. Jack them up slow. Level them with very watered down thin set, then lay new flooring.

One building has roof buckling, check out those roof joists, most likely there is damage, but the roofs are not big so it should not be a major issue. I would use it as a negotiation tactic.

Dunmore is a great town, very stable. My offer would be $70-80k. We are real estate investors, so don't worry about hurting anyone's feelings.

Good luck!

I am an active investor in the Scranton market. Prices are on their way back up. Highly recommend Josh Reilly. He is a realtor at Keller Williams.

@Rod Smith, I sued the city for rental registration fees and won a class action. For at least another few months the rental registration program is shut down. The new ordinance requires $50 per unit per year and no inspections. But I'm pretty sure one SFR is not required to get licensed. You should have no issues renting it out.

David, let me know if you have interest in a multi-family portfolio. I have student housing near University of Scranton and renovated multi-families in Scranton's Hill Section which caters towards young professionals. 

I should be at at least around a minimum of 12-13 cap

Erika,  I want to thank you for replying to the post so quick. Unfortunately at this point we are looking for someone in the vicinity of Scranton. I would like to hold the bookkeeping and accounting position into a property management position in the near future.

I wish you great luck in your endeavors.

Adam

Self-managing 140 Units in Scranton, PA, area. It is getting too burdensome. I recently implemented Propertyware management software and it has been incredible. Looking for someone to do data entry for receipts and bills. In addition, they need to reconcile and take care of books.

Eventually would like to transition someone slowly into property management.

Flexible hours and opportunity to work from home.

Very seasoned investor looking to purchase distressed or wholesale properties in the Scranton, Dunmore, and Jermyn area of Pennsylvania. Financing is not an issue.