All Forum Posts by: Dan Marriggi

check zillow, craiglist for rentals in the area - call the owners and ask how the market is doing.

Place a ghost add and see the response

if you don't have a pool of potential renters - don't buy it.
That being said, I'm sure you could find a tenant if the monthly rent was the right price.
Also, are you familiar with this town ?

It will depend on the property and the price you paid for it.
Selling after 2-3 years is risky for cash flow - unless you get a killer deal when you buy. Why not get something , fix it and keep it ? You will be a wealthy person if you do this.

Welcome Christian - I'm currently in the Pittston area. 
Happy to help. Good luck with school.
D

Scranton/Wilkes-Barre no longer a bargain. Market is overpriced for the median income and interest rates too high to cash flow.
That being said, there are deals - one just needs to be smart

@Michael Totino - I have many investment properties in the area and I'm a native too.

Happy to help if you have questions.

Yes

Bank loan issues. 

you'll need to get a commercial loan with an llc generally speaking 

I have done it several times. 

You need to buy it at the right price.

Holding in an LLC will create issues with the refi and you'll need to find the right bank. Some will give artificially low appraisals .

Thanks for the NEPA real estate market synopsis @Marc Winter.

Unfortunately, there is a lot more to owning properties in the valley than what you describe.

I am a native Scrantonian. What I'm seeing is investors from out of state or out of the valley buying properties and becoming slum lords. This behavior only fuels the further decline of the valley and then creates more oversight/restrictions placed on investors from the local towns.

My point to anyone who wants to invest in these towns is this - do your own due diligence (we have mine shafts, mine subsidence, toxic waste dumps, polluted land and much more) , trust but verify and please do not invest here if you do not want to contribute the the improvement of the property you've invested in.

Remember, if it were easy .... anyone could do it