All Forum Posts by: Brandon Morgan

hi all. I am new to real estate. I just bought my first duplex near Scranton with an FHA loan. I am currently looking for renters, its only been one month so I am not worried and the property is in good condition. I noticed there are a few single families and foreclosed homes in that area as well. I am wondering if it is a good idea to invest in one of these foreclosed homes or old single families. the prices there are actually extremely cheap compared to where I live in new jersey. my overall plan is to own multiple rental properties. what do you think on buying foreclosed homes or single families for investments near the Scranton area. I am open to any advice or suggestions to anyone familiar with this area.

0 Votes

Wilkes Barre Scranton, Pennsylvania

Quote from @Kevin Sobilo:

@Brandon Morgan, most municipalities in this area have a rental ordinance that requires a local property manager. So, keep in mind that depending on how they enforce that you may need someone local when you have your units registered and inspected with the municipality.

hmmm okay will keep that in mind.

0 Votes

Wilkes Barre Scranton, Pennsylvania

hi all. I just bought my first investment property near Scranton. it was a pretty good deal compared to the prices I normally see in jersey. I bought a duplex, move in condition, Newley renovated. This is my first time investing in real estate and being a land lord. I live 2 hours away from the property. Anything I should keep in mind for managing a rental property out of state? any tips or advice is welcome and if anyone has any info on the Scranton area that would be great too.

0 Votes

Wilkes Barre Scranton, Pennsylvania

Hi all, I am new to Real state investing and Live in the NY/NJ Area. things are super expensive. I was originally looking to buy a Multifamily but that seems to be impossible due to prices and inventory. I now started looking at single families so that I may possibly rent out the rooms. does anyone have any experience with renting out rooms? any legal issues I should know about? I am open to any advise on the matter.

1 Vote

Jersey City, New Jersey

Quote from @Scott Schnabel:

You need good "boots on the ground". Build a team of people to help; an agent who isn't trying to talk you into every opportunity and knows how to analyze a deal; a lender who offers you all the possibilities; an inspection company that can get things done quickly; finally a property management company that comes with good referrals.

good strategy.

0 Votes

Fort Lauderdale, Florida

Quote from @Nadiyah M.:

Quote from @Brandon Morgan:

Quote from @Nadiyah M.:

I live in NJ and primarily invest out of state. Over the years, I have built local teams ( agents, contractors, property management, inspectors) that serve as my eyes and ears. I conduct virtual tours and rely on their expertise when making offer and rehabbing. It can absolutely be done.

where out of state have you went? I recently started looking at Pennsylvania.

I invest in PA, MI, and TX.

Oh tell me about PA its not too far from where I live, about over an hour so I can definitely invest there. so far Ive been looking at the Scranton area.

0 Votes

Fort Lauderdale, Florida

Quote from @Nicholas L.:

@Brandon Morgan

stay closer to home - you have markets within a couple of hours that are lower cost

no reason to try in FL, OH - very risky without the right team in place

I am thinking about trying Pennsylvania since its not too far away. do you know about Pennsylvania? the prices seem to be way better than jersey.

0 Votes

Fort Lauderdale, Florida

Quote from @Nadiyah M.:

where out of state have you went? I recently started looking at Pennsylvania.

0 Votes

Fort Lauderdale, Florida

Quote from @Tanner Lewis:

I've done quite a few deals in Pennsylvania. Many of them have worked pretty well as rural STRs, I have also seen a few LTRs, but honestly not a lot of flips. The BRRRR strategy works pretty well in some PA submarkets.

Since that part of PA is over an hour from me I was thinking more Long Term Rentals for my strategy. but at this point whatever works best and I can find a good deal.

0 Votes

Wilkes Barre Scranton, Pennsylvania

Quote from @Dan Marriggi:

Welcome Brandon - I have properties here in the wyoming valley.
I am a native to the area.
Scranton has many hoops to jump as an investor - esp. an out of the area investor.
One is you'd have to hire a property manager if you do not live in the city of Scranton or within 20 miles of the city.

Real estate taxes are high -that plus the current interest rate and ask prices makes cash flow an issue.

You can find "deals" but please do your due diligence.
Here is an example of a potential deal I am evaluating in the hill section of the city: 20 y/o, 2000 sq ft. 3b/3bath TH - Needs paint, new carpeting, and general wear and tear repairs after a 4 year tenant. Ask price off market: $250K, No HOA, rents approx: $1900-2100/month, RE taxes approx : 7400/year, Property insurance : $1200/year, Misc fees trash,rent registration etc : $400 / year
Evaluate this and let me know your thoughts.

I mean based on what I've seen it still seems a lot better than what I've been seeing in New jersey. I wouldn't be able to get something like that for anything less than 500k here.

0 Votes

Wilkes Barre Scranton, Pennsylvania

All Forum Posts by: Brandon Morgan

Brandon Morgan has started 39 posts and replied 109 times.

Post: buying foreclosed homes

Post: first time rental property. advice?

Post: first time rental property. advice?

Post: renting out rooms

Post: investing out of state

Post: investing out of state

Post: investing out of state

Post: investing out of state

Post: buying rental properties in Pennsylvania

Post: buying rental properties in Pennsylvania