All Forum Posts by: Chris K.

I used to live in Luzerne/Lackawanna County and still do a good amount of work there. I'd classify the entire area as a classic 9 to 10 cap market. You won't get much natural appreciation. But many investors have found success there.

Note: The City of Scranton is probably the most difficult regarding local regulations. But it also tends to generate the highest rents among all municipalities in both counties.

Disclaimer: While I’m a licensed attorney, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

It looks like they're finally doing a county-wide reassessment. They've talked about this for years. Looks like they're now pulling the trigger.

https://www.wnep.com/article/news/local/lackawanna-county/la...

https://www.thetimes-tribune.com/2025/03/28/as-lackawanna-co...

The most important point to keep in mind is that higher assessments don't necessarily mean higher taxes. Many counties, like Lackawanna, have ridiculously low assessments because Pennsylvania's constitution includes the "Uniformity Clause." 

Over the years, this meant that counties couldn't easily reassess the value of real estate. So they instead decided to apply a flat multiplier. You pay taxes based on that. 

This reassessment aims to capture the fair market value of each property, removing the need for multipliers.

Another item to keep in mind is that Pennsylvania law prevents municipalities from using reassessments to raise total tax revenue. Individual property taxes might change. But overall revenue collected by the municipality must stay essentially neutral.

So, to your particular situation, I don't know if you will end up paying more taxes or not. You may want to talk to a lawyer to review them. But just because the total value is higher doesn't mean you will pay more taxes. 

Disclaimer: While I’m a licensed attorney, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

I also haven't seen the BP lease, so I can't comment.

I haven't reviewed the PAR lease recently, but it's generally fine. A few points:

1. PAR designed the lease to be balanced. Some landlords prefer a more "pro-landlord" form.

2. The PAR lease is meant to be used with other PAR forms. Make sure to get those forms and confirm their versions match. I've seen people mix up PAR forms all the time. 

3. The PAR lease covers many scenarios. That flexibility can make it less user-friendly since you have to fill out a lot of information. Again, I've seen people try to use the PAR forms and then forgot to fill out certain sections. 

4. One advantage is the lease was approved by the PA Attorney General as meeting "Plain English" requirements. That's a plus.

Disclaimer: While I’m a licensed attorney, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information. 

@Bate Ilondior

I would reach out to @Ronald Rohde. He's my recommendation for TX deals. :)  

Disclaimer: While I’m a licensed attorney, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

@Bate Ilondior

In what area are looking to invest in? That might help people get you referrals.

Disclaimer: While I’m a licensed attorney, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

@Brandon Morgan

Shoot me a DM. I have been out of the area for a while, but I know a lot of investors there. Happy to put you in touch. 

Disclaimer: While I’m a licensed attorney, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

@Brittney Yang

For the actual legal document, get an attorney. But you have a few different options. As @Benjamin Aaker mentioned, a personal loan might be a better option. You could form an LLC and have the operating agreement that allows your boss to require you to purchase his membership interest (or allow you to purchase his) in a given time frame. But might be overkill for this deal size.

Disclaimer: While I’m a licensed attorney, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

@John Lasher

I don't know your exact situation. But in my opinion, the biggest issue I see with folks jumping into their first "big" multifamily deal is the quality of the pro forma. Assuming you want to aim for syndication, you sort of need to learn how to develop a pro forma that ties the return to an IRR/XIRR.

I cannot say I ever did a mentoring/coaching program. But it might make sense to work with folks who can offer more focused guidance on filling the knowledge gap you have.

If you shoot me a DM, I can also ask around for more of 1:1 coaching opportunities. 

Disclaimer: While I’m a licensed attorney, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

@Diego L.

That's actually an interesting situation and a case where revocable trust may make sense. I would probably talk to an North Carolina attorney for this. Unfortunately, I don't have one in my mind. If you send me a DM, I can ask around my contact there to see if they have a recommendation.

Disclaimer: While I’m a licensed attorney, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

@Michael Plaks

Sorry if I wasn’t clear. My issue isn’t with the substance of your comments—it’s with your behavior. You accused other licensed professionals of giving "totally irresponsible and reckless advice" in a public forum. I don’t know what license you hold, but if I make a claim like that in a public forum against other lawyers, at minimum I am facing an ethics complaint. You can’t make an accusation like that and then walk it back by calling it a disagreement over a "customer service issue." That’s ridiculous.

And what has been accomplished? Based on his last post, @Samuel Kim now seems to think it’s pointless for him and his wife to explore this topic over posts made by professionals who barely know anything about his situation. The fact that he’s walking away from this thinking it’s a dead end is more irresponsible and reckless than anything anyone else has said. 

The only correct advice is, "Go talk to a professional."

Disclaimer: While I’m a licensed attorney, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.