All Forum Posts by: Nicholas Weckstein

I came across this and am curious if maybe the way I do it is wrong. I put the money into a separate savings account designated only for security deposits. I hold them their and when it comes to a tenant move out I refund the amount as long as no issues are found. I'm great with handling money so I don't find it a problem. My question....why not do that ? Is it against the law ? I've not seen anything that says it has to be in escrow. Just in a separate account.

@chris K (can't tag you for some reason) Yes I have high hopes for both areas. It's amazing how many bad things you read about these places. So many go as far as saying it's the next Detroit. It's a dying city. When I go to both I see so much big business and so much life. I agree in the close community aspect. I'm actually having MAJOR issues with my property manager and am firing them and will end up in court over the matter. Last time I let anyone manage my properties.

Bryan Zayac thanks for the input. Personally I like downtown Wilkes barre better than Scranton's downtown. Just the feel of it. But what scares me in both places is the government issues with funding and in scared of both areas just tanking. I feel safer being just outside of Wilkes barre or Scranton. You see higher property value and cheaper taxes.

Matt Jennissen great show lol. In my opinion their is more renters than owners. Any given street you will see so many houses that are multi family. Great place for cash flow. Property values are very low. Which is good for buying in cheap. But I don't it'll ever really sky rocket in price. What scares me is that if they keep going down that area will be in a lot of trouble.

I'm curious to hear opinions on Wilkes barre and Scranton. More specifically which city you think is better, has a better chance of doing better in the future. I own a 3 unit in Hanover township 10 min from downtown Wilkes barre. My agent tells me Wilkes barre is a bad city. High crime rate etc. But when I look with my own eyes. Wilkes barre's down town is much nicer than Scranton's. I've looked at the economic statistics on both but I've read so much bad about Scranton. And equally as much bad about Wilkes barre. And I'm the same note I've also read so many promising things about both cities I'm hoping to start a bit of a debate Opinions ?

Andrew Hartley I myself am looking to pick up a duplex that also has asbestos siding in PA. Ironic I have read that asbestos siding is probably the best and longest lasting siding ever made. And as long as not damaged is safe. I have hang ups about it as well and am curious if it is worth the buy. I've read it's quite pricey to remove

I invest in the Wilkes barre Scranton area of Pennsylvania. Their is good cash flow to be had. Properties you can acquire between 40-150k ranging from single family up to 4units. I have a triplex that I cash flow 750 a month on and I pay a property manager. People say so many bad things about the area but don't go look for themselves. I see Tons of big business, a handful of colleges and more. I'm not expecting to see any appreciation any time soon but right now I'm cash flowing and my house is being paid for by tenants. Can't complain

I'm currently in the process of finding a deal to do my first flip. I'm working with an agent whom I trust and as of now we are in the process of finding the right property. My question is to other investors/flippers is, how do you find comps ? For example. Let's say my agent presents me with a house for 50k. Next thing I would want to do is find out what homes in that area are going for right ? Okay well I've been using Zillow. I'm aware that the Zestimate can often not be trusted. But when putting on the filter for "recently sold" and looking in and around that area. Can that be trusted as accurate ? If the house is on market for example 50k and recently sold homes in the area, that are similar to this one are selling for 100k....would that be accurate information ?

Robert Pole I used a guy by the name of Reo who owns distinguished property inspections. Did my house that's just outside of Wilkes barre.

Hello friends on bigger pockets. I'm looking to do my first house flip. I primarily invest in the Wilkes barre/Scranton area, but I'm open to anywhere in eastern Pennsylvania. So I'm curious if I should attempt to use a wholesaler, or if I should find the property myself, use an agent Etc. This would be my first flip and I'm sure it will not go or be perfect but I'm ready to "fail" (I hope not) forward. Any advice from anyone would be greatly appreciated. Any recommendations on good GC's, what platforms to look for a potentiometer house to flip would be greatly appreciated. I've been looking on Zillow and sites like it and have found a few houses that I'm interested in but I'm aware of the un-reliable nature of some of those type of sites.