All Forum Posts by: Christopher Madden

Hello, I have analyzed many properties for my clients who like you are looking at air bnb. I can tell you the best I saw was about 90-100 days a year. I’m sure there are some that rent more often than that but that seemed to be the average for the well run properties. It’s also going to depend on where in the Pocono region you buy. There is a different market in Lake Harmony then there is in say pocono pines. Also look for public transportation many city residents take the bus in so proximity to public transportation as well as resorts Mt. Airy, Kalahari, lake harmony so on will all impact the occupancy of your air bnb. Good luck and if he have any other questions let me know.

Hey everyone, Mindy was kind enough to create a local forum for the Wilkes Barre Scranton area.  This was it will be easier for us to post and see what on the local level people are hopefully working together to help everyone in the area!

Chirs

@   Alex Bekeza    I have an unconventional app that i love.  Its a hunting app called Onxhunt but it is a typical GPS map that overlays tax data to give you name and address of owners.  So if your driving for dollars and you see a property that catches your eye, you simply open the app click on the property and it will give you a name and current tax address for the owner.  I have used this app many times to help me find information to contact owners and I have a great record actually getting in contact with absentee owners. I think it cost $30 or something like that for a year per state but it has certainly given me an edge.  

@ Adam Guiffrida I do agree about parking in the back, I also think the front needs some tlc as well to boost curb appeal.  I like your point on adding insulation in the 3rd floor as well.  I factored in 10% of monthly rents for maintenance and Cap EX.  I realize that might be a little low but I would figure in a rehab budget for up front costs if I did purchase it.  I am glad to hear it is a good neighborhood I went up to the street a few times and just parked and had a coffee and it seems like a solid place for an investment.  I also like that your property is located next door because it is very clean and well maintained. I hope your Reno's are going well.

@Adam Guiffrida Thanks for the insight. I just ran the numbers at $1200 a side and they look good and still work well.  The property went under contract and came out and I was told there was some work that needs to be done and I am wondering if $120,000 ish might be to high of a price to pay for a duplex.  Like @Marc Winter said he has been trying to rent it at $1400 and isn't having luck getting an acceptable candidate. At the end of the day I think my unfamiliarity with the Scranton Market is making me hesitate, and if you ran the numbers Adam why would you not move on it?  The numbers seem to work and the fact its still has yet to sell is weird because it seems to be in a decent part of scranton.  That street in Particular has a mix of both some very nice properties and some that need work.  Talking it out on the forums seem to help in the process and I appreciate you both taking the time. 

Adam,

     Thanks for the response yes it is Prescott.  I hear good things about what your doing around the area and your property on Prescott is beautiful.  That is my consensus is that even if I could get that amount to rent when I do get vacancies it will take a long time to rent due to the high rent and 6 beds per side.  I appreciate your help and insights.  When you say you have 2 student houses left that you will market in 2019 what do you mean by that? Properties you are working to to turn into student rentals? 

@Adam Guiffrida

Ashely how did Cozy work for you?  I am considering acquiring a few properties in the Scranton Market and I was wondering how you made out?

View report

*This link comes directly from our calculators, based on information input by the member who posted.

I saw the lease for the rented side and its $1500 for a 6BR/2Bath in Scranton I like you was in disbelief however there are not too many 6br in Lackawanna or Luzerne to get data from. 

I found a duplex in Scranton PA its 1930's 6 beds/2bath per side in a decent neighborhood close to schools hospitals ect and it listed for $139,000 I can get him to around $120,000. According to my calculations for the property including mortgage, taxes, insurance, Maintance, vacancy, Capex, Prop Mgmt are around $1740 per month and one side is already rented for $1500. If I can rent the other side for $1450 that cash flow $1,209 a month or $14,514 a year. That seems to be ridiculously good. It makes sense from a COC return, it would be a 10 Cap, the 2% rule check it just seems to good to be true. Knowing that I can only get him down to abound 87% of market value but the cash flow is very high for the area. Am I a fool for not jumping on this already or is there something that I may not know considering nobody else has jumped on this property already. Thanks for the input!