All Forum Posts by: Erik Richards

The Government in Scranton and Lackawanna County can't get out of its own way. Is been like this for as long as anyone alive can remember. I don't think this area was effected by the 2008 crash because they are conservative. I believe they escaped it because they didn't realize it was 2008. They are still living in 1962 and JFK is the President.

I don't think Scranton expects a Federal Bailout anytime soon. The last major industry was coal until the mines flooded in 1959. Feds are anti-coal now so they won't support that. Any other large projects that come across the table get chased out by a few elite class that control the city and the county. The Universities and colleges are the only big employers in the city, and their salaries are weak compared to other cities like Allentown, Philly or NYC. 

When people talk about Scranton, they are generally referring to the valley cities. There are a lot of good cash flowing, low taxed and regulated areas in the valley cities. Expand your map a bit around Scranton and take a peak. There are a few areas outside the city that are more investor friendly along with Luzerne county which is showing promising growth in some areas.

There are a few REI Clubs in the area here. You can find them on the Meetup app. Someone there can probably lead you in the right direction.

Agents can be tuff! I have a family member that is a Real Estate Agent and she even blows me off when it comes to investment properties. 

 You might have better luck reaching out on here on BiggerPockets and craigslist looking for more wholesalers than real estate agents. 

Scranton is more than just sweet deals and cheap house. Make sure the #s really work well because there are all kinds of pitfalls and extra expenses in the city. Don't be scared at looking at surrounding areas of Scranton. 

@Adam Guiffrida you should consider writing a article covering all the wonderful details and what to look out for when investing in Scranton! It may be more like a book than an article though. = ) 

@Brian Stone I found the group on Meetup.com. All I think they want you to do is RSVP on the meetup page to attend. I plan on making that meet up and checking it out.  I am also a newbie at this game!

There is also another group that meets the 4th  Tuesday of the month at Brother's 2 Restaurant in Endicott NY. Meeting time starts at 6:00 pm. Contact Chris Stanis for details on that one. His link is below. 

https://www.biggerpockets.com/users/Chris_Stanis

There is a local investor Meetup Scheduled for July 13 at 7 pm just south of Scranton. You may get help finding what you are looking in Northeast PA Area. 

Iron Skillet Restaurant

98 Terminal Dr.

Avoca PA 18641

Terri Ames (full disclosure, she's my sister-in-law) is a local Agent out of the Clarks Summit area just north of Scranton. She could set you up with MLS Alerts for the properties you are looking for. You can find her at terriames.com

Its just one name that may be able to help or point you in the right direction. Shes been in the biz for a while and is a go get'r. 

I live a short distance north or Scranton. The main reason investors run for the hills when it comes to Scranton is the fact the local taxes and zoning are ridiculous! Every time there is a deficit or money issue in the city, they raise taxes on the few remaining contributing citizens. I believe the tax rate is 3.4%. For a population that doesn't make high incomes its a pretty big deal. They also have a privilege to work in Scranton tax. Not sure what the rate is on that but it really isn't an incentive to bring in new jobs or workers into the city. I just saw on the news they want to raise more taxes due to the School system being broke. 

 The biggest employer, I believe, is Scranton University which is basically owned by Louis Denaples and he pretty much owns the rest of Scranton and Lackawanna County. What he or is family doesn't own, he has in his pocket! 

They are basically giving homes away in Scranton just to get out. The MLS looks amazing but if your dig deeper you'll find the dirt in the City.

Last gripe about Scranton, the streets have so many potholes you think you are driving through downtown Ramadi after it the Marines were done with it! PA roads are bad but the City of Scranton tops them all! 

There are a few small cities in Lackawanna County that are quite a bit nicer and investor friendly. Dickson City is right outside of Scranton and is nice. The home prices are very reasonable and I know people who have rentals there and seem to be doing well even as novice investors. If you do a google search it will show a high crime rate but that is only due to retail theft at the Viewmont Mall and the surrounding business district.

 Archabald is nice little borough. I believe Valley View is the school district and people seem to like that school. My wife is from this area and owns a business close to there. 

Peckville is nice but the Mid Valley School District has pretty low ratings. 

Clarks Summit and the Abingtons are very nice areas. They have the best schools in Lackawanna and will demand higher prices from sales and rents. 

Carbondale is a another town East of Scranton and in Lackawanna County to stay out of. The house are dirt cheap in any condition but the resale value is way to low to make a good percentage on flips You could buy and hold but he caliber or tenants are only going to bring low rents and the value of homes has not increased in as long as I can remember. 

I hope this helps and gives a very quick and a little "boots on the ground" look at Lackawanna County. 

@Christopher Stanis, Thank you for the welcome. I am very interested in meeting up with your group. I will put it in my calendar. 

Thanks @Chris K., I will keep certainly keep in touch! 

Thank you @Paul Timmins, I am reading J Scott's book on flipping houses now and his rehab book is on the shelf waiting to get read once I am finished with that! I will definitly download the new BP book! Thanks for the link and the advice! 

Thank you everyone for the encouragement and advice!

 Thanks @Patrick Liska for the recommendation! I appreciate it!