All Forum Posts by: Joseph Matarazzo

It is usually easier to do if you live in the house as a primary residence. However, in this case I am asking about a single family house which would be 100% for investment (me not living there). The difference is there would be multiple individual leases, not one lease. And yes, occupancy limits would be respected. 

Hello Bigger Pockets,

If you have a single family home in Scranton, PA can you rent out each of the bedrooms (house hack to rent by the room)? 

- This is an investment property, not a primary residence. 

- Are there any laws in Scranton which prohibits this? (If so, where can I find these laws to read them?) 

Example: Say I have a 4 bedroom, 2 bathroom single family home. I list each bedroom for rent individually with an individual lease for each bedroom. 

The first floor apartment is still in good condition. And they are all 3 bedroom 1 bathroom apartments. The first and second floor of equal square footage, and the third floor being slightly smaller square footage. So if I were to re-rent the first floor without renovating it, I could get 1700-1800, and renovated I could get 2100-2200. 

Would increasing by let's say $100 be fair? 

Hello BP community,

I have a 3 unit property.  The first floor has not been renovated, has a month to month tenant who has been there for years.  It is rented for 1350. The second floor is renovated and rents with a lease for 2100. The third floor is renovated and is rented with a lease for 1900. 

Last year I did not raise the rent on the first floor tenant due to covid and the tenant being a good tenant. 

My question is, how much would you raise the rent on the first floor tenant? There is no limit on how much rent can be raised in my area. I also know to value a tenant who pays and doesn't cause issues. But the comparable rents in the area are around 1800 to 2300. So I'm leaving a lot on the table at the current 1350. 

Any advice is welcome. 

Great advice! That is what I have been keeping tabs on as well. The appraised values have been lagging behind the sale values. Until now, or within a few weeks, I should have much better comps. There are other houses in the area which have spiked higher as well. 

Yes, I was unsure if the 5 family would be a comp, it would have been nice.  My property is very comparable in size, year, and quality to the House 2. I guess I just need to wait until the transaction is completed and the final sale price is available to compare to. Its been under contract for 3 weeks already, so hopefully this will be completed soon. 

I have a multifamily property (3 units) which I am considering refinancing. In the past, I have not refinanced because there were no good comps in my area to show the value of my property. Recently, two houses on my street went up for sale and are now under contract. Should I wait until these other two properties close completely before going for my appraisal? Or can I tell the appraiser that there are these two possible comps now? 

House 1: 5 units (10 bed, 5 bath) listed for 700,000

House 2: 3 units (8 bed 4 bath) listed for 640,000

My property: 3 units (9 bed, 3 bath). 

Any and all advice or feedback would be helpful here. I'd like to appraise soon, but want to make sure that comps like these are able to be used since they will help appraise my homes value at a higher level. 

I too am looking to get into the Scranton area to invest (I am from New Jersey). I'll be taking a drive out in a week or two so I can get a better understanding of the area. This information has been very helpful. 

As a fellow real estate investor doing buy and hold of 3 familys in NJ, may I ask what area you are in? 

Bob, this is a big tip that I did not know about, thank you for this insight. Since I would be living in the building, I assume I could be the property manager? I'll look into that form. 

What areas of queens should I theoretically stay away from, if any?