All Forum Posts by: Solongo Otgon

Hi everyone -

I am looking for more info about Northeast Pa areas. I have been scouring the forums on these areas and wanted to ask the following question to get an idea for these areas:

1. Scranton/Wilkes Barre - working class, C+ neighborhoods with strong rental demand. But there were few people in the forums that warned against very old properties which will cut into repair and maintenance costs. Are houses and multis in these areas generally very outdated? Do investors do full rehabs or gut jobs just to get it up to top rent prices or are these rent prices set by the local market regardless of the condition of the property?

2. If rents can't be raised after rehabs; wouldn't it be difficult to resell the rental property after holding it?

3. Are single family homes mainly managed by large PM management companies or do investors have to find their personal pms for these units? I am out of NYC so I understand having a solid pm will be crucial.  If I like the areas and get multiples properties then perhaps it makes sense to have one pm manage all the properties.

4. I checked the local mls and see a lot of outdated multi units that seems to have pm in place; but how streamlined are these pms? As in communication, rental collection systems, etc?

5. Lastly, how do SFH and Multi Units differ in these areas? Are SFH more rentable in these areas or multi units are favored by the local residents?

Any info on these are greatly appreciated. I am looking for do my first deal out of state for buy and hold cash flow and my budget is around 100k all cash. I am currently working on my strategy so I can continue to grow even after my first deal. Thanks

Thanks everyone :)

Just got back from the Brooklyn foreclosure auctions and it was pretty much how i expected it to go. Out of almost 20 properties only 8 were called in for bids and 6 got offers and the other two did not meet bank reserves. Decent turnout but it was obvious very few were there to bid and get something and lot of spectators; including me. It does seem counterintuitive to wait for properties to go on auction and some of them don't even make it for one or other reason. But it was a good experience to see how the bids go and how far the bids were going. One 2 family had a starting bid of 250 k and bid went up to 505k and the property is located in bushwick. The property was valued at 700k as of this year.

The numbers are definitely up there.

I plan on scoping out jersey city, syracuse and philly areas for potential cash deals on 4 units or more. I might check out the bronx auctions as there seems to be more inventory than brooklyn but again looking for deals through foreclosure and auctions is not a guaranteed thing and can waste time.

Hi everyone-

I am a new investor starting out and looking to invest in multi units in Bronx, Brooklyn and Staten Island. I know NYC market is tough to get into but I am considering live auctions and foreclosures to start. Looking to network with agents and other investors who are also looking into NYC. I am going to my first live auction this week and hopefully that will give a good indication of the true sharks swimming in NYC markets. I am also open to the tri state area markets but I don't know too much about them yet. I am more interested in generating cash flow in B and C neighborhoods so I am looking into buy and hold strategy as of now. Hope to be part of this community for a long time!

Sol