Why North East Pennsylvania?
You may have heard about real estate in Northeast Pennsylvania (NEPA).
The greater Scranton area, and the dozen or so smaller towns around it have great investment and cash-flow potential. The market ranges from A to C- areas and is comprised of single-family to four-plex properties in general.
Price points are much lower than on the east or west coasts, however rents are proportionally much higher, leading to positive cash-flow. Example: in NYC, say in Queens, an average 2-family brick house in a C+ neighborhood will cost $800K to $1M. However, the rent for a 3-bedroom apartment is about $2.5K to $3,500. That’s about $7k/mo income total.
In and around Scranton, 2-family houses in a C+ area are in the $80--$100K range. Rents for a 3-bedroom apartment are $800--$900. That’s $1,600/mo+. The numbers speak for themselves. To make the same rate of return, the NYC property would have to generate $16k/month. Keep in mind, however, in our area it’s not an ‘appreciation’ play like in NYC or LA—it’s a cash-flow, income-producing play.
A little about who we are and what we do to help fellow investors:
As an Associate Broker (PA #AB066729) and co-founder of Landmark Management Services, Inc. we manage over 300 doors, and we have been at our location at 240 Colfax Ave., Scranton PA 18510 over 12 years.
Since 1980 I have been an active real estate broker and investor and completed dozens of ‘flips’ and BRRR's. As a licensed contractor for about 40 years, when I’m dealing with contractors and workers in the field they know they are not doing any work I have not done myself. That helps keep the work up to code, and the pricing in line with the area.
Landmark’s services include helping investors locate and acquire income property and full-service property management: rehab, maintenance, emergency calls, rent collection, vetting and placement of new tenants, complying with city ordinance and registration requirements. (Yes, we can handle evictions if/when necessary). We have solid relationships with contractors in every specialty field, and handypersons for smaller service-call work--we don’t need a licensed plumber to unclog a kitchen sink.
Ours is a simple business, but ‘simple’ does not mean ‘easy’. The goal is to provide a safe/healthy/clean living space to qualified tenants, AND to ensure the tenants live up to their side of the equation: pay the rent! Our management style could be described as “firm but fair”. We have a full-time staff of five great team members who keep things running smoothly, even with the ‘hiccups’ that inevitably will happen—that’s all part of the business.
Landmark Management manages all types and sizes of residential real estate in Lackawanna, Luzerne, and Monroe counties. We are licensed real estate brokers and investors ourselves, so we understand the business from the inside out. We provide high tech, high touch service.
Interested in discussing the possibilities? Ping me at marc@LandmarkMgmtServices.com, so we can set up a time to speak.
Keep investing and moving forward!