BiggerPockets

Erie is cheap...

Monday, April 06

(I should be in bed right now, first of all. I suppose this is not a great way to start blogging as a newbie!)

Erie is cheap, if you're looking for inexpensive properties to purchase and rent or flip. The rent population here is incredibly high, with three PA universities (Gannon, Mercyhurst and Penn State-Behrend) in town and the simple fact that Erie folks just don't buy.

To give you a feel, here is a link to an up-to-date, non-congested real estate site for Erie:  http://www.realestateerie.com/

I'm not native to Erie and certainly don't plan to live here forever, either, but it seems like a good place to get some practice. A friend purchased a property for $50K - it is a total gut job but once finished he can expect $80K with ease.

I live near downtown, and properties in my area sell for $50-60K on average. There is NO condominium market here at all since the property values are so low - no sense in building condos that sell for, what - $30K?

We could, however, use some perspective and personality so this my desperate plea for normal people to come and populate this place! 

Cheers.

Comments

1. 

   Jim Winn Reply
   about 2 years ago

   I agree. I find great deals in Erie all the time. Just bought a property for 70k and leveraged 410k out of it! I love ERIE!

2. 

   Norm Chrostowski Reply
   about 2 years ago

   Paid 50k. Total gut job? Whats the cost of that? Has to be 25-30k depending right? He can get 80k after the gut job? With closing cost, holding cost, realtor cost, etc...He would be losing money...No? No offense, but it sounds like he paid too much? Am I missing something? Doesn't sound like that great of a deal.

Post a Comment

Your Name:
Your Email:
	Subscribe to comments?