Lehigh Valley, PA Investing

[Mary Ciccarelli]

Thoughts on investing in Allentown, Bethlehem and Easton, PA in this market?

I’m trying to break into the market with my first deal but this area is really competitive right now (as is the whole housing market), especially for a Rookie. So, stick it out or are there less competitive surrounding areas that are still good areas to invest in?

[Gary York]

We have been very active in the Lehigh Valley and have obtained 8 multi-unit properties over the past 6-7 mos.  We go in with zero contingencies and often times had to pay over asking with an escalator clause.  In each case the rents we obtained have exceeded our estimates that we built into our forecasts.