Buying first investment property

6 Replies

I have 50k to use for an investment property. I am hoping to buy a place cash outright. We are relocating to Harriaburg, PA area for my husbands job and would like to be debt free. 

We want to buy a single family house that we can live in for 2-4 years and then either sell or rent. (We only plan on living in the area for a few years). 

I know we are going to be getting a property that is going to need some rehab at the price, and we don't mind light rehab. 

This money is coming from the profit we make off the sell of our current home and we are just trying to use it to give us a leg up. 

I have had some people tell me not to waste my time and just rent, but I feel like that is literally pouring money down the drain. 

Anyone have any advice? 

Harrisburg has a lot of cheap property starting at $500 (although you might want to neck it down to certain neighborhoods).  There is definitely an opportunity to find cash deals there. 

I am new to the forums and investing, but there is a lot you can do with that money. Look into buying a duplex or triplex if you do not mind living next to tenants. You can live for free or even bring in cash every month if you buy right. That is what I am looking to do for my first investment property. There is a wealth of knowledge on these forums about that and the other avenues of real estate investing. Also check out the BiggerPockets podcasts, they are packed with awesome tips and info. Good luck to you!

Like @Jassem A. said, you can find anything in harrisburg.  Just be careful the neighborhood you buy a 50k property.

@Jessica Wellington  I also work near the harrisburg area ( steelton). You have a lot of suburb areas to look at  I would suggest lemoyne Enola or maybe Middletown these are some of the slightly more expensive areas outside of the city limits but much more desirable than downtown harrisburg

Originally posted by @Jeffery A Yeingst :

@Jessica Wellington  I also work near the harrisburg area ( steelton). You have a lot of suburb areas to look at  I would suggest lemoyne Enola or maybe Middletown these are some of the slightly more expensive areas outside of the city limits but much more desirable than downtown harrisburg

Thank you! Those are the areas I have been looking at. So good to know I'm on track. I'm excited about moving to the area. Nervous too, Im an AZ native born and raised, but ready for a new adventure. 

@Jessica Wellington Hi Jessica, I think you should absolutely be able to find something in Harrisburg! I was born and raised in Harrisburg and while I am new to the investing side of things, I know there are some sketchy areas, but you will still do good checking out the properties and finding a gem. :)

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