Anyone have experience renting or rehabbing multi-families in Norristown PA. Looking for general thoughts on the process of finding renters, keeping them, rehabbing in Norristown and the experience. Looking to potentially rent muti-families in Norristown, PA.
Norristown is a great cash flow opportunity. However, I would not project any property appreciation during ownership. Many tenants in Norristown are Section 8, and the Montgomery County Housing Authority, which administers the Section 8 program is located on Main St. in Norristown. You can certainly get much higher rents renting to Section 8 tenants (subsidy + tenant portion), but you'll also have to pass a Sec 8 home inspection and deal with other program compliance. The local building department has a reputation for being challenging to work with, and many homes/parts of Norristown have historical designations. I would avoid any historic property, as your renovation costs will be several times more expensive. Also, be mindful that Montco has extremely high property taxes.
Thanks Jon, this is very helpful. I wouldn't expect any appreciation but much more from a cash flow perspective. I'd expect higher turnover as well.
Did you end up investing in Norristown? If you did, how do you find it so far?
It seems like a good potential area. Looking for an investor friendly buyers agent for the area also if you have contacts.
Thanks in advance.