Anyone Considering Investing in Coatesville PA area?

Question

I have some very interesting information on the Coatesville area if anyone would like to see.  Is anyone interested in investing in the area?  I would like to discuss this if anybody has the time.

This place is on the verge of becoming a goldmine!!!  Or am I just overly hopeful?

N/A N/A · Answer

jchrisd,

You said you were an investor, do you have it set up as a business or do you borrow against your house?  I have just purchased my first home.  Do you think their is any way that I could set my first purchase property up as a business investment by incorporating self as a business.  Could I pay myself rent or would that be like tax evasion or something?

Andrew M. · Answer

im also from chester county ( chesterbrook)  but im currently at school in pittsburgh. haha i didnt respond to that first post because i assumed you were trying to sell something. that link  has some really interesting information. i might have to look into some stuff down there

Chris Da · Answer

Sorry, bought a home in Sadsbury. (A new home.) Payed $351k for it. It is one of the smaller homes in the development, but still very nice.
When you say bidding wars, I take it you are talking about the public sales, not houses on the open market. 
    I will be at the Montgomery County sale Wednesday the 28th @ 1pm. There are 7 houses I am looking at. We will see. You are correct, alot of people at this sale bid WAY TOO HIGH. Seems like it is alot of first timers who borrow against thier homes to get the money, then they feel they HAVE to get a property. The good thing for me is it is thinning out. What is happening is these idiots are paying too much, and just now figured out they are un able to sell thier"FLIPS" and losing not only the FLIP but thier own damn house that they robbed the equity out of to make the purchase. Sad but true.
   There are deals out there. As far as I am concerned they are few and far between, but that is okay. I am not interested in doing alot of work for a small reward. I like the big score.
    Another thing you can look into is buying peoples land. Example, they may have a double parcel of land that they don't even know about. We got a few deals that way. Pottstown is good for that. We can build a house for $50 sq/ft so if you get a 5000sq ft lot for 15-20k, you are in.
     Mark my word on this. You heard it from me......
Now that the banks have figured out that people making 50k a year can't afford a 600k house and 2 40k BMW's, they are now making it harder to get a loan. Go figure. Anyway, they are forclosing on tons of house, and the people are letting them...Now, the trick is to get some SINGLE houses that are in nicer areas and RENT THEM to these people now!! Think about it. They just lost thier house. NOBODY is gonna give them a loan, and even it someone would, they don't have the down money anyway, so they have to rent for awhile until they get thier act back together. Simple as that. That is the ticket..

Chris Da · Answer

I agree that there is alot of building going on in this area. My friend just bought a place in adsbury

N/A N/A · Answer

Hello,

I am glad that you replied.  I am currently looking for a house in Chester County.  The thing that is really driving me insane with trying to get a house here at the moment is the crazy bidding wars.  The property is hot and everyone wants it.  People it seems are actually buying the properties for list price and higher.  I am saying screw it.  I cannot afford to invest by paying these high prices.  So I am looking into Coatesville area.  Yeah, the school district really sucks, but they are undertaking massive building projects on the other side of Coatesville which would be like Sadsbury or more well known Parkesburg.  The land in Eastern Chester County is way to expensive anymore.  Builders will not and cannot afford to build here anymore.  I can imagine that land is much cheaper out past Coatesville.  Their are land lease and for sale signs all over the place.  It has tremendous potential (I think).  It is centrally located between West Chester, Philadelphia, Wimington, Exton, Lancaster.  All of these areas I have mentioned have experienced tremendous growth and I cannot see why it would stop expansion down the mainline with Downingtown.  I have a website I want you to check out if you have time.  It talks about revitalization efforts in Coatesville.  If they follow through with these plans I think we could see a major turnaround with the City of Coatesville.  It has potential to be the hub of Chester County.  Here is the site

http://www.coatesville.org/studies/tiers1and2.asp

Chris Da · Answer

I work up the street at Lexus. I am considering investing in Chester County area. Currenty we are in Montgomery County. I am not so sure about the Coatsville School District. I have a guy looking into properties in that general area, but I am sure you know, most realtors are useless. They look for the first week or so, and really have no idea what they are looking at, then since you don't buy the 1st piece of trash they email you from the MLS, they give up. Then again, that is why I own properties, and they just list them.