hey guys I'm just getting started in rentals and was curious to know what the opinion is for you guys if it's worthwhile for me to focus on the cities of Lancaster and reading for rental units? I see lots of them for sale, run the numbers, and things look good on paper but that doesn't mean much. What's the demand for rentals in these 2 cities? Anybody know?? Any help would be greatly appreciated as I'm trying to decipher between Reading Lancaster or philly as I'm central to all 3
A lot of investors in Lancaster county will focus on the city because there are cheap properties to be had which look relatively good on paper. Many have had success there as well. When running your numbers though, just keep in mind that most of the houses are 100 years old. The only property I have in the city is over 100 years old and even though it has brand new copper plumbing and electrical throughout, it still ends up having far more problems than my units that are newer builds just by nature of its age.
Other things to consider: veeeery high taxes in the city. Also, remember that lower than median rents for the area are prone to bring more headaches, and increase the hassle factor of being a landlord.
Always do your due diligence and don't forget to include CapEx on these old homes! Best of luck to you.
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