Updated over 6 years ago on . Most recent reply
Just starting out help please
Hi all I’m 32 year old guy with $42000 ready to invest I am from the-north New Jersey area I’m looking to invest in Pennsylvania in a 3-4 unit to produce monthly income im soon to be married and my credit is about 700 and I do work I would love some advice on what to do I’m sorry to be a bother to everyone on this forum
Most Popular Reply
A lot of the Pennsylvania municipalities now require landlords living outside of a certain mile radius to hire a property manager. So keep that in mind.
I would check out the following markets:
- Harrisburg-Carlisle, PA MSA
- Scranton–Wilkes-Barre–Hazleton, PA MSA
- Lancaster, PA MSA
- York-Hanover, PA MSA
- Reading, PA MSA
Histroically, those areas have been around a 10 cap market and the population has remained around 400k to 600k. From there, you basically have larger markets in Philadelphia, Pittsburgh, and Allentown. There are also smaller areas but they tend to be more of niche areas (e.g. college rentals in State College).
If you are in Jersey City, I would probably check out the Allentown , Wilkes-Barre/Scranton, and Reading. They are within reasonable driving distance and a relatively easy drive. Harrisburg, Lancaster, and York can be a hike depending on traffic. Stroudsburg is fine but it's a much smaller city compared to the other areas listed above.
Good luck!
Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.