Looking to learn more about single or multi-family rentals in eastern PA. My wife and I are from NY, currently house-hacking and lining up our knowledge and cash to begin REI. Ideal properties would be around 100k and cash-flowing ~ $100-200/month and move-in ready (other than paint-and-clean).
Looking to narrow our focus on one town or city and learn as much as possible about it before making any further moves. (Looks like Allentown is as far west from NY as we would like to travel).
Any advice on specific towns to look into or stay away from would be greatly appreciated.
If you are a REA we would love to chat to learn more!
Investor · Dallas TX, United States · Member since 2014 · 1k+ posts · 1k+ votes
6y
Not related to Eastern PA, but you cash flow target is a little slim. Even $250 per month is danger close. You need to be able handle repairs and vacancy. My minimum cash flow is $350.
Investor · Dallas TX, United States · Member since 2014 · 1k+ posts · 1k+ votes
6y
Not related to Eastern PA, but you cash flow target is a little slim. Even $250 per month is danger close. You need to be able handle repairs and vacancy. My minimum cash flow is $350.
Rental Property Investor · Mechanicsburg, PA · Member since 2018 · 281 posts · 176 votes
6y
@Ryan Fox Hi Ryan, not an agent here but you may want to also consider the 2nd and 3rd largest cities in the Lehigh Valley too (Bethlehem and Easton respectively). Bethlehem is more in center of Lehigh Valley region and Lehigh University is located here. Easton is right next to New Jersey border. Bethehem's downtown has some nice areas, have not been to Easton as much.
Thanks for the response. The cash-flow I mentioned is using the 50% rule so we are taking into account repairs and vacancies and generally. Just trying to be very conservative.
@Ryan Fox Hi Ryan, not an agent here but you may want to also consider the 2nd and 3rd largest cities in the Lehigh Valley too (Bethlehem and Easton respectively). Bethlehem is more in center of Lehigh Valley region and Lehigh University is located here. Easton is right next to New Jersey border. Bethehem's downtown has some nice areas, have not been to Easton as much.
Those types of recommendations are exactly what we are looking for, thank you. It sounds like you are located in Bethlehem? Do you have some more insight into the area you could share?
Rental Property Investor · Mechanicsburg, PA · Member since 2018 · 281 posts · 176 votes
6y
@Ryan Fox Hi Ryan, No, actually I am located west of the capital city Harrisburg, in Mechanicsburg, PA (Cumberland County). About 1 1/2 hrs from Allentown. Wife went to school in Allentown area and her brother and parents still live in the area. Just go there often enough. If Allentown is your max distance range I'd encourage you to spend a weekend in the region, working your way from Allentown (biggest/western most) to Easton (smallest/eastern most) on your way back.
We do a lot of investing in the fastest growing county (of 67) in Pennsylvania, Cumberland County, the largest employer with the state capital being here is the state government and the second largest employer is the federal government. Good paying jobs, little to no layoffs in those jobs. There is a healthy economy here with steady employment.
Lender · Plymouth Meeting, PA · Member since 2017 · 26 posts · 18 votes
6y
@Ryan Fox Our offices are in Bethlehem PA. We're a vertically integrated real estate company that owns and operates multifamily assets, we're a private bridge lender, and we're also the largest Realty Brokerage in regards to transaction volume in PA. We know the Lehigh Valley very well, and it can be a great investors market. Shoot me a message and I can connect you with one of our realtors who specialize in helping investors.
@Ryan Fox Hi Ryan, No, actually I am located west of the capital city Harrisburg, in Mechanicsburg, PA (Cumberland County). About 1 1/2 hrs from Allentown. Wife went to school in Allentown area and her brother and parents still live in the area. Just go there often enough. If Allentown is your max distance range I'd encourage you to spend a weekend in the region, working your way from Allentown (biggest/western most) to Easton (smallest/eastern most) on your way back.
@Ryan Fox Hi Ryan, No, actually I am located west of the capital city Harrisburg, in Mechanicsburg, PA (Cumberland County). About 1 1/2 hrs from Allentown. Wife went to school in Allentown area and her brother and parents still live in the area. Just go there often enough. If Allentown is your max distance range I'd encourage you to spend a weekend in the region, working your way from Allentown (biggest/western most) to Easton (smallest/eastern most) on your way back.
@Nathan Trunfio great info. My wife and I are first timers as well and interested in multi-family and/or unit opportunities. Would definitely appreciate information.