Hello BP Nation. I am a fairly new investor and am looking to try and break into the MF and small apartment niche. I have been doing a lot of research in this area after listening to several of the podcasts and have seen a lot of opportunity in Reading, Pa. I also am considering a couple other markets in Eastern Pa. Just curious if anyone has experience in the Reading area and if so, what should I look for? . I live about 20-30 minutes from their but haven't really spent any time in Reading. Thanks for any feedback or advice.
I used to live there/ rent. I loved it there. The only thing is mostly lower income city. The crime rate over past 10 years is really high. Like most towns and city there is many nice areas and bad areas. Plan on dealing with college students as well. Two colleges there Albright and reading community college.
I'm right around the corner from you and was looking at the same markets due to their low entry price; have you had any luck in researching Reading? What other markets have you been looking in to? I have read a bunch about the other inexpensive areas but haven't decided on a farm area, yet. Pottstown is another one i've considered but some members on here have denounced it, so I am still researching. Feel free to PM me to discuss, I've been doing quite a bit of research...
Looking into investing/flipping in Saylorsburg Pa, I understand it's in a good school district and only about 90 min from NY. Any feedback?
@Mason H. Pottstown is looking like a decent area for cash flow as long as you find the right tenants. Right now I am considering the student rental market in West Chester. Sorry for the late response.
@John Geldert sorry for the late reply. I am not familiar with Saylorsburg. I t looks likeits two hours from me sorry I couldnt be more help.
@Raymond B. Thanks for tagging me.
You are in a more populated area than I am. I'm by Lake Raystown 2hrs form state college 3 hours from Pitt. You will do well there! I have to travel 2 - 3 hours to get to the highest populated areas.
Good luck! :)
@Barbara Long Thanks. My goal is to travel no more than 30 minutes for a rental property. Now just got to increase my capital to buy more!
@RyanCraig Once you initially get that first property you will have equity in it if you purchase it the right way. Then it rolls right along....I have been doing blanket mortgages all along with no money down.
To Make the @ work do the following:
Hold down the shift key and type the following: @?
Look below this Window, and you will see a list of list of names of people who have posted in this thread.
Click on the name of the person that you want notified via an email that you responded to them.
If you are a Colleague with anyone that has not posted in this thread, and you want them to see your post, hold down the shift key, and type the @ and the first 4 letters of the first or last name.
Look below this Window, and click on your Colleague's name.
They will be notified via an email about your post in this thread.
I have family in that area, my mother was raised there (this was decades ago), I spent summers there with the grandparents. Reading breaks my heart every time I think about it . . . and now with the pathetic Christmas tree that made national news . .. . ugh.
I could go on and on as to why the city is now in the state it is but I will save that for another time.
That said, I think you need to hook up with a real estate agent that works the Reading market, and attend meetups/REIAs that have ACTIVE Reading investors in them. Doing actual deals. Reading reminds me of Baltimore City in a lot of ways, just not on such a big geographical scale. Reading is a market where you can find deals on the MLS but you will need the services of a good agent to help you. I think you have tremendous opportunity but it will not be forgiving if something goes sideways really quickly.
Sorry for the slow reply, I've been traveling for work recently. I did a couple quick searches and Saylorsburg seems to be a place worth looking more into. I saw you have a construction background, so a place like this https://www.homepath.com/listing?listingid=4512889... would be perfect for you...
I would love to get into the West Chester student rental game, but the prices seem outrageous. Since there aren't any more student rentals being created, it keeps the value up on those that have the permits. Since the school is trying to expand, I wonder how the city is going to change regulations to accommodate the additional students.
Thanks for the listing info, but after further research I have decided to farm the East Stroudsburg region.
@Ryan Craig just curious what you ended up doing as far as Reading goes. I was curious about the city as well. Take it easy!
@Brian Huber I actually put off investing in Reading due to my day job and honestly the fear of the unknown market. Just this month I started analyzing deals in Reading and have a couple I plan on making offers on.
Hey People , so out of Curiosity who here still invest in Reading PA ?
I have a duplex and triplex in Reading, PA. Not likely to see much appreciation. I buy in Reading strictly for cash flow purposes. And I have an agent there who I send deals to and vice versa - he know WAY more about the neighborhoods than I do.
If you're patient, you can find small apartments in Reading that work with the 2% rule.
For real estate investment, I think we should consider both monthly cash flow and capital gain.
If we choose the right market and get in / get out at the right time, we can make big capital gain in addition to monthly cash flow. Hope this can help a bit: www.marketcycles.info
For those of you asking about Reading I would look at the surrounding areas. There are a few issues, very low income means very difficult to find good tenants. Another problem is the city government, they will tear your home apart to find things wrong with it to feel good about being an inspector. I've owned 2 properties for over 10 years and they will still find little itty bitty things that have been there for the last 10 years and were never mentioned. Also those properties have likely went down $5k-10k in the 10 years. I would look at the surrounding areas outside city limits to avoid a lot of hassles!!!
Owned an investment property for about 6 years but, due to poor property management I had to sell. Lost money and had to go through 2 eviction process. I recently purchased another investment property and looking at purchasing another this coming summer. The potential is there in Reading, you just have to screen the Property Management to the tee and hope their screening process for tenants is also bullet proof. Like everyone has mention, look at the surrounding areas. You will be surprised!