Accountant · New York, NY · Member since 2019 · 14 posts · 1 vote
I’m currently living in NYC and I’m looking to buy my first investment property in Harrisburg PA to take advantage of the lower cost of entry. I would appreciate any tips to help me get started or open my eyes to other potential opportunities
Harrisburg is a good area, but you really need to have boots on the ground here. If you are looking in the city, things can change block-by-block. Don't assume that the low entry point automatically equates to a good investment. There are some decent properties in the city, but based on your investing criteria and how much you have to invest, you might be better off looking outside of the city. Feel free to connect with me.
There's a lot. I'm a realtor in the city and can set up a search for you based on your parameters. Get in touch - happy to help you out. There are a lot of multi-families in the area, as well as rowhomes and semi-detached homes that are great investment properties. A solid SFR with no major repairs needed, and in move in condition, generally cost 40K-59K and will get you into a decent enough area to attract a quality tenant. Anything below that 40K price is probably going to mean some major repairs needed, a problem area, or both. You might find something in the high 30s from time to time in decent shape. A bit of a crapshoot there.
Harrisburg is a good area, but you really need to have boots on the ground here. If you are looking in the city, things can change block-by-block. Don't assume that the low entry point automatically equates to a good investment. There are some decent properties in the city, but based on your investing criteria and how much you have to invest, you might be better off looking outside of the city. Feel free to connect with me.
@Edgar Diaz if you are looking at multifamily properties I would also look at York & areas surrounding York & Harrisburg. There are a lot of areas outside both of the cities that have good rent/price. I stay out of York City and Harrisburg City because a lot of those areas it is hard to force appreciation or do a value add strategy.
If you need any help in area feel free to reach out and connect.