First time investor

[Marie C Benoit]

Hi I’m a NY-based RN looking to buy my first out-of-state investment property in Pennsylvania and want to be strategic about market selection. All tips welcome please for a first time homebuyer/investor.

Goals:

Duplex or small multifamily

Budget up to ~$480k (prefer Lower)

$200–$400+ cash flow

Buy & hold, long-term rental

Near hospitals/jobs, low crime, public transportation 

Markets I’m eyeing: Allentown, Lancaster, open to other cash-flow-friendly PA areas.

Looking for: Honest insights on neighborhoods/submarkets that meet these criteria.

[Andrew Postell]

@Marie C Benoit thanks for the post here.  As a 15 year, out-of-state investor my recommendation is to ALWAYS choose whatever city you have the most trustworthy contacts in. Keep in mind that you may never see your asset. That's an ENOURMOUS amount of trust/money to put into a stranger's hands. What I mean here is that if you know someone in a "one" city...but that city may not have as good as numbers as this "other" city...then stick with the city where you know people. One wrong move, one wrong contractor, one wrong vendor…will erase any "benefit" one city has over another. Your network is the most important piece for any potential returns when you invest out of state.

Now, the questions you were asking should be answered by your realtor. You can see if a realtor is available in that market by clicking the "agent" button in that blue toolbar at the top of this page. Now, there's not guarantee that they are any good...but if they are on Bigger Pockets they should be at least INTERESTED in Real Estate Investing. There's also many Facebook REI Group pages. Many of them have thousands of members. You can ask around or connect through those. But we're still going to a strange place to try to get financial advice...you see why a referral would really help here?

Hope you don't mind me saying all these things.  Thanks!