All Forum Posts by: Beck Joyner

Hi Julius - overall the Harrisburg area is good for all forms of rentals, whether that be SFR or multi fam. My general observation is that many "cheap" multi fam are in rougher areas and that they also need a ton of work to get them decent and livable. Any market rate multi fam by comparison may appear to be overpriced as a result. But decent multi fam in a decent area is in short supply and high demand.

When I say that $200K can get your four units, I'm saying you should be able to find 4 rock solid decent semi detached/row homes for $50K each that are move in ready (probably without bells and whistles but that is OK) and will cash flow very nicely for you. Choose the best block you can so you attract quality tenants and if you can afford to invest in some cosmetic upgrades then all the better. 

Best places to spend your budget IMO, though, to get that good tenant that will stay a few years - bite the bullet and upgrade from oil or electric heat to gas heat if your HVAC already needs replacing. Install central A/C if you can swing it. And kitchens will give you good ROI. If you need to rehab the kitchen, go ahead and fix any weird cabinet/appliance layouts. Again, its about getting and retaining a quality tenant to reduce your turnover.

I'd tour Harrisburg City and its various neighborhoods as well as towns such as Enola, New Cumberland, and Mechanicsburg on the west shore.  Take a look at Susquehanna Township and well.  If you know what neighborhood class you may be targeting, I can be more specific. But I'd start with getting a general lay of the land if I were you.

You should look into the Harrisburg PA metro area; its a strong rental market (BRRRR in some areas and B&H in others) and for $200K you can expect to pick up 3-4 SFR rentals in a decent area that may require just a little cosmetic touch up if that. I like 3 bed (to max out rent) semi detached (tons of inventory) for that price and they will cash flow quite nicely.

Gorgeous rehab and well done! 

"Then (most of) the only people left renting are very financially unstable"  This is so true, Kyle!  I have marketed a couple of rentals for my sister company and it was really an eye opener to see how many applicants have bad credit and can't qualify (unless they can put down 2x the deposit - and most CAN'T). 

The greater Harrisburg area is a great place to invest in rentals. Buy and Hold in most areas (for cash flow) and BRRRR any select areas are good strategies. Fix and flips are best kept to the outer burbs. Values generally rise slowly in the greater region but are generally on an upswing. Feel free to contact me for more details. I do BRRRR in the area

Yes. For starters, there is a huge demand. In my area, many landlords will not consider it. There are a lot of desperate single mothers who lack decent housing and that is  shame.  I know there are drawbacks but it is a reliable income source especially in this post COVID environment. 

Hbg City is about 65% or 70% rentals, and that's where the action is inside the city limits.  Outside of the city flipping is more prevalent, especially West Shore / Cumberland Valley School District, assuming you can even find anything.  Inventory, and therefore, good deals are super-tight right now. Even the off market stuff is not that discounted, in my opinion.

Hi Edgar, I'm a realtor and investor and live in Hbg. Happy to help you out! What specific questions to you have?

Hi, I just had one done yesterday for a client.  It's pretty basic - nowhere near, say, an home inspection when you are buying a home.  Some of the things they asked for during this inspection was things like securing some loose electrical wires in the basement, wrapping a pipe in the basement.  They are focused on basic livability and safety issues - functioning lights, plumbing, appliances in good working order, etc.  He was in and out in 10 minutes.