All Forum Posts by: Thomas Danak

Ryan, 

I live in the Reading area and very familiar with it.  This area has good cash flow properties with the prospect for real growth.  The Vanity Fair development, the development of Penn Avenue in West Reading and Wyomissing and some developments in the City of Reading give the area some good possibilities for future growth.  As you probably know, school taxes are high but could be fixed with property tax reform from the State. 

The Reading Eagle did an article about the redevelopment going on in Reading and surrounding area.  You can get a copy from the Internet. 

Another area of opportunity is the Macungie, PA area.  New building up their the last several years have created investing opportunities. 

I am a Realtor located in Wyomissing, PA.  If you'd like to have a discussion you can contact me through this forum. 

A colleague once told me that knowledge is power.  Stay connected and keep learning. 

Tom 

Denzel,

Welcome to BP and the Philadelphia a real estate market.   I am a Realtor with Weichert. 

To educate yourself and network, you may want to attend some of the meetings for the Delaware valley Investors Group. I believe they are free. 

Tom

Thanks for the mention

John,

Welcome to the site. 

I grew up in Philly and lived there for 37 years.  It's a great area and lots of investment opportunities. 

There are a number of investment groups called meetups that you can use to learn things and network.  The Delaware Valley Investment Group is one of the more popular ones with subgroups today.  The Greater Philadelphia Real Estate Investment Alliance is another one. 

My advise is to go to some of these meetings, make some contacts and sponge it up!

I am a Realtor and can help with properties when you are ready. 

Thanks for your time and hope to hear from you soon. 

The Reading area also attracts a lot of investors from New York City because the prices are low. 

There are a lot of good tings going on in the Reading, PA area.  There is the Doubletree Hotel and Santander Center.  A company is developing the Vanity Fair Complex just outside Reading.  There are several development projects going on in Reading with more on the drawing board.  The local newspaper is the Reading Eagle, which wrote an article about the projects a short time ago. 

4 unit multi-families have been priced in the $95k to $99k area, making them profitable at 650/mo or more in rent.  There are, however, fees to pay the local government and the City recently enacted a law where landlords that are at least 25 miles away from the City must hire a property management company.  They hope to reduce the number of absentee landlords. 

Reading also has some large homes in the Historic District that have been converted to multi-families. 

The surrounding areas are real good.  There's Spring Township, Wyomissing and West Reading to start with. 

If you'd like more on the City, message me or give me a call.

Tom    

An incentive may be a credit towards a down payment for purchasing a house, if that's what you are renting.   I like the comments of Joshua R from Chicago concerning automated payment. 

Tom

Brian, 

I  believe they are free.  Sponge it up and enjoy!!!

Brian,

Welcome to BP!   It sounds like a smart plan.  You will also want to network through the Delaware Valley Investor Group and other network groups like it.  From meeting people and sharing information, you can better form opinions on property management and exchange information.  Some from this forum suggested doing it yourself to get a better idea of what is involved before turning it owner to a property manager.  This sounds like an excellent idea. 

I am familiar with Bucks County and can help when you are ready to look and select a property. 

As for the lifestyle, the positives are no grass to cut, no lawn to take care or snow to remove. Make sure you know who pays for roof repairs. I know someone who lives in a townhouse condo and has to pay for roof repairs. Also the reserve for new roof and siding. My HOA used to publish a financial statement once a year.

I'm willing to help if you need it.   Good Luck.