Lancaster County, PA?

Question

Hello!

I have recently had an off market deal come up in the Lancaster County area, specifically Colombia. I do not know much about this area and am looking for some professional insight and eventually services. I know Lancaster itself is a pretty interesting, up and coming town/market, but what about the surrounding areas such as Colombia? ALL insights, advice and/or recommendations are welcome.

P.s. Any recommendations for home inspectors in this area?

Thanks!

Nicole Dechow · Answer

Hi! There is Elevate Investing Group, you can find it on the meetup app. Also if you know any women who are interested there is the Lancaster chapter of InvestHER also on meetup. I believe there are others but I have not been to them.

Daniel Fisch · Answer

@Brian Mahon nothing I am aware of. I live in Lititz too. If you find one let me know and I will do the same.

Brian Mahon · Answer

Hi @Steven Hershey @Martin Dillon @Noah Black. I just moved to Lancaster this June and bought a primary residency in Lititz, I'll be investing in small multi family in the area for my next purchase.   Curious if you guys know of any active Real Estate Meet ups (virtual or not) during Covid around Lancaster, PA?

Martin Dillon · Answer

Columbia is Lower Slower Lancaster. I deal with contractors and flippers that work on lower end projects out there. Town has potential but less money than Lancaster.

Jordan Mummau · Answer

@Chris Ichter

Particular towns in Lebanon County. Would be happy to connect to discuss in more detail. These markets are small but can be very lucrative. I’ve done several BRRRR’s in these markets over the years. Over 20 units this year alone.

Steven Hershey · Answer

Noah,

I know you posted this 5 months ago. But wanted to give you some of my insight. We are currently looking for our first rental property also, and Columbia is where we would like to start. Your can already find Houses in the city that has appreciated 1 and 2x over the last 5 or 6 years. Its very up and coming. Lancaster city prices our crazyyyy your talking 3 and 4 x in 4years or less. Our agent recommends us to continue to look in Columbia. They have a big beer fest there everyear which is getting bigger and bigger. Water sports on the river and also wrightsville is right across the bridge which they have a nice boat slip along the river. Is your "off the market" property still available? We checked a house out that was listed for 75k, we put our offer in and someone beat us to the punch with a 90k offer... so its happening there too. lancaster city is flooded and the money and investors will eventually flood to the surrounding city's.

good luck and pm me if that property is available, id like to check it out if your not interested.

Jordan Mummau · Answer

@Steven Hershey

A good deal is the one that you do! Nice work on the Lebanon pickup. I love Palmyra for rentals. Just yesterday I had a duplex appraisal come back after I bought in Jan 20 for 98k (and then about 35k in Reno) for $250k. There’s money to be had in these smaller towns, you just have to know where to look and what max rents are after rehab. Palmyra’s taxes are also a little higher than the surrounding area, excluding Hershey, but I’ve found it holds an excellent rental base.

No doubt, competition has heated up across the country and what has always been undervalued property, in my opinion, in the Lebanon Valley is now catching up regionally to where values should be. Although, what I’ve seen to counteract the increase in prices is increased rents.

Steven Hershey · Answer

@Jordan Mummau I recently purchased a home in Lebanon city 2 months ago. Everyone I spoke to was like "dont go into lebanon city" I found that prices and taxes are pretty cheap. There a lot of government money in that city also. I am getting a 16% return on the turnkey investment i bought. pretty great for a turnkey. We are currently looking for our first BRRR deal, im looking all over central pa. Ive been interested in Palmyra and surrounding areas also. I know prices are high right now and for a beginner that is a little standoffish but i know ill eventually find one and make a move. There is always money to be made somewhere, whether its in a D+ or B+ neighborhood.

Jordan Mummau · Answer

@Brian Mahon

Columbia has a pretty high tax rate and doesn’t necessarily demand a monthly rent suitable to offset some of these expenses. Be sure to do your due diligence. There’s several areas outside Columbia that I’d recommend looking in to.

The area has potential, no doubt but there’s other areas in S. Central Pa that offer lower cost of entry, lower expenses and higher cashflow.

Lancaster County, PA?

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