Investing in multifamily properties in areas with bad winters

[Victoria Coleman]

Hi Everyone!

I am originally from Erie, PA. For those of you who are not familiar with the area, the winters are pretty harsh. Extremely cold weather and LOTS of snow. I am considering what to do for my first investment property. The only criteria I am 100% certain on is that I want my first investment to be a multi-family property. Since I am a beginner, investing in a multi-family property in Erie seems like my best option because the prices are more reasonable and I know the area extremely well! For those of you who have invested in areas with harsh weather, what are some tips you have? Also, what are the challenges that you have faced?

[Seth Williams]

Just make sure you do your due diligence, and set your prices high to make sure you can accommodate an expensive winter with snow removal and potential repairs. Additionally, probably worth raising rents higher and including heat, and getting WiFi in the building and installing WiFi thermostats to verify remotely temp is high, ive found this stops frozen pipes from happening. Lastly, emergency / cold weather manual or notice goes to all tenants on what to do , when snow removal is coming, keep temp extra high to prevent freezing pipes. 

Good luck,