Multi-family in Reading PA

[Nick Ferroni]

Does anyone invest in multi family Reading PA ? It seems a lot of the multi family that numbers make sense. I would have a management company manage the property. I wouldn’t be completely absentee, I only live about 40 minutes. Any input is greatly Appreciated

[Jose Vazquez]

Properties in RDG are cash flow MACHINES. However, You MUST know how to manage and screen properly. Many issues stem from the low barrier to entry involved with landlording in Reading PA. Anyone with 20K in savings can come into Reading and play landlord. We see guys who come from NYC with a couple grand who decide to become landlords and think these buildings will stand alone. without the proper maintenance and repairs things can turn very quickly. Most of these homes were build between 1900 and 1915. 

when someone comes from NY to purchase, thinking it’s all cash flow, no reserves, no understanding of cap x, vacancies, etc...., and all of a sudden something major needs to be repaired or replaced, the people who get screwed are tenants and the neighboring properties because yet again another home is condemned because of it’s  condition and lack of proper managment. 

If you want to invest in Reading all you need to do is landlord PROPERLY: monthly inspections, screen the hell out of them, make sure you’re proactive with repairs instead of reactive, and train the hell out of your tenants. You’ll make A TON of money. 

Get great people into the properties, manage properly, and you’ll be fine. If you need help we flip properties all over Berks County, including the city of RDG, and have a large portfolio in and outside the city. I’ll be glad to share any info or resources.