Pottstown, PA Market

New to Real Estate · NJ · Member since 2021 · 12 posts · 2 votes

Hi BP,

My wife is doing a 1-year residency at the St. Joseph's Hospital in Reading, PA and we were looking for a good place to live for that one year. I have a few properties in East Stroudsburg that I bought, and I want to do something similar here where I buy, rehab, live, then move out once she is done. I am from NJ, and she is from Philadelphia, so we don't have a clue of the market over there. Is there an agent/investor that I could get in contact with that could guide me? We think Pottstown looks interesting compared to what else is out there, but I would like to know more about what is within 30 minutes of Reading.

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Vince Scipione
Realtor · Scranton / Pocono Mountains, PA · Member since 2020 · 99 posts · 33 votes
1y
I am just a short drive in scranton/pocono mountains wish I could assist you. However I do not have access to their MLS, as well as I am unable to service that area effectively for my clients.
I could get you in touch with an investor savvy agent out that way to assist you if you would like, just let me know.
Dont mean to change topics, but I have been considering investing in east stroudsburg in student housing. How have you made out with that?
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Andrew Pierson
OP
New to Real Estate · NJ · Member since 2021 · 12 posts · 2 votes
1y
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Andrew Pierson
OP
New to Real Estate · NJ · Member since 2021 · 12 posts · 2 votes
1y
Quote from @Vince Scipione:

I am just a short drive in scranton/pocono mountains wish I could assist you. However I do not have access to their MLS, as well as I am unable to service that area effectively for my clients.
I could get you in touch with an investor savvy agent out that way to assist you if you would like, just let me know.
Dont mean to change topics, but I have been considering investing in east stroudsburg in student housing. How have you made out with that?

If you could get me in contact with anyone out there that would be great! I have a duplex and single-family at East Stroudsburg that I purchased right before interest rates spiked so I am comfortably at a 3.125% interest rate on the two properties. Overall, I felt that the Borough is relatively fair on Landlords. I had a situation where both tenants were late on payments, and I had to go to court to evict and found the Borough to be fair on their decision. Rents are really good there; I am getting 2,000/mo for a 3-br 1 ba. The one downside I've heard from my family who went to school there are that the homes don't appreciate in value much there so the only value in my eyes is to find a great deal to flip or to rent it out long-term. For me it was tough to find a deal worth investing in, but I got lucky finding someone willing to offload his portfolio who was tired of doing it. But again, I bought the homes for the same price he purchased them for in 2009, which may be a lucky deal I struck but like I said, they don't go up in value there. But I'd be happy to discuss more with you if you'd like!

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Vince Scipione
Realtor · Scranton / Pocono Mountains, PA · Member since 2020 · 99 posts · 33 votes
1y
Quote from @Andrew Pierson:

Quote from @Vince Scipione:

I am just a short drive in scranton/pocono mountains wish I could assist you. However I do not have access to their MLS, as well as I am unable to service that area effectively for my clients.
I could get you in touch with an investor savvy agent out that way to assist you if you would like, just let me know.
Dont mean to change topics, but I have been considering investing in east stroudsburg in student housing. How have you made out with that?

If you could get me in contact with anyone out there that would be great! I have a duplex and single-family at East Stroudsburg that I purchased right before interest rates spiked so I am comfortably at a 3.125% interest rate on the two properties. Overall, I felt that the Borough is relatively fair on Landlords. I had a situation where both tenants were late on payments, and I had to go to court to evict and found the Borough to be fair on their decision. Rents are really good there; I am getting 2,000/mo for a 3-br 1 ba. The one downside I've heard from my family who went to school there are that the homes don't appreciate in value much there so the only value in my eyes is to find a great deal to flip or to rent it out long-term. For me it was tough to find a deal worth investing in, but I got lucky finding someone willing to offload his portfolio who was tired of doing it. But again, I bought the homes for the same price he purchased them for in 2009, which may be a lucky deal I struck but like I said, they don't go up in value there. But I'd be happy to discuss more with you if you'd like!

Stroudsburg is not my speciality but thank you for the insight. Ill use that information in my calculations if I do decide to invest there. It seems like a focus on cash flow area. Equity seems out the window, quite frankly that scares me! Lets definitely connect, I will send you a message Andrew!
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