Investing in Reading, PA

[Ryan Craig]

Hello BP Nation. I am a fairly new investor and am looking to try and break into the MF and small apartment niche. I have been doing a lot of research in this area after listening to several of the podcasts and have seen a lot of opportunity in Reading, Pa. I also am considering  a couple other markets in Eastern Pa. Just curious if anyone has experience in the Reading area and if so, what should I look for? . I live about 20-30 minutes from their but haven't really spent any time in Reading. Thanks for any feedback or advice.

[Thomas Danak]

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