E60: Why You Should Acquire Properties in Pottstown and Reading, Pennsylvania with Sheldon Zimmerman
Real Estate Hackers
English - August 11, 2022 11:00 - 25 minutes - 23.6 MB - ★★★★★ - 54 ratingsBusiness realestate investing flipping financialfreedom firemovement invest property rental realestateinvesting rentalproperty Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Some cities don’t roll off the tongue quite like the popular ones. But it doesn’t mean they don’t hold desirable real estate. Sometimes, you just have to stop and see the bigger picture.
In this episode of Real Estate Hackers, we delve into the state of the real estate market in two cities of Pennsylvania — Pottstown and Reading. With recent developments in these areas, on top of investors’ efforts, these two cities’ real estate trajectories are going nowhere but straight up.
Here are some power takeaways from today’s conversation:
Redevelop to obtain higher rents.
Hold on to a property for a period of time to make a lot of money.
Play by the rules of the area.
Enjoy a landlord-friendly state in Pennsylvania.
Episode Highlights:
[05:58] Properties in Pottstown
Pre-COVID, properties in Pottstown played around $40,000 for estates needing major rehab to $120,000 for single-family homes. Rents ranged from $1,000 to $1,200.
Post-COVID, properties in Pottstown now range from $100,000 up to $400,000. Rents for single-family homes range from $1,200 to $1,800. Pottstown cash flows well due to a desirable market, which can be attributed to lower rent price and strategic location.
[10:53] Properties in Reading
Single-family type properties in Reading range from $70,000 to $150,000. A two-bedroom can be around $850 to $1,000, while three bedrooms range from $1,000 to $1,400.
Over the last two years, many investors have acquired and redeveloped properties to obtain higher rents. This alone could patch up the relationship between the investors and the city.
[17:15] What’s In Store for Pottstown and Reading
Pottstown is a highly recommended location for property investors. Reading is a good city to buy, but you must look into the good areas and understand their rules.
[21:54] Pennsylvania — a Landlord-Friendly State
Pennsylvania has more easy-to-deal-with landlord-tenant laws. If a tenant stops paying and you’re considered a good landlord, you can easily evict them within 45 to 60 days. Remember that any Pennsylvania City requires a landlord to have a rental license.
Notable quotes from the Episode: (Please choose one)
[02:47] “Reading, Pennsylvania, Pottstown, Pennsylvania. There's a lot of people who have never heard of these cities before. It's not exactly Philadelphia — it doesn't roll off the tongue like that.”
[09:51] “Both of these markets, COVID has helped them. You talked about the equity prices going up, but I think rent prices have gone up to, I would think, at least 10% in the last year and a half and in both of these cities.”
[21:10] “Pennsylvania, in general, is a pretty landlord-friendly state.”
Resources Mentioned: