I am a beginner in Real Estate investments. I bought my first 3 family house in February 2007. I live in NYC and the house I bought in Scranton PA. Prices are cheep in the area compared to NYC – I can buy a duplex for like 60K. I’ve been receiving a stable cash flow from the house in spite of some maintenance I have to do. I am ready to buy another house in the area but I have a concern about a long term investment in this area. I check http://www.city-data.com/city/Scranton-Pennsylvania.html website and it shows that population is decreasing in the area. Does it mean I should stop investing in this area and move somewhere else? (Even though I’ve had a good cashflow and it was very easy to find tenants for this house.)
Hmm, this is a good question that I’d definitely like to see a reply to. Sorry, OP, for no additional info:( I don’t believe in merely sharing uninformed opinions.
if you wanted to invest then I say Harrisburg, PA is the best place to put your money in.
casino was approved and will build here soon, next year or so.
lot of investors and other people from out of states moving here in the past couple years and now.
lot of renters looking to rent a house. Rent to own is also very popular here. That’s the one I liked the best.
I bought average 8 to 10 properties here every year and most of my properties I bought are bank owned and from preforeclosure deals.
If you wanted to invest in harrisurg then you can contact me. I will give you a wholesale price liked any other investors that I currently working with.
I live in and invest in the Scranton area and can assure you it is a very stable rental market. Also, federal funding was approved recently to help move forward the project of a railroad from Scranton to Hoboken, N.J. If the number of people living in the Scranton area is dropping, it isn’t noticeable… it’s not like there are a bunch of dead neighborhoods and boarded up buildings.
Yes rballard,
I agree with you that Scranton is a really nice area. I traveled to many other cities in PA before I bought a house in Scranton. I’ve been doing additional research on this area and as it appeared to be the data provided in www.city-data.com is not current it was just an estimate (prediction) based on analysis of census 2000. The actual statistics for past two years shows that population was increasing in this region especially in Lackawanna county due to people migration from NYC and NJ for economical reasons. So I will keep on expanding my portfolio in this area :smile