Lehigh Valley PA, investing
Hello all,
I've reached out to a few folks individually but wanted to start a thread on this as well. I'm an investor from the NYC area and recently took a trip out to Lehigh Valley, PA to get a feel for Allentown and Bethlehem (saved Easton for another trip). I really liked what I saw and from some basic research, the housing/tenant laws seem to favor the landlord (unlike NYC). I want to see if anyone else on here has invested into the Lehigh Valley (from NYC or anywhere else) whether into residential or commercial and get your take on your experience so far.
Looking forward to getting this conversation started.
Ray
Perhaps I'm in the minority here but I've lived in PA for nearly 40 years (on and off) and outside of a few pockets which are growing, just not seeing the opportunities here vs. some of the Southern states like NC, SC, GA, and FL. Not to mention there are some pretty rough areas in Allentown. When flights are cheap it's easy to go see some deals that are not so local. :)
That said - the Harrisburg/Carlisle area seems to always bust into the top 5-10 in the country for rent growth and population growth. My office is in that area, but just not enough of a motivator for me to seriously invest there when there are tons of great locations in the southeast.
We have a portfolio in Allentown, Easton, surrounding towns. We were buying a few years ago when prices were attractive. There are probably still deals to be had, but the competition is fierce, as of Feb 2022. And prices have skyrocketed. IMHO, it's not time to buy in the Lehigh Valley.
@Eric E. This is great feedback. Can you please expand your thinking? If it's not the time to buy in, Lehigh Valley / Allentown, then where? What other markets in this area make sense to buy (now)?
Quote from @Eric E.:
We have a portfolio in Allentown, Easton, surrounding towns. We were buying a few years ago when prices were attractive. There are probably still deals to be had, but the competition is fierce, as of Feb 2022. And prices have skyrocketed. IMHO, it's not time to buy in the Lehigh Valley.
Compared to California the prices seem incredible to me, and rents are pretty high. In my market, northern california, you're lucky to cashflow a cent after purchasing a multifamily property.
Quote from @Sean Mcevoy:
@Ray T. I am from Yonkers NY but just moved to rockland county and I invest in the Lehigh valley. I bought a 3 unit on park street in between 6th and 7th street in Allentown last year. I’m closing on a 2 unit in Bethlehem in August if all goes well. I am investing for the cash flow now and future appreciation is a plus. If you want to chat more PM me.
Hey Sean. I am responding literally 4 years after this thread began. I did a search on investment properties in Lehigh valley area and this thread popped up. Funny bc Im currently interested in investing in Lehigh valley as well, and I also live in Rockland County Im in New City. Love it up here originally from Queens. so hello neighbor. Just curious, now that its 4 years later, how are your properties doing? Did it appreciate over the years the way you expected? Do you have any advice on what areas to focus on in PA and or areas to avoid? Im ready to invest and just need to narrow some areas of interest down. also can you plz refer me to your realtor? THANKS SO MUCH