Help! Springfield, Illinois?

Question

Brian Schroeder · Answer

Hello all

1300 North 9th street: I wouldn't give $5000 for this property it is about to fall apart.

1800 So 8th street:  I think this neighborhood is a c-d I would have to go by to tell for sure.  I think it is closer to a C  but if you go about 3-4 block east you really get into the D part.

1100 North 6th street:  This one I have wondered about for several years.  Probable 3-4- years ago there was some major work being done at least on the outside.  Never been in it.  Unless I am mistaken it has been on the market ever since.  Done know if they are asking too much or what.  I don't know if I am going to get in trouble from the forum police,  because when I go into detail they usually come out to me and say this isn't where you put this and we are taking it down.  I hope it helps.  Disclaimer,  this is only my opinion and I’m not a lawyer or ER agent.  Brian

John Covi Jr · Answer

Hello

@CJ B.

and @Matt McConkey

If you two ever need some so called "boots on the ground" or some eyes around the area please feel free to reach out to me. I am from just south of  the area and work here in Springfield. I am very new to investing. Currently I am in RE class to get my broker license and want to learn RE investing  as well along the way. I would be willing to drive by any houses in the area, take pics, or whatever it is I could help with just to be able to pick your brains and see how investing in rental properties work. I have listened to BP podcasts and have read many books now I would just like to see it all in action.

Matt McConkey · Answer

@CJ B. Sorry. I meant to say the N. 6th St. block would be the one of the three I would consider over the others.

How serious are you about buying? Like ready to plunk down money? I would suggest visiting once you're serious about buying. Springfield is a small city, so you can tour the whole town over the course of two days and get real familiar with it.

Maybe even one day! Then you'll know what pockets are good/bad and where you want to put money and don't.

If you need any other help, I know Brian or myself would be more than willing to assist.

Brian Schroeder · Answer

I was born and raised here in Springfield IL.  All though I have a rental 1 block off of South grand, it was a pretty good location when I bought is in 2014.  The neighborhood It has went down in quality in the last year or two.  The problem with Springfield  is that is  hard to find 1.25% deals much less the 2%.

Matt is Correct,  the thing we do have going for us is that we don't have the major swing in are market.  We don't get the 20% down swing,  on the other hand we don't get the swing up either.

Matt is also correct with the duplexes and tri-plexes.  If you can get them to rent at one percent or better that are usually turn of the century not in very good shape and have whole building boilers,  and a lot of maintenance issues.  There are some that are in good shape but they cost $150000 and you might get $1300. to 1400 a month.   Not the 1%er.

Plus we have high property taxes to pay for our corrupt illinois government.

I will follow both of you.  If either of you have any particular  locations questions, I would be glad to answer them.  I know that I would only be one opinion and you might want more.  If your interested in a property I can do the leg work for you.  Take Pic's or what ever you need I would be glad to Help.  It's all about networking correct?  Have a good day Brian

Matt McConkey · Answer

Good Day @CJ B.,

I am from Springfield originally and I'm actively looking for rental properties there as well. Kind of a random city to be searching all the way from SD.

Springfield has very slow, but steady appreciation. They didn't see a huge dip in the market like everyone else. Sort of insulated. Cash flow can be decent if you find the right deal.

Avoid EVERYTHING around South Grand Blvd. until you get west of 6th St. Then it gets better.

This is a rather annoying trend I have found: The duplexes/tri-plexes/quadplexes rarely have split utilities. So the landlord pays them.

Rental market is quite stable.

The north side has good and bad pockets.

If you'd like to connect further, just let me know and I would be happy to share more information.

Jonathan Klemm · Answer

Hey @CJ B. - I am not an active investor of Springfield, since most of our team is up here in Chicago, but I do have family that doesn't live too far from there in Decatur, IL which is a similar market.

I like those tertiary markets specifically Springfield for a couple of reasons:

The entry price is low. You can find single-family homes for under $100,000 and multifamily properties for under $500,000. This makes Springfield a great option for investors who are looking for a low-cost entry into the real estate market.

The rental market is stable. The vacancy rate in Springfield is around 5%, which is lower than the national average. This means that you'll be able to find tenants easily and keep your rental units occupied.

Generally speaking...any market is a good market as long as you have the right team and use data to make your decisions.

George Skidis · Answer

Check out our affiliate the Springfield Area Landlords Association (SALA).

Jacob Bushman · Answer

I just bought a house in Springfield Illinois I plan on buying a second house in the next month or so I’d love to connect with your parents. Did you say one was a lender or just a realtor either way I’d love to connect. I plan on purchasing several houses this year!

Michael Pittman · Answer

Hey @CJ  @Matt McConkey @Twana Rasoul @Brian Schroeder

@CJ B. I was born and raised in Springfield, Illinois. Lived there the majority of my life. My mother (Sherry Pittman) is/was a broker-owner and still holds her license and my father (Mike Pittman) is/was a developer for 20+ years. They developed the entire Eastview Estates out by JC Pennys, a commercial strip center on 11th & Cook, multiple state leased office buildings, and a slew of other projects. I am an agent in Houston, TX now but I am still familiar with the city and my parents are deeply rooted on the Real Estate happenings in that area. Would love to connect and share any information that you need.

Twana Rasoul · Answer

@CJ B. Glad you were able to walk away with no regrets.  I just got back from Springfield recently, if there is anything I can do to help don't hesitate to reach out.  I'm also local here in San Diego.  Cheers.

Help! Springfield, Illinois?

Most Popular Reply