Springfield/Western Mass Real Estate Investing
Hey So I see a lot of people asking about Western Mass/Springfield real estate investing and this is my take so far. I understand people think the springfield Market sucks but to each his own. Heres my story:
1) Purchased multifamily property for 32k inn the summer of 2017. Did renovations on property which totaled about 60k bringing my total spend to ~$92k. I rent out this property as Single room housing, charging about 500 a room with 7 bedrooms in the unit. After utilities I'm bringing in about $2,300 net income. Thats almost 30k a year.
2)Later in 2017 I purchased another multifamily for 36k Im currently still in the process of rehabbing. That rehab will cost me about 90k bringing total cost to around $130-$140k. I plan on doing the same plan as my first property and averaging $2000-2500 in net income a month.
....In total I own 5 properties in Springfield. 1 Mixed Used commercial (2 stores, 4 apartments), 2 Multifamily homes, and 3 Single Family Homes. When all my homes are rehabbed and rented out, I will be making about $9000 a month after expenses. This is just a heads up to those who think Springfield sucks. Theres a lot of money to be made here.