Springfield/Western Mass Real Estate Investing

3 Replies

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.

Hi Sidwell,

Thank you for taking the time to share your experience.

Do you hire local contractors to do the renovation or you doing it mostly yourself?

Do you have a management company?

@Sidwell Campbell , thanks for the insight. I grew up 30 minutes South and have been keeping an eye on the city.

How is the tenant mix? Relatively few headaches or lots of work? Any C/B- areas of Springfield you recommend looking at specifically?

Any property managers you recommend?