Newbie Real Estate Investor From Springfield, Ohio

Newbie Real Estate Investor From Springfield, Ohio

Springfield, OH · Member since 2017 · 9 posts · 4 votes
Hello BP!, I’m Bryant and this is an overview of what my plan is. I’m 30 years old and live in Springfield, Ohio. I purchased a HUD house 5 years ago for $59,400.00 it needed around $10,000 in repairs. I currently owe around $50,000.00 and plan on doing a cash out refi next year. The house value as of the last county appraisal was $94,000.00 up from $71,000.00 5 years ago. The house is located in a desirable area of town and should reappraise around $115,000.00. With that said I am looking at the range of 50kish in equity to play with. Springfield is a middle class city with tons of C class neighborhoods with properties going for $20,000 to $35,000 mostly 2br 1b/ 3br 1b. My plan is to use the cash from the refi and purchase SFD or small multiplex depending on what is out there next year, rehab them, rent them, refi them, and then repeat aka the BRRRR method. I would like to buy and hold until I am able to obtain enough cash flow to quit my day job. My wife and I both work a W2 job and will have our mortgage and car payment as our only debt going into next year. We plan to self manage and have had some experience in property management/ land-lording. Well that’s it for now. Thank you for reading my introduction. Also great job on the BiggerPockets pod cast I have started from the beginning and I’m just nearing the 100th episode can’t say thank you enough for all he great info the podcast provides!
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Rental Property Investor · Dayton, OH · Member since 2017 · 48 posts · 68 votes
8y

Welcome to BP Bryant! I grew up in Springfield and know several people that have done well for themselves investing there.

Best of luck to you!

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  • Rental Property Investor · Dayton, OH · Member since 2017 · 48 posts · 68 votes
    8y

    Welcome to BP Bryant! I grew up in Springfield and know several people that have done well for themselves investing there.

    Best of luck to you!

  • Springfield, OH · Member since 2017 · 9 posts · 4 votes
    8y
    Thank you Nathan!
  • Portland, OR · Member since 2013 · 63 posts · 17 votes
    8y

    Welcome Bryant! 

    I too invest in Springfield. Some of my properties are great and others are real pains. Neighborhood being the biggest factor. Best of luck to you. If you're careful and know the area you should do very well. 

  • Springfield, OH · Member since 2017 · 9 posts · 4 votes
    8y
    Thank you Jessica B. I have lived in the Springfield area for 17 years and know the area very well. If there is anything you ever need help with in the Springfield area I would be more than glad to lend a hand for the experience.
  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    8y

    Hello @Bryant Weber, glad to have you here! Let us know how we can help! And you should jump in, the community is pretty great here. You'll love it :)

    BiggerPockets
  • Springfield, OH · Member since 2017 · 9 posts · 4 votes
    8y
    Thank you @Dave
  • Investor · Columbus, OH · Member since 2016 · 112 posts · 79 votes
    8y

    @Bryant Weber @Jessica B.

    Would either of you care to share some knowledge on areas/neighborhoods to focus on? Investing in Dayton and Columbus currently but have recently been looking around Wittenberg, etc.

    Thanks,

    Kyle

  • Portland, OR · Member since 2013 · 63 posts · 17 votes
    8y

    Wittenburg is a good area. If you stay East of 72 and north of the park you're pretty safe. I've had great luck west of 72 in that area but there are pockets you want to avoid. 

  • Springfield, OH · Member since 2017 · 9 posts · 4 votes
    8y

    @Kyle Collette

    Wittenberg area is a nice area because of the out of state college student flow and the average yearly tuition being 35k to 50k and the abundance of cheap SFH & MFH. Springfield tax rates are on the low end due to the crime and drug problems in the surrounding areas South and West of Springfield. College kids are rambunctious and Wittenberg is know to be a party school so be weary.

    Springfield outside of Wittenberg campus is not a bad area sticking with the east and north end of Springfield. A lot of fix and flips happening along with BRRRR. Springfield has a lot of low to middle class family's that depend on places to rent. SFH 3 bed 1 bath rents for $650 to $750 plus depending on the area.

    There are multiple middle income jobs available in this area who have called Springfield/ClarkCounty home for many years. 

    Hope that helps. If you have any other questions don’t hesitate to reach out. 

  • Investor · Columbus, OH · Member since 2016 · 112 posts · 79 votes
    8y

    @Bryant Weber

    That's absolutely perfect, thanks for getting back so quickly!

    You don't have any knowledge of PMs or contractors in the area, do you? My current Dayton PM isn't 100% of wanting to go that far.

  • Investor · Columbus, OH · Member since 2016 · 112 posts · 79 votes
    8y

    @Jessica B.  Thank you!

  • Darrin CareyPro Member
    Lender · Dayton, OH · Member since 2008 · 1k+ posts · 705 votes
    8y

    @Kyle Collette I'll check with my PM tognight, I think he does Springfield.

  • Investor · Columbus, OH · Member since 2016 · 112 posts · 79 votes
    8y

    @Darrin Carey thanks Darrin!

    Wish I could get to one of your meetings on Monday nights; maybe some time when I get off early here in CBus

  • Portland, OR · Member since 2019 · 16 posts · 1 vote
    7y

    Hello @Bryant Weber,

    I've been looking at Springfield pretty hard the last couple of weeks and plan on making a trip out there in a couple of weeks.

    I'm curious how it's going for you? Any recommendations on good/bad/up and coming areas?

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