New rental property investor from Springfield, IL area

Member since 2018 · 4 posts · 0 votes

Hello! I am currently in the research phase getting ready to invest. I have learned so much from listening to the BP podcast. Many times over the years, my husband and I have talked about someday buying rental property. One day a few months ago I was walking through Barnes & Noble and happened to see Brandon's book on Rental Property Investing and bought it on a whim. It was a fortuitous purchase, as we are now looking to relocate from central Illinois to Minneapolis/St. Paul. Developing a rental portfolio will be a significant part of our future. At this point, I'm trying to figure out if we should start investing here in Illinois or wait for a few months (years? depending on the job search) until we move to the Twin Cities. I look forward to getting connected to people here on the forums!

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Tim SwierczekPro Member

Lender · White Bear Township, MN · Member since 2016 · 1k+ posts · 1k+ votes

@Elizabeth Z. We have a Lotta great meet ups in the Twin Cities where you’ll be able to meet new investors and build a network. I’m in active investor in the area and be happy to meet up for coffee message me if you’re interested in meeting up when you get into town.

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Nichole B.
Normal, IL · Member since 2017 · 38 posts · 20 votes
8y
Hi, Elizabeth. We came to Normal, IL from the Minneapolis area approx. 15 yrs ago, but we think about going back to Mpls on occasion (I'd prefer to get back to the Chicago burbs where I grew up, though). I'm involved in the Bloomington-Normal REI group, but I think there is one in Springfield, too. I just put an offer that was accepted for my very first investment property, and will hopefully close in a month.
David Greene has a book about long distance real estate investing right here in the BP store. I don't have it yet, but it looks like a good one. You could start growing your portfolio in both areas, at the same time. I think with the internet, one *could* self-manage properties long distance, or find a reputable property manager.
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Nichole B.
Normal, IL · Member since 2017 · 38 posts · 20 votes
8y
P.S. - feel free to connect with me here on BP (any other IL investors, too!).
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Elizabeth Z.
OP
Member since 2018 · 4 posts · 0 votes
8y
@Nichole B. Thanks for the note! I'm glad to hear there are some other active BP folks in central Illinois. Where would I look to find out if there is an REI group in Springfield?
I do have David Greene's book, but haven't read it yet. Have been thinking seriously about getting our feet wet here in Springfield, and then we'd have a start whether we stay or not.
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Nichole B.
Normal, IL · Member since 2017 · 38 posts · 20 votes
8y
In the "Events" section here on BP, there have been some past events from the Springfield Area Landlords Association. I don't see anything posted yet for October, though.
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Twana RasoulBusiness Member
Real Estate Agent · San Diego, CA · Member since 2017 · 1k+ posts · 1k+ votes
7y
@Elizabeth Z. @Nichole B. I invest in Springfield IL. Feel free to reach out should you need anything I can help with.
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Tim SwierczekPro Member
Lender · White Bear Township, MN · Member since 2016 · 1k+ posts · 1k+ votes
7y
@Elizabeth Z. We have a Lotta great meet ups in the Twin Cities where you’ll be able to meet new investors and build a network. I’m in active investor in the area and be happy to meet up for coffee message me if you’re interested in meeting up when you get into town.
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Armin Nazarinia
Saint Paul, MN · Member since 2018 · 189 posts · 107 votes
7y
@Elizabeth Z.- I recently moved to the Twin Cities area and have been to a few BP meet ups here which are great to learn and network. I have met some people who invested out of state before they moved here and they did it before they moved, but with a partner (someone who was going to say there) so they had "boots on the ground" for help with managing the property. They still hired a property management but were able to buy a home on a good deal and they knew the area before they left so it may be beneficial to buy at least on in IL then diversify once you move up here.
That's my opinion, but when you guys get up here I'm happy to meet up and chat more about RE in the cities and surrounding area. Feel free to message me.
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David WorkerPro Member
Springfield, IL · Member since 2018 · 79 posts · 23 votes
7y
Here’s a link the to the Springfield Area Landlord’s association Facebook page.
There’s lots of good investment properties that meet the 2% rule in Springfield. Would you hire a property manager to take care of the property? If so, do you know of a good property manager?
https://m.facebook.com/RENTSPRINGFIELD/
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Elizabeth Z.
OP
Member since 2018 · 4 posts · 0 votes
7y
@Tim Swierczek Thanks for the note, and I will definitely message you as we get closer to figuring out more details.
@Armin Nazarinia Thanks for sharing about friends who have invested locally and then moved. Will definitely be in touch when we get closer to the actual move.
@David Worker Thanks for the link! I wish they had their Oct. meeting posted. I don't know about property managers at this point. Just been looking around. I'd be interested to know what neighborhoods you think would be good for a first purchase.
@Twana Rasoul I would love to hear about your experience investing in Springfield from afar.
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George Blower
Retirement Accounts Attorney · Southfield, MI · Member since 2017 · 3k+ posts · 1k+ votes
7y
@Elizabeth Z.
Welcome to Bigger Pockets.
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George SkidisPro Member
Rental Property Investor · Belleville, IL · Member since 2017 · 874 posts · 529 votes
7y
Connect with Tony Nudo and Greg Zessin at the Springfield Area Landlords Association. They meet in a comedy club on the south west side of town. My contact info is below.
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Elizabeth Z.
OP
Member since 2018 · 4 posts · 0 votes
7y
@George Skidis Thank you for the information about SALA and the Illinois REIA! I am hoping I will be able to attend their Oct. meeting.
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