Was wondering what people thought about investing in Springfield MA? Prices are low and cash flows seem to be legit. A lot of houses on the market seem to be more updated (Outside, inside, plumbing, electrical) compared to other lower price areas in Massachusetts or providence, RI. I know that Springfield is not the best area, but I still think i'm gonna start investing there. I own a small property management company in Boston and the surrounding areas. If anyone is interested in management of their properties please let me know as well.
I was thinking the exact same thing recently. I'd be curious as to the responses that you get. Definitely great cash on cash returns on paper.
@Brendan Garrity in the research you've done, would most of the opportunity come from section 8 type housing or college rentals, maybe both? Out of the two, which way are you leaning?
It seems to be both, and I am open to both. I have noticed a lot the places say they have lead certificates which is good, and also makes me assume they are section 8.
I currently own a tri-plex in Springfield, MA. Tenants are not section 8 and cash flow is legit.
Currently looking for my next property. Looking for value add properties, but anything worth buying on the MLS goes quick. So instead of competing on the MLS I am beginning to do some direct marketing to absentee and equity owners, as well as pre-forclosures.
I would love to form an investment group with a focus on 3-family or larger, buy and hold. If anyone is interested please contact me.
@Nick Newsome , I am Interested in 3 family plus would love to meet on this. Did you buy your triplex using owner financing or something creative? I am not familiar with pricing in Springfield, can anyone share some info on FMV's for multi's , rents, cash in cash return?
@Brendan Garrity I'm actually a wholesaler from the Springfield Ma area. What's your email? Maybe I can find you some deals along the way.
@Jose Castillo Hi Jose, I would like to connect with you and see if we can do some deals. I am actively seeking my next deal in Springfield MA.
@Brendan Garrity Hi Brendan, lets connect. I am a native of Springfield and currently own a 3-family there. I would like to hear more about your investing goals in the area.
Hello fellow investors, i am an investor in springfield, im also an agent. I am able to answer any questions you might have. Properties are cash flowing beautifully in the area, the two sec 8 programs in the area have just raises rents so it can be very profitable if you know how to choose your tenants.
@Nick Newsome id love to team up on some deal, what is your email? We can talk criteria
@Indra H. , how much are 3 families on the low end to the high end in Springfield for let's say a 4BR one bath per unit in a better location within Springfield aka non section 8? How about in the areas close to WNEC or Springfield college?
4 family in that area very hard to find, no much multifamily above two units in that area. However there are other descent areas where you cam find 3 and 4 family. A 4 family with 16 bedroom, not very common around here either, you will find more 1 to 3 bedrooms per apartment. Price? It depends, you could find them for under 100k up to 300k, it all depends.
Missed Springfield college are, which is def a sec 8 area, if i understand what you mean by sec 8 areas. Much more multi families around Springfield college, not sure if thats the kind of area you are looking for though. Springfield College and WNEC almost two different markets
Hi folks, I'm new to BP but picking up and learning on a daily basis.
I am very interested in property investment in Springfield. I was driving through during the Christmas holidays looking for properties and ideal neighborhoods.
Nick Newsome I am very interested in partnering in your investment group idea for properties in Springfield. I am happy to discuss directly via email or call. You can PM me at any time please.
@Jose Castillo let's please start discussing privately as I am happy to purchase sound properties , ideally multifamily.
@Indra H. , I am very interested in speaking with you about your experience in Springfield. Also would be interested if you have any pointers on what areas make good financial sense and what don't.
I am absolutely ok with section and student housing. Look forward to great discussion.
My goal is to buy (3) multi family homes (9 plus doors) by August in Springfield that are bringing in positive cash flow. Financing and cash is not an issue.
Look forward to catching up.
Can anyone recommend a property manager in Springfield pease
@Safee Idrees Sure no problem. PM with any questions. I also know a great property manager in Springfield
Please contact me with info on property manager. Thanks. Donnie
Anyone looking at investing in SF or multi-family in Downtown Springfield near MGM? I live in Boston, but am considering investing there. Just looking to anyone who may have had success buying and renting in the area. Thanks in advance!
I bought a triplex in Springfield in June. Numbers are looking good and I recommend others to look at Springfield seriously. Problem is that prices have gone up over the last 4 months.
I am looking for a property manager for my Boston apartment. I would very like to speak to you about your management services and fees. Can you kindly contact me privately so that we may talk.
Hello @Safee Idrees ,
I am new investor, trying to understand the west MA market.
What area did you buy the Triplex at? Could you elaborate the process? You could PM me if you want to.
I am trying to find B/C areas in Springfield.
@Waazim Reza I picked up a two family in the South End of Springfield in June. Very happy thus far. Property was renovated 4 years ago, 7 bed/2 bath total, grossing $2150/mo. Purchase price $152k. I went in right away and raised the rent on one of the units. Other tenant is Section 8. Great tenants, very cooperative, and pay!
I'm interested to hear from others on recent Springfield activity. I'm tempted at looking into a 10+unit apartment complex in the near future.
Thanks to everyone for all the great insight!
Springfield is a real beehive right now, for better or for worse. While I'm watching property values tick upwards (bad for the frequent flipper), the casino melodrama seems to have motivated some of the formerly absentee landlords into fixing the broken windows, so to speak. At this point, it appears to me that prices are increasing at a rate beyond that of rents, although they are both increasing. For you buy-and-hold folks, you're going to do just fine -- especially if you can pick up a big multi-unit very soon.
My commercial properties downtown are not so lucky. The casino is bringing some gloom to retail tenants who fear that the casino will strip some of their business, and the industrial/warehouse tenants lament the inevitable traffic woes. Given that my properties are greater than walking distance from the MGM site, they'll experience most of the bad but none of the good created by the "open street-front" -concept.
Anyway, good luck in the "City of Homes" and reach out if I can help.
@Pablo I know nothing East Longmeadow. I had a goal of a multi family to buy and hold as close to the new casino as possible. I'm interested in more opportunities nearby. Let me know how things are working for you. Always nice to learn from those at ground zero. I'm located in the Boston area.