Springfield, IL--Buy and Hold newbie

5 Replies

Hi, BP. I am a new member here, and this is my first post after my intro post. I live in Central Oregon. I am just getting started on my education and am interested in buy and hold in Springfield, IL. I grew up there and have family there who may partner with me. I am looking for good contacts in the area and thought BP might be able to make some recommendations. In particular I am looking for a mortgage broker, though if anyone knows of good contractors, property managers or realtors I would appreciate it. I am looking to build a strong team who i will use for the long term and can have a mutually beneficial relationship with.

Thanks, and I am excited to have found this forum.

I am from Southern Illinois.

I don't know the Springfield market, and it is somewhere I would like to expand to in the future as well.

What are you looking to invest in? Single Family? Apartments? Student housing?

What price range were you thinking?

You want to buy and hold in IL but live in Central Oregon (I'm assuming Bend/Redmond?)

I'd recommend you start local first. Long distance buy and hold deals can turn very ugly very quickly, and you wouldn't want to be one of those motivated absentee owners that people market so aggressively to.

Also, you may want to look into creative financing strategies to buy and hold... if you can master that, you will never need a bank to finance a home ever again.

@John Van Uytven I went to school in Carbondale and love Southern Illinois. I am interested in SFH at the moment. No telling what the future will hold.

@Casey Carroll I have heard this recommendation a lot, so I am keeping it in mind and may invest locally first. That being said, I am so out priced in the local market that it makes the numbers difficult to work. Once I wrap my mind around creative financing (which I have been studying, as of today) I might just give that a go.

I am still in the research phase, just trying to get educated and understand what REI is all about.

@Jody Powell

To find out about an area go to IREM.org search for ARM certified property managers. Call 5 ask them what parts of the city they like/dislike and why. Ask them what they see expenses running per category per unit. What do they see them selling for per unit, what is the market occupancy rate. Ask them if they know anything coming up for sale. Great way to pick up some good info and possibly a deal.

That is probably a good student housing market.

The local REIA clubs would be a great place to get referrals at. If you cannot make the meeting call club officials and any vendors listed for referrals.

Paul

Join the Largest Real Estate Investing Community

Basic membership is free, forever.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.