All Forum Posts by: ThomasRoy Penland

I invest and live in Springfield and also run a CPA firm that specializes in Real Estate investment. You can make a good return here in Springfield, just don't buy the really cheap properties. Just like most places, there are a few warzones in Springfield (not terrible, but I also wouldn't walk around there at night) that probably aren't going to be worth your time or money. If there's ever a specific property you want a second opinion on, I'd be happy to provide it to you.

happen to see your reply and I currently own a several SFH in Springfield, I wonder if you can refer several good property management which I try to automate the whole portfolio? thanks!

I have switched to Springfield Real Estate LLC. They are great. Greg is on top of everything and their financials are on time every month. They are patient and able to talk me through any plans of repairs or maintenance. I have nothing but positive words for them.

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I agree with everything said above. There are other loans which will give you better LTV percentages, but they are fairly high at the moment, and I think those are the loans that will have to be renegociated in a few years. Portfolio loans, Im not an expert, but I dont feel those are a good way to go right now un less you really know what you are doing.

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Upstate New York, New York

Quote from @Kiaken Sonkarley:

Hey ThomasRoy, I am just venturing in to Springfield. I have not but a deal there yet but would love to connect with someone who's already doing long distance investing there. I live in Atlanta.

Definately, DM me, if you like. I’m open to talk about the good the bad and the ugly. Lol. It’s a good market, numbers work well, and most important, find the right people.

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Quote from @David Worker:

Quote from @Rashidat Oye:

Quote from @ThomasRoy Penland:

I have ventured in to this market as of April this year (2022). I bought 2 homes and am using a property management company. I have never seen the homes in person, but got a good walk through from my realtor. It is still early, but if you are still looking at starting up in Springfield, hit me up. It would be great to compare notes and work together.

Hi Thomas,

I am looking for a realtor in Springfield, IL. Please can you share your realtors info via DM?

Call Greg Zessin!

I second that. Greg Zessin with Springfield Real Estate LLC.

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Quote from @Eric Valentine:

I know this was a year ago..are you guys in a facebook group by chance? I would also be interested. I'm new to the area and am doing some research right now on my first house. Would love some people to talk to, bounce ideas off of!

I am not. I still have properties in Springfield, though. Will this be your first house to own as a landlord? Or are you looking for you to live in?

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Quote from @Danusha Lameris:

Quote from @ThomasRoy Penland:

Quote from @Nicholas Hausmann:

I live in St. Louis and looking at buying a property in Springfield, IL. Springfield is only about 2 hours from me, but don't know much about the market. Properties seem to be pretty inexpensive. Many duplexes are under $100k and LTR at $750, STR at $100-$125/night and midterm at $1500. I'm looking at a duplex and running half as STR and the other as mid-term for travel nurses. Is this reasonable idea for this market? With this plan I would need cleaners and contractors/handymen. Any input would be appreciated. Thank you!

I am very happy with my team out there. I am more than happy to give you their contact info if you are still interested. I would suggest talking with them to get a good idea where and what to buy. The property management is the most important part of any team and I trust mine all the way.

Hi @ThomasRoy Penland Very interested in learning more about your team. I am looking to buy a rental in Springfield IL and need to build out the supports. Thanks!

I started with a property management company. I interviewed 3 different companies and then talked to some realtors as well. This was to get ideas who they suggest for property management. I’m currently changing some things around, so I don’t want to name anyone as of yet. I think it’s a great place to invest, all the numbers point to it being one of few left with positive cash flow. PM me for more detailed information.

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Quote from @Nicholas Hausmann:

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Quote from @Drew Sygit:

investors need to understand what they are investing in, not just look at numbers and assume.

True, this can be said towards every investment. I’m trying to understand what you are speaking to here. Thanks.

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Quote from @Yohannes Haim:

Would you guys consider Springfield to be a tenant friendly or landlord friendly zone. Any experience evicting a non-paying tenant? How long/difficult was this process. Do you recommend any property management companies in the area?

Last, I’ve been using Capital City Property Management. I am very happy with everything they have done. They work well with me and have constantly kept me in the loop with information and status changes. I would definately recommend them and if you want more, just let me know.

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Quote from @Yohannes Haim:

We just evicted a tenant. It was not very difficult. Maybe we got lucky, but it took about 3 months total. We went to court, and the tenant finally left with an officers assisstance. There was a lot of time where we worked with the tenant, we even gave them a new lease starting which forgave the past due rents. The tenant still payed nothing.

1 Vote

All Forum Posts by: ThomasRoy Penland

ThomasRoy Penland has started 9 posts and replied 53 times.

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