Just closed on my first property... now what?

[Paul Ellerbusch]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $283,800
Cash invested: $22,678
Sale price: $283,800

This is my first RE investment. The property is a late 1800's duplex. I like the location in Murray Hill which is in the middle of UWM and the downtown area. It needs some TLC but I inherited long term tenants so I won't need to worry about the first unit until May 2021.

What made you interested in investing in this type of deal?

I wanted to buy and hold a small multi-family property for my first investment. I think this is a good strategy to help me learn the ropes of RE investing and being a landlord.

How did you find this deal and how did you negotiate it?

I connected with a realtor in Milwaukee while doing my own search online and she, Abigail Wall with Riverwest Realty, helped me A LOT with finding the deal and negotiating price and terms.

How did you finance this deal?

30 yr fixed rate mortgage through Chase Bank, 3.125% interest rate with 5% down.

How did you add value to the deal?

Good question... I value to location and rental history. I am cash flowing the property so the appreciation potential was not a huge part of my decision.

What was the outcome?

No buyers remorse!

Lessons learned? Challenges?

You need more than 29 days to close...

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Abby Wall with Riverwest Realty in Milwaukee