First Duplex - Milwaukee, WI

[Isaac A Haight]

Investment Info:

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

Purchase price: $201,000
Cash invested: $50,000

Currently renting 3 bed, 1 bath unit while live-in flipping 1 bed, 1 bath side. ETA for finishing renovations is end of March.

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

Being able to live in one unit and add value to it, while renting out the other unit that covers the mortgage, taxes and HO insurance. Previous money that my wife and I spent in rent ($1200/mo) now goes to improvements.

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

MLS listing that agent sends for 53207 neighborhood.

How did you finance this deal?

20% down and 30 year fixed mortgage at 4.875%

How did you add value to the deal?

Landscape yard, rehab kitchen and bath in 1 bedroom side. Fix minor plumbing and electrical issues.

What was the outcome?

still in process

Lessons learned? Challenges?

Always plan for $5-10k in extra expenses that are not planned in the budget especially with older homes.