Multi Family in Sheboygan, WI

[Matthew Meunier]

Investment Info:

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

Purchase price: $145,000
Cash invested: $3,800

My first investment purchase in 17', a small 4 unit MFH. I house-hacked this deal using an FHA loan and have self managed from the beginning to learn and gain experience. Although I may have overpaid a little bit (hindsight being 20/20), the Sheboygan market has slowly crept up in 4 unit pricing, and the math on this deal is astronomical due to the HH.

How did you add value to the deal?

As units have become vacant, I've rehabbed by adding vinyl plank floors with a fresh paint job. One original resident remains from the purchase. I've taken rents from $450/unit to $460 (original resident), $500, $525, & $600 in less 15 months.

Lessons learned? Challenges?

Interview 3 professionals in the area you're looking to invest in for each part of your REI team. Being a newbie, I didn't challenge my RE Agent enough in the negotiation.