My first deal almost 4 years ago

[Adam Briceland]

Investment Info:

Single-family residence buy & hold investment in Milwaukee.

Purchase price: $137,500
Cash invested: $69,997

Single family home, purchased using the capital from my now business partner to house hack. Went from renting out a room for 450 per month plus 100 for the entire garage and 50 for use of an additional bedroom for storage. To now 1200 for the entire house all from the original tenant.

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

To no longer be a renter

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

Walking an open house

How did you finance this deal?

Traditional loan with a local bank

How did you add value to the deal?

Kept renting out rooms, lived in the basement and keep the place clean and updated

What was the outcome?

Have moved out and have since bought a duplex, closing on a second duplex in two weeks and my business partner bought himself a duplex to live in a year ago.

Lessons learned? Challenges?

Screen your tenants and don't be in a rush to get someone in. You must cash flow 450 or more a month to weather any kind of unpredictable event. Don't spend the money laying around from your cash flow either. Invest in something gaining interest. Use the interest to grow your OH S##T fund and at the end of the year pay yourself and your business investor a small dividend.

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

I work with Dawn K. from Shorewest who knows what properties I'm looking for. Michelle T. with Associated bank is who I turn to for financing. KWK electrical contractors and Chris the Plumber do great work and are easy to get scheduled. Tim the owner of Right Way Renovations gets the random jobs done right and on schedule. Troy Beasley is very a knowledgeable home inspector. Extremely detailed in his evaluations and would highly recommend him.