Third deal closing in two weeks

[Adam Briceland]

Investment Info:

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

Purchase price: $155,000
Cash invested: $46,500

First off the market deal

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

The location, price, taxes, rent potential and size

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

An agent in the same office the one I've been working with for years works

How did you finance this deal?

Conventional loan with the same bank as the last two properties

How did you add value to the deal?

Home inspector recommended the basement need to have work done. $8500 worth of work has been completed, removing carpet in upper bathroom and bedroom, painting all walls in the lower unit and removing all the carpet.

What was the outcome?

The goal is to get rents of $950-$975 per unit. I will have to update this in a few months given how things are currently with the virus outbreak.

Lessons learned? Challenges?

Every property teaches you something new, time will tell for this one.

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

Dawn K with Shorewest, Troy Beasley for the home inspector and Gaidish Foundations for the repairs to the basement.