Updated over 5 years ago on . Most recent reply
First Rental Property!
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Milwaukee.
Purchase price: $86,000
Cash invested: $5,000
Duplex in Milwaukee, WI that needed minor repairs.
What made you interested in investing in this type of deal?
I was looking for a property that met my 1% requirement and also would have an ROI over 50% even after repairs.
How did you find this deal and how did you negotiate it?
I found it through a connection who is a realtor and owns multi-family real estate. I looked at the property and offered 6% below, per my connections advice, the seller settled 3% below ask.
How did you finance this deal?
Traditional 30 year fixed rate mortgage through a local credit union.
How did you add value to the deal?
Not sure that I did, still learning a lot.
Lessons learned? Challenges?
I just closed on the property so I am still waiting to see how things go.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Absolutely, Paul McKenna of McKenna Real Estate, he is expert in multi-family purchases.