3009 N 47th St. Buy and Hold
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Milwaukee.
Purchase price: $59,000
Cash invested: $35,000
This is a long term buy and hold duplex for me. I completely gutted both units and updated them. Brand new electrical and plumbing fixtures. A new roof was also installed.
What made you interested in investing in this type of deal?
The high cash flow on these type of C duplex properties enticed me.
How did you find this deal and how did you negotiate it?
I found this deal on the MLS. As far a negotiation, due to the state of the roof I managed to get 10k under asking.
How did you finance this deal?
This was a hard money loan that I am refinancing out of into a 30 year conventional.
How did you add value to the deal?
Renovating both units completely. Kitchens, bathrooms, removing carpet and refinishing hardwood floors.
What was the outcome?
I will soon have both units rented. One under market rent because she was a trooper and let me have the contractors work around her.
Lessons learned? Challenges?
I should have had a better estimate from my contractors on time. I dealt with the marketing guy who said “Three weeks per unit. No problem.” Not the case. It all is working out, but going forward a better turn around will be expected.