All Forum Posts by: Daniel Idstein

Nice Work Mitch!  looks like a great all around project

@Patrick M. it was 25% down, the cost of the kitchens and other work done (about 17K) was on top of the down payment.  So I guess all in I am closer to $83,000 cash invested.  Let me know if you have any other questions.

I love Tosa!  I just bought my 5th Duplex with most of them right around North Ave (between 67th and 83rd).  Nearly all of mine are 3 bedrooms and rents are $1,350 - $1475 depending on how updated they are.  I like Tosa because of the steady cash flow, quality tenants, ability to rent quickly, long term appreciation (hopefully) and if all else fails I could move into one of the duplexes.  William, your pictures look great, that is definitely the nicest kitchen I have seen in a duplex in the area!  I always start the listing higher than I think it will get and am always amazed how quickly they rent out.  Prices have gone up considerably since I bought my first one 7+ years ago but I am always looking for a deal in the area.

Investment Info:

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

Purchase price: $264,500
Cash invested: $66,125

Upper and Lower 3 Bedroom Duplex

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

Looking for long term cash flow on a unit that had below market rents.

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

MLS and a good agent

How did you finance this deal?

HELOC on another rental property

How did you add value to the deal?

Remodeled kitchens, added dishwashers and granite counters

What was the outcome?

Got both units rented for over $1,300 per month

Lessons learned? Challenges?

Trying to rent in January is really hard in WI!

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

Firefly Real estate, they know Wauwatosa and they are great with Investors. Worked with both Katie Wakefield and Anne Mueller