All Forum Posts by: Drew Markert

@Jorge Ruiz Absolutely, thank you for the reminder!  I always forget about the reference section.  @Marcus Auerbach is a great person to be working with.  I wish you the best of luck in Milwaukee!  Feel free to PM me if I can help in any way.

@Michael S. Thank you!

@Dennis L Lewis Jr Thanks Dennis!  Once the tenants are out of the unit I'll be moving into, I'm estimating about 2-3 weeks.  The rehab is all cosmetic work which I plan to do on nights/weekends.  It could be done much quicker if I hire it out, but I'd like to learn more about the rehab process as well as save some money :)

Hey BP, I'm excited to announce that I recently purchased my first duplex! It's a 3/3 in the Milwaukee area, and I will be using it as a house hack. I was looking primarily on the MLS for about a year before I closed on the right deal. Shout out to @Marcus Auerbach for all of the help!  The numbers are as follows:

Purchase Price: $174,000

Estimated Rehab: $15,000

Rent after repairs: $1,050/unit

PITI: $1,275

Vacancy: $105

Maintenance/maintenance: $105

CapEx: $105

Water & Sewer: $75

Cashflow: $435

After the rehab, I should be able to knock off the PMI, so I would cash flow an extra $70. I won't be completely living for free, but I may end up getting a roommate or AirBnB the other bedrooms to cover all of the expenses. I'd love to hear what you guys think! Feel free to reach out if you have any questions.

I'm in!  I also purchased a duplex after our last meeting and would be happy to share the details.  Looking forward to seeing everyone there!

I'm in - looking forward to seeing everyone there! 

@Kevin Zwieg Hey Kevin, it's this Thursday, 10/12 at 6:00pm.  I won't be in attendance for this meeting but I look forward to seeing you at future events!

@Guillaume D. Wow, very inspiring story - thank you for sharing! 

@Eric Gutierrez Very good points, thank you for your input!

Hi Kiran, I would personally go with the newer property as long as the numbers make sense.  However, I wouldn't be concerned about a 20 year old property as long as it's in good shape.  

@Eric Gutierrez I'm curious how your repairs/capex on the older properties compare with the ones built in the 50's?  I'm currently looking for my first duplex/triplex and it seems most small multifamilies in Milwaukee were built in the early 1900's or 1950's as well.

I'll be there - see you guys tomorrow!