Closed on my first duplex in Madison, Wi last week!
Nicely Done! Share the details please! Keep that momentum going and good luck on your next deal!
Thats awesome man! Where at?
In the SW portion of Madison! Fitchburg technically, but I’m owner occupying for the next year.
Bought it for $20,000 less than what they wanted. Was able to get the previous owner to fix up most of the issues, aside from some smaller stuff.
Each side should be able to rent for $1,500 and after saving 20% for vacancy and future expenses, should be able to clear just over $8,000 in cash flow in a year.
Nice, I am owner occupying one on the east side of Madison.
Welcome to BP brotha!
Congrats and keep it going. FHA loan ?
@Kyle Hoppman Congrats on taking the leap...Best of luck!!
Yes. I think I’ll refinance to a conventional once I’m able to.
Duplex's are the best way to get started in my opinion. Shows you the basics of a deal and allows you to scale from there.
Congrats and good luck on the journey!
I agree, trying to work on my credit myself then get into a multi family. I already own one townhouse in Florida and want to house hack my next property.
That’s a big step, congratulations!
@Kyle Hoppman Congrats on the new buy! I bought my 1st one 7 years ago in Madison as well! I bought my 2nd 2 years later using another FHA loan. A few lenders in the area wouldn't accept my 2nd FHA loan but I found one that did! The best returns I've ever received were off those 2 loans! Good luck on your future endeavors!