Updated over 7 years ago on . Most recent reply
New BRRR investor in Milwaukee WI
Hello everyone, My wife and I are new to investing in rentals. Our first property was a duplex for $35k with new electricals, new garage, new driveway, new fencing and recent roof. We put an additional $5k into it (I did the work myself).
We interviewed our prospective tenants 18 months ago and we still have our original tenants. They pay $700/m each ($1400 total) and always pay on time.
We just picked up another duplex ($31k) last week with a long term renter (10 years) in one unit paying $600/m and the upper unit vacant but just renovated.
We will be closing on a three bedroom/ 2 1/2 bath condo this week for $14.5k with the expectation of putting about $1500 into it (new paint and carpet). The condo fees are $203 and we already have a renter lined up for $950/m.
Our plan is to acquire two more duplexes by spring.
We would love to purchase four family rentals but they are running about $30k per unit ($120k total) @ $500/m per unit on average. Doesn’t seem to offer a good return. We are currently staying about $15k per unit on average with $700/m being realized from each unit.
Most Popular Reply
Hi @Mareno Rathell - Awesome to see you making moves! I'm always amazed at how much you can buy in the midwest. Sounds like you're focusing on the right cash flowing properties.