This is my 2nd duplex
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Milwaukee.
Purchase price: $156,500
Cash invested: $39,125
This duplex was a "first" in several ways for myself. It was an off the market deal with many issues. It is now fully rented at 950 for both upper and lower starting the first of June.
What made you interested in investing in this type of deal?
Haven't done one like this before
How did you find this deal and how did you negotiate it?
Through an agent I've used in past purchases
How did you finance this deal?
Conventional loan through the same bank as the other three properties
How did you add value to the deal?
Renovations of the complete lower unit, structural reinforcement of the basemet and asking for more rent than what original owner got in the past.
What was the outcome?
Fully rented for June 1
Lessons learned? Challenges?
Stick to your tenant screening process and everything will get done it only takes time. So don't get to stressed out or worried about it as long as you keep putting forth the effort.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Worked with Dawm K my agent. Bert who is a contractor and plumber. He took care of all out of code plumbing in the kitchens and bathrooms. Put in a new hot water heater and new sump pump. KWK electric took care of the electrical not to code in the garage and both bathrooms. West Allis heating and air checked to make sure the furnace and ac unit where in good working order.