Closed on First Triplex in Milwaukee

Real Estate Deal Analysis & Advice
7yFollow

Closed on First Triplex in Milwaukee

Michael Walrath
Member since 2018 · 2 posts · 6 votes
Hello Everyone, Long time listener of the BiggerPockets podcast and first time poster. I’m just over 2/3 of the way through the podcasts. Just posting to say I closed on my first triplex on the east side in Milwaukee, WI. The triplex consists of three 3 bedroom 1 bath units. Two units are currently rented and almost meet the 1% rule (0.88% rule to be exact). The top unit needs to be redone but it’ll be a great learning experience for myself once I move in and house hack. Looking to become more involved in the community as I am now officially a real estate investor and landlord! Feel free to reach out and ask any questions or just say hi! Mike
5Reply
17 views

Most Popular Reply

Rebecca KnoxBusiness Member
Specialist · Milwaukee, WI · Member since 2014 · 1k+ posts · 1k+ votes
7y

Congratulations Mike! What a great way to get started in REI!! Feel free to join our free local forum, Brew City REI Club where vast amounts of local REI information, contractors and tips are shared. I also like Milwaukee REIA for networking and REI tools.

Hope to see you at one of the REI events around town!

Captain Save-A-Home LLC
WebsiteView Page
2Reply
See this reply in the discussion

10 Replies

Jump to latestLatest
  • Rebecca KnoxBusiness Member
    Specialist · Milwaukee, WI · Member since 2014 · 1k+ posts · 1k+ votes
    7y

    Congratulations Mike! What a great way to get started in REI!! Feel free to join our free local forum, Brew City REI Club where vast amounts of local REI information, contractors and tips are shared. I also like Milwaukee REIA for networking and REI tools.

    Hope to see you at one of the REI events around town!

    Captain Save-A-Home LLC
    WebsiteView Page
    2Reply
  • Account Closed
    Orlando FL · Member since 2018 · 6 posts · 5 votes
    7y

    Congrats. My spouse and I are considering Milwaukee for out first out of state investment. We live in Florida. I am excited to hear your. success.

    1Reply
  • Marcus Auerbach
    Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
    7y

    Congrats Mike! Your rent to value ratio is telling me that you opted for a quality asset! Good for you! And BTW - most likly your property will be a full 1% not so long from now, as rent is creeping up at least at the rate of inflation, while your 30 year mortgage payment remains fixed.

    2Reply
  • Brett Kash
    Flipper/Rehabber · Milwaukee, WI · Member since 2016 · 153 posts · 84 votes
    7y
    Congrats Mike! That’s pretty exciting. East side is a good neighborhood so you should never have a problem getting renters. Best of luck as you start your first few projects, I am sure you will learn a lot!
    0Reply
  • Gregory Chadwell
    Real Estate Broker · Milwaukee, WI · Member since 2015 · 299 posts · 90 votes
    7y

    Congrats Michael on your triplex.  I had a triplex in Cudahy as one of my early investments and moved up to 4 fam's  mainly in Bay View and south of that.  Your in an area that should outperform others.  I hope you have parking there its quite a challenge on the east side!

    0Reply
  • Michael Henry
    Real Estate Consultant · Brookfield, WI · Member since 2014 · 873 posts · 350 votes
    7y

    @Michael Walrath - @Aaron Stuiber I would love to walk through the unit that is being remodeled. Please let me know when the next time you will be there and I will stop by.  

    0Reply
  • Michael Walrath
    OP
    Member since 2018 · 2 posts · 6 votes
    7y

    Thanks everyone for reaching out! I should clarify and say that with me living in one unit the income from the other two units gets me to the 1% rule. If I were to move out and rent out all three units, I would be around 1.5% rule. The triplex has a 3 car garage so luckily parking for me isn't an issue.

    I am already looking forward to my next deal once I save up enough money (if I can't find a way to invest with no or low money down before that).

    1Reply
  • Will Gates
    Rental Property Investor · Maryville, TN · Member since 2018 · 80 posts · 53 votes
    7y

    Househacking and roughly 1% rule, excellent!!!

    0Reply
  • Gregory Chadwell
    Real Estate Broker · Milwaukee, WI · Member since 2015 · 299 posts · 90 votes
    7y

     Congrats on the three family i used to live in a three family in Cudahy now I have moved to 4 fams from there

    0Reply
  • Bartosz Rosol
    Philadelphia, PA · Member since 2017 · 46 posts · 32 votes
    7y

    Share some of your numbers with us!

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free