1st landlord experience

[Sheree Wegenke]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Menomonee Falls.

Purchase price: $218,000

Menomonee falls top/bottom duplex, 2100 sq.ft, 2bdrm 1ba in each

What made you interested in investing in this type of deal?

we grew up in the town, good neighborhood, apartments were going up around the area so we figured there's renters nearby

How did you find this deal and how did you negotiate it?

realtor family friend helped us

How did you finance this deal?

FHA loan

How did you add value to the deal?

carpet out of kitchen and placed new flooring, added exhaust fans in the bathrooms, insulated attic

What was the outcome?

we still own and have it fully occupied

Lessons learned? Challenges?

we learned a better process regarding screening tenants, facebook market was an easy place to find tenants.
figuring out how/where to advertise was a challenge at first, also drawing the line when it comes to how much we put into it since its a rental

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

yes our family friend is a realtor and she helped us every single step