Bessemer Ave Duplex- It started my investing career
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Greensboro.
Purchase price: $70,000
Cash invested: $14,000
Great Duplex Find. This was my first deal. 3/2 duplex on Bessemer Ave. Had to do about $2000 in upgrades, and inherited long term renters. this was a home run for my first deal.
What made you interested in investing in this type of deal?
This was my first deal! i bought it from the owner who had bought it through foreclosure a few years earlier. He was looking to move to new investments. I purchased it, and received 2 long term renters in the process.
How did you finance this deal?
traditional mortgage
How did you add value to the deal?
In one side i had to put in new carpet and paint. This was not as expensive as I thought. I have had little problems with this duplex.
What was the outcome?
The value estimate for this duplex in now over $105000. it continues to have a cap rate of 12%.
Lessons learned? Challenges?
START INVESTING!!!!