Bessemer Ave Duplex- It started my investing career

[Jerrold Simmons]

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!!!!