First investment - Duplex in Albright area of Durham, NC

[Richard Mercado]

Investment Info:

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

Purchase price: $136,000
Cash invested: $102,000

This was my first long distance deal. Still has some challenges (Flood zone, Capital Expenditures) about break even on this one.

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

I really like the area. Growing population, great universities, but lot a lot of inventory for multi-family.

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

MLS

How did you finance this deal?

Traditional financing

How did you add value to the deal?

Rehabbed the A unit, repaired roof (B was already done)

Lessons learned? Challenges?

Appraised higher than expected and I have decided to try to sell this one. The Flood zone issue and Covid-19 has made that challenging.