Made a huge mistake; seeking feedback

[Dylan Grieve]

Hello ladies and gents of bigger pockets.

I paid too much for my first house, and now am regretting it. 

Escrow closed this March, and I'm almost done rehabbing it; my out of pocket expenses (closing costs + rehab + mortgage holding costs) are running close to 160k. To fund this rehab, I took out a personal loan for 35k @ 12%, 20k on credit card @ 20%, and 42k HELOC @ 4%. In addition, I've paid 25k since March to hold the mortgage in this vacant house.

The only potential positive is that the house is in a historically high appreciation area, but it won't cashflow (I'll be -300 to -400/month with renters). Also, not sure I want to speculate on further appreciation, since I can't predict the future. 

I'm considering trying to get out of this, and take some loss, or, after the rehab is done, cash-out refi to pay off the high interest loans, and just rent it and eat the monthly loss. 

I bought the house for 550k, and based on comps, it should appraise between 650-700k in the next few months. 

I'm hoping to hear some perspectives on this matter, possibly an exit strategy or loss mitigation strategy that might be helpful. 

Thank you in advance for your comments. 

[Jay Hinrichs]

so your in your house 710 and counting everyday on a house that is worth 650 to 700.. ?   so minus selling cost of say 6% your upside down 50 to 100k ?  is that about right ?

so either take the short term hit now.. or slow bleed out at 400 a month but but it could continue to appreciate to where you break even.. time solves a lot of bad real estate moves.

PS we have all been there in the house flipping game everyone of us if we are being honest and have done more than a few deals