Nightmare BRRRR to perfect timing in Memphis
Investment Info:
Single-family residence buy & hold investment in Memphis.
Purchase price: $30,000
Cash invested: $55,000
Sale price: $114,000
Oh no! BRRRR gone wrong!?
Initially, my renovation budget was $45k, purchase price was $30k ($75,000). The project seemed to be a nightmare and required $10,000 in unforeseen items! After a long 6-month process, my all in cost of $85,000 slipped right outside the 6-month seasoning period for 75% LTV on a cash-out Refinance. This home appraised for $114,000 and left me with $85,500 cash out of the deal! Thought it was going to be a loss after the nightmare rehab!
How did you finance this deal?
HELOC from my Primary Residence