My failed brrrr

[Porsha Thompson]

I purchased what I thought would be my first brrr when interest rates were at 4% when I kept hearing buy,buy now , buy.

A 3br 1bath $30,000 I was thinking where can you get a whole house for that cheap so this must be a deal so I bought without an inspection or appraisal.

After I closed I realized I needed a roof and a some rehab , now realizing had I got an inspection ($500) i would have known if and what was wrong with the house.

So I’m thinking well after this rehab this house should go up in value and I’d be able to cash out refinance and get my money back. Not fully understanding that an appraisal was needed to tell me the value of the home and nearby comparables before I bought so when I went to refi the bank ordered an appraisal which came back at $42,000 so with the 20% down I put that made me owe $28,000 and by the time I cashed out and paid fees I wouldn’t even be ghetto g what I put in back

So I did the only thing left to do was to rent it out using a property manager and cash flows $500 cash flow for a yr but the last tenant moved out and it’s been vacant for the last 6 months.

Should I sale or any ideas on how to get this home rented out cause I’m coming out of pocket the $248 for the mortgage and it’s becoming a financial problem