[Calc Review] Help me analyze this deal

[Shane Braunworth]

I'm looking to buy my first property at auction, and it's the perfect BRRR deal. It currently has a tenant and just needs a bit of TLC to make the property a bit more livable. Does anyone have any funding ideas for the cash purchase?

I'm seeking out personal loans and a HELOC to help make up the difference between my savings account and the expected acquisition price. If anyone knows someone that would be interested in helping fund that I'd love to connect with you!

Specifically, I'm looking to do get a short term 80k loan for the purchase and I'd refinance in 6-9 months to payoff the loan. I have 80k of equity in my current home but currently can't use any of it...

View report

*This link comes directly from our calculators, based on information input by the member who posted.

PS

Apologies for the poor title. I accidentally submitted the post before I had actually made any content for it.

[Chris Davidson]

@Shane Braunworth That is some great news! and sounds like a lot of lessons learned and more importantly, knew that insurance is needed. I've seen cash investors skip on policies for a period of time, and it can really come back and bite you when you least expect it. 

Great to hear everyone got out ok. Best of luck during the remodel/ rehab phase hopefully the deal ends up being even better than expected!