Nightmare BRRRR to perfect timing in Memphis

[Tory Tolson]

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 Project gone wrong!?
Initially, my renovation budget was $45,000 and purchase price was $30,000 ($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! Perfect timing and numbers! Thought it was going to be a loss after the nightmare rehab!

How did you finance this deal?

HELOC from my Primary Residence