We purchased the property cash (no mortgage) for $500,000.
Added $200,000 of renovations. Totalling $700,000 all in.
Received appraisal for $800,000.
Typical 80% LTV financing gave us $640,000 back!
After receiving the $640,000 we only have $60,000 left in the deal!
The property cashflows $1,500+ in positive net cashflow after all expenses and conservative contingencies.
As you can imagine, our investor is ECSTATIC!!