Living in the BRRR youre refinancing

[Nick Causa]

Im having a hard time finding an answer to this: We own and live in a soon to be reno‘d two family property that needs work in an area that is up and coming. My wife and I are probably going to live in one of the units (possibly with a roomate) when the place is reno’d and rented and we go to refinance after all is said and done. Because of the extent of the reno’s we certainly want the refi to come back high enough (the new rental incomes will be more than enough to cover a high refi, so a great DCR) so we can recoup our costs. My question: does living in one of the units decrease the possibility of getting a better/higher appraisal? Because in this scenerio, youre not showing one of the leases (ours in this case) which would be proving the income that the property is pulling in? Or, do we have to move out and rent our unit out for the best appraisal?