Occupied Rental Apprasial

[Jonathan M Peters]

Hey Everyone,

I am looking for some insight on the appraisal process. I am trying to see if I have the ability to take on a larger property using HELOC's off of 2 properties I own currently.

One of the property is a single family home and the other is a duplex. All the units are rented under a 2 yr lease. 

I was told during an appraisal they like to look inside of and outside of your home. to asses the value, although I have not gone through this process before.  

The single family home Zillow zestimate is around 160k and I owe approx. 110k on the property.

The duplex is a recent purchase middle of last year I owe approx. 143k on it and I have done a complete down to the studs remodel on one side and a soft remodel on the other. 

Previous condition of the units left the owner with one side vacant and one side rented for 800mo.

With the work I have been doing on the weekends I have rented both sides out for 900 & 925mo. I don't know if this will help with the appraisal or if this is just something I can pat myself on the back for.

I hope I can get some more insight on the situation and look forward to a discussion while I get schooled on this situation.

Jon