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Updated about 5 years ago on . Most recent reply
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Appraisal before flip? CPA advice
We are currently in the process of purchasing our first investment property, (cash purchase). It is an old farm house on 9 acres. We are dividing it into 3 acre tracts and keeping the house and 3 acres for a rental. Our CPA has advised us to get an appraisal of all 3 parcels, including the house which needs a ton of work. She says she needs this to offset the capital gains if we sell the land immediately. I haven't read of anyone getting an appraisal on the front end of a cash deal? Does this sound like good advice?
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Thanks @Jim Pellerin! I guess I should listen to my CPA. We are getting a great deal, so I know the valuation is good for our area. I didn't want to waste that money if it wasn't necessary.