Duplex With No Comparables

[Sean Forner]

Hello Biggerpockets Community. I am at the tail end of financing a duplex, but there are no comparables. I have already had one appraiser accept the assignment and then back out 2 weeks later. A new appraiser has been assigned and walked the property last week. I got in touch with him to make sure he'd be able to complete the appraisal, but his tone was not promising. This is a great turn key deal. How can I get this property financed? I'm already putting 20% down and the lender is okay with everything. Any input on this would be greatly appreciated. I find it concerning of the reality that if I can't get financing on this property only cash buyers and investors utilizing hard money can buy it. How do people buy unique homes, or sell theirs for that matter, even when the sales price is obviously justified?

[Chris Mason]

Originally posted by @Sean Forner:

How would I be able to refinance with a conventional loan if I can't do that now?

At that point, your own closed purchase will be a data point. This is the bane of BRRRR folks (who want their own purchase price data-point ignored when they are doing the cash out refinance), but might work out quite well for you. Can't guarantee that, though.