Brrrr Multifam & Valuation

[Robert Dunbar]

Hi,

I have a triplex which I’m working on. It’s technically a duplex and a house on the same property. It is/was in pretty bad shape but I’m repairing it in order to rent it out. My questions are about how the property will be valued after I’m done fully repairing it and raising rents to market value. I bought the place in bad shape for $255k and will have all units repaired and modernized. This includes new roof, flooring, cooling, paint, appliances, windows, doors, and stucco. Rents are currently $650 in the duplex for each unit. The house is not rented while we work on it. I plan to increase the rent on the duplex to $950 and the house $1400. Is it possible to get a cash out refi after everything is rented at the new price? Looking at my numbers will there be anything there? Thanks for your help.

Robert