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Updated over 3 years ago on . Most recent reply
No Multifamily Comps
Not sure if there is a solution to my issue.
My wife and I have a duplex and a triplex in a small town in Georgia. Tried to refinance 2 times but failed because there are NO multifamily comps within 100 miles.
Both the duplex and triplex were purchased and rehabbed out of pocket in 2018 and 2020. Monthly rent is 2k on the duplex and 4k on the triplex. But our appraisals keep coming in around 100k.
There are plenty of SFR comps in the city so we decided to buy and flip 2 properties recently. We rehabbed and sold a 3 bedroom 2 bath SFR for 129k back in October. Our currently flip which is a 4 bedroom 3 bath SFR is under contract at 175k.
Don’t know how to address this problem.