Appraisals on Cash out refinance??

[Kristina Szwaja]

Hi I am fairly new to real estate investing but have a property I have renovated and would like to do a cash out refinance on to get cash to invest in another investment property. I do not have a mortgage on the property but I do have a HELOC on the home and have done massive amounts of work since getting that(roof, hvac, windows, floors, all plumbing, cabinets, counter tops, bathrooms completed gutted and redone and also added 540sq ft detached 1bd 1 bath permitted living quarters . Question is should I get my own appraisal done prior to applying for a cash out refinance? Also how much are the fees I should expect to pay to get a cash out refinance?

Side note: Zillow and everywhere else has the home listed as a 3 bedroom when it is a 4 bedroom and I believe that’s problematic when looking at value stand point. 

[Alex Bekeza]

@Kristina Szwaja Do not order your own appraisal ahead of time. The lender will require that it be ordered by them through a 3rd party AMC that they contract with to hire a local vendor.

However, what you should do is have a nice clean itemized list of the work that you've completed so that you can share it with the appraiser. (before and after pics never hurt either). It also wouldn't hurt to kindly share some of the 4 bed comps you're considering on your end without insinuating your opinion of value.  Good luck!