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Updated almost 2 years ago,
Appraisals on Cash out refinance??
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.