Refinance & Comp Questions

[Guido Bertoli]

I am going to refinance my personal residence to get some cash but I had a few questions regarding how to approach a bank / credit union.

I live in a neighborhood of a bunch of 4 plex condos. I have made a list of 7 properties within 1 mile of my residence that have sold in the last 4 months. They are all 2 bed 1 bath the only difference is the square footage and the upgrades per unit. Based on my comps my "self appraisal" will be higher than any sold so far. I took all the units and got the avg per square foot and multiplied that by my square footage. This is what I've learned from the BP Podcast and what I've read on the forums and in a few books. So I feel confident, but I don't. I'm still just starting out and want to approach the bank as if I'm someone who knows what they're talking about, like they've done all their homework. I feel having more and better information will give me a higher success rate and getting what I want when talking to the bank. I have NOT included the pending or the currently listed into my comps just because those are not sold so I don't think they are accurate data. I'm not even sure if I can negotiate a refinance price or if the bank just does their own appraisal.

Here's a link to my comps:

https://drive.google.com/file/d/0B1tiA9zh4iG7YWhMb05hYnQ3X1E/view?usp=drivesdk

I still need to look at all the upgrades on every unit through zillow, redfin, and whatnot. Anyways I want you guys to look at my comps and see how reasonable my offer sounds. I also don't know too much about how this process works and any advice would be great. I obviously would like to get the most money for my appraisal. I'm assuming (correct me if I'm wrong) that the higher I can show my residence comps for = more cash out I can pull out from a refinance?? I want to try to rinse, wash, repeat, but I bought my personal residence before trying to invest in flipping or rentals.

I want to go to my credit union to get the lowest possible interest rate (I will shop around of course) but I also want to get the maximum appraisal. Does it work this way or am I misinformed?

Thanks,

Guido