First BRRRR Refinance..Tips?

[Bradley LaBrie]

I have a 3 unit I turned into a 4-plex and appreciated somewhere over $100K+ waiting the eventual appraisal. I just started the preliminary discussions with a different broker (I used a 203k loan for a part of the rehab) and I’ve heard from some people refinancing is easy and others say it’s a pain in the ***. I’m refinancing to a conventional with this house being my primary residence.

Any Tips?

[Michael Ealy]

Originally posted by @Bradley LaBrie:

I have a 3 unit I turned into a 4-plex and appreciated somewhere over $100K+ waiting the eventual appraisal. I just started the preliminary discussions with a different broker (I used a 203k loan for a part of the rehab) and I’ve heard from some people refinancing is easy and others say it’s a pain in the ***. I’m refinancing to a conventional with this house being my primary residence.

Any Tips?

The appraisal is going to be the key.

Make the house look nice & smell nice. Remove all clutter. Appraisers are humans too and they get affected by what they see and smell. If you can stage the house - that's even better.

Get solid comps and hand it to the appraiser.

Also, make a list of property improvements you've done and if you have the copy of the receipts, give them to the appraiser.

Basically by doing the above, you make the job of the appraiser easier and you increase the chance you get the right appraisal.