Do you get a formal appraisal?

[Bienes Raices]

I didn't bother with the rental I just bought because it's in the bottom segment of the market, and I had a pretty good idea of the ARV based on a comp tool I paid for, plus looking around a lot at what other houses sold for.

Do people mainly get appraisals for flips, or also if your buying an expensive rental?

[Josh Green]

appraisals are pricey and just eat into the profit margin. the only reason i get appraisals is because the mortgage company requires it. if i were paying cash, i wouldn't get an appraisal as its just someones opinion. i would prefer to use my knowledge of the local market, the individual home vs comparable sales, and the options.