Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 6 years ago,

User Stats

15
Posts
1
Votes
Matt McCue
  • SE Massachusetts
1
Votes |
15
Posts

Professional appraisal on a unique property

Matt McCue
  • SE Massachusetts
Posted

I have a unique opportunity with a single family house set up for student housing.  It has 6 BRs that are rented out by the door.  It's unique in that there is no living area.  It is literally 6 BR, a kitchen and 2 baths. 

I'm relatively new to this having only bought 2 properties in June that are doing very well, but I financed those traditionally.  This will be an all cash offer that I BELIEVE I can get for well below market price.  However, given there is no living area I'm not exactly sure what the market price is.  I'd like to refinance after 6 months to get my cash back out.  

Is it a good idea or an unreasonable ask in my offer to have a contingency stating I'd like to get a professional appraisal done and offer is contingent on my satisfaction with the findings?  I'd obviously have a lawyer state it more eloquently than that and something that could hold up in court.