Please help!! What if I'm the one creating the comps in a neighborhood?

[Josh P.]

I'm about to purchase a multi-family property about 3 blocks down from one I already own. The price I'm paying for it will no doubt create a decent comp amount relative to what I now owe on the first multi family which I'm about to do a cash out refi on. My question is, will it matter that I created the comp myself when the appraiser determines what my first property is worth for the refi? or is a comp a comp?

[Will Barnard]

Comps are comps, owner has nothing to do with it. As for comps on multi's, comps have less to do with value, what matters most is the income it generates. With a good income generator, the value goes up and vice versa.