BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated about 3 years ago,
Working with appraisers
Hello everyone! I am nearing my first refinance on a BRRRR projecting and wanted to get peoples input. I've only had two other instances involving an appraisal in the past, one when buying my primary residence and one when refinancing it. The first time I never had contact with the appraiser and with the refinance a formal appraisal was never done. So my question is how/when do you have contact with the appraiser? I've heard multiple times on the podcast and in books about sometimes being able to present information and data to the appraiser such as itemized projects done to the property as well as comps that maybe the appraiser didn't use if an appraisal comes in low? I am just unsure where the contact between myself and the appraiser comes into play when the lender is the one ordering the appraisal. On a similar note, the house will be rented at the time of appraisal, ideally the renter will be keeping it in good shape and clean but has anyone used any specific tips in the past to ensure the house is in the best condition possible for the appraisal? Mostly just making sure the tenant has it clean and tidy. Thanks!