Appraisals- Better with or without tenants?

[Mark Flores]

Investors, prior to conducting our refinance, we need our appraisal. My question is, does anyone know if it matters if a single family residence is given an appraisal just after the rehab is complete (once a final deep clean is conducted) prior to tenants moving or 2-4 weeks after tenants have moved in? What are your guys and gals thoughts? 

I searched this topic up but couldn't find anything on it.  

[Evan Polaski]

@Mark Flores, it depends on the tenants.  I have some tenants that have so much stuff, the place feels small, cluttered and in general not very appealing.  And assuming a walk through appraisal, the "feel" of the property can swing your values.  Then again, vacant properties often don't show as well as occupied, assuming the place isn't jammed full of stuff.

As for the practical matters, depending on your loan type, you may need to produce a lease.  Additionally, if you are refi'ing for appraised value, you need your seasoning.  And your seasoning can often range from 6-12 months post purchase.  So for me, I always refi with tenants, since I don't want to be holding a vacant property for any longer than I need to.