No experience BRRRRing .....own a property free and clear

[Miguel Cardoso]

So I own this property free and clear in the Miami area...not the greatest neighborhood ....property estimate based on an average from Zillow, Realtor, Redfin, Homes and Remax is $400k....the lowest estimate was $377K on Zillow...anyhow I haven't spent an money to improve the property since I purchased it.... the renters really are not the tidiest folks ...grass usually needs a cut ....etc...I wanted to BRRRR this propert to acquire another property. I want the max payout. Questions...

1. Should I hire a property appraiser to see where the value is? 

2. Will this pro provide information on what I need to improve to get the most from a bank?

3. What are the best finance options in Florida or nationally to BRRRR?

Thanks in advance for all input.

[Brett Voorhees]

Hey @Miguel Cardoso, I am a realtor in the area and what I can say from experience is pulling some comps can get you a realistic idea of what the property is worth. Similar to what an appraisal is obviously. I would say partner up with a realtor and get a CMA done and go from there. They can also connect you with really good lenders that are vetted to help you get the best bang for your buck when it comes to cash out refi etc..

You also can always take a route of a 10-31 exchange if you wanted to swap this property for another one altogether. But it sounds like holding on to this one may be the best bet for what your future plan is. 

Shoot me a message if you need a go to agent to work with and we can chat more. 

Hope this helps, best of luck!