Preparing for an appraisal for BRRRR

[Brandon Larson]

I am preparing for an appraisal that I am receiving from my HELOC bank. First time doing a HELOC and first time BRRR. Does anyone have any tips as to get a great appraisal value? Should I point anything out specifically? Should I do additional comps for the appraiser? Do I need to clean or are they mostly looking at structural things? I live in Minneapolis, which is very wintery right now. Are there any downfalls to doing an appraisal in the winter? Any tips for a first-timer would be appreciated! Much love to the community

[Adam Widder]

You should definitely pull comps. Don't do comparative market analysis, but show them, these are 3-5 properties, within 0-.75 miles of the place with similar features, beds, baths, SF, garage etc. appraisers get this often. It's also super vital to tell them everything you did, list out, new electrical, new plumbing, new etc... show all the improvement you made, no need to show how much you spent per trade or job.

Agree with above, that place should be impecable, remove all tools, debris, make sure its cleaned. Basically as if you were putting it on market.