Tried to BRRR and got stuck

[Dale Carlson]

just a little background.  I have a nice triplex that NETS $833/month (and yes, that is after ALL expenses, capex, etc).  I have a total of $42,000 cash into it.  I have only owned it for 6 months.  I bought it empty, lightly rehabbed, got renters, and was trying to refinance.  That is where i got stuck.

The appraisal came in at $38,000.  I was hoping it would come in much higher to get my money back and buy a duplex that i have had my eye on.  

Do i have any other options?  or do i just have to save up a down payment and buy using a conventional mortgage?

[Mike McCarthy]

Do you agree with the assessment? Not the total number, but the comps, adjustments, etc?

If there are specific errors or 'arguments', I'd go back to the assessor and mortgage company and lay out why the assessor got it wrong.

Most (all?) mortgage companies will allow you to get a second assessment at your expense. But you obviously want to have good knowledge that you're not just paying again for the same result.