Should i get an appraisal to help me decide whether i flip/BRRR?

[Tato Corcoran]

Hi all!

I bought a property in the Wauwatosa area of WI (just outside of Milwaukee, WI).

It was a total fixer-upper when i bought it, and I'm now a few weeks into my rehab (hopefully done before May 1). I'm debating whether to flip or BRRR. I honestly don't know what an appraisal would come out to. I have a feeling I know pretty well what I could get if I flip (sell).

Is it worth paying an appraiser to come out so that I can gauge what a bank May appraise the property at and therefore help me decide between flip or BRRR?

[Matt Crusinberry]

@Tato Corcoran, I personally would not go that route, and for several reasons. Even if you pay for an appraisal, a bank will require you to have another one done, thus you'll be buying 2. Secondly, there are several free sites that you can use to determine your own comp's for your property (i.e. beds/baths/sq ft sold properties within the last 6-12 months). Thirdly, you have the option of contacting a local agent and asking them to run some CMA's for you so that you'll have a better idea of your list price (check out your local REI's group to find friendly agents that may help).

On a side note, I would recommend looking into this stuff prior to buying next time. I hope this helps, and good luck!