Getting the most value out of your REFINANCE APPRAISAL after rehab

Here are a few tips to keep in mind when you are refinancing your rentals from a rehab.

•Have a thorough list of upgrades/enhancements for appraiser- meet them at house to review- share expectations based on original appraisal if you had one done and original comps used. You can't push this but you can provide information.

•Change the look of the house from the MLS pics

•Don’t upgrade to level 2 or 3 hard surfaces- you typically only get credit for having a hard floor/counter, etc… most appraisers don’t know the difference between types of granite/travertine/ceramic/porcelain

•Try to keep tenants out of house until after appraisal is over in case they are dirty

•Make sure it smells good/looks good- VERY IMPORTANT TO MAKE A GOOD IMPRESSION

•Break out the Santa snacks or offer them a “cold” soft drink! Be cordial!

•Try to establish a connection with appraiser- you will more than likely get a better appraisal if they think favorably of you and the work you've done on the house (appraisals are opinions)

•Stay at your W2 job- self employed people are much harder to refi

•Make sure you are filing positive tax returns with income to qualify

•Get rid of bad/stupid debt

•Don’t let your credit get pulled too much

•Don’t co-sign on others loans

•Keep cash reserves in the bank (6 months per property owned)