Hey Everyone!
My dad and I just finished renovating our first BRRR property in RI. We are all in for 190k which includes the purchase price and all renovations to the home. It's been completely remodeled with brand new mechanical systems, roof, floors, appliances, etc. We have had numerous agents take walk throughs and all of them have valued the home at 305-335k, which seems to be on par with comps in the area. Expected rent is between 1900-2100. This deal was done all cash and we are now in the process of picking our tenant and have begun the HELOC process.
My question is aimed at the HELOC process, specifically regarding the appraisal. Typically on an FHA/ government loan (coming from my experience with my personal residence) the appraiser is let into the house by the agent in order to conduct the appraisal "independently" before closing. At this point since my father and I are the owners of the home outright, will we be the ones that let the appraiser into the house ? We have completed the filing for the HELOC with a local bank and this was something I was trying to figure out. We requested that the appraisal was an actual walk through and not a drive by appraisal given all the renovations to the inside of the home. We were ensured by our banker this would be done.
Does anyone have experience with this? Just curious if we are actually going to be the ones to let the appraiser in to conduct their report.
Thanks everyone !
