Because the original value of your closed loan was based on renovations being done, there is no additional value to use for the removal of the PMI.Maybe consider refi to another lender who will order another AVM or appraisal to get you a more desirable LTV. 

The appraisal on the golf course was $7.1M. 

@Jonathan Greene and @Mike Grudzien I agree but I was hoping to hear from some certified appraisers and if they would comp leased land versus owned land in an appraisal.Jonathan, you are guaranteed the land through the current lease period, but not guaranteed of a renewal.  

So minimal impact to credit during the rehab process.It appraised for $173k after rehab, refinanced and paid everyone off including the seller, and walked with cash to do my next deal :)

Alternatively, you go to Market B where you can achieve BRRRR'S and buy and renovate $100K houses, each appraising for $140K and you repeat this 4 times over the course of a 2 year period.

@Zachary EngenMost lenders will allow a cash-out refinance of up to 75% of the property’s appraised after-repair value (ARV), not the purchase price or costs.

Kiavi will lock the rate once the appraisal is paid for, and it is usually good for about 30 days.

One thing you want to avoid is making the asset to unique that it is difficult for an appraiser to comp out. 

Two weeks later, the client locked down a deal that appraised well above their initial projections.If you’re serious about pushing your boundaries..maybe setting your sights on Chicago’s undervalued neighborhoods or San Antonio’s quieter pockets..let’s talk.

I planned to do a piggyback HELOC to have access to quick capital in case a good next deal came along but it has been a long drawn out process and right at closing they decided they needed a new appraisal.