For conventional loan the appraiser does not use a price per square footage to build.

The appraisal?

Because we bought the land under market, they appraised it for over double what we paid, thus satisfying the 20% down.

I just decided to get started and last May I bought my first two properties, I would like to share a bit more about the first one to get some advice.The property is in the suburbs of Chicago, near Oak Park:- Purchase price: $165k as-is- Rehab budget: $75k- Closing and loan cost: ~$8k- Down payment: $46kThe appraisal as-is came back at $165k, and after renovation, the appraisal is $293k.To finance the deal I used the Finance of America acquisition & rehab line of credit at 9.24% with a loan of $118k initial and then rehab holdback of $77k to fund the renovation. 

Invest remotely by purchasing a property for $40-75k that needs a lot of work put in $50k of reno, REFI for $120-150k appraisal, and then rent for $800-1k/mo – repeat many times in 1-3 different markets (do 2-3x a year) 3.

Me personally would not try to BRRR with VA as the appraisals are to stringent. focus your searches on one location at first. survey the market and look for off market deals. start attending meet ups with like minded people and learn all you can while you are waiting for the first deal. hit me up if you would like.

Sky high prices are great for you right now because you will get way better appraisals on your land, which in turn gets you larger loan amounts.

Hey BP Family, For those of you who primarily invest in the Raleigh market, would anyone happen to know of any LOCAL appraisers there?

Was it that it can't appraise for the sales price?

The property was appraised 30k more than my purchase price, so i guess got a good deal or made a bad mistake inheriting the bad tenants.To my surprise one of the tenant is paying rent, but the other tenant situation is complex.