Comal County Texas is in the process transitioning to Income Value Tax Appraisal. 

First attempt at a brrrr.Purchase price: 206kARV: 295will appraise for up to 330k after renosBack end of a 1031, inheriting tenants paying great rent ($1,900).

When confronted with defaults and not being able to continue payouts to investors from income, the fund resorted to funding crap deals at outrageous LTVs supported by highly inflated appraisals, because they could charge 10 points and use the points to pay investors.  

That's not only lenders, but also appraisers, attorney/title companies, home inspectors, etc. 

I just gave the appraiser my tenants phone numbers.

I think it should appraise for around $190k  which means I could finance ~$80k  @50% LTV. 

I had to rely on my new real estate agent to find another contractor, adding unnecessary stress to the process.The deal I was presented with had an ARV of $120,000, but after the rehab, the appraisal came in at only $92,000, leaving me short by $28,000.

Good stuff, thank you for sharing :) ya that's exactly right We don't do appraisals either I do all the underwriting personally or my staff does..

It does not need to give all the sensitive information, but it does need to state clearly that the underwriter has reviewed your financial information (income, credit ratio, FICO scores and the such) and has fully approved you for a loan, subject to an acceptable purchase contract and appraisal, as well as have their contact information on the letter. 

Speaking with other agents and friends in those markets, they're seeing investment properties going for far above appraisal value and buyers are having to bring enough cash to the table to cover the difference if they really want it.