Garages do not add much value to the structure if you ask any appraiser ask them the difference between build cost of a garage and the added value upside.

I have seen, and used myself in situations I financed, the following scenario which can sometimes be used to “finance” a particularly attractive property especially where the purchase price is being executed significantly lower than appraised value.  

For DSCR loans, the rental income (actual or projected from the appraiser rent survey is used to structure the loan).

There was a building appraised by the county at close to $3 Million   that sold for $1 Million.  

I already spent $1200 on the appraisal.

Hello,I have a client with an adult family home in Washington State, they are looking to do a cash out refinance.Here is the property info: $570,000 Appraised Value, $2829 Annual Insurance, $3,000 Market Rent, $4,200 Actual Rent, $5,175 Annual Taxes.Borrower has a 720 Fico, and owns 4 other properties, let me know if you can do this.Thanks

Hey Everyone, Looking to connect with other investors, agents, appraisers and contractorsmy market is: Jacksonville, FLIf you are a beginner or senior - I want you to be my friend!

We’d lose about 70k selling at appraisal value, and comps have rent at around $4300 which would be far short of cash flowing after maintenance & management costs.Looking for creative ideas on how to execute this move as painlessly as possible.

Impossible to tell which would benefit you most.I have found that lenders value the house in different ways; one is a full appraisal and the other is an automatic valuation…my credit union did a “drive by” valuation.  

And if that is the case, then I think moving into a duplex would be a good ideaIt looks like you have pretty good income, coming in compared to your expenses, so I would say open up a HELOC on your home in order to access some of the equity that you have in your home.If your home appraises at 360k and you own around 160k then you could likely get a loan for around 130k.