BRRRR #3: Fortville, IN
I bought it for $155K and put $45K into the rehab. The appraisal came back at only $200K, and that was a disappointment. I didn't accept it. I pushed back and filed a reconsideration of value, and the appraisal went up to $238K. I did a $177K cash-out refinance and have about $23K left in the deal. It cash flows $200 a month.
$155KPurchase price
$45KRehab
$238KAppraised after reconsideration (first: $200K)
$177KCash-out refinance
~$23KLeft in the deal
$200/moCash flow
Low appraisal? Fight it.If you need help with a reconsideration of value, I'll share the tools that helped me.
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