Need appraisal for BRRR with cash purchase?

[Mel K.]

Hey BP! I'm looking for some advice on a matter.

I am in the due diligence phase of a duplex I am in contract with. My plan with this property is a BRRR. I am purchasing this property with cash, but intend on refinancing in a year or so. Would getting an appraisal be recommended at this point? I am getting inspections done, but would the appraisal be worthwhile? When I refinance, I am sure the bank will order their own appraisal at that time. My realtor just suggested getting an appraisal for me to have an idea of how much I can potentially get refinanced in the future. I am aware common LTV is 75%. Do most people following the BRRR formula get appraisals at this point if purchasing in cash? Thanks in advance!

[Eric James]

You could get a brokers price opinion. That would probably be a bit cheaper.

I'm doing BRRR but don't get either done. I just know my market well enough and make conservative ARV estimates.