Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 5 years ago on . Most recent reply

User Stats

5
Posts
0
Votes
Genisha P.
  • Rental Property Investor
  • Houston, TX
0
Votes |
5
Posts

Appraisals: A novice in need of feedback

Genisha P.
  • Rental Property Investor
  • Houston, TX
Posted

Good morning, Bigger Pockets:

I am new to real estate investing and although the process of finding my first property has been exciting, I have to say it has been equally intimidating. I have finally found one 3-unit home, which I think will be a good buy. (Note: I consulted with my mentor on the property, and he thinks it's a great property. However, he is out of state and will not be able to walk the property with me for another few weeks). I am a little apprehensive about the investment because it appears to be in need of a major rehab, which may prove to be too much for me to jump into for my first property. I have contacted a licensed contractor and scheduled a walk through of the property in a couple of days to get a better idea of how much rehab would cost. If the numbers make sense, I'll submit the offer for purchase. The question I have in regards to the appraisal of the property is this: Is it common, or unheard of, for a buyer to get an independent appraisal of a property prior to submitting an offer? If so, has anyone ever had an independent appraisal completed after the lender has had the property appraised? And if so, what were your reasons for doing so?

I appreciate everyone's feedback in advance. I'm still learning the ropes and I don't want to get in over my head on my first deal. Just trying to cover all my bases before going all in. Thanks for your assistance!

Loading replies...