Rental Property Investor 路 NJ (new jersey) 路 Member since 2018 路 68 posts 路 11 votes
I've done improvements to my multifamily and I am looking to refi. Loan officer is asking for the value of the property. How can I give him an accurate price with going over or under the value of the home?
That's a good question. When you say "improvements" do you mean that you've made some changes to the units or that you've actually been able to improve the NOI (either through increased rents, decreased expenses, or both)? If this is commercial my assumption is that you'd take the NOI / CAP rate to get to your value number.
That's a good question. When you say "improvements" do you mean that you've made some changes to the units or that you've actually been able to improve the NOI (either through increased rents, decreased expenses, or both)? If this is commercial my assumption is that you'd take the NOI / CAP rate to get to your value number.
I've done improvements to my multifamily and I am looking to refi. Loan officer is asking for the value of the property. How can I give him an accurate price with going over or under the value of the home?
Ask a Realtor to do a comparable market analysis of the property with similar conditions and they should be able to get you a close estimate of value.
@Andrew Fernquist thank for your feedback. The property is residential and improvements consist of adding new central air to both units. Updated appliance, add exhaust fans to both bathrooms.