cash-out refi with bad comps

[Daniel Somers]

I had a question I was hoping someone could answer. I live in small town, and I recently purchased a duplex that cash flows great, but I would love to do a cash-out refi so I can pull that money out and invest in a new rental. The only problem is I spoke with my bank and they said that in order to refi I would have to get an appraisal that is based of comps in my area. Which being from a small town, duplexes don't sell or go on the market too often. Do I look for another bank that will refi based of ARV? Or what other options do I have besides using comps in my area if any?

[Mindy Jensen]

@Daniel Somers , if you're already fighting an uphill battle, come prepared. Do ALL of your homework, and bring as much documentation as you can to back up your assertion that the property is worth $X. (TBH, I don't hold out a lot of hope for this, but what can it hurt to try?)

Small town banks are intimately familiar with their town. They will either agree with you or not. If you cannot get the valuation you want, perhaps you could put up the home as collateral for another property?