Renovating to Refinance (My new Duplex)
Hey everyone!
I am trying to figure out how best to renovate my property for the best options of refinancing and getting money back out.
My Duplex I own I bought for $230,000. It appraised at $220,000 but I was willing to pay a bit more to make it work as the cash flow is good here in Orlando Florida!
I was thinking about putting about $10000 in per side (doing my own work) to do some updating to make the place a little nicer so i can raise the rents (Currently $1050 but i want $1200 eventually). I also want to try to refinance the place so i can pull out some of my cash to use on future down payments on properties.
So the main question is what will an appraiser/bank be looking for so that i can refinance at the highest value and get my cash back out of this place? Im hoping i can get the value of the property upwards of 240-260k and pull out some of that equity for future down payments.
*What are the hot items I should renovate to make the place worth more?
*Is my plan to reno, reappraise, and refinance going to work? will banks be willing to give me 100% value refinance or do i have to settle for 70%
Any advice would be greatly appreciated as i'm still so early in my career trying to figure this stuff out.
Thanks
-Benjamin DuPont