Refinance step of BRRRR

[Troy Smith]

I have my rehab complete and my renter moved in to my first BRRRR. I'm excited to start the cash out refinance so I can get moving on my next property. Looking for some advice. Should I go through my current mortgage lender for the refinance or shop around? Also is there anything I can do to try to help with the appraisal process so it appraised for what I'm thinking it should?

[Pat Lulewicz]

On the appraisal process, it unfortunately will be a bit out of your control at this point how clean or neat the property is. We do professional photograph and 3D tours for our rental listings, so I will usually provide him those so he can see the pre-tenant condition. In the future, I would consider trying to get the appraisal done right before tenant moves in so the property is at its best. Beyond that, I generally put the max ARV comps and rental/DSCR will support so I can always scale it back if the financing needs it OR appraiser disagrees, but at least I have 1+ comps for the lender. It's also helpful to give him a budget breakdown of all of the work you did so they see your efforts since purchase price (especially if that's a low PP)