Appraisal Increased from $3.5 Million to $4 Million On Commercial Rental Number 21

I bought this property for $2.1 million dollars at the beginning of 2018. We were able to add leases and increase rents as well as get an awesome deal on the purchase price. We recently had an appraisal completed so we could complete a cash out refinance on the property.

The appraisal came in at $3.5 million, which is great but I thought this building was worth $4 to $4.5 million. After weeks of struggling to figure out how the appraiser came up with his numbers we found a massive error.

We were able to get the appraiser to revise his value to almost $4 million! I still think the value is low, but I am happy with a $4 million dollar appraisal as it will allow us to take out $1.5 million dollars in cash to invest in new properties!

You can see the video that goes over how we added this value and what leases we added here:

Here is a video of the property when I first bought it:

You can see all my rental properties on my blog here:

Here is the video that goes over residential appraisals:

Here is a link to the article on appraisals:

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