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The speaker in this YouTube video owns $40 million worth of rental properties and wants to help new real estate investors get their first or next deal. In this third video of a 10-part series, the speaker discusses their third property purchase, which they bought for $65,000 and needed about $18,000 worth of repairs. They borrowed $83,000 from a private lender to cover the purchase and repairs and hired out most of the work. Once the property was fixed up, they rented it out for $1,200 per month. They needed the property to appraise for $110,000 in order to get a cash-out refinance from a local bank. The speaker met the appraiser at the property and showed them the repairs they had done, which may have helped the property appraise for $115,000. They were able to pay back the $87,000 they owed their private lender and pocket an extra $5,000 in tax-free money.
The speaker emphasizes the importance of meeting the appraiser at the property during a cash-out refinance and showing them the repairs and improvements made to the property, which can help the appraiser see the value in the property and potentially appraise it for a higher value. They suggest keeping track of what is put into a property and building a relationship with the appraiser, as this can lead to higher appraisals in the future. The speaker also shares personal experiences of meeting appraisers at 40 properties and getting the number they needed on the appraisal or a little bit more for at least 35 of those properties. They caution against being forceful with the appraiser and instead suggest explaining what was done to the property and providing thoughts on the comps. The speaker also advises viewers to watch the previous videos in the series and subscribe to their channel.
The speaker in this YouTube video owns $40 million worth of rental properties and wants to help new