25: What Appraisers Look For and What it Means for You with Investor/Appraiser Josiah Smelser

Here, by popular demand: the Appraisal Episode!

Josiah Smelser – podcaster, two-time BiggerPockets Real Estate Podcast guest, and Certified General Appraiser – is here to answer your many questions, and he delivers the goods.

We played some questions from the Rookie Request Line and touched on subjects like which data and documents you can provide an appraiser, how to challenge an appraisal, and how to keep your emotions in check when estimating After Repair Value.

Whether you're a rookie who plans to flip, BRRRR, or invest in rental properties, understanding how properties are appraised – and the mindset of an appraiser – is key to coming out on top. So enjoy this episode, and tell Josiah what you think in the show notes at biggerpockets.com/rookie25.

In This Episode We Cover:

• Getting inside the mind of an appraiser
• What information you can and should provide an appraiser
• The top 3 variables that determine value
• Approaching the appraisal process with "data and humility"
• How appraisals vary by market
• The Sales Comparison Approach vs. the Income Approach
• Kitchens, bathrooms, and added square footage
• How doing unpermitted work can come back to bite you
• Why you should never outright ask an appraiser to come back with a specific number
• The right way to challenge a low appraisal
• And SO much more!

Links from the Show

• Real Estate Rookie Facebook Group
• Felipe's Instagram
• Ashley's Instagram
• BiggerPockets Podcast
• BiggerPockets Podcast 382: No Money Down BRRRR Investing with Josiah Smelser (Part 1, Recorded Pre-Coronavirus)
• BiggerPockets Podcast 382.5: Surviving When the BRRRR Hits the Fan with Josiah Smelser (Part 2, Post-Coronavirus)
• CBRE
• Rookie Podcast 11: Using Home Inspections to Spot “Deal Killers” and Negotiate Better Prices with Rose Buckley
• USPAP
• BiggerPockets Glossary
• Grant Cardone
• Rookie Podcast 23: From Dave Ramsey Disciple to No-Money-Down Real Estate Investor with Sarah Brandenberger
• Craigslist
• Zillow
• Trulia
• Instagram

Check the full show notes here: http://biggerpockets.com/rookie25

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