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!