Fha 4 plex issues on issues

[Chris Toedter]

Issue after issue after issue after issue.....

My 4 plex seller hasn't raised his rent on tenants in 10 years, ughhh! Sooo the rent roll is not near market value and the only thing making me not qualify for the the loan with the bank!

Need help, would a notice to quit on all the units help ????

[Chris Mason]

Originally posted by @Chris Toedter:

Issue after issue after issue after issue.....

My 4 plex seller hasn't raised his rent on tenants in 10 years, ughhh! Sooo the rent roll is not near market value and the only thing making me not qualify for the the loan with the bank!

Need help, would a notice to quit on all the units help ????

 Part of your lender's job upfront was to tell you that if rental income is being used, it'll be the lesser of appraised market rents or current actual rents, assuming a non-vacant property. 

If the seller can deliver the property vacant, or at least 1 or 2 vacant (buyout etc) so you can use appraised market rents, that would potentially solve it.