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Updated almost 9 years ago,
Failed to Appraise- Please help
I have an 11-unit apartment building under contract and my portfolio lender just informed me the appraisal was not good enough to lend upon. She stopped the appraiser before he wrote the report to save costs, but from their conversation, this was not going to appraise for the $640k purchase price. The building definitely cash flows but has 2 really dirty tenants/units that "horrified" the appraiser. My plan was to force them out by increasing the rent and then renovate those units and get a quality tenant in there.
Any advice or am I dead in the water?