Hello All,We just got an REO under contract in a tough market which the asset manager was not willing to go below list, but after having it inspected it needs some costly repairs that we were not anticipating. 

See the link below for details. 

Once again, the guidelines on agency allow $250K but most lenders do not lend unless the loan amount is above $1MM.If the loan amount is below $1MM than you can apply for commercial loan programs that do offer the 5-year, 7-year, 10-year with up to 30-year amortization but the rate is going to be higher than agency rates.  

Below is a brief description of this property in question.The house isn't currently on the market, but he's directly given me the opportunity to buy it.

There is no point in trying to retrain a bad tenant.Why is your rent below market, this is probably a major part of your problem.

Account Closed the appraisal came in at $120k, but the highest selling houses in the area are below $90k.

Seeing as my rent was significantly below market, I didn’t want to ruin it by forcing my landlords to do it.

*Shameless plug below.

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And if they do re-sign, you are still giving them rent well below market rates.