Brad Pitt as a FHA Appraisor? What the...??? - Posted by Stanf.

Real Estate Investing Real Estate Financing
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Posted by michaela-ATL on August 02, 2002 at 15:48:21:

and here i thought i was more mysterious than that lol.

but i guess, that’s what stan was looking for, right?
all the women look at his post and the men pass by.

michaela

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Brad Pitt as a FHA Appraisor? What the…??? - Posted by Stanf.

Posted by Stanf. on August 02, 2002 at 14:05:24:

I?m looking at buying a 6 unit apt in foreclosure and I?m talking with the loan holder to try work out a payment plan or int. rate reduction. The loan is a 30 yr fixed at 8.5%, about 2 yrs old, principle is 206K arrears is about 17K. The owner is ready to sign over the deed. The property is in a marginal area of L.A.

However the lender is telling me that they can?t do anything with the loan because it?s a FHA loan.

I was under the impression that FHA didn?t lend on more then 4 units.

I would think that if there was ever a property that a bank didn?t want to have in its REO inventory this is it. The tenants have already stopped making payments to the current owner and the building isn?t in the caviar and swimming pool part of town. If we can get better terms, have a low initial cash investment, and toss some sec 8 renters in there this might be a good keeper.

A few questions?

Does FHA lend on 5+ units?

If it is a FHA loan (and the county records indicate it is) can it be modifired?

Is there any other approach I can suggest to the lender to modify the loan?

Any other ideas on how to cook this turkey?

Brad Pitt is not a neighbor and has nothing to do with this deal, at least not yet.

Thanks!

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Brad Pitt is from my town! - Posted by Jill

Posted by Jill on August 02, 2002 at 23:48:38:

Hey, Brad Pitt is from my town! You sure did catch my attention though (hee hee). He and Jennifer are spotted around town every once in a while, since he parents, brother, sister, and their families still live here. His brother looks a whole lot like him!

OK just had to share…

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darn, i was ready to come there :wink: nt - Posted by michaela-ATL

Posted by michaela-ATL on August 02, 2002 at 14:34:57:

…

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Re: darn, i was ready to come there :wink: nt - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on August 02, 2002 at 15:23:48:

Michaela–(GA)---------

What do we know about you now: sucker for a pretty face. Sucker for a pretty victorian building.

Hmmm. Have to think about that one for a while.

Good InvestingRon Starr****