Paying off car loan to get rental house

Click Here to view this listing on Prosper
Listing Information
Amount: $3,100.00 Status: Loan created
Grade: C DTI: 40%
Lender Rate: 14% Borrower: tcampbell2255
Time Left: Finished State: GA
Funded: 100% Group: KING FINANCIAL GROUP///100% CASH FLOW SOLUTIONS FOR YOU
Loan Information
Loan Status: Current Origination Date: 2007-03-26 EricsCC ROI: 10%
Status History
Mar 24, 2007 Current
Hello!

I am applying for this loan to pay off the balance on my car loan.  My wife and I are part-time real estate investors and we are currently in the process of buying our first investment property from a two-year lease purchase plan (plase see the attached picture of the home).  Our goal is to buy two or more investment properties per year until I can obtain enough properties to become a full-time real estate investor.  As our lease purchase program is set to close in May 2007, I want to pay off my loan balance in order to raise my credit scores so I can obtain the best mortgage options possible.  As a quick summary, here are my monthly income and expenses:

Income:                $3863 (gross)
Expenses:
    Mortgage:        $506 (1/2 the mortgage payment)
    Car loan:          $480
    Car Insurance:  $70 (1/2 auto insurance)
    Auto gas:         $320
    Utilities:           $385 (summed together)
    Food:               $300
    Credit cards:     $350 (summed together)
    Entertainment:   $200
    Savings:            $50
    Giving:               $100
    Medical:            $100
    Miscell.:            $50

I am really excited about Prosper and glad that I found the opportunity at the 2007 Learning Annex Real Estate & Wealth Expo in Atlanta. I look forward to doing repeat business on the site in the future.  

Thank you again for taking the time to consider my request.   
Borrower's Other Listings
105029 Paying Off car and credit card debt C $5,000 @ 14% Mar 01, 2007 Withdrawn
107708 Paying off car loan and credit cards C $5,000 @ 17% Mar 07, 2007 Withdrawn
276061 Recovery from Divorce (new home purchase) C $15,001 @ 30% Feb 05, 2008 Expired
298361 Paying down Credit Card balances to get new home C $6,601 @ 24% Mar 24, 2008 Loan created

 

Discussion For This Listing
View Recently Discussed Listings »

No Comments Found For This Listing

Post A Comment
You must be logged in to post comments on listings. Not yet a member? register here