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I am an attorney and a real estate broker in Chicago, Illinois. Each year I purchase several condominium units that are underpriced because of their condition. I rennovate the units, updating the ktchens, baths and flooring. I have previously floated the expense of remodeling on personal credit cards, which results in high interest and diminishes my overall return. I like the idea of obtaining capital from Prosper lenders because the rate is better and the red tapem is substantially less than applying for and obtaining second mortgages. My typical timeframe for flipping a property is 6-12 months. After remodeling, I make a decision about the market for the given property and either rent the property for positive monthly cash flow or sell the property. I would glaly offer a higher rate, but the State of Illinois max is only 9%...which I find very frutrating because it shuts a lot of peple in Illinois out from any chance for a loan. |
