Fix Up Rental Home
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 19% |
| Lender Rate: | 14% | Borrower: | SciFiFanGA |
| Finished | State: | GA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-06-14 | EricsCC ROI: | 13% |
| Status History | |
|---|---|
| Jun 15, 2007 | Current |
| Sep 25, 2008 | Payoff in progress |
| Sep 30, 2008 | Paid |
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Purpose of loan: This loan is to help fix up my 2nd home (rental property). New garage doors, new roof, new paint, minor repairs to decks, and to repair some minor damage caused by my previous tenant. The property is rental property. I was originally going to sell it after I bought another house in a nicer neighborhood, but the housing market tanked and so I decided that it would be best to hang onto it until the market improves and rent it out in the mean time. My financial situation: I make over $78,000 per year in verifiable income (excluding bonuses) with low expenses. Monthly net income: $ 5000 (net) / $6566 (gross) Excludes $1200/ month rent from this property. Monthly expenses: $ 3625 Housing: $ 2190 1. First Mortgage: $633.00 (this property) 2. HELoC: $280.00 (this property) 3. First Mortgage: $1277.00 (primary residence, incl. PIE) Insurance: $ 150 (auto & home owners) Car expenses: $ 200 (gas, maintenance) Utilities: $ 200 (gas, water, elec.) Phone, cable, internet: $ 110 (cell + cablemodem) Food, entertainment: $ 400 Clothing, household expenses $ 100 Credit cards and other loans: $ 300 I'm single, and a professional. Taking on this loan will not be a burden. |
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