Purchase Rental Property
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 18% |
| Lender Rate: | 20% | Borrower: | 55Chevy |
| Finished | State: | NC | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-06-11 | EricsCC ROI: | 15% |
| Status History | |
|---|---|
| Jun 09, 2007 | Current |
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Purpose of loan: This loan will be used to purchase a rental home with owner financing. The property is conservatively appraised at $149,000 and includes a well built, small home with an additional workshop. Attached to this property is a vacant, corner lot suitable for building a single residence or a duplex. This property already has water/sewer connections. I will be putting $25,000 down and the owner is financing $114,900 at 8% ($1098.00/mo) for 15 years. I will have an immediate $10,000+ equity on purchase. This home will rent for $950.00 so it will almost carry the expenses. The home is being purchased primarily for a tax deduction and it?s appreciation value. This property is within 6 blocks of a local state university that is growing in student population about 15% per year and is in dire need of student housing and land. My financial situation: I have no current delinquencies. My credit report shows a $26 medical delinquency from 2001 that I have paid and it keeps popping up. I have decided just to let it age out and I have proof of the payment. The other current delinquency that shows on Prosper?s scoring, does not show on any of my three credit reports and I am at a loss to say what it is, because I do not know, other than the fact I can honestly say I do not owe any delinquent amounts. In 2000/2001, I was forced to rely on credit cards to pay out a balloon payment with a bank when they would not refinance my property. The 15 delinquencies come from that period when I had to focus my efforts on saving the property, which I did at a cost to my credit score. At this time, I have two major credit cards by choice. I use them for convenience and rewards and they are paid off monthly. I have one car loan and two vehicles that are paid for. I actually have the down payment in my 401K plan, that I can borrow at <5% but I don?t want to touch it , and the interest on this loan will be tax deductible, when borrowing from yourself isn?t. Other than a small mortgage and small auto payment, I have no other outstanding debt. This loan will not present a hardship in any way. Income shown below is earned income only. Monthly net income: $ 5124.36 Monthly expenses: $ 3138.00 Housing: $ 704.00 Insurance: $ 250.00 Car expenses: $ 526.00 Utilities: $ 263.00 Phone, cable, internet: $ 95.00 Food, entertainment: $ 500.00 Clothing, household expenses $ 600.00 Credit cards and other loans: $ Other expenses: $ 200.00 Net Available Monthly: $1986.36 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 141694 | Purchasing Rental Property from In-laws | B | $25,000 @ 16% | May 23, 2007 | Withdrawn |
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