Rehabbing A House!!
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 0% |
| Lender Rate: | 29% | Borrower: | AtlantaHomeBuyer |
| Finished | State: | GA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 4+ months late | Origination Date: | 2007-06-15 | EricsCC ROI: | -38% |
| Status History | |
|---|---|
| Jun 15, 2007 | Current |
| Mar 01, 2008 | Late |
| Mar 17, 2008 | Current |
| Mar 30, 2008 | Late |
| Apr 09, 2008 | 1 month late |
| Apr 16, 2008 | 2 months late |
| May 24, 2008 | 3 months late |
| Jun 16, 2008 | 4+ months late |
|
Back Ground have been investing in residential real estate since 1992 and have been fulltime since 2002. I currently have 15 homes in my portfolio (Appraised Value 2.2 Million, Leveraged at 76.5% LTV). Ten homes are currently rented to tenant buyers on lease purchase and five are currently vacant. These homes can be seen at www.ezhomenow.com. Purpose of loan: I bought a house valued at $139000 for $71000. I need to finish the repairs ASAP. I have most of the materials on site and need to money to pay for labor to complete the renovation. Any remaining funds will be used to cover carrying costs on vacant property. My financial situation: I have had a couple of closings (sales) fall thru due to buyers' problems. I have just finished getting three other homes ready to market for the summer sales season (people move when the kids are out of school). If I sell these 3 homes I should net approximately $100000 to $120000. If market forces limit my sales opportunities, I could put these homes back into my rental inventory and increase my cash flow by approximately $3300 over the current monthly net income. I believe an investor deserves a good return on their investment, therefore when these homes sell I will pay down my outstanding credit lines (which will improve my credit score and Debit to Income Ratio) keeping the loan from Prosper in place. I believe in paying a minimum of six months interest to investors. Business Monthly net income: $ 17200.00 Monthly expenses: $ 15202 Insurance: $ 200 Car expenses: $ 300 NO car note, paid off Utilities: $ 200 on empty houses Internet and Phone: 150 Mortgages, Lines of Credit: $ 13851 Other expenses: $ 500 Note: A. Revolving Debit appears high due to 2 properties financed on Equity Lines of Credit (No closing costs, fixed 6%) B. Household Expenses paid by spouse ( School Teacher approx. 60K + great benefits) |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 141763 | Rehabbing A House!! | C | $25,000 @ 29% | May 23, 2007 | Withdrawn |
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Discussion For This Listing
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