Beautiful Investment Property, Single Family Rental Unit
| Listing Information | |||
|---|---|---|---|
| Amount: | $20,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 69% |
| Lender Rate: | 14% | Borrower: | pppark |
| Finished | State: | UT | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-06-22 | EricsCC ROI: | 11% |
| Status History | |
|---|---|
| Jun 21, 2007 | Current |
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Purpose of loan: My wife and I found an investment property in Logan, Utah, a growing university community. It is a single-family home in a great location on Main Street, which is currently zoned commercial. The land alone commercially appraises for $210,000. The owners, however, live two hours away and are want to sell the property, because it has become a burden for them to manage it from a distance. They put $80,000 into upgrading the interior to code three years ago, including new electrical, plumbing, heating system, sheetrock, and paint. We have an accepted offer of $160,000 and have been approved for the investment mortgage. We do not wish to turn around and sell the property commercially and see the building torn down, as we feel it is a beautiful and sound structure. Instead we wish to purchase it for a young family to rent, though future commercial use remains an option. We have $20,000 in savings which we are using for the down payment. The additional $20,000 we seek now will go toward improving the exterior, closing costs, and additional down payment (to be able to pay the 20% we need to not have to pay Private Mortgage Insurance). My financial situation: My wife and I are believers is diversifying our investments. We are regular investors in stocks (through Mutual Funds and Individual Stocks), silver and gold coins, real estate, and we own several small companies. We couldn't pass up this rental property when we came across it. Our current investments also act to serve as security for this Prosper loan we now seek. We are very frugal in our expenses, especially considering we have three young children. Therefore, we research and plan out our new ventures carefully before we become involved. Our Monthly Net Income and Debt to Income Ratios only include earned income amounts, not our additional passive income amounts which result from our current investments. Monthly Net Income: $ 3300 Monthly Expenses: $ 1755 Housing: $ 600 Insurance: $ 300 Car expenses: $ 0 (own) Utilities: $ 100 Phone, cable, internet: $ 45 Food, entertainment: $ 160 Clothing, household expenses $ 50 Credit cards and other loans: $ 300 Other expenses: $ 200 |
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