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|Funded:||100%||Group:||Investing with integrity!|
|Loan Status:||Default||Origination Date:||2007-07-19||EricsCC ROI:||-74%|
|Jul 19, 2007||Current|
|Nov 23, 2007||1 month late|
|Dec 20, 2007||2 months late|
|Jan 20, 2008||3 months late|
|Feb 20, 2008||4+ months late|
|Dec 29, 2008||Default|
Purpose of loan: We are currently looking to expand our rehab business. We buy homes for less than 20k and put between 10 to 15k in them for resale, returning a profit in a range of 15 to 20k. Because the subprime market has fallen apart we want to sell our properties at a price that will allow someone the opportunity to buy for the house for less.
The goal is simple: Keep the products moving. We want to position ourselves in the sweet spot of typical buyer who can't afford a new home but wants a completely rehabbed home that they can afford. That means we need to keep in mind the payment that this customer can make and the down payment that they can afford. We need to price our homes for those people.
Is it possible to make a profit and give away almost 15 percent in equity? YES!!!!!!
There is enough pie for everyone to win, we do not need to gut the profit from each house to be successul. That is our strategy period.
My financial situation: I currently work as a mortgage broker with an income frequently goes up and down. I typically make between 3k to 7k a month. The properties we rehab typically take 60 days to rehab and another 90 days to market and close escrow. We like to sell the properties below market value to allow a faster sale.
My goals are simple in life;
1. Love God
2. Love my wife
3. Raise decent kids
4. Become financially secure
5. Maintain a healthy lifestyle
6. Live in a great house
7. Reduce my golf scores
I am a hardworking American who loves life and all it has to give. I believe in being fair and loyal. I would like to expand my business from two rehabs a year to 8. I would like to be able to go from one to another without a delay. I would like to still stay small enough to provide a really good opportunity to everyone including my four kids that need love and attention.
So while my goals may be big, they are still small enough for me to control my time, which is ultimately what I work hard to protect. I have zero credit card debt and I live pretty conservative. We would like to build a nest egg for ourselves and a college fund for our kids. This provides me with the best way to do that.
If you have any questions, please feel free to contact me at [PHONE DELETED] anytime. Have a wonderful day and lets get busy!
Monthly net income: $
3k to 7k
Monthly expenses: $
Car expenses: $ 592
Utilities: $ 600
Phone, cable, internet: $ 200
Food, entertainment: $ 300
Clothing, household expenses $ 200
Credit cards and other loans: $ 0
Other expenses: $ 300
|Borrower's Other Listings|
|155039||Professional Rehabber||C||$25,000 @ 23%||Jun 19, 2007||Withdrawn|
|156628||Professional Rehabber||C||$25,000 @ 21%||Jun 22, 2007||Withdrawn|
|157641||Professional Rehabber||C||$15,000 @ 21%||Jun 25, 2007||Expired|