Eric's Credit Community

This loan is to be used mainly to complete renovations on two properties and address my short term cashflow needs. One property is to be refinanced then later sold and the other to be used as income property, and possibly sold after re-establishing a sufficient rental history.I am willing to pay a high rate on this loan since I will be paying it off in a short period of time. I will use the funds from the refinance to pay off this loan, pay off credit card debt, finish upgrades to this property to maximize resale value and marketability, and expand my real estate business.I have two properties needing attention. One is a four unit apartment building that I rented to an individual who sublet the units, but stopped making his payments and had to be evicted. I have upgraded these units. I plan to rent the units to HUD tenants. I have been in contact with the local HUD office and there is considerable demand. I need to purchase appliances, change locks, replace cracked windows, and carpets. Monthly payment: 380, Current income: $0, Maximum Gross income $25,000, Expected Gross income with improvements listed above: $19,200, Expected cost to make ready: $5950                                     
The other property is a Single family residence which I have been upgrading. I have loan approval for a cash-out refinance, but need to finish some repair and upgrade work in order to get the appraisal completed. I have all the materials,  so the funds I am borrowing will be used to hire labor.Current value: $385,000-$400,000,Value after upgrades: $480,000-$550,000 ,Current Monthly payment: $2340 PITI, Minimum monthly payment after refi: $1341, Expected cost: $1200-1400, Expected time to finish upgrades and sell property: 6-11 months.
My financial situation:
At this time my outgo nearly equals my income which is exactly what I will address by getting this loan. This loan will help me get the property ready for refinance quickly and get the other property in shape for prime HUD units. My payments will be reduced by $1000/month at the same time my income from the apartment building will go from minus $380/month to plus $1600-2100/month.I am very confident of being able to market the property. I get paid both on w-2 and 1099. Together they came to $42,700 last year. I have cut back on my hours to get this work done. No problems when I want to increase them. Once the apartments are rented I will definitely have positive cashflow with the properties. At this time I am just breaking even. I have in the past obtained purchase agreements which I assigned for a few thousand dollars each, and will do more of that as soon as I am finished with the work on these two properties in addition to my other activities.
Monthly net income: $3500
Monthly expenses: $3310
  Housing: $2340
  Insurance: $30
  Car expenses: $0
  Utilities: $75
  Phone, cable, internet: $110
  Food, entertainment: $450
  Clothing, household expenses $40
  Credit cards and other loans: $235
  Other expenses: $30