Buying a rental house
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|Funded:||100%||Group:||AA-C Rated Borrowers|
|Loan Status:||Paid||Origination Date:||2007-08-03||EricsCC ROI:||11%|
|Aug 02, 2007||Current|
|Aug 05, 2010||Payoff in progress|
|Aug 11, 2010||Paid|
Purpose of loan: I need your help to put some of 20% of down payment on a mortgage loan for a rental property.
My financial situation: I am very responsible with paying my bills. I have $4,000 available balance in my personal bank account but I would like to reserve it for emergency purpose. I will repay you from my gross operating income (figures show below). In case if a tenant fails pay one of month rent, I will repay you money from my personal bank account.The rental property has two units and I will earn $550 each of unit. Total $1,050 monthly.
General Income: $12,600 yearly.
Operating Expense: $1,000 yearly.
Total True Taxes: $2,368 yearly.
Gross Operating Income: $9,232 yearly. ($769.33 monthly)
30 years fixed mortgage loan: $243.94 monthly.
3 years fixed Prosper loan: $188.38 monthly.
Net Operating Income: $4,044.12 yearly. ($337.01 monthly)
Monthly net income: $ 2,267
Monthly expenses: $ 852
Housing: $ 200 (3 roommates split the rent)
Insurance: $ 0 (No rental insurance)
Car expenses: $ 149 ($74 automobile insurance and $75 gasoline)
Utilities: $15 (3 roommates split the electric and gas and water are included in the rent)
Phone, cable, Internet: $ 13 (3 roommates split the services)
Food, entertainment: $ 200
Clothing, household expenses $ 100
Credit cards and other loans: $ 175 (This is a minimum payment however most of time I overpaid)
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