Down Payment For Investment Property.
| Listing Information | |||
|---|---|---|---|
| Amount: | $17,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 23% |
| Lender Rate: | 13% | Borrower: | RRTRUST |
| Finished | State: | IN | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-08-13 | EricsCC ROI: | 12% |
| Status History | |
|---|---|
| Aug 10, 2007 | Current |
| Nov 14, 2008 | Payoff in progress |
| Nov 20, 2008 | Paid |
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Purpose of loan: This loan will be used as a down payment for an investment property. (explain what you will be using this loan for) My financial situation: Aside from a healthy salary, my wife and I both do very well in real estate sales and monthly commissions. These funds will be used a down payment for an investment property. The home I will be buying has an AS IS value of $130,000. My purchase price will be $80,000. Not only will I be gaining over 35% in equity alone, I will also be gaining rental income of $1,150 monthly. My total mortgage including taxes, insurance and property management fees will amount to less than $764.00. The monthly cash flow $386.00 on this property alone will be enough to pay the monthly note on this loan. (explain why you are a good candidate for paying back this loan) Monthly net income: $ 3,500, Household, $5,500 Monthly expenses: $ Housing: $ 900 Insurance: $ 80 Car expenses: $ 100 Utilities: $ 150 Phone, cable, internet: $ 100 Food, entertainment: $ 200 Clothing, household expenses $ 100 Credit cards and other loans: $ 250 Other expenses: $ 200 |
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