Cash Buffer and Remodel
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 17% |
| Lender Rate: | 9% | Borrower: | GVHill |
| Finished | State: | UT | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-08-28 | EricsCC ROI: | 9% |
| Status History | |
|---|---|
| Aug 28, 2007 | Current |
| Aug 28, 2008 | Payoff in progress |
| Sep 04, 2008 | Paid |
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Purpose of loan: 5000 Cash Buffer - just in case 10000 Remodel Investment Property I bought 2 houses: 1 with cash and 1 with a loan. One's fixed up and the other needs 10K in fix up. It doesn't make sense to get a mortgage for a small amount due to high closing costs. The housing market here in Utah is still pretty good so selling them should not be tough. My financial situation: - FRUGAL: I save more than I spend. I'm not into clothes or cars so it's really easy to pay debts and save money. - JOB SECURITY: I've been doing my job since graduation - 2 yrs as a temp (for the great overtime), 1 year as a regular employee. My job security is pretty good and I have a solid backup career plan just in case. - ASSETS: I have majority of a house with no loan (my share is aroudn 95K), some money in checking accounts and prosper loans. Plus: 30K equity in a rental, total payment is 600, rents at 750 (and that's too low) 10K Car with no loan 4K retirement savings Monthly net income: $ 3750 + 150 net rental income + overtime, bonus, benefits, interest, etc Monthly expenses: $ 400 rent & utilities - I share a house 200 car - I have no loan, liability only, honda civic (low maintenance, fuel efficient) 150 food 50 Clothing, household 50 Cell phone 200 Entertainment, dating 122 student loans -- too cheap to pay off -------- 1172 Total After taxes, I typically get around 2900 a month, excluding interest, net rental income, bonus, etc. So 2900 - 1172 = 1700 extra which typically goes into savings. That's how I bought a house with cash. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 185853 | Cash Buffer and Remodel | AA | $25,000 @ 12% | Aug 12, 2007 | Withdrawn |
| 313016 | Cash Buffer | A | $4,000 @ 9% | Jul 11, 2008 | Loan created |
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