REHAB FUNDS FOR INVESTMENT PROPERTY
| Listing Information | |||
|---|---|---|---|
| Amount: | $9,200.00 | Status: | Loan created |
| Grade: | A | DTI: | 0% |
| Lender Rate: | 13% | Borrower: | opendoor4 |
| Finished | State: | OR | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 4+ months late | Origination Date: | 2007-09-17 | EricsCC ROI: | -65% |
| Status History | |
|---|---|
| Sep 15, 2007 | Current |
| Jun 05, 2008 | Late |
| Jun 18, 2008 | 1 month late |
| Jul 18, 2008 | 2 months late |
| Aug 19, 2008 | 3 months late |
| Sep 18, 2008 | 4+ months late |
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Loan Purpose: The purpose of this loan is to renovate an investment property I have purchased to rent. The total repair costs are $9,200. This 4-bedroom house will rent for $1075/month, easily enough to cover all payments - including the payment on this rehab loan - with cash flow to spare! Property income/expense: Purchase price: $65,000 After Repair Value: $115,000 Down payment: 10% Loan amount PITI: $578 Management + expenses: $92/mo Gross operating income: $1075/mo Cost per month (expenses + debt): $670 Cash flow: $405/mo My financial situation: I am a self-employed multimedia producer and sound/video editor, earning $55,000/year on average. I also invest in real estate with a business partner. We specialize in the renovation and rental of bank owned properties. Each of our properties bring a healthy, positive return ? my current monthly share of the profits is $750.00. I keep my personal expenses low, and although I enjoy my work, my ultimate goal is to sustain myself entirely on passive income from real estate investments. Monthly net income: $4,200 (media work + rental cash flow) Monthly expenses: $2,275 Housing: $600 Insurance: $100 Car expenses: $200 Utilities: $75 Phone, cable, internet: $100 Food, entertainment: $ 350 Clothing, household expenses $ 200 Credit cards and other loans: $ 350 Other expenses: $300 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 195488 | REHAB FUNDS FOR INVESTMENT PROPERTY | A | $9,200 @ 16% | Sep 01, 2007 | Withdrawn |
| 196812 | REHAB FUNDS FOR INVESTMENT PROPERTY | A | $9,200 @ 17% | Sep 03, 2007 | Withdrawn |
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