$ for Investment Property Rehab
| Listing Information | |||
|---|---|---|---|
| Amount: | $9,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 0% |
| Lender Rate: | 15% | Borrower: | allen111 |
| Finished | State: | OR | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 4+ months late | Origination Date: | 2007-09-18 | EricsCC ROI: | -62% |
| Status History | |
|---|---|
| Sep 18, 2007 | Current |
| May 03, 2008 | Late |
| May 24, 2008 | 1 month late |
| Jun 19, 2008 | 2 months late |
| Jul 19, 2008 | 3 months late |
| Aug 19, 2008 | 4+ months late |
|
I am requesting this loan to cover the rehab on an investment property. The property was sold to me by a bank, which had to foreclose on it (an REO). I have $68,500 into the property now. With $11,000 in rehab and updating, it will appraise at $125,000. I have $2,000 I can put to this purpose, but would like to borrow the other $9,000. My strategy is to rehab, refinance it at 70% of the After-Repair Value (70% X $125,000 = $87,500), and rent it. I have already been approved for the refinance. The Numbers: Purchase Price: $68,500 After-Repair Value: $125,000 Rehab needed: $11,000 Refinance (70% of ARV): $87,500 Down Payment: 10% PITI (loan payment, taxes, insurance): $599.63 Expenses and Management: $110 Expenses plus Debt: $709.63 Gross Income per Month: $900 Cash Flow: $190.37 My Financial Situation: I am a professor in a local college by day, and real estate mogul-in-the-making by night. Ironically, I make more with my private tutoring than I do at the college. I also make a little over $600 a month from rental income. That is why I claim the ?self-employed? status. I have money in savings to cover this loan. As far as lifestyle is concerned, I live comfortably but not extravagantly, and manage to save and invest money every month. The collection account listed was an unfortunate oversight that occurred while I was out of the country for 6 months. It has been taken care of. Monthly net income: $3350 Monthly expenses: $2010 Housing: $550 Insurance: $100 Car expenses: $80 Utilities: $75 Phone, cable, internet: $105 Food, entertainment: $ 300 Clothing, household expenses $ 150 Credit cards and other loans: $ 370 Other expenses: $280 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 188897 | College professor consolidating debt | A | $9,500 @ 16% | Aug 17, 2007 | Withdrawn |
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