Moving my Family to a Beter Life in Mountain Home, Arkansas
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|Loan Status:||Paid||Origination Date:||2007-11-02||EricsCC ROI:||14%|
|Nov 02, 2007||Current|
|May 01, 2009||Payoff in progress|
|May 07, 2009||Paid|
Purpose of loan:
This is my 2nd attempt here on Prosper. I?ve cut my loan request in half and tried to provide as much information as possible.
I will use this loan to help move my family from New Jersey to a better life in Mountain Home, Arkansas.
Mountain Home is one of the best-kept secrets in the Midwest. Nestled in the Ozark Mountains between two huge, crystal clear lakes, this place is ?Mayberry? at its finest. The air is clean, the people are friendly, the cost of living is so much cheaper (less than $1,000 in property taxes vs. $10,000), and the area is absolutely gorgeous!
We have sold our house here in New Jersey for $600,000 and will settle on November 29th. After the mortgage payoff ($265,000) and paying off the credit cards, etc., we will have $300,000. This $300,000 will be used as follows: (1) $50,000 deposit on 3 BR Condo. (where we'll live for 1 to 2 years, while building new home, rent out at $1,200/month thereafter); (2) $30,000 deposit on 2 Building Lots on Golf Course (1 for Spec. Home and 1 for our home); (3) $10,000 Deposit on Bldg. for Business/Storage (on 2 acres that can be subdivided); (4) $10,000 for Marketing/Advertising of Business ; (5) $30,000 Living Exp. for 6 months; (6) $30,000 in Money Mkt. for Rainy Day Fund (another 6 mths. Exp.); (7) $40,000 into Retirement Fund; (8) $10,000 Moving Exp.
Unfortunately, however, this plan is still 7 weeks off. We need to function from now until then. I need to slow things down with the business and concentrate on packing up all of the tools, lining up work down there, packing up the house and getting us all down there. We need to put deposits ($2,000 each) on the Condo and the Office Building. We need a deposit for the Movers as well as traveling expenses.
My financial situation:
Please know that paying this loan back is NOT an option ? it?s a responsibility! And, I take my responsibilities very seriously. I have an AA Credit Rating because I pay my bills and I pay them on time.
I am a Home Builder and Custom Cabinetmaker. Last year I generated over $600,000 in Gross Receipts. So far, I have 1 New $375,000 Home lined up to build in Arkansas with a start date of Jan. 1st. This will offer a profit of $40-50,000 within 4 to 5 months. I have quite a few other prospects since the choice of builders in this area is very slim.
My wife is a stay at home mom and she homeschools our 2 boys. They have a side business on Ebay and Amazon which brings in anywhere from $500 to $1,000 per month.
Our monthly expenses will change considerably once we settle on our home here in NJ. We will have a Mortgage of $200,000 with payments of approx. $1,400/mth vs. $2,800/mth for a $265,000 Mortgage in NJ. We are also committed to a much more frugal way of life. We will keep our vehicles (which we already own), spend less on eating out and shopping (considering the closest malls are over 2 hours away) and enjoy the more simple and less expensive things in life.
Thank you for your consideration!
Monthly net income: $ 7,000 to $15,000 (varies)
Monthly expenses: $ 5,200 now - $3,200 in January
Housing: $ 2,800 now; $1,500 in Jan.
Insurance: $ 250
Car expenses: $ 200 (gas only)
Utilities: $ 500 now; $100 in Jan.
Phone, cable, internet: $ 120
Food, entertainment: $ 600-$1000; $500 in Jan.
Clothing, household expenses $ 200
Credit cards and other loans: $ 500; will be $0 since all cards will be paid off
Other expenses: $ 400 - Prosper Loan
|Borrower's Other Listings|
|217951||Moving to Mountain Home, AR Fund||AA||$25,000 @ 14%||Oct 18, 2007||Withdrawn|