Repay family loan on 4th property.
| Listing Information | |||
|---|---|---|---|
| Amount: | $9,000.00 | Status: | Loan created |
| Grade: | E | DTI: | 12% |
| Lender Rate: | 20% | Borrower: | Ruman |
| Finished | State: | IA | |
| Funded: | 100% | Group: | Sonic Lenders |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Default | Origination Date: | 2006-08-02 | EricsCC ROI: | -49% |
| Status History | |
|---|---|
| Aug 01, 2006 | Current |
| Jan 20, 2007 | Late |
| Feb 03, 2007 | Current |
| Mar 16, 2007 | Late |
| Apr 03, 2007 | 1 month late |
| May 04, 2007 | 2 months late |
| Jun 03, 2007 | 3+ months late |
| Jun 09, 2007 | 3 months late |
| Jul 03, 2007 | 4+ months late |
| Aug 28, 2007 | Default |
|
Hello, My name is Chase [LAST NAME DELETED]. I recently purchased my second personal residence and put 10% down due to the fact that I had owned my first personal residence for less than a year. I am keeping the first residence as a college rental, with the renters? parents making the payments. I also own two other investment properties, one 3-plex and another single family. I have attached a picture of my new home; I bought it well under county assessed value of $243k. I purchased it for $200k and owe $180k. I will gross $100k-$120k this year, netting approx. $80k. Last year I grossed $55k. This year I am already at approx. $60k. Why do I need this? I need $9k to repay a family loan I took for a portion of the down payment. I should be able to come up with the money by end of August or Sept., but I like to reinvest in real estate, so I typically use my liquid cash for additional investments. I would like to leverage this money so I can use my available cash for an additional investment property if the opportunity arises, or use to finish rehabbing my current personal residence Budget: My budget is a little tedious due to the nature of my business but I will do my best to outline it. If anyone would like more intricate details of it, feel free to let me know, and I will also be posting up a detailed budget along with supporting docs on Wiki. Please check my profile for updates. Income: Rental income: $2,500 Real estate agent income: $5,000 Trash Removal/Hauling income: $2,500 Remodeling income (usually painting/carpet): $2,000 Total income: $10,500 per month. Expenses: Personal residence: $1,600 Rental properties: $1,900 Car payment/insurance: $425 Employee wages: $3,000 RE/MAX fee: $900 Gas/utilities/food/etc: $1,000 Total expenses: $8,825 Leftover monthley money: $1,675 after bills Proof of properties: Included is also a link to the local county assessor. http://www.assess.co.polk.ia.us/web/inven/query/queryHome.html . Go there, and enter my name, Chase [LAST NAME DELETED], in appropriate fields to see the homes I currently own. You can also see my purchase price there. Reason of delinquency: The one current delinquency I have is no longer a delinquency. It was my last mortgage payment on my previous personal residence that was 30 days late. I made the payment, but it does not show as paid yet on my credit report. The large down payment on the new home strapped me for a short time but I have recouped now. I will not make this mistake again, and I?ve already set-up a plan to make sure that as I expand I don?t reach beyond my means. Read about me: I currently have a discussion going on the "Review my listing" forum here http://prosper.spreebb.com/index.php?showtopic=4793 . The thread goes over great detail regarding my situation and I invite anyone to read and post questions that they may have. If you have any questions, please feel free to call me at [PHONE DELETED] or my Aol Instant messenger name is "CallChase". Thank you! |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 24894 | Can be secured by real estate! | E | $13,000 @ 21% | Jul 15, 2006 | Withdrawn |
| 24895 | Can be secured by realestate - Own 4 properties. | E | $13,000 @ 21% | Jul 15, 2006 | Withdrawn |
| 24896 | Own 4 real esate properties! | E | $9,000 @ 21% | Jul 15, 2006 | Expired |
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