Investing in Rental Property
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,000.00 | Status: | Expired |
| Grade: | E | DTI: | 20% |
| Lender Rate: | 15% | Borrower: | njnoiz |
| Finished | State: | NJ | |
| Funded: | 2% | Group: | (No Group) |
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A few words about me? Primarily, I am an IT professional with 8 years of industry experience, currently employed at a large insurance firm in New York City. I graduated from the Metropolitan College of New York with a bachelors degree in Business Administration, and I am nearly finished with and MBA in Management from Rutgers University. In addition to my full time career, I am also a licensed realtor in the state of New Jersey. I have three years experience buying, rehabbing, and selling investment properties, having profited about $125k from my own investments over those three years. I am married with three wonderful boys. A few words about my credit and income? Despite the perceived risk and low score today, I have come a long way. Though I have always been responsible with my money and debt, I became a father a bit before I was able to financially support a family. That stress destroyed my first marriage and exacerbated an already dire situation. At that point, having to pay for two homes, two cars, and child support, I just couldn?t make money fast enough and fell behind. I?ve been back on track for five years now ? remarried, fully engaged in a professional career and lucrative side business. You?ll note 0 current delinquencies and the four that remain are actually only two: the two original debts and the two paid collections accounts which all appeared on my credit file. I would be more than happy to go into the specifics of my credit file with any prospective lenders individually. From and income perspective, I earn $130k from my full time professional employment and an additional $30-$40k from real estate sales (not including investment proceeds). My wife is a registered nurse and earns $60k. A few words about my request? About a year ago, I purchased a tenant occupied investment property I planned to rehab and sell. While having nearly completed the rehab, the market took an abrupt turn. Some analysis showed that it made more sense to hold onto to the property and continue collecting rent and allow the property to appreciate before selling. In fact, my findings showed that with home prices falling, but rents remaining constant, it made sense to add additional rental properties to my portfolio. With my cash currently tied up in the existing rental unit, I am raising funds for the down payment on an additional property. I plan to repay the loan with proceeds of rent from both properties. In fact it is my intention to repay the loan in less than three years. Given the perceived risk of this loan, I would gladly pay more than 15%. However, this is the maximum allowed in NJ. Please feel free to contact me with any additional questions. Thank you for your consideration. Best, NJNOIZ |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 29437 | Prove myself to Prosper | E | $6,000 @ 15% | Aug 06, 2006 | Loan created |
| 124297 | Back Again - $25k C 0/0/0 @ 15% | C | $25,000 @ 15% | Apr 16, 2007 | Expired |
| 130853 | 2nd Loan - $20k@15% C 0/0/0 | C | $20,000 @ 14% | May 01, 2007 | Loan created |
| 406718 | Back Again - 3rd Prosper Loan | B | $24,999 @ 16% | Oct 06, 2008 | Loan created |
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