Waiting for 'house' to close.
| Listing Information | |||
|---|---|---|---|
| Amount: | $9,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 11% |
| Lender Rate: | 9% | Borrower: | AtlantaRealEstateInvestor |
| Finished | State: | GA | |
| Funded: | 100% | Group: | 1 Active Real Estate Investors & Lenders Group |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2006-08-08 | EricsCC ROI: | 5% |
| Status History | |
|---|---|
| Aug 07, 2006 | Current |
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I am a full time Atlanta real estate investor. I buy and sell property in the Atlanta area and have been doing this since 2000. Late last year I started doing more land and fewer houses. Unfortunately, land takes longer to 'turn around' than houses, so the transition caused me to run up one of my credit cards. I will use this money to pay off my credit card (which used to have a 'reasonable' rate, but which is now charging me 16%+. Seems high for an AA borrower!). I have four (or more) properties under contract ready to sell. I will be able to pay the loan back when they close. If they don't close, I have $100k unused line of credit plus many other deals in the works. (See www . atlantahousedeals . com to verify my business or buy a great investment property :) ) I may keep the loan in place for the full 3 years regardless, depending on the rate I get. The point is that paying the loan back is no problem. Real estate is a cash-intensive business, so I can always earn 30% - 100% (or quite often infinity) return on my money, so even $9,000 will come in handy in my field. The lower the rate I get, the longer I will keep the loan in place. (Note that I am not an agent. These are all properties I own or control. I am not waiting on a commission, but the profit I will realize when the sale occurs). Thanks for taking the time to consider my loan. Each month I pay 10+ mortgage payments ranging from $500 to $2000+. I have never missed a payment of any kind and this loan will be no different. |
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