Buying inventory at the ASD/AMD Trade Show
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 61% |
| Lender Rate: | 20% | Borrower: | BJHicks13 |
| Finished | State: | AZ | |
| Funded: | 100% | Group: | 1st and BEST for Loans |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Default | Origination Date: | 2008-03-04 | EricsCC ROI: | -55% |
| Status History | |
|---|---|
| Mar 02, 2008 | Current |
| May 24, 2008 | Late |
| Jun 10, 2008 | 1 month late |
| Jun 28, 2008 | Late |
| Jul 09, 2008 | Current |
| Jul 19, 2008 | Late |
| Aug 05, 2008 | 1 month late |
| Sep 05, 2008 | 2 months late |
| Sep 13, 2008 | Current |
| Sep 19, 2008 | Late |
| Oct 06, 2008 | 1 month late |
| Nov 05, 2008 | 2 months late |
| Dec 06, 2008 | 3 months late |
| Jan 05, 2009 | 4+ months late |
| Jan 06, 2009 | Default |
|
Purpose of loan: I will be going to the ASD/AMD Trade Show in Las Vegas on March 2-5 to source new product for my retail business. I have only been in business a couple of months and have built a relationship with two distributors. In those couple of months I've been able to profit a little over $3,000 on a part time basis (I still work full time as well). One thing that especially holds true when dealing with wholesalers is that cash is king. I am able to work out much better deals with cash. Unfortunately, I don't have enough cash to work out even better deals with larger quantities. Although I could take a cash advance on my credit card, that would leave me with very little wiggle room in case of a down month (and the fees, don't get me started on the fees!). I plan to recycle the original $25,000 loan amount to keep inventory stocked and pay down the loan with most of the profit yield until it is paid off. I'm currently selling on eBay under the username barigroove. I will soon be opening a webstore through Amazon to help build a larger customer base. Profit margins tend to be higher on Amazon as well. My financial situation: I currently work full time as a Contract Engineer for the local telephone company making $60,000/year. The employment term shown on this listing is a little deceiving. I've been working in the same cubicle for 8 years, I just switched from a direct management employee to a contractor about 4 months ago. The only difference is the name on the paycheck. My wife is currently in nursing school and will be graduating in August. That will add an additional $60,000/year when she starts working. She currently gets a check from the VA for around $1,000 every month that she's in school. I'm also a professional jazz musician and I make on average around $1,000/month with various gigs. This income varies wildly though from month to month. Also, the revolving credit amount shown is a little misleading. $30,000 of it is from a Home Equity Line of Credit used for home improvements, but it gets lumped into the same category as credit cards since it's a line of credit. Monthly net income: $ 6,000 - I'm not including the income from the the retail sales. It's tough to gauge an accurate model with very little data. Monthly expenses: $ 5,000 Housing: $ 1,400 Insurance: $ 150 Car expenses: $ 600 Utilities: $ 225 Phone, cable, internet: $ 325 Food, entertainment: $ 800 Clothing, household expenses $ 200 Credit cards and other loans: $ 1,000 Other expenses: $ 300 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 147991 | Down payment for cashflow property | AA | $25,000 @ 16% | Jun 06, 2007 | Expired |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|