I Buy Assets, Not Liabilities, for FINANCIAL FREEDOM :)
| Listing Information | |||
|---|---|---|---|
| Amount: | $14,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 29% |
| Lender Rate: | 17% | Borrower: | Medallion |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-05-16 | EricsCC ROI: | 15% |
| Status History | |
|---|---|
| May 24, 2008 | Current |
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Purpose of loan: This loan will be used to purchase rental income property at 50 cents on the dollar! When you make a loan to me, you will be helping me more quickly advance along my path to financial freedom for myself and my young daughter. We will be most grateful! My current status: I am an active real estate investor in a stable and very low-priced market. I buy bank owned homes well below market value, fix them up, then refinance, or get a home equity line of credit, based on the market value of the property. I then pay off the original low purchase price. The properties all cashflow, meaning the rental income is comfortably more than the loan payments, taxes, insurance, maintenance and property management costs. This is a lucrative business and I love it! If I had more start up capital, I would own fifteen properties by now! :) I have surrounded myself with the best experts in the business. I have three excellent mentors guiding me while I am still new, and I have put TONS of time and energy into educating myself in all aspects of real estate investing. Brief personal history: I have a master's degree and was a speech-therapist in a school setting for many years, but left the field in exchange for self-sustaining, permanent income from rental property. I have always been interested in real estate and have made tidy profits with my personal homes twice. It became very clear that if I educated myself and found the right mentor, I could make an excellent living as a real estate investor. Soon after I left the school district, the subprime market collapsed (you've heard about that in the news!) and the banks tightened lending guidelines. I then had trouble getting qualified for investment home loans because I couldn't prove current employment (remember, I had become a full-time self-employed real estate investor!) So, I became creative in order to secure funding. To date, I have not yet reached my first goal: monthly income equal to my former salary. But now, I am adding Prosper to my repertoire for creative financing! Thank you SO much for taking the time to consider supporting me as a loan candidate!! My financial situation: I am a good candidate for this loan because I have enough money in the bank to repay the loan in full immediately, if it became necessary. My car is paid off and I have a great deal on my rental home. The only debt I have is that which I choose to have, and the sole purpose for it is to fund smart real estate investments. (I see revolving credit on my summary - that is almost entirely the home equity line of credit I described. Also, the DTI that shows does not take into account my rental income.) With more capital, from this successful Prosper listing, I can repeat the process with more than one property at a time. I take pride in my excellent credit and integrity in all areas of life. Let's work together to make some money, and make our dreams come true! To our success!! :) |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 317174 | I Buy Assets, Not Liabilities, for FINANCIAL FREEDOM :) | A | $25,000 @ 25% | Apr 24, 2008 | Withdrawn |
| 323258 | I Buy Assets, Not Liabilities, for FINANCIAL FREEDOM :) | A | $5,000 @ 12% | May 01, 2008 | Withdrawn |
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