rental renovation
| Listing Information | |||
|---|---|---|---|
| Amount: | $12,500.00 | Status: | Loan created |
| Grade: | B | DTI: | 27% |
| Lender Rate: | 19% | Borrower: | plantsmen |
| Finished | State: | NC | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-06-17 | EricsCC ROI: | 17% |
| Status History | |
|---|---|
| Jun 17, 2008 | Current |
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Purpose of loan: This loan will be used to add a bedroom and a 1/2 bath (convert formal dining room) to an existing rental single family home. After this renovation we will sell this home to a rental tennant of ours for $45000.00 over our mortage payoff. We purchase single family homes in our NC mountain community that are in need of renovation/updating for 30-40% below market value, rent them for a two years minimum, renovate and resell (usually to existing renters). My financial situation: I am a good candidate for this loan because we have experience with doing exactly this same renovation and resale, we work in the home improvement industry for over 20 years, and have outside full-time income from a major home improvement retailer for over 10 years. Monthly net income: $ 3500.00 from full-time jobs and $950.00 net after expenses from rentals Monthly expenses: $ Housing: $ 735.00 Insurance: $ 150.00 company pays most Car expenses: $ 550.00 Utilities: $ 125.00 Phone, cable, internet: $ 100.00 Food, entertainment: $ 400.00 Clothing, household expenses $ 150.00 Credit cards and other loans: $ 150.00 Other expenses: $ 200.00 |
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