Income producing Investment property
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Withdrawn |
| Grade: | AA | DTI: | 0% |
| Lender Rate: | 16% | Borrower: | Marinakep |
| Finished | State: | MI | |
| Funded: | 1% | Group: | (No Group) |
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Purpose of loan: This loan will be used to purchase a home with my son. I've been working with my son for the past 6 months, he flips houses and manages rental properties in Grand Rapids, MI. We just finished our first flip with a profit of over $30,000 in 5 months and are looking to purchase our next home. This loan will act as our mortgage for this house, so this will be a loan we will pay off over the life of the loan (rather than pay off in a month or two, negating benefit to the lender). My financial situation: I am a good candidate for this loan because I have a 40 year credit history of never defaulting on a bill. I'm 61 years old and own my own business, a Marina. I'm investing with my son because he's making me more than I'm making in conventional methods. The home we are purchasing is $44,000. It's a duplex that needs $10K in improvements in order to bring up to rent conditions (good condition), and it will rent for $800 per side (both sides 3 bedrooms, good sized). So we'll have an income on the property of $1600 a month, $400 a month in taxes and insurance and a prosper loan of $800-$900. It's not a huge money maker, but this is the perfect loan for me since I'll have the house paid off in 3 years. I am not proving my income since I do not show much being self-employed. Prior to my job of owning a Marina I was a hospital administrator for 20 years and have owned other businesses. I've owned 4 rental properties over the past 20 years, I also have an MBA so I'm no fool when it comes to business and investing. Thank you for your consideration. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 371305 | Income producing Investment property | AA | $25,000 @ 19% | Jul 22, 2008 | Withdrawn |
| 373987 | Income producing Investment property | AA | $14,500 @ 14% | Jul 27, 2008 | Loan created |
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