Income producing Investment property
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Withdrawn |
| Grade: | AA | DTI: | 0% |
| Lender Rate: | 19% | Borrower: | Marinakep |
| Finished | State: | MI | |
| Funded: | 39% | Group: | (No Group) |
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Purpose of loan: This loan will be used as a mortgage to purchase a duplex in the Cherry Hill neighborhood of Grand Rapids, MI. Purchase agreement is complete at a purchase price of $44,000, so $25,000 from prosper and the rest is from my savings. Property will rent for $800 per unit (each unit has 3 bedrooms and minimal work is required to improve). 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 spent my professional career as a hospital administrator and a business owner. I have never missed a bill in my life. Currently I have no issues paying my bills, my wife receives a $3000 a month pension and is also still working as a consultant. I will be eligible for Social Security this year, however I plan on delaying it since my business is providing us with the income to do the things we enjoy. Taxes on investment property are $108 per month Insurance is $112 per month Prosper loan will be about $900 per month. Net cash flow on investment is ($1600 minus costs) - $480. Since I plan on using this loan as a mortgage I'll be paying it off over 3 years making this a good one for investors. Thank you for your consideration. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 370491 | Income producing Investment property | AA | $25,000 @ 16% | Jul 20, 2008 | Withdrawn |
| 373987 | Income producing Investment property | AA | $14,500 @ 14% | Jul 27, 2008 | Loan created |
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