Renters Are In...Need to Finish Landscape
| Listing Information | |||
|---|---|---|---|
| Amount: | $12,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 19% |
| Lender Rate: | 17% | Borrower: | realestatecouple |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-08-01 | EricsCC ROI: | 16% |
| Status History | |
|---|---|
| Jul 31, 2008 | Current |
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Purpose of loan: This loan will be used to complete the landscape on two newly renovated rental properties. We have just completed the complete rebuild of two rental properties in the San Francisco Bay Area. Both properties were occupied with new renters on July 1st. We are now collecting $4,650/mo of new rental income in addition to my and my wife's Silicon Valley income. However, we still have to pay for our new fence and complete the front and backyard landscape on both properties. Brand new concrete and decking have installed, but we need to pay the fence company for a new $5,000 fence, and install sprinklers, sod, and landscaping plants. My financial situation: I am a good candidate for this loan because I have been working in Corporate Finance for over seventeen years, and I have an MBA in International Business. I am currently a Senior Directo at my company. My wife and I have worked in Silicon Valley our entire careers. In addition to our high-tech salaries, we both have a healthy position of stock options. However, given the state of the economy and stock market, it does not make sense for us to sell any shares at this time. To date, we have invested ~180,000 of our own cash into both properties in addition to ~$100,000 of debt. The properties are ideally situated in two very desireable Bay Area cities (Fremont and Castro Valley). Both are fully rented with nice families (with school-aged children). We have excellent equity in both properties, and plan to refinance at least one of them to consolidate our construction expenses. However we will not be able to refinance either until they are both completely finished. Monthly net income: My base salary is $165,000 and my wife's base salary is $85,000, however the AGI on our last two tax returns has been $290,000 - $295,000 as it includes our stock compensation. With our two properties now rented, we will receive an additional $55,800 in rental income. |
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