Purchasing a 4 unit / Remodel a current Rental
| Listing Information | |||
|---|---|---|---|
| Amount: | $24,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 30% |
| Lender Rate: | 18% | Borrower: | RNinNY |
| Finished | State: | NY | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2008-09-09 | EricsCC ROI: | 18% |
| Status History | |
|---|---|
| Sep 06, 2008 | Current |
| Mar 09, 2009 | Payoff in progress |
| Mar 13, 2009 | Paid |
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Purpose of loan: This loan will be use to for a down payment in a 4 unit rental property in the East Ave Area of the City of Rochester, NY. Purchase price is $130,000 with a 10% down payment (Propser Funds) The reminder will go towards another rental property to remodel the kitchen and bath. The units should rent for $550 to $650 / Income $2,200 (low end) Mortagage and Taxes $1,300 and Propser Payment $750 to $850 total expense $2,150 This project should pay for itself without an affect on my personal bills. My financial situation: I am currently am an RN - Administration Manager and have been in the nursing field since I was 16 years and love what I do. I can make up to $125,000 a year working contracts and overtime, however between my husband (who has a civil service job of 16 years) and I, I only need to work at about $60,000 to $75,000. Between the two of us we are well off we own our home out right and have another that we rent. (this is the one I want to remodel) I always pay my bills my husbands line of work requires that we are responsible in theses matters. I net $4,800 to $5,200 a month alone. Bills Mortgage $850 plus taxes $450 total $1300 - Currently rented for $1350.00 Current house I live in no mortgage Credit Card $150 - pay extra Credit Card $200 - pay extra Food - $300 Personal Loan $211 Car Payments (2) $800 (both are in my name my husaband pays $400 for one) Gas/Electric $150 Living Expenses - Clothing, Gas, extras for my children $300 Total Expenses $2,161 Income $4,800 (low end) - Expenses $2,161 = $2,639 |
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