New Rental Property Needs Interior Facelift
| Listing Information |
| Amount: | $16,500.00 |
Status: | Loan created |
| Grade: | A |
DTI: | 12% |
| Lender Rate: | 14% |
Borrower: |
marketplace-director
|
| Time Left: | Finished |
State: | CA |
| Funded: | 100% |
Group: |
(No Group) |
| Loan Information |
| Loan Status:
| Current |
Origination Date:
| 2008-09-11 |
EricsCC ROI:
| 13% |
| Status History |
| Sep 11, 2008 |
Current |
Purpose of loan: This loan will be used to complete repairs and updating of the interior of a rental property. We are renting the second of our two rental properties in the San Francisco Bay Area. The first property is fully rented, and we have a signed contract for the second for Oct. 1st move in. This property, although well built 1959, has had ?no? updating. Once occupied, the property will add $30,000 of incremental annual rental income ($2,500/mo). Combined, both properties provide $56,000 of annual rental income. My husband and I are passionate real estate investors. We are both well educated Silicon Valley professionals with substantial stock option positions. The repairs and updating will include updating the kitchen and two bathrooms.
My financial situation: I am a good candidate for this loan because I have been working as an IT professional for over ten years. My husband has an advanced degree in International Corporate Finance, and is currently a Silicon Valley executive with over seventeen years of experience. Neither of us wishes to use our stock options for this project as we want to maintain our future equity strength and earning power. Both properties are blessed with excellent, family-oriented renters.
Monthly net income: My base salary is 85,000 plus ~$55,000 in additional annual stock-related income. YTD my W-2 verifies $92,000 of income, and my 2007 1099 verifies $140,000 of income. Our combined AGI averages $300,000 per year for W-2 income alone. Our rental property business is break-even and provides $56,000 of rental income.
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