Experienced Property Manager Ready for Property of His Own.
| Listing Information | |||
|---|---|---|---|
| Amount: | $5,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 56% |
| Lender Rate: | 12% | Borrower: | X2elite |
| Finished | State: | AR | |
| Funded: | 100% | Group: | Perfect Solution Systems |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-09-12 | EricsCC ROI: | 11% |
| Status History | |
|---|---|
| Sep 13, 2008 | Current |
|
Purpose of loan: I am wanting to purchase a small apartment building (fourplex) to use as an investment property. I already have the building under contract, and have the biggest part of my down payment already. However, I am still lacking around $5000.00 towards my down payment, and I am doing whatever I can to save, collect on debts, and anything else to come up with this last bit. I have this building under contract at a great price, and see this property as a retirement plan, not as as a means of monthly income. My financial situation: I feel that I am a good candidate for this loan because I am financially responsible. I am still a young man (27 y.o) , and I am wanting to plan for a secure financial future for my wife and myself (been married a little over a year now). I am a real estate property manager, so managing apartments is what I do on a daily basis. It only makes sense to invest in something that I feel comfortable and secure with. My wife is a Full Time Nursing Student, but still works full time as a Pharmacy Technician. Our combined income is around $80k a year (will go up drastically when my wife graduates from RN school), we live rent free due to my occupation, and we have very little revolving debt. I have never owned a home, and decided that instead of purchasing a home, I should take advantage of our situation, and look into investment properties. I am not a scammer, just an honest, hardworking, person who is trying to start planning for a secure financial future early on in life. They say it takes money to make money, and I completely understand this, I am just looking for that initial boost to get me on my way. I appreciate you taking the time to read this whether you find my situation, worthy of your investment or not. Thanks again, our income and expenditures are as follows: Monthly Income: $2236 (my income) $2444 (wife's income) $2166 (annuity income) $6846 monthly income Monthly Expenses: $0 Rent (provided by my employer) $90 Electric Bill $135 cell phone bill $120 Cable Television $590 Jeep Payment $140 Motorcycle Payment $232 Vehicle/ Home Insurance $200 fuel $200 Credit Cards (will be completely paid off with my bonus this year) $500 Entertainment $500 nursing school cost $150 towards charitable contributions $2857 total monthly expenditures The property we are looking to purchase will have a Rental Income of $1800 a month for the four units. The banknote with property tax and insurance will be around $720/month, and I am allowing for $280 a month in regular maintenance (ie: landscaping, cleaning of common areas, etc). This would give us a monthly profit of around $800.00. This $800 a month would go into an account to earn interest. After approximately two years (or more if a major repair was necessary) this account would have a balance of $19,200 plus whatever interest it had accrued. This account would become the operating reserve. After this reserve is fully funded the $800/month would go into a self directed IRA as part of our retirement. Obviously if there were a huge emergency, my wife and I could easily float the bank note, and Prosper payment out of our monthly income alone. This property will easily pay for itself, and allow us a steady monthly contribution to our retirement fund. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 386084 | Need Down Payment for Investment Property | A | $8,500 @ 12% | Aug 21, 2008 | Withdrawn |
| 390327 | Experienced Property Manager Ready for Property of His Own. | A | $4,500 @ 10% | Aug 29, 2008 | Withdrawn |
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