Investment Property Repairs
| Listing Information | |||
|---|---|---|---|
| Amount: | $5,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 19% |
| Lender Rate: | 9% | Borrower: | jackpot82 |
| Finished | State: | NC | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2008-09-23 | EricsCC ROI: | 8% |
| Status History | |
|---|---|
| Sep 23, 2008 | Current |
| Sep 25, 2010 | Payoff in progress |
| Oct 13, 2010 | Paid |
|
Purpose of loan: This will be used for repairs to a newly purchased investment property. I bought the property through an auction house after a foreclosure. The house is in structurally sound condition. The foundation, roof and floors are all in good shape. The work needed is mostly cosmetic. I was able to walk through the house prior to the online auction so I new what I was getting into. I figured if it could be purchased for less than $30,000 it would turn a profit. I won the auction and purchased the property for $21,000. I've already closed (8th of September) and have started getting to work. The house needs new appliances in the kitchen(fridge, stove, dishwasher), I'm putting in a tile floor and upgrading the cabinets. I'm also re-doing both baths and spending a little extra there as well. You get the most bang for the buck in resale with upgrades in the kitchen and bathrooms. The rest is just carpet, paint, and a little trim work. Nothing major. I estimate I'll spend about 10-13 thousand on repairs and be complete within 3 weeks. I have a full time job so I can't work on the property much during the week. I have a licensed plumber, that is a friend, helping with that work. Some of the other work I am hiring out and it's already lined up. I'm going through here for part of my repair funding because I have used prosper before and love this idea. Even though I am employed I consider myself a small business man. I currently have 2 rentals and am starting to get into flipping properties now. I like the idea of "us", the small entrepreneurs making a profit and that is what this site is about. I used most of my cash reserves for the purchase of this property and don't like to exhaust my cash on hand. I like to have some set aside for emergency repairs to my rental properties. I have tenants and if something happens it has to be fixed immediately. If I don't get this loan I'll just use a little more of my cash reserves and a credit card for the rest, if need be. However, I would rather see you make a profit than the credit card companies, wouldn't you? I have not only borrowed from prosper but have helped fund 3 loans now and will continue. I have had nothing but good experiences with this market place and I hope you have the same good fortune. My financial situation: My financial situation is fine. I don't list my rental income but have positive cash flow of $250/month on each rental. I have IRA's for me and my wife, and an education IRA for our child. I am very financially responsible and have an excellent credit rating. As I said I am a lender here as well, your loan could not be in better hands. UPDATE: I just went to fund this and on review I see a discrepancy. Prosper has lowered my rating form AA to A. Could only be the result of revolving debt being higher. I recently converted a second mortgage to a fixed rate home equity line of credit. The rate was 1.5% better and no costs involved because it was with my primary bank and they waive fees for members. Monthly net income: $4300 Monthly expenses: $2494 Housing: $1300 Insurance: $70 Car expenses: $179 Utilities: $175 Phone, cable, internet: $120 Food, entertainment: $500 Clothing, household expenses $70 Credit cards and other loans: $80 Other expenses: $ |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 219923 | Kitchen Upgrade | AA | $2,700 @ 7% | Oct 22, 2007 | Loan created |
| 422727 | Investment Property Repairs | A | $5,000 @ 12% | Sep 04, 2009 | Withdrawn |
| 423087 | Investment Property Repairs | A | $5,000 @ 25% | Sep 08, 2009 | Expired |
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