Renovating a 1 Bedroom Co-op in NYC
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 21% |
| Lender Rate: | 11% | Borrower: | BxRealtor |
| Finished | State: | NY | |
| Funded: | 100% | Group: | Socorro Capital Partners |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2010-09-09 | EricsCC ROI: | 10% |
| Status History | |
|---|---|
| Sep 14, 2010 | Current |
| Sep 25, 2010 | Payoff in progress |
| Oct 13, 2010 | Paid |
|
I am using this money to renovate the kitchen and bathroom on a 1 bedroom co-op which i will be renting by January 1st 2011. The mortgage and maintenance on this unit will be approximately $800 and I will easily be able to rent the unit for $1,200 a month giving me $400 of cash flow which I will use to repay back this loan. Renovated units in the building are renting for $1,100 a month. Since this is a co-op and not a condo, the maintenance fee covers all major repairs dealing with this unit. It is an almost maintenance free investment. The extra $100 dollars a month will also easily pay for itself in end of year tax deductions from this unit. Furthermore, my annual income is approximately $135K a year. I am currently paying the entire cost of this unit until it is rented with no problem. I am also a lender here on Prosper. Thank you. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 341878 | Taking a Real Estate Investment Course | A | $1,000 @ 9% | May 30, 2008 | Loan created |
| 361961 | Buying a Rental Property With Positive Cash Flow | A | $24,999 @ 8% | Jul 03, 2008 | Withdrawn |
| 363553 | Back Up Funds For an Investment Property | A | $4,999 @ 9% | Jul 22, 2008 | Withdrawn |
| 372672 | Back Up Funds For an Investment Property | A | $5,000 @ 13% | Jul 24, 2008 | Loan created |
| 536852 | Consolidating Higher Rate Loans | AA | $24,500 @ 8% | Nov 02, 2011 | Loan created |
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