Renovating a 1 Bedroom Co-op in NYC
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|Funded:||100%||Group:||Socorro Capital Partners|
|Loan Status:||Paid||Origination Date:||2010-09-09||EricsCC ROI:||10%|
|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.
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