Eric's Credit Community

Sorry for the relist, butI took a lot of good people's advice and am back and ready to go!

Wow!  Look at that DTI!  Since we receive very little of our income from W-2 wages (most is investment or self-employment income), Prosper wanted year-to-date information as well as tax returns.  I had no problem supplying our 2? thick returns, but I  just don?t have that kind of time.    

Our 2005 AGI was $151,351
 
Property currently owned:             
    8 single family homes (all 65-75% LTV)
    One apartment building   (approx 60% LTV)

In escrow to buy:             
    One single-family home to rehab/flip
   
I am guessing all those mortgage payments to all those properties is the thing that made my DTI explode?  

About 4 years ago, my husband was injured on the job & I knew he couldn?t keep doing the same line of work (truck/delivery driver) for another 20+ years until retirement.  Additionally, around this time, our son was diagnosed with Autism & with both of us working full-time and attending to his needs, we were burning out quick so we researched our options & chose investing in real estate.  We took our $25k home equity line of credit & purchased a little dumpy duplex, fixed it up & sold it doing a 1031 exchange into another property?and away we went.  Last year, we did six 1031 exchanges. 

As our investments grew, I was able to get my real estate license and quit my ?real? job &my husband took a less physically strenuous job.  We were able to devote more time to both our children & find excellent treatment options for our Autistic son.  Today we are so close to being financially free.  We are selling two of our properties right now.  As soon as we sell these two properties, I will be able to devote all my time to the non-profit I started for disabled children.  It is called SNAFU (Special Needs Advocates for Understanding).  You can read about it at www.valleysnafu.com or search my name, Shirley [LAST NAME DELETED], on Google or Yahoo and read about the work I am doing.  Helping these children is my dream & passion and you can help make my dream come true.  Being able to help my son find recovery from Autism has fueled my passion even more!  Now people don?t even know my son has Autism unless I tell them.  Miracles do happen!  

In the past, when we are amidst multiple transactions, we have relied on my real estate commission income to bridge the gaps.  However, I am sure I don?t have to tell anyone what the real estate market has been doing this year.  Needless to say, my commissions are down almost 50% from last year.  Therefore, we will use this loan to bridge the gap during this time period.  The two properties we are selling, we are expected to net, conservatively, $75,000 total.  

I always have several back-up plans in case I need funds, but I have been a lender on Prosper for the past few months so I thought I would give it a whirl.   Additionally, we are expecting a very large judgment to be paid within the next 90 days that is against a large corporation.  (e-mail me at [EMAIL DELETED] if you need more details)  

Bottom line:  If you bid on my loan, you will be getting a very strong Borrower that has never been late on any payments (check my history!) that always has several back-up plans if needed and has an altruistic heart.  (Oh and don?t forget probably a record Prosper DTI!)   Than