Rehabbing 2 condos
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 15% |
| Lender Rate: | 16% | Borrower: | fi2008 |
| Finished | State: | IL | |
| Funded: | 100% | Group: | Indiana University |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-02-08 | EricsCC ROI: | 12% |
| Status History | |
|---|---|
| Feb 08, 2007 | Current |
|
MONTHLY INCOME 2004 Gross Emp. Income - $ 94,050.00 2005 Gross Emp. Income - $103,350.00 2006 Gross Emp. Income - $148,250.00 ($12,354/month) Monthly Rental Income - $1,825 Total Monthly Income - $14,179.00 MONTHLY EXPENSES Mortgages, taxes, insurance $5,206 Credit cards $ 428 Cell Phone $ 103 Life/Health Insurance $ 439 Utilities $ 452 IRA $ 350 Misc. $ 660 Total Monthly Expenses - $7,638.00 As you can see, I can comfortably repay this loan. I am looking for $25,000 and am willing to pay 14-16%. I will use the money to rehab one of three condo units I have already purchased, based on the following details: Purchase Price: $137,000 Rehab costs: $ 27,500 Mortgage, tax, ins: $ 6,507 Other holding costs: $ 10,850 TOTAL EXPENSE: $181,857 After Repair Value: $230,000 NET AFTER SALE: $ 48,143 (GC estimates 9-12 weeks completion time.) On a personal note, I am a hard-working, entrepreneurial individual. There are five kids in my family and we have all paid for our own college educations! When my time came, I dropped everything and flew to Alaska hoping to find the perfect summer job. Within a week, I was on a boat, fishing for salmon for the rest of the summer, and easily made enough to pay for the next year and every year thereafter. I then moved into Marketing. I spent the next five years touring for various promotions. I have now conceptualized, produced and managed over 100 tours and national promotional programs over my 15 years experience. My travels allowed me to buy property in several cities. I have attended several ?boot camps? on topics ranging from ?Private Lending? and ?Condo Conversions? to ?Apartment Building Investing? and ?Mini-Storage Facilities.? Finally, I will be married on February 10th of this year to Jane Ramirez, the lovely woman you see standing next to me in my enclosed photo! Thanks for reviewing my information, and all the best for a profitable 2007! & |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 88186 | Rehabbing 2 condos | C | $25,000 @ 13% | Jan 23, 2007 | Withdrawn |
| 293546 | Paying off credit cards | E | $5,000 @ 16% | Mar 19, 2008 | Expired |
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