Buying an investment property in Jersey City
| Listing Information | |||
|---|---|---|---|
| Amount: | $14,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 13% |
| Lender Rate: | 10% | Borrower: | rlecor |
| Finished | State: | NJ | |
| Funded: | 100% | Group: | BORROWERS - Free instant Listings - LARGEST GROUP |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 2 months late | Origination Date: | 2007-02-20 | EricsCC ROI: | -23% |
| Status History | |
|---|---|
| Feb 17, 2007 | Current |
| Aug 04, 2007 | Late |
| Aug 28, 2007 | Current |
| Feb 05, 2008 | Late |
| Feb 21, 2008 | 1 month late |
| Feb 22, 2008 | Current |
| Apr 04, 2008 | Late |
| Apr 22, 2008 | Current |
| Oct 06, 2008 | Late |
| Oct 21, 2008 | 1 month late |
| Nov 21, 2008 | 2 months late |
|
ABOUT ME: I am 43 years old, married for 7 years, and have a 5-year old boy. I have been with my current employer, an Investment Bank, since 2001. EXPLANATION OF BAD CREDIT: My wife and I are the owners of a car rental business, which my wife has been operating since April 2001. I work full-time for an investment bank on Wall Street. After September 11, all our money had just been invested in the business and the travel industry collapsed. We survived the hard time and still own the business. But I had to declare personal bankruptcy because of debts incurred to get the business off the ground. Our business is now 6 years old and things have improved greatly. I am now ready to start investing some of my surplus cash in real estate in order to better secure our future. This opportunity will allow me to greatly improve my credit scores, since as you will see from my financial details below, I have an extra $546 that I will use to pay my loan, which will be my first priority every month. In addition, I am in the process of re-financing my primary home and will be able to pay off this loan within 2 to 3 months. I sincerely promise you that and as you can see from my financial details, I will have the money to do it. (my pay stub, 401K statement and savings account, when requested, will confirm all this). If my loan is filled I'll stay active in the Two Millionaires private forum for the life of the loan. WHAT I WILL DO WITH THE MONEY LOANED TO ME: I currently have $24,000 in my 401K savings accounts. I have found a new property in Jersey City, which I want to buy and either re-sell or rent it immediately after closing in 2008. The property is in a fast-growing area of Jersey City across the water from Manhattan. The $14,000, will be added to my savings and use as a deposit on the property. I won?t have to close until 2008. I am re-financing my primary home, which will give me enough cash to pay off my Prosper loan and close on the property when it is ready. HERE ARE MY MONTHLY FINANCIAL DETAILS: For the purpose of this loan, I am not using my wife?s income from the business. I am buying this property alone and only using my personal savings. Therefore, I only am using my income and not our combined income. My total monthly net pay is $4,026. Of that amount, I direct deposit $3,480. The balance of $546 is put in a savings account. That amount will now be used to pay back my loan monthly. Using the $3,480 above and the income from the business, my wife takes care of all the household bills. Therefore in doing this independently from wife, who is simply focused on running the business, my monthly financial statement looks as follows: 1.) Personal Net income after payroll deductions from my employer: $4,026 2.) Total amount directly deposited into my wife checking account: $3,480 for all our expenses, including my student loan of 205. (my payroll statement can confirm this bi-weekly deposit) 3.) I have a net amount of $546 left to make the payments on my Prosper loan, assuming a loan for $14,000, a 21% interest and a monthly $535 monthly payment. That amount was normally put in my savings, but will be used to re-pay my loan. CLOSING REMARKS TO LENDERS: ============================= As you can see, I am definitely in a place where I can pay back my Prosper loan. In addition, even though I am not counting this income for the purpose of the loan, I am a published author (you can search for my name on any of the big bookstore to see my books) and I receive royalties monthly and quarterly. In addition, I also have my own web site where I sell home study courses. I also earn monthly income from that effort. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 253047 | Home repair before sale of house | D | $5,000 @ 14% | Dec 18, 2007 | Withdrawn |
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