Tom Cioffi
Albany, NY (USA)
Role(s):
Founder/Owner/Principal
Rental Property
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Startup
Location:
Albany
Industry:
Real Estate
Year Founded:
1984
Number Employees:
1-10 people
Description:
Acquired a house seven years ago that I wish to lease for $1200 a month. Financing for the purchase of the house was with family members. Because of a private mortgage on the house lenders want a complete refinance in order to acquire what I am asking for. I had the house appraised and is worth $140,ooo. Mortgage Balance is 68,000. I have the equity but refuse to pay thousands to a bank just for the small percentage of money I am looking for.
I am looking for $25,000 for the basic repairs of the house and purchase money for another house to live in, repair, and rent. I previously had a few houses I rehabbed back in the eighties, but due to divorce I lost all the properties. So this is nothing new for me to get involved with. I am experienced in all aspects of repair and management of rental property. This loan is short-term, in order for me to once again establish and fullfill my long-term goal of being well off at the time I decide to retire. I work both a full-time and a part-time job. So between the rental income and employment income I should have no problem paying on the loan. I alos plan on expanding the rental property so as to be the main income at some point. And have my own business and be my own boss.