A few days ago I was reading a post here about investors. One poster provided a link to the following website: www.prosper.com
Has anyone ever used this service? Are they legit? Are they secure? I am just about ready to try any means other than a loan shark to come up with some more capitol, but I am hesistant to enter my personal information on this site not knowing much about it. Who am I giving my info to really? It’s not like a bank I can track down if I have problems, and anyone can say they have a secure site etc etc. I need to hear from some real people who can give me info about their experiences or someone they know who has had success (or failure) using this service. Talk to me people. I know you have the answers, that’s why I love this site!
“If it wasn’t hard, you probably didn’t do anything worthwhile.”
Replies
Jcrew2,
I just finished reading your other posts and get the sense that you are quickly getting in the deep end. Getting additional "capital" means getting more debt. If you can't afford to make monthly insurance payments, have enough cash to cover your cost overruns on a 100K spec house, how are you going to service the debt from an additional loan.
It sounds like you are trying to swing for the fences in the World Series when you need to go to the batting cages at the municipal park. I am no expert on personal or business finance, but once you screw up your credit, it takes a while to get it back in order. Sounds like you should focus on getting your financial house in order before getting anymore loans.
Some things you may wish to consider before embarking on addtional debt are:
1. A personal budget
2. Eliminating all credit card debt
3. Establishing 3 to 6 months of savings for a rainy day
4. Getting your business running so it can make insurance payments, pay you a salary, and make a profit.
None of these are easy. It takes a great deal of personal effort, commitment, and yes, sacrifice. There are lots of people who will still lend you money. The question is can you manage it and will it really remedy the situation.
Good luck to you.
Bruce
jcrew.. do a worst case assessment..
what if no one buys your house ?
can you carry it ?
can you sell your house and move in ?
will anyone buy your house that you are living in now ?
i think you should sit on the land and let that appreciate while you build your business in construction
when you find a buyer who wants a house built on YOUR land , then you do the deal ......
with OPMMike Smith Rhode Island : Design / Build / Repair / Restore
or just sell the fraking land and take a nice vacation.
almost like free money ...
too easy?
Jeff Buck Construction
Artistry In Carpentry
Pittsburgh Pa
i go with the other guys,the advice they have seems to be right on target. real estate is a little shakey,you are streching thin on a spec house,lots of things can happen and it doesn't sound like you would have the reserves to take care of it now. the lands not going anywhere,i would either repay the first loan or at least get it in a money market account and lose the 3% difference for a year or so and see what happens. larry
hand me the chainsaw, i need to trim the casing just a hair.
wow i hit that prosper site,there is no way you should borrow money at 15-18% interest. only way i would consider that is to be able to make a deal,make money and get out 60 days or less. larry
hand me the chainsaw, i need to trim the casing just a hair.