The average listing price of a 3-bedroom home in Kansas City is $120,000. That’s no small change for a college student looking to get into building a real estate business.
Meet Jordan Mackey of Bonner Springs, Kansas. Nestled among rolling hills and situated along the Kansas River, Bonner Springs is a small suburban neighborhood outside Kansas City. In 2009 Jordan had plans to start his own real estate and property management company. He had the passion for the work, but not the capital needed to get started buying properties.
“My first [personal loan] got me into the real estate game. I was a young pup and didn’t really know what I was doing, but I had already purchased my first home with tax credit,” Jordan says.
Jordan heard about Prosper Marketplace from a friend who said it was a good alternative to credit cards or traditional bank loans for obtaining a personal loan. After learning more about the fixed-term, fixed-rate loans Prosper provides access to, he knew it was the perfect way to finance his business.
Building a Real Estate Business
Jordan applied for a $15,000 loan that was quickly approved and funded, giving him the capital he needed to get his business off the ground. Jordan paid off the loan, refinanced the first house he bought and since then has taken out two additional loans through Prosper. His business has now expanded to four properties.
Jordan’s real estate business Rnt2KC isn’t simply about renovating homes for a quick profit. It’s about revitalizing neighborhoods, helping people find the home of their dreams and improving the city’s neighborhoods. He’s thankful to the Prosper community for helping him get his business off the ground.
Note: This post is based on a video submitted to our $2 Billion Strong Contest.
All loans are personal loans made by FDIC-member banks. Equal Housing Lending.