Post on 19-Aug-2015
I Think You Guys should Totally
Cosign on a Loan and Here’s WhyA presentation brought to you
by your favorite middle-daughter
First and Foremost• Thank you both for taking the time
to listen to my pitch• I love you both, regardless of what
you decide• Please hold your
questions/comments until after the presentation
Today I would like to go into detail with you
about…• My current situation• What I’d like to accomplish
• Why you can trust me with the responsibility of a loan
Me at age 21 vs. Me currently
• Cared mostly about social status and having lots of friends
• Couldn’t hold a job more than 3 months at a time and was constantly moving
• Had no clear plans for the future, lacked ambition
• Really loved to go out and party
• Cares mostly about my family, my cats and my relationship
• Held a job at shitty Ice and Olives for 3 years, and has finished a 2.5 yr lease
• Has a bright future at Starbucks, excited to start a career
• Really hates being hung-over
Getting the Right Perspective
WorkSleepNetflix/Video GamesLoving my CatsHula HoopingBeing Social
This is How I Spend my Life
My Goals for the Immediate Future• Stay Focused at Work
• Continue to deposit checks into Mom’s account and let her help me budget
• Use my resources wisely as possible• Find a home that is close to work, will allow pets and is within my price range
Goals for the Not so Distant Future
• Acquire a better paying position at Starbucks
• Settle into a routine• Continue to budget as wisely as
possible
Long-Term Goals: A Plan of Action
• Establish Myself at Work• Focus on taking charge of my credit • Take advantage of the free college
program through Starbucks• Formulate a business plan
• Get a business loan (with OUT a cosigner!)
Fox Ridge Cooperative Townhomes
Fox Ridge Cooperative Townhomes
These townhouses are owned by the Cooperative Corporation. Each family who resides in one of the townhouses owns a share (membership) in the Cooperative.
Therefore, each member family is an owner of a portion of the whole
development. There are no other persons who have an ownership interest in the
development besides the people who live there. The cooperative is run on a non-
profit basis.
Fox Ridge Cooperative Townhomes
When a member decides to move, they put their membership up for
sale. A member is able to secure a purchaser through advertising or
other means, or may request assistance of the Cooperative office
to find a purchaser.
Fox Ridge Cooperative Townhomes
Routine maintenance is provided by the corporation for all things that are ‘standard
equipment’ in the dwelling units, including the stove, refrigerator, water heater, furnace, and all
plumbing and electrical systems.
You are able to paint the walls, decorate and modify the dwelling, which could possibly even add to the value of your membership when you
want to sell it.
Fox Ridge Cooperative Townhomes
The townhouse that I want has two bedrooms, one and a half bathrooms, and a full basement. There’s also a
small back yard. Water, trash, sewer and basic, expanded cable TV
provided, as well as washer/dryer hookups
Fox Ridge Cooperative Townhomes
Fox Ridge Cooperative TownhomesThese townhomes are appealing to me because…
• I stayed in them temporarily with a friend, and they were very quiet and well maintained
• They are within biking distance to work, and there are sidewalks the whole way
•The full basement helps ease my anxiety during tornado season
• The monthly rent when divided with a roommate in addition to the monthly loan payments would be very affordable
• I want to stay somewhere for at least 5 years while I work on my credit, and this would be the PERFECT solution
My Potential Roommate, Eric.
Who is He?• 28 Years Old• No Kids• Works Full-Time• Has a Car• Lived in previous
residence for 2 yrs• Has bills in his name• Known him for 10+
years, and has never screwed me or anyone else over
My Potential Roommate, Eric.
What is he looking for?• At least a one-year
lease
• Somewhere fairly close to where he works
• A reliable roommate who won’t screw him over
My Potential Roommate, Eric.In his own words:
“I’m looking for at least a one year
lease. I was going to be in that house
for a couple of years. I’m looking for something long-
term.”
Doing the Math Rent and Utilities (per
month)• Rent -$435
• Electricity -$100• Internet -$30
• Eric’s rent +$250• Eric’s Utilities +$75
That equals $240 I’d have to pay for
rent and utilities each month.
Membership Equity• Costs $5,700
• 3.55% seems like the kind of interest rate to expect on a loan like this. With this rate, I could pay off the loan
in 2 years, paying $235 monthly• That would make a grand total of $475 dollars I would
pay monthly, for ALL of my bills! • Being able to save money monthly will allow me to have money to pay on other debts that I have weighing
on my credit score• Paying off this loan will do wonders to improve my
credit, as well!• I would only require a roommate for 2 years, and after
that I can enjoy low rent in a fabulous community while I finish FREE college at my own pace
• I would be able to get a loan for a car without your help
Why You can Trust that I won’t Fudge this Up
• I am having all of money deposited into Mom’s account, and I trust her to manage my funds with excellent scrutiny
• I care very much about my new job, and my plans for the future
• I’ve shown a lot of progress in my ability to stay focused and stable
• I was paying more a month just for rent at Shawnee Lake Apartments, and I was able to finish a 2.5 year lease (longer than it would take to pay off that loan!)
Sweetening the PotWhile the loan is still open, it seems fair to let you
guys claim me as a dependant on your taxesI don’t expect any of the money that you get as
tax credits for that, because I appreciate you guys taking a leap of faith on me and I want to show you just how committed I am to making
the next chapter of my life KICK ASS
Thank You!I truly appreciate you both for sitting
through my presentation! If you have any questions or comments, please feel free to
discuss them with me now!I don’t expect an answer right away and I
encourage you to think about your decision, but please keep in mind that
time is a bit of an issue.Love you both!