We need a place
Old We Need a Place Pages
I've overheard and participated with a couple of members about potentially purchasing the place we have now, moving, or building out a make shop of our design. The primary concern seems to be the organization throwing money in a hole on rent. Since this is on people's minds, I'd like to start gathering information on what our options are, and I also wanted to us to all be on the same page so that people don't flip their shit and start asking "ARE WE MOVING?!!"
I'll throw it up on the wiki later, but what people seem to be interested in finding out follows:
- For the equivalent of our rent, what kind of mortgage will the bank (Redstone) give us?
- Is our landlord willing to sell us the property we're currently leasing? If so, what post-purchase improvements would it take to make it worth the purchase?
- What property is for sale in Huntsville that meets our needs and budget?
- Is it feasible for us to build a place?
- Redstone will loan up to 75% of the Appraised Value of the Property
- We will need to either pay the remainder (the other 25%) or set up an external loan with the land owner for the difference.
- Redstone can Finance up to $150K for a total value of $200K real estate value (within the bounds of setting up a $900.00 monthly mortgage payment on a 20 year Loan.
- Redstone would be willing to loan up to $250K, but the monthly payment would be decidedly higher
- Flood Insurance and Easement issues were mentioned for 414 Stevens Ave, but were deemed "probably trivial".
Based on Makers Local 256 having to front 25% of the cost of sale.
- Property Value: $120,000
- Downpayment: $30,000
- Property Value: $150,000
- Downpayment: $37,500
- Property Value: $200,000
- Downpayment: $50,000
- Remember that Insurance will change also we currently have a modified renters insurance if we have to insure a building and it contents this will also change the dynamic, see what annual city taxes would be. ~Preaux
- If we were to purchase a place, we would need to come up with the downpayment. This downpayment should not cut into our unofficial emergency fund.
- Typical 2014 Monthly Expense: ~$1300
- Non-Treasurer Estimated 2014 Emergency Fund: (Monthly * 3) = ~$4000
- Does not factor in one time yearly fees such as insurance
- The city of Huntsville has leased property to non-profits before. It's possible that while they may not have property they can sell us, they may be able to lease property to us for very low rates (like $1/year low). Jeff has contacted someone on the Huntsville Planning Commission and they are looking into it for us.
- Jed Park - Park properties
- Bart Smith - Graham Company
- John Blue - John Blue Realty
- Associate: Tamara French