We need a place
From Makers Local 256
Contents
[hide]Old We Need a Place Pages
About
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 Notes
- 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".
Example Purchases
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
Other Considerations
- 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
Contacts
- Jed Park - Park properties
- 256-426-3777
- jedpark66@gmail.com
- Bart Smith - Graham Company
- 256-527-4526
- barts@grahamcompany.com
- John Blue - John Blue Realty
- 256-705-5475
- www.johnbluerealty.com
- john.d.blue@johnbluerealty.com
- Associate: Tamara French
- 256-679-3612
- tamara.french@johnbluerealty.com
