Wow. That's awesome. I might pester you in the future with questions. Congrats, that sounds amazing! judith caroline feist
https://judithfeist.wordpress.com/ https://www.instagram.com/judithcarolinefeist/
*"*Radical simply means 'grasping things at the root'"- Angela Davis
"i don't think my art is political. i think it's about the stuff that doesn't let me sleep at night." -felix gonzalez-torres
I think [the bicycle] has done more to emancipate women than anything else in the world...It gives a woman a feeling of freedom and self-reliance.~Susan B. Anthony
On Fri, Jan 25, 2019 at 12:47 PM mist@strans.org wrote:
Hi all,
If any group is thinking of taking on a big capital campaign to buy their building and property, I'd be happy to talk about our experience here in Missoula over the last few years.
The nutshell: our 4,000 sq ft community shop was for sale as part of a larger 2 acre property with a 28,000 sq ft building (lots of additions, annexes, offices, warehouse, etc).
We went for it and succeeded in buying the whole thing, for 1.1 million dollars. It's in the heart of Missoula, on the trail system with great vistas to the mountains.
We raised $200,000 in cash donations in 9 months, secured a $100,000 county loan (4% over 20 years) and had a local woman loan us the balance of 900k. We pay her $6,200/mo as the mortgage (6% over 25 years).
A key component: we have secured enough renters to bring in $7,600/mo.
That amount covers the local loan, the county loan, insurance and property tax (we gained tax exempt status on 85% of the property).
We have like minded renters, from a mushroom grower to t-shirt shop to non profits renting the offices, a clay studio and so on.
It has been a challenge, yet we feel very secure. We are growing bike programs, a venue space and we will likely take on the other spaces for more programs as we pay down the loan notes.
The arrangement with the local person was a 'contract for deed', which gives us all the rights and responsibilities as property owner.
Send me an email if you'd like to talk more. I do think this is a good model: buy a piece of property and rent out enough to cover the bulk of costs.
-Bob Giordano, Free Cycles Missoula
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