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
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
The ThinkTank mailing List
Unsubscribe from this list here: http://lists.bikecollectives.org/options.cgi/thethinktank-bikecollectives.or...
Happy to share docs and experiences..
We thought we'd hire someone to run the campaign, yet our staff of 3 ended up being the lead, which was fulfilling and challenging.
We did use crowdrise, which we found was helpful for everyone to see progress. Out of the 200k in cash donations, maybe 30k was directly donated thru the crowdrise platform.
Yet you can enter all donations onto the site. We took time to write our 'story' and tagline (#support the bike).
The real power in the campaign was bike rides, pot lucks, concerts, writing our own op-eds and press releases, creating a giant wheel dome moved around town by giant bike trailer, art, lemonade stands, lunch meetings with potential donors, and more meetings, creating committees, making the shop the hub of campaign activity, relaying a strong vision, creating a buzz and energy that endured yet was not obnoxious (fine line there).
We started by trying to raise the whole 1.1 million in 9 months, and ended
up with the 200k. Getting that 200k put us 'in the game' and provided
basically
a down payment.
We now work with 10 tenants, which has its own challenges, and joys too. We
learned you do not have to be a capital campaign pro to succeed, just
tenacious,
positive and, in our case, stressing the importance of community as well as
bike riding.
Quoting Judith Feist judith.feist@gmail.com:
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
Well done!
On Sat, Jan 26, 2019, 10:39 <mist@strans.org wrote:
Happy to share docs and experiences..
We thought we'd hire someone to run the campaign, yet our staff of 3 ended up being the lead, which was fulfilling and challenging.
We did use crowdrise, which we found was helpful for everyone to see progress. Out of the 200k in cash donations, maybe 30k was directly donated thru the crowdrise platform.
Yet you can enter all donations onto the site. We took time to write our 'story' and tagline (#support the bike).
The real power in the campaign was bike rides, pot lucks, concerts, writing our own op-eds and press releases, creating a giant wheel dome moved around town by giant bike trailer, art, lemonade stands, lunch meetings with potential donors, and more meetings, creating committees, making the shop the hub of campaign activity, relaying a strong vision, creating a buzz and energy that endured yet was not obnoxious (fine line there).
We started by trying to raise the whole 1.1 million in 9 months, and ended up with the 200k. Getting that 200k put us 'in the game' and provided basically a down payment.
We now work with 10 tenants, which has its own challenges, and joys too. We learned you do not have to be a capital campaign pro to succeed, just tenacious, positive and, in our case, stressing the importance of community as well as bike riding.
Quoting Judith Feist judith.feist@gmail.com:
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
The ThinkTank mailing List
Unsubscribe from this list here: http://lists.bikecollectives.org/options.cgi/thethinktank-bikecollectives.or...
thethinktank@lists.bikecollectives.org
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