|Re: Sweat Equity/3 weird things||<– Date –> <– Thread –>|
|From: Judy (BAXTER%EPIHUBVX.CIS.UMN.EDU)|
|Date: Mon, 18 Jul 94 13:50 CDT|
dthomass [at] ccs.carleton.ca (David Thomasson) Date: Thu, 14 Jul 1994 wrote (re sweat equity) : My preference is to be my own general contractor and control the sub-contracting in order to tender only those things I can't do myself. I've done this with arts groups who were building or renovating, and informally by bartering with people on all sorts of projects here and there. This is also what friends of mine have done. Just hire outside help for what you really need. As for the bank you need a cooperative one that is confident you will do good work, but this is possible. ---------------------------------------------- Possible? Yes. But I get nervous and agree with Rob Sandelin, who wrote "- One caution about sweat equity. Many lending institutions are very fussy about who does what. If you are planning to do sweat equity on something the bank has a stake in, be sure to consult with them before you base any financial plans on using sweat equity to save money." Our 1st developer (they dumped us for bigger fish) told us you can't have more than 3 "weird" (or unusual?) things, if you want to get lending institutions to finance you, and the first one is cohousing, even if you play it down. I suspect sweat equity comes in here too. My understanding is that the banks want to know that they will have something finished and salable if the project falls apart. And they don't trust "our" skills. We ARE talking about some folks having unfinished attics they can later finish off. Judy Baxter, Monterey Cohousing Community, (MoCoCo) Twin Cities Area, Minneapolis/St.Paul Minnesota e-mail: baxter [at] epivax.epi.umn.edu
- (no other messages in thread)
Results generated by Tiger Technologies Web hosting using MHonArc.