Re: self developers | <– Date –> <– Thread –> |
From: Leah (drsweetieyahoo.com) | |
Date: Fri, 10 Aug 2007 20:18:53 -0700 (PDT) |
At Bear Grass Village in Ashland Oregon (where the first 2 families are moving in this week!) we originally did not want there to be any "compensation" for the earlier self developers. After forming the LLC and getting the construction loan we realized that the longer-standing members had money in the project for quite a lot of time that would have otherwise been making a profit if they were invested elsewhere. Some of this money had also been invested in stages in which it looked like the project might not happen, risking our money in hopes that we might somehow get to where we are today. We decided to put a 1/2 percent increase in the house price per month during the construction phase. When a new member put their full 20% down the increase stopped. This encouraged members to put their full deposit down, (we had an option for a lesser down payment) saving the project interest on our construction loan. If any of the members that joined more recently have any resentment about this, they have not voiced it. Leah Schindler Bear Grass Village Ashland, Oregon --------------------------------- Got a little couch potato? Check out fun summer activities for kids.
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