RE: Another build it yourself story
From: Rob Sandelin (robsanmicrosoft.com)
Date: Mon, 3 Apr 95 14:08 CDT
Over the weekend I had a phone call from some folks in British 
Columbia, a group of 10? families who pooled all their resources 
together and the whole group pitched in and built one, nice, 
three-bedroom house.  The land they were building on had one large 
farmhouse and a barn already.  They then got a "home equity" sort of 
loan ( I didn't understand exactly what he was talking about but the 
bank gave them money based on the finished structure as collateral).  
They used this first home equity loan to build the next home. Then got 
a home equity loan for that house, added a bit more of their own cash 
and built the next one, after paying back some of the first home equity 
loan in the process.  They continued this process through ten houses 
and were able to keep monthly costs very low.  Of course, everyone held 
each others risk as they mortgaged "their" homes so others could build 
and everyone helped build each others houses.  The most amazing and 
astounding thing about this whole conversation came at the end.  I 
asked what sort of legal agreements they had.  They didn't have any!  
They come from a religious sect that doesn't use legal agreements.

The end result is ten houses, with monthly payments of $300 a month Canadian.

Rob Sandelin
Northwest Intentional Communities Association
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