RE: Another build it yourself story | <– Date –> <– Thread –> |
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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