We Need a Home
SINCE 2001
Since 2001, we have leased a home in the University District. It is basically a smaller, two-bedroom, one-bath bungalow style house with a full basement. It is in this house that we have been hosting our young wards. To accommodate this situation;
We have carved a three-bedroom set up out of the larger, “Master bedroom.”
We divided the “Living room” area into two smaller, dorm-style bedrooms.
We have broken the basement into four bedrooms, and are in the process of adding two basement bathrooms. We definitely appreciate any assistance from plumbers and electricians.
We are installing baseboard heaters in each room. Walls have been built, wiring and plumbing installed. Even though we are using lots of volunteer labor, the expense has been substantial.
We have spoken to the Property Owner about purchasing the house, and he is amenable to selling it to us with some creative financing. We have to come up with a sizeable down payment, and he will arrange financing for the first year. At the end of that year, we would have to refinance, but we would be the registered owners.
None of us are particularly real estate savvy, so we are definitely seeking advice from someone who is. We are also looking for strategies to raise money for the down payment, other than begging on the street.
To make the units legally ready for occupancy, we still have to add additional exit options for each room and meet other city and neighborhood criteria.
We have a contractor who is willing to do all of the required work, including building a two-car garage with a residence above it and defer payments for a year or longer. The reconstruction and new additions should increase the value of the property, allowing us to refinance for the higher amount, and pay off the contractor. We could then rent out the basement apartments to one of the social service agencies, at a current rate of about $1,000 a month. This would cover a mortgage payment and utilities. We would still have up to four beds available for our own clients.
The plan still has lots of variables and questions. I would love to discuss them with anyone who might be able to help figure things out. But, if this plan is successful, we would want to expand it. We could eventually provide many more emergency beds, additional low-income housing units, as well as continue to increase the value of the Project. This would, in turn, allow us to provide many more and diverse programs.
Again, we need and welcome your support.
4730 University Way NE, Suite 104 #1418,
Seattle, WA 98105
admin@Villagefamilyproject.com