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| 7 Oct 2020 |
 Email Notifier | Sparr <sparr0@gmail.com> [Finance] Pursuing funding for a combined coliving + makerspace property
View this message online at https://email.t2bot.io/m/355c0bc5-362b-4d2f-9d21-1dd2b9959c65
First, hello! This is my first post to this list, although I was active on
the discuss list years ago when I was more active in traditional makerspace
organization.
I am pursuing a dream of a large coliving / cohousing community with an
integrated makerspace and other shared functional amenities. I've set my
sights on an old boarding high school (more recently a corporate retreat
and a spiritual retreat) outside Portland, OR. The property has 130 dorm
rooms, 30 bedrooms in apartments and houses, and 130k sqft of additional
functional indoor space. Notably that includes a 14k sqft industrial arts
building equipped as an auto shop, wood shop, and welding shop. The tools
are gone, but the infrastructure (lifts, dust collection, welding booths,
ventilation, power distribution, oxygen and acetylene plumbing, etc) is
still in place and functional. That building also has classrooms that we
would convert into a machine shop and a high tech fabrication shop (3d
printing, circuit etching and milling, etc), and the other buildings have
spaces for fiber arts, kiln crafts, etc.
So far my financial prospects have included investment from the founders, a
crowd investing campaign, and some committed funds from members joining
when we launch. I've also been pursuing angel investment and bank financing
both as a small business and as a commercial real estate purchase.
That brings me to this list. I'd like to ask for guidance on pursuing
financing at least part of the project from the makerspace/hackerspace
angle. I would appreciate recommendations of lenders, grant programs, etc
that might be applicable. Perhaps as part of the purchase price of the
property, perhaps for buildout and tool acquisition, perhaps for some other
aspect of the project. I expect some of you might even have angles in mind
that I haven't even thought of yet.
If you'd like to know more about the project, and I put this at the end
because this email is primarily in search of information and not meant as a
pitch, you can find our various web presences here:
Website: http://CoDwell.org
Crowd investing campaign: http://wefunder.com/codwell
Facebook page: http://facebook.com/CoDwellCommunity
Thank you,
Clarence "Sparr" Risher
CoDwell
sparr0@gmail.com
sparr@codwell.org
PS: I hope I haven't caught too many of you by surprise, resurrecting this
old list. I wonder if there's an equivalent of "thread necromancy" for a
whole mailing list? | 18:34:00 |
| Email Notifier | Jeff Cotten <omegix@gmail.com> Re: [Finance] Pursuing funding for a combined coliving + makerspace property
View this message online at https://email.t2bot.io/m/98dbd19e-09cb-4848-a2e7-c29258b34d03
Holy crap. It's been so long since I've seen anything but spam on this
list I almost didn't see this :)
I don't have any insight into lenders, grant programs, etc, but I bet this
contact would:
https://www.nationofmakers.us/
Just a heads up, they will want you to join that organization, but if you
meet with her over video chat she'll explain that there is a
pay-what-you-can system available.
I did this with her once and I came away with the impression that she had a
lot of contacts in the makerspace arena, and probably knows who
the potential investors are.
I believe she said that NationOfMakers came out of an Obama administration
initiative to prop up STEM education.
I'm excited for your initiative. It makes me want to sell my house and
move to Portland.
| 19:05:35 |
| Email Notifier | Sparr <sparr0@gmail.com> Re: [Finance] Pursuing funding for a combined coliving + makerspace property
View this message online at https://email.t2bot.io/m/a323a678-6c52-4f38-8ae2-f82874718459
I've written it a few different ways and places and none of them have
really looked appealing (emotionally and graphically, not financially) so
I'm not pushing them very hard. Here's another draft attempt that might
make it onto the front page of the site once I get a graphic designer to
prettify it and put a few more of our backup properties on it:
https://i.imgur.com/tskB3Vt.png
Two parcels, one 50 acres with all the buildings, one 150 acres with most
of the big open space. Respectively assessed at $12M and $5M respectively,
listed for $6.5M and $2M ($8M together). Similar properties (in other
markets) have been selling for 1/4 to 1/2 their asking price over the last
6-18 months, so I anticipate offering $3-5M after we get more insight into
the property condition from inspectors and contractors.
Do you have a cashflow example, for once it's up and running?
My financial projections are rather amateur and I'm looking to hire someone
to clean them up. If you want to see where they are at, here's a work in
progress spreadsheet:
https://docs.google.com/spreadsheets/d/1bFo4-48pTEbTtz9-ifiqsZJjKTb7bJYt6r5q_sdrQN4/edit?usp=sharing
In short, I expect to have $34-50k/mo available to repay investors and
lenders after the crowd investing revenue share is paid off during year
two, less during year one. | 19:43:50 |
| Email Notifier | Sparr <sparr0@gmail.com> Re: [Finance] Pursuing funding for a combined coliving + makerspace property
View this message online at https://email.t2bot.io/m/7bc27965-ce0e-4608-8689-3f872a817de4
Thanks for keeping an eye out! I don't see the spam in the archives, so I
guess it's doing a good job of filtering on that end.
I will reach out to her. Thank you!
If you decide to go that route, we'd love to have you! Especially if you
want to take some of the proceeds of the sale and invest them ;) | 19:45:11 |
| 10 Oct 2020 |
| Email Notifier | <shirley@velochicdesign.com> Re: [Finance] Pursuing funding for a combined coliving + makerspace property
View this message online at https://email.t2bot.io/m/e945512b-8a9b-42ff-9538-4e7376e40dac
What I’m going to say comes from experiences as a former co-ownership co-op board member (eight years), treasurer both at that co-op apartment building in Toronto and (later) the Red Mountain Makers space in Birmingham AL
Doing something like this has existing financial models that you need to follow for financial soundness. You need cash flow to ensure that the bills are paid, and as soon as possible, develop some sort of float reserve in the bank to even out cash flows for when bad things happen and you lose members, or when you need to plan for growth.
Look to condominium and/or co-operative governance, art studio/technical studio models, religious community/community institutions for existing financial models that can be adapted to this use case.
The longer answer need to be specific to your country/state or province/region/city laws and govnernance.
The financial soundness is important because nothing is sustainable in the long term unless there is a cash flow.
Recommend that you look to have at least one person on your initial board with condo/community institution background, one person with a local real estate law background, one person with local marketing experience, one with fundraising experience, and one with connections in your local government, especially if your community is going to be an edge case for what they dealt with before. Having people who are familiar with the way things “need to be done” to get through your local regulatory environment is extremely important when you are introducing something new.
Shirley Hicks | 19:41:30 |
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